Which Broker API is Best?

It’s really very hard to define ‘Best’ in Trading API. Each have their own Pros and Cons. You have to choose as per your Algorithm, Trading System and Budget.

All Trading API’s are not unique.

Zerodha API

It’s the most stable API and includes all the features needed for an algo trader.

Pros

  • Super fast Streaming Quotes
  • Fastest Order Placement (~20 ms* to place an order from AWS cloud)
  • Order Updates through Web socket
  • Supports 3 websocket connection with each connection supports maximum 3000 symbols
  • Dedicated Dev Team which fix API issues reported in the forum in no time
  • Concise and clear API documentation
  • API built by in-house developer team

Cons

  • API Subscription – Rs 2000/month
  • Historical data available but charged extra

Usage

  • Latency Sensitive Trading Systems
  • Systems that requires modifications of orders
  • Execution Algorithms like Peg2Market
  • Systems based on Real time MTM
  • Order Placement from AmiBroker, Excel, MetaTrader and NinjaTrader.

Upstox API

Next in line.

Pros

  • Fast Streaming Quotes
  • Fast Order Placement (~60 ms* to place an order from AWS cloud)
  • Order Updates through Web socket
  • Concise and clear documentation

Cons

  • Supports 1 websocket connection with maximum 500 symbols
  • API Subscription – Rs 850/month
  • Historical data available but charged extra

Usage

  • Latency Sensitive Trading Systems
  • Systems that requires modifications of orders
  • Systems based on Real time MTM
  • Order Placement from AmiBroker, Excel, MetaTrader and NinjaTrader

Samco API

Pros

  • API Subscription – Free*
  • Streaming Quotes
  • Historical data – Free*
  • Order Placement (~760 ms* to place an order from AWS cloud)
  • OrderBook/TradeBook/Positions

Cons

  • No support for order updates through websocket
  • API is in the nascent stages, may have bugs/issues

Usage

  • Non Latency Sensitive Trading Systems such as Fire and Forgot
  • Order Placement from AmiBroker and Excel

Aliceblue API

Pros

  • API Subscription – Free*
  • Order Placement (~280 ms* to place an order from AWS cloud)
  • Streaming Quotes
  • OrderBook/TradeBook/Positions

Cons

  • No support for order updates through websocket
  • No historical data
  • API is in the nascent stages, may have bugs/issues

Usage

  • Non Latency Sensitive Trading Systems such as Fire and Forgot
  • Order Placement from AmiBroker and Excel

5Paisa API

Pros

  • API Subscription – Free*
  • Streaming Quotes
  • Order Placement (~180 ms* to place an order from AWS cloud)
  • OrderBook/TradeBook/Positions

Cons

  • No support for order updates through websocket
  • Websocket connection timeout issue
  • Incomplete documentation
  • No support for BO/CO
  • No historical data
  • API is in the nascent stages, may have bugs/issues

Usage

  • Non Latency Sensitive Trading Systems such as Fire and Forgot
  • Order Placement from AmiBroker and Excel

Fyers API

Pros

  • API Subscription – Free*
  • Order Placement (~320 ms* to place an order from AWS cloud)
  • OrderBook/TradeBook/Positions

Cons

  • No support for order updates through websocket
  • Third Party Paid Streaming quotes and historical data
  • API is in the nascent stages, may have bugs/issues

Usage

  • Non Latency Sensitive Trading Systems such as Fire and Forgot
  • Order Placement from AmiBroker and Excel

Zebu API

Pros

  • API Subscription – Free*
  • Order Placement (~660 ms* to place an order from AWS cloud)
  • OrderBook/TradeBook/Positions

Cons

  • No Support for Streaming Quotes
  • No support for order updates through websocket
  • No historical data
  • API is in the nascent stages, may have bugs/issues

Usage

  • Non Latency Sensitive Trading Systems such as Fire and Forgot
  • Order Placement from AmiBroker and Excel