Rithmic competitive analysis / pure API algo brokers for retail traders

Discussion in 'Automated Trading' started by blazespinnaker, Jun 29, 2020.

  1. I see that Rithmic sponsors the algo trading forum. That's great, well done!

    Elite Trading is a fantastic forum and its sponsors should be readily engaged, so here goes.

    I actually had never heard of Rithmic before. However, I am looking for a pure API algotrading broker that doesn't try to do everything for everyone - One with a soft spot for non-pro traders, and I am considering evaluating Rithmic.

    So - Is Rithmic worth checking out? And if so, exactly why? (Details matter!)

    In fact, can the sponsor chime in with a competitive analysis for us to summarize why it's worth checking out?

    Use the power of sponsor, you've got our (at least my) attention. Please provide a competitive analysis against other brokers with good algotrading / API support.

    Some points to compare for competitive analysis:

    - API retail traders are warmly welcomed, supported, and encouraged
    - Should go without saying, but dead simple, rock solid security.
    - US stocks/options support
    - pure focus on API/algotrading, very basic UI (none is fine with me), no market data support but see below regarding latency.
    - low commissions, obviously, but more importantly described and billed with precision and transparency
    - order execution transparency, flexibility. Smart routing isn't that important to me, but I do need fine grained control
    - order fill ratio rules with smart billing and generally well implemented throttling
    - detailed latency comparison against exchanges and routing performance (how fast do messages flow through your broker to exchanges). Focused support for the usual algotrading trading suspect exchanges here. Know your customers.
    - DC co-location / cross connect support / generally great network infra
    - API performance / C++ support / protocol serialization speeds. Clear, simple python facade to C++ API. Fix is nice, but not required. I want speed and control.
    - latency compatibility with data providers (broker doesn't need to supply market data, but needs to ideally have colocation offering which has very low latency against low cost API data providers, eg nanex or nanex like offering)
    - paper trading / dev account for staging new code.
    - great documentation is nice, but constantly updated example code is required. Best to simply have a reference implementation used for full coverage integration testing that you support. Use good tools to measure coverage. Example code be similar to average use cases. Github for that code would be wise. Think like a developer!
    - broad markets support is nice (futures,forex,international, OTC,bonds,etc).

    I did do a little background here and here are some rithmic threads, but really couldn't find anything tantalizing to me:

    https://www.elitetrader.com/et/threads/rithmic-api-conformance.346236/#post-5127550

    https://www.elitetrader.com/et/threads/rithmic-api-for-python.334570/


    In fact, this statement is very concerning on optimus, but happy to be proved wrong.

    "R | Protocol API was designed to support apps running within browsers and on mobile devices."


    https://community.optimusfutures.co...e-platform-and-prog-language-independent/2668

    I hate to break it to Rithmic, but browsers and mobile devices are not used for algotrading. Are you sure your sponsoring the right forum?

    Also, the lack of open transparency on the documentation is very weird and developer unfriendly. IBKR documentation is mostly great, IMHO, and generally sets the bar for me, though you don't actually have to do everything better them then at first.

    I am rather sure it's possible to focus on a few key areas (at first) to grab the highest revenue developers from IB. As you get traction, you can spread out into the others.


    Question for the community - is there a pure api broker out there I don't know about that is doing well or trying to do well here? It's good to help advertise it - more users for it means it's gets greater revenue and can invest in their architecture to make it better for all.


    If there isn't and you think I'm in fantasy land here, I actually think it's all very doable, especially since you cut out all that nonsense with UI and data providing.

    To start out, there might be a need to prioritize on a specific set of high revenue use cases, but it's absolutely doable. Sure there is some capitalization reqs, but money is like free nowadays, right?

    If any of this makes sense to you, and you're a well executing algotrader, reach out to me and if we get enough real folks together, I know some high rep VC that would love to underwrite this.
     
    Last edited: Jun 29, 2020
  2. southall

    southall


    Sadly i cant recommend them yet. I developed my algo several weeks ago but they wont talk to me about passing compliance, so i dont have a live login. I dont know whats going on with them. Perhaps they dont want anymore retail algo clients for now, or they have a huge backlog of applications.

    If you want to auto trade futures with either C sharp or C++ the Rithmic api looks good, i hope you have better luck than I did.

    If the higher margins that IB charge are not a problem for you, they are a more suitable alternative because rithmic is just Futures.
     
    Last edited: Jun 29, 2020
  3. It was kindly suggested elsewhere that I look into Lightspeed, which I'm doing right now with Robert Morse. According to a page I found, there is support for colo/cross connect.
     
    Robert Morse likes this.
  4. trend2009

    trend2009

    please report back when you have done your research and have first-hand experience. I am also looking elsewhere other than IB to host my trading.