Which API’s/protocols are generally considered best for algotrading?

I am currently using the interactive brokers TWS client but it seems somewhat clumsy and preemptively, I'm searching for a better alternative. Instead of asking for subjective opinions, I thought it would be more concise to formulate a quantitative representation of what one should look for in a good API. Down time, speed of execution etc. Are a given but there are some neglected aspects of what makes a good api that I need further clarity on before doing so.

Firstly what should one generally look for in a good api for algo trading, more specifically what would be the optimal (non colocated) method (api format) of communicating with a broker be I.e. FIX, Websocket Streams, REST, GRPC etc.

Why would you use a broker that provides a FIX API vs let's say a GRPC(HTTP) Even when it would seem GRPC as an example to be more flexible I.e. I've implemented it to communicate with local TWS worker.

Should one look for the availability of orders besides limit, stop and market orders. And would there quantitatively be a benifit of using a broker that allows for simultaneous short and long positions in e.g futures (different entry prices).

What should one look for functionality in the broker provided instruments one trades I.e. why would one trade futures vs options or sports betting for that matter (how would you optimize liquidity vs risk in this regard).

Are there any other key indicators you use when formulating your choice of broker/provider etc.

Your advice in this regard would be most helpful. Thank you in advance.

Submitted November 05, 2020 at 01:36AM by Distinct-Tomato-8583
via https://ift.tt/3oYe9ON

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