Naylyan NazifovaNaylyan Nazifova is a Financial Research and Platform Testing Analyst at BestBrokers.com, where she reviews and tests online brokers across forex, stocks, investing and personal finance. Her experience in online trading content and broker analysis helps readers understand how platforms perform in practice, including their trading tools, fees, ease of use and suitability for different types of investors.
| Expert Editor 
Matthew Levy, CFA
Matthew Levy, CFA, is a Senior Research Analyst at BestBrokers.com with experience in financial services, securities analysis, portfolio management, and trading. His work supports the broker testing process through detailed research, clear financial analysis, and a strong understanding of what traders and investors expect from reliable online trading platforms. 
| Updated: With an average daily trading volume of more than $9.6 trillion, the foreign exchange market is the world’s largest and most liquid financial market. Even so, it is difficult for traders to consistently make a profit, often due to emotions, limited time, or uneven execution. One way to help is to use automated trading, which places trades automatically via dedicated platforms and predefined strategies, potentially reducing stress, time pressure, and impulsive decisions.
Fusion Markets74-89% of retail's CFD accounts lose money
FP Markets73.33% of retail investor accounts lose money
BlackBull MarketsTrading leveraged products is risky
Pepperstone73.7% of retail investor accounts lose money
Global Prime74-89% of retail CFD accounts lose money
ActivTrades72% of retail investor accounts lose money
IG67% of retail client accounts lose money when trading CFDs with this investment provider.
Plus500 USThis content applies only to Plus500 US and clients from the United States. Trading futures involves the risk of loss.
eToro52% of retail investor accounts lose moneyAutomated trading provides a structured approach by allowing trading software to execute orders based on predefined strategies and market analysis. This enables traders to act on opportunities even when they are not actively monitoring the markets. While FX enthusiasts may hesitate when executing trades due to their own biases, emotions, or irrational decisions, automated trading software reduces the human element, allowing traders to place orders with logic and precision as soon as an opportunity arises.
One of the best qualities of automated trading is that it keeps your strategy active even when you are not logged in to your trading account. The software can automatically execute orders after scanning the markets, using preset parameters to maintain consistency.
In this guide, we cover everything you need to know about automated trading to help you understand algorithmic strategies. We will also list forex brokers that allow the use of automated trading software and provide suitable infrastructure for algorithmic trading.
What Is Automated Trading?
Automated trading, also known as algorithmic trading, allows trades to be placed automatically based on predefined criteria, unlike manual trading, where you make decisions and open or close trades yourself.
Key features and benefits include:
- Predefined trading parameters: If you use automated trading software, you will need to set up criteria to determine the open and close points for your forex trades.
- Money management: Money management is an important factor when setting up the order conditions for your automated trades, allowing you to choose a risk limit beyond which automated trades will not be executed.
- Algorithm-based strategies: There are many automated trading software options online. The algorithm for this type of trading may be based on technical analysis, fundamental analysis, or economic news to spot trends.
- Emotion-free execution: Automated trading programs lack emotions, biases, and other factors that can impact human decision-making. Instead, this software uses predefined criteria and monitors the forex market, looking for a currency pair that matches the preset parameters. If a pair meets the criteria, the software can automatically place the corresponding buy or sell trade.
- Market responsiveness: While automated trading software can be used by various types of traders, those who place orders based on short-term price movements and spreads, rather than interest-rate differentials, may benefit from this type of trading tool. Automated trading programs can quickly spot price discrepancies and instantly place an order that corresponds to the trader’s preset criteria.
- Versatility in strategy: In addition to spread-based signals, market indicators such as moving average crossovers, triple tops or bottoms, and resistance/support signals may also trigger an automated trade.
A key benefit of using this type of software is that you do not need to manually open and close trades. If you prefer, you do not even need to spend time analyzing forex markets, reading financial news, or looking at charts to spot trends. The automated trading software can do that for you and execute orders even when you are too busy to check your trading account.
Top Forex Brokers Offering Automated Trading Platforms
Offering more than 90 currency pairs, competitive spreads, and an average order execution speed of 37 milliseconds, Fusion Markets is a suitable destination for many traders. If you create a Fusion Markets account, you will be able to choose from several platform options, with MT4, MT5, TradingView, and cTrader enabling you to either develop your own EAs or use readily available software solutions for automated trading.
Fusion Markets offers two main account tiers: a commission-free Classic account and a commission-based Zero account. During our live testing, we opted for the Zero Account. Our algorithmic strategies, developed in MT5’s native MQL5 programming language, were deployed through the desktop MetaTrader 5 platform. For our core currency benchmark, EUR/USD, we captured raw spreads that averaged 0.1 pips, balanced by a highly competitive round-turn commission of $4.50.
When our automated strategies shifted to precious metals, the spreads for XAU/USD (Gold) remained remarkably tight, averaging around 10.3 pips and dropping to 5 pips during liquid market hours. Furthermore, we tested cross-asset algorithms on equity indices and enjoyed zero-commission execution on the S&P 500 (US500) index, with average spreads around 3 pips and minimum spreads of 2.1 pips. To support uninterrupted 24/7 uptime for automated strategies, the broker provides VPS hosting through NYC Servers or MetaQuotes. The service is available free of charge to clients who trade more than 20 lots of forex or metals within a 30-day period.
Beyond running custom Expert Advisors (EAs), we found that Fusion Markets also supports DupliTrade, allowing you to copy other traders’ orders into your own MT4 account. Another option with Fusion Markets is to use the company’s proprietary Fusion+ platform, which enables free copy trading for customers with a monthly trading volume of at least 2.5 lots in forex and metals.
Gleneagle Asset Management Limited (ABN 29 103 162 278) trading as Fusion Markets, is the issuer of the Fusion Markets Products described in this communication. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. You should read all of these Financial Product Service Terms, the Product Disclosure Statement (PDS) and the Financial Services Guide (available on our website) carefully, consider your own financial situation, needs and objectives for investing in these Fusion Markets Products and obtain independent financial advice.- 2. FP Markets
FP Markets is a retail broker that has been a prominent name in the foreign exchange market since 2005. It covers over 10,000 CFD markets, including more than 60 currency pairs. To offer competitive trading conditions to a wide range of investors and traders, FP Markets supports various platforms, including MT4, MT5, cTrader, WebTrader, and TradingView. Algorithmic and automated trading is available on all supported platform options, allowing traders to use EAs or build their own trading algorithms.
The broker also offers complimentary VPS hosting for uninterrupted strategy execution. The service is available to clients who maintain a monthly trading volume of 10 standard lots on Standard accounts or 20 lots on Raw accounts. New clients who make a minimum initial deposit of $1,000 are also eligible.
FP Markets supports two main account types: Standard and Raw. We opted for the latter through the MetaTrader 5 (MT5) platform to test these automated trading functionalities under live market conditions. Our hands-on tracking verified highly competitive pricing for our algorithmic strategies.
For our core currency benchmark, EUR/USD, we recorded a raw minimum spread of 0.0 pips with a tight live average of 0.17 pips. When we deployed our automated scripts on precious metals, the spreads for XAU/USD (Gold) dropped to a minimum of 6 pips and maintained a steady average of 9 pips during liquid hours. Additionally, our cross-asset configurations executed index orders on the S&P 500 (US500) with stable spreads tightly pinned at 2.5 pips.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.33% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. BlackBull Markets offers trading conditions suited to a wide range of traders, including those who rely on automated trading strategies. BlackBull offers access to a broad range of markets, including forex, CFDs, commodities, indices, and shares. The broker is regulated by the Financial Markets Authority (FMA) in New Zealand and the Financial Services Authority (FSA) in Seychelles. Additionally, it supports the most popular trading platforms suitable for automated trading: MT4, MT5, cTrader, and TradingView.
Traders can utilize Expert Advisors (EAs) or build their own custom algorithms to implement their strategies. With spreads from 0.8 pips (ECN Standard) and 0.0 pips (ECN Prime), competitive leverage, and execution speeds of under 75 milliseconds, BlackBull Markets is well-suited for those looking to automate their forex trades.
We picked the broker’s MT5 integration to test our strategies through the ECN Prime account tier, which allowed us to observe its raw pricing model under active conditions. Our live tracking recorded highly competitive spreads on our core benchmarks: the EUR/USD pair averaged a razor-thin 0.1 pips, while our precious metals algorithms captured a steady average spread of 12 pips on XAU/USD (Gold). For cross-asset configurations, our automated scripts executed index orders on the S&P 500 (US500) with a stable average spread of 6 pips.
To support uninterrupted, low-latency execution, BlackBull Markets offers a VPS service with 1 ms latency, 100% uptime, and 24/7 support. The service is free for clients with at least $2,000 in account balance who trade 20 standard lots of forex or metals per month. Otherwise, a $25 fee applies.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money you cannot afford to lose. You should make yourself aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any questions or concerns as to how a loss would affect your lifestyle.- 4. Pepperstone
Pepperstone is a retail broker that grants access to a wide selection of tradable markets, with the forex section offering more than 90 currency pairs to trade. Pepperstone is well-known among investors for its competitive prices, with its Razor account spreads on major currencies starting as low as 0.0 pips.
With Pepperstone, users can choose to trade on platforms like MT4, MT5, TradingView, and cTrader. Each platform supports automated trading tools, allowing clients to develop, test, and implement EAs for their algorithmic strategies. This combination of tight spreads and extensive platform support makes Pepperstone an appropriate environment for advanced algorithmic trading strategies.
The broker also offers a high-performance VPS service to reduce execution latency and support automated trading. Active clients can qualify for three tiered hosting plans based on volume, with the entry-level Core Plan requiring at least $1 million in notional volume over a rolling 60-day period.
For our live tests, we opted for the MT5 software and created a Razor account. For our core currency benchmark, EUR/USD, we recorded a raw minimum spread of 0.0 pips and a tight live average of 0.1 pips. When our automated strategies shifted to precious metals, our logs tracked XAU/USD (Gold) spreads hitting a minimum of 12 pips, with an average of 23 pips during liquid hours. Additionally, our cross-asset configurations executed index orders on the S&P 500 (US500) with a stable spread pinned at 4 pips.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.7% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 5. Eightcap
Whether you are new to forex trading or are an experienced trader, Eightcap’s trading conditions may prove suitable for your preferences thanks to the broker’s impressive market coverage. Over 40 currency pairs can be traded at Eightcap, along with 800+ stocks, 100 cryptocurrencies, and other CFD instruments.
Eightcap supports some of the most popular platforms for automated trading. Both MT4 and MT5 are available to Eightcap’s clients, allowing them to develop EAs and initiate automated trades when preset conditions are met. Meanwhile, FlashTrader enables traders to set automatic triggers and stops, helping them manage risk when trading with bots. TradingView is also supported.
Eightcap does not offer proprietary or sponsored VPS services, so automated traders must arrange hosting directly with an external provider, such as Beeks Financial Cloud, ForexVPS.net, or FXVM.
We tested Eightcap’s automated trading environment using a live MT5 Raw account, running algorithmic strategies under real market conditions. During our testing, we recorded competitive trading costs across our benchmark instruments. On EUR/USD, we observed an average spread of 0.17 pips, alongside the standard $7 round-turn commission. For XAU/USD (Gold), our automated strategies traded at an average spread of 14 pips, while our index-focused systems executed positions on the S&P 500 (US500) with an average spread of 4.5 pips. These results demonstrate the broker’s suitability for traders seeking low-cost execution for automated trading strategies.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.09% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 6. Global Prime
Global Prime is a well-established retail broker serving a range of traders, including FX enthusiasts who use algorithmic trading strategies. It offers a Standard ECN account, with spreads starting from 0.9 pips, and a commission-based Raw ECN account, where spreads start from 0.0 pips.
While Global Prime is not yet available on TradingView, it supports both MT4 and MT5. These platforms are well suited to automated trading, offering a broad range of tools for building, testing, and running algorithmic strategies. For our live tests, we used MetaTrader 5 because it provides native support for Expert Advisors (EAs), advanced strategy testing, and custom algorithmic tools. We paired MT5 with the Raw ECN account to assess trading costs under real market conditions.
To maintain 24/7 uptime for these configurations, Global Prime provides low-latency server hosting through New York City Servers and Forex VPS. The fee is charged upfront and automatically refunded if clients trade more than 20 lots of FX or metals within 30 days.
Our testing recorded an average spread of 0.10 pips on EUR/USD, while XAU/USD (Gold) averaged 7.9 pips. For index traders running automated strategies, we observed an average spread of 4.01 pips on the S&P 500 (US500). These competitive pricing conditions, combined with MT5’s robust automation capabilities, make Global Prime a practical choice for traders deploying algorithmic strategies.
Global Prime is a trading name of FMGP Trading Group Pty Ltd (ABN 74 146 086 017) and is regulated by ASIC and licensed to carry on a financial services business in Australia under Australian Financial Services License No. 385620. Gleneagle Securities Pty Limited trading as Global Prime FX, is a registered Vanuatu company (Company Number 40256) and is regulated by the VFSC. The website is owned and operated by FMGP Trading Group Pty Ltd, ABN 74 146 086 017. - 7. ActivTrades
ActivTrades is a global forex trading brand that has been operating since 2001. Regulated by the FCA (UK), CMVM (Portugal), SCB (the Bahamas), CVM (Brazil), and FSC (Mauritius), the broker is authorized to offer more than 1,000 tradable CFD assets.
Trading costs at ActivTrades are competitive, with zero commissions on trades and spreads from 0.5 pips on major currency pairs. Automated trading is available to retail and institutional traders, with a comprehensive API that supports fast order execution for automated strategies.
For our hands-on testing, we opened a live ActivTrades account and used the MetaTrader 5 platform to evaluate the broker’s automated trading environment. We found MT5 well-suited to algorithmic trading, with support for Expert Advisors (EAs), custom indicators, and comprehensive strategy-testing tools.
ActivTrades does not offer a proprietary or sponsored VPS service, so algorithmic traders who require uninterrupted 24/7 execution must arrange hosting through a third-party provider, such as Beeks Financial Cloud, ForexVPS.net, or FXVM.
During our live tests, EUR/USD recorded an average spread of 0.9 pips, compared to the broker’s quoted target spread of 0.5 pips. On XAU/USD, we observed a live spread of 47 pips, while the S&P 500 (US500) averaged 11.4 pips. Combined with commission-free trading and access to a broad range of CFD markets, these conditions make ActivTrades a practical choice for traders looking to deploy automated trading strategies.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with this provider.You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 8. IG
With a longstanding presence, spreads starting from 0.6 or even 0.1 pips depending on the account type, and access to multiple markets, IG is a competitive option for traders worldwide. During our evaluation of IG’s automated trading capabilities, we found that the broker caters well to algorithmic traders, allowing clients to build, test, and implement forex trading strategies.
ProRealTime enables users to create trading strategies and test their performance before deploying them in automated trades. Traders with coding experience can also build algorithms through IG’s native APIs, while those using Expert Advisors can run them through MT4 and MT5, both of which are supported by IG.
IG supports automated trading with VPS solutions for both MetaTrader 4 and MetaTrader 5. MT4 users can access an external high-performance VPS hosted by Beeks in London, while MT5 users can use native virtual hosting built directly into MetaTrader.
Both options allow algorithmic traders to run Expert Advisors (EAs) continuously, reducing risks from power outages, hardware failures, or internet issues. IG’s Beeks MT4 VPS is free for clients with at least $2,000 in account balance and otherwise costs $50 per month. Native MT5 virtual hosting is fully sponsored for users who maintain a minimum balance of $1,000 or £1,000 and place at least one trade within a rolling 28-day period.
For our hands-on testing, we opened an IG CFD trading account and used MetaTrader 5 to assess its suitability for automated trading. MT5 proved useful for deploying Expert Advisors, backtesting strategies, and monitoring algorithmic execution across multiple asset classes. During our live tests, EUR/USD produced an average spread of 0.85 pips, compared to the broker’s minimum quoted spread of 0.6 pips. On XAU/USD, we observed spreads starting from 30 pips, while the S&P 500 (US500) recorded an average spread of 10 pips, with minimum spreads from 4 pips.
CFDs are complex instruments. 67% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money. - 9. AvaTrade
AvaTrade is a forex broker that has been operating since 2006. As a market maker in the global forex market, the broker offers fixed spreads from 0.8 pips and fast execution designed to minimize slippage.
Alongside algorithmic automation through popular platforms like MT4 and MT5, AvaTrade also supports several copy trading solutions. AvaSocial enables traders to join the wider AvaTrade community and copy the trades of other forex investors, while DupliTrade and ZuluTrade allow clients to follow and replicate the strategies of successful traders. The broker does not offer a free or sponsored VPS program, so automated traders must either arrange and pay for third-party hosting independently or use MetaTrader’s native virtual server integration.
We tested AvaTrade’s automated trading offering through the MetaTrader 5 platform, which supports Expert Advisors (EAs), custom indicators, and automated strategy deployment. Our hands-on testing assessed the broker’s execution stability and commission-free fixed-spread model across our main benchmark instruments under live market conditions. For our core currency pair, EUR/USD, our trading scripts recorded a stable spread of 0.8 pips. When we moved our algorithmic setups to precious metals, our logs tracked a consistent spread of 37 pips for XAU/USD. Our cross-asset configurations also executed index orders on the S&P 500 (US500), where we recorded a steady spread of 5 pips.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 57% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 10. XM Group
XM has established itself as a strong option for many forex traders, offering multiple account types that vary by jurisdiction and spreads from 0.08 pips or 1.6 pips across a range of currency pairs.
XM clients can trade through MT4 and MT5, both of which support a wide selection of trading tools and automated trading features. Traders can build their own algorithms or use preset Expert Advisors to automate their strategies in real time. The proprietary XM app also provides a streamlined mobile interface for tracking live market trends and monitoring active automated positions on the go.
To support 24/7 runtime and reduce execution latency for these automated configurations, XM Group offers VPS hosting. The service is free for clients who maintain a trading account with at least $5,000, or equivalent, or execute at least 5 standard round-turn lots or 500 round-turn micro-lots within 30 days. Otherwise, a $28 monthly fee applies.
For our live testing, we chose the Zero account and the MT5 platform to assess XM’s execution environment for automated trading. Under live market conditions, our core EUR/USD benchmark produced a minimum spread of 0.8 pips and a tight average of 1.1 pips. When we applied our algorithmic setups to precious metals, our logs showed that XAU/USD maintained a steady average spread of 12 pips. Our cross-asset automated configurations also executed index trades on the S&P 500 (US500), where we recorded a minimum spread of 5.0 pips and a live average of 5.2 pips.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 11. Axi
Launched in 2007, Axi is a global forex and CFD brand that supports automated trading systems. New and experienced forex traders can use Axi’s MetaTrader 4 and MetaTrader 5 algorithmic trading solutions to refine their strategies across forex, shares, indices, and commodities.
Forex robots can help customers save time on manual intervention, remove emotion from trading decisions, and diversify their portfolios through EAs. However, with many EAs built for MT4 and MT5, traders should monitor their performance and check whether the chosen strategy remains profitable over time. A demo account can also help them test forex robots in a risk-free environment.
Axi offers a free Virtual Private Server (VPS) service to support fast, stable, and uninterrupted execution for Expert Advisors (EAs) and automated trading strategies. Clients can qualify by trading at least 15 lots in the month before their request or by starting with a minimum account deposit of $500. Access is requested through a short application form reviewed by Axi.
Axi offers two main retail account types: a commission-free Standard Account and a commission-based Pro Account. We chose Axi’s Pro Account, which combines raw spreads from 0.0 pips with a $7 round-turn commission, making it suitable for traders seeking lower costs and more precise execution for automated strategies.
For our core currency pair, EUR/USD, we recorded spreads falling to a minimum of 0.0 pips under active market conditions. When we shifted our automated setups to precious metals, our logs tracked a steady spread of 8 pips for XAU/USD. Our cross-asset configurations also executed S&P 500 index orders, where we recorded a stable live spread of 2.9 pips.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 12. eToro
eToro is a global trading brand best known for its social trading offering. Its product range also covers forex, with more than 50 major, minor, and exotic currency pairs available to traders.
Clients can trade through eToro’s proprietary platform, while those looking to mirror the activity of other investors can use the broker’s CopyTrader tool. The platform also places strong emphasis on its social features, enabling users to interact with other investors, review trader profiles, and choose strategies they may want to copy.
eToro does not use traditional VPS setups and instead focuses on built-in API and AI automation tools. Programmers can build, test, and run custom trading bots through a virtual practice portfolio in the eToro Developer Portal. No-code traders can use Vibe Coding tools to manage portfolios with text prompts, while Agent Portfolios allow autonomous AI agents to trade within strict, preset risk limits.
During our assessment of eToro’s pricing, we recorded a spread of 1.0 pip on EUR/USD. Based on the broker’s percentage-based pricing model and the prevailing market prices at the time of our review, XAU/USD carried an approximate spread of 108 pips, while the S&P 500 (US500) traded with an estimated spread of around 11.3 pips. These costs may vary as underlying market prices change.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 52% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Forex Brokers with Automated Trading Platforms Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. FP Markets | 9,422 | 4.9 ⭐ |
| 2. Fusion Markets | 4,873 | 4.8 ⭐ |
| 3. AvaTrade | 11,076 | 4.7 ⭐ |
| 4. Global Prime | 341 | 4.7 ⭐ |
| 5. Pepperstone | 3,144 | 4.4 ⭐ |
| 6. eToro | 29,171 | 4.2 ⭐ |
| 7. Eightcap | 3,429 | 4.0 ⭐ |
| 8. IG | 8,324 | 3.9 ⭐ |
| 9. Admirals | 2,046 | 3.8 ⭐ |
| 10. XM Group | 2,787 | 2.7 ⭐ |
Comprehensive Comparison of the Top 10 Forex Brokers with Automated Trading Platforms
| Forex Broker | Account Minimum | Account Types | Number of FX pairs | Min Spread | Commission | Max Leverage | Platforms | Regulators | Our Score |
|---|---|---|---|---|---|---|---|---|---|
| 1. Fusion Markets | $0 | Zero, Classic, Islamic, Demo, Professional | 90+ | From 0.9 pips (Classic); from 0.0 pips (ZERO) | $0 on Classic accounts; $4.50 per round turn on ZERO accounts | 1:30 for the ASIC entity (1:500 for the VFSC entity) | MetaTrader 4, MetaTrader 5, cTrader, DupliTrade, Fusion+ Copy Trading, TradingView | ASIC, FSA (Seychelles), VFSC (Vanuatu) | 4.38 ⭐ |
| 2. FP Markets | $50 (AU$100) | Standard, Raw, Demo, Professional, Islamic | 70+ | From 1.0 pips (Standard); from 0.0 pips (Raw) | Standard account: $0; Raw account: $6 round-turn per lot | 1:30 for retail clients1:500 for professional clients | MetaTrader 4, MetaTrader 5, WebTrader, IRESS, cTrader, TradingView | ASIC, CySEC, FSA (Seychelles), FSCA, FSA (St. Vincent and the Grenadines), SCB (Bahamas), FSC (Mauritius) | 4.37 ⭐ |
| 3. Pepperstone | $0 | Standard Account, Razor Account | 90+ | From 0.0 pips (Razor Account), 1 pip (Standard Account) | $0 (Standard Account), $7 round-turn (Razor Account) | 1:30 (retail: ASIC, CySEC, FCA); 1:500 (professional); 1:400 (CMA) | MetaTrader 4, MetaTrader 5, cTrader, TradingView | ASIC (No. 414530), UK FCA (No. 684312), CySEC (No. 388/20), BaFin (No. 151148), DFSA (F004356), CMA (128), SCB Bahamas (SIA-F217), FSA (SD108) | 4.19 ⭐ |
| 4. Global Prime | $0 | Standard, Raw, Demo, Professional | 59 | 0.9 pips (Standard), 0.0 pips (Raw) | $0 on Standard accounts; $7 round-turn on Raw accounts | 1:30 (Retail)1:500 (Professional) | MT4, MT4 WebTrader, MT4 Android, MT4 iOS; for VFSC clients: MT4, MT5 (Desktop, WebTrader, Mobile), and GP Copy | ASIC (No. 385620), VFSC (No. 40256) | 4.08 ⭐ |
| 5. Eightcap | $100 | Standard Account, Raw Account, TradingView Account | 50+ | 1.0 pip on Standard and TradingView accounts; 0.0 pips on Raw accounts | $0 on Standard and TradingView accounts; $7 round-turn on Raw accounts | 1:30 (ASIC, CySEC)1:500 (FSA) | MetaTrader 4, MetaTrader 5, WebTrader, TradingView, Capitalise.ai, FlashTrader | SCB (No. SIA-F220), ASIC (No. 391441), CySEC (No. 246/14), FCA (No. 921296), FSC (No. GB25204603), FSA (No. SD100), SCA | 4.08 ⭐ |
| 6. IG | $0 | Spread Betting Account, CFD Trading Account, Limited Risk Account, DMA Account, Islamic Account, Professional Account, Demo Account, Options Account, and Share Dealing Account* | 90+ | From 0.6 pips for forex trading; 0.165 pips avg. spread for DMA trading | $0 | 1:30 (retail)1:500 (professional) | MetaTrader 4, L2 Dealer, ProRealTime, IG proprietary software, TradingView | ASIC, FCA, DFSA, CFTC, FMA, FINMA, BaFin, MAS, JFSA, FSCA, BMA (Bermuda) | 4.05 ⭐ |
| 7. AvaTrade | $100 | Retail, Professional, Islamic, MAM | 50+ | From 0.9 pips (retail) and 0.6 pips (pro) | $0 | 1:30 (1:400 for Pro and non-EU accounts) | MetaTrader 4, MetaTrader 5, WebTrader, AvaTrade App, AvaSocial, AvaOptions, DupliTrade | CBI (No. C53877), ASIC (No. 406684), FFAJ (No. 1574), ADGM/FSRA (No. 190018), BVIFSC (No. SIBA/L/13/1049), FSCA (No. 45984), CySEC (No. 347/17), ISA (No. 514666577), SFC (No. 0261/2024) | 4.04 ⭐ |
| 8. Admirals | $100 | Trade (Standard), Invest (MT5), Zero | 82 | From 0.0 pips (Invest and Zero accounts), 0.5 pips (Trade accounts) | $3 per lot | 1:30 (Retail)1:500 (Professional) | MetaTrader 4, MetaTrader 5, WebTrader, MT Supreme Edition, StereoTrader | CySEC (No. 201/13), ASIC (No. 410681), FCA (No. 595450), JSC (No. 57026), FSCA (No. FSP51311), EFSA (No. 4.1-1/46), CMA (No. 178), CIRO, FSA (No. SD073) | 3.99 ⭐ |
| 9. XM Group | $5 | Demo, Standard, Micro, Ultra Low, XM Zero, Shares Account, Islamic Account | 50+ | From 0.0 pips (Zero Account), from 0.8 pips (Standard and Micro Accounts) | $0 for Ultra Low Micro and Ultra Low Standard accounts; $3.50 per side for the XM Zero Account | 1:30 for CySEC and ASIC entities (1:1000 for other jurisdictions) | MetaTrader 4, MetaTrader 5, MT4 WebTrader, MT5 WebTrader, MT4 MultiTerminal, XM App | CySEC (license no. 120/10), FSC Belize (license no. 8557558), FSC of Mauritius (GB23202700), FSA Seychelles (SD190), DFSA (ref. no. F003484), FSCA (49976), SCA (20200000322), CMA (233), EU passporting registrations: BaFin, CNMV, MNB, CONSOB, ACPR, FIN-FSA (Finland), KNF, AFM, FI | 3.90 ⭐ |
| 10. eToro | $50 to $100 (varies by jurisdiction) | Crypto Wallet (eToro Money), Retail, Professional, Corporate, Demo, Islamic | 60+ | From 1 pip | $1 or $2 (stocks only) | 1:30 (FCA, ASIC, CySEC); 1:400 (FSA) | eToro Investing, eToro App, TradingView, eToro CopyTrader, proprietary platform | FCA, CySEC, ASIC, MFSA, FSRA, FSA, FINRA/FinCEN, AMF, SEC, GFSC | 3.24 ⭐ |
Types of Automated Trading
As mentioned, there are many forms of automated trading software that use various charts and sources of information to spot trends indicating potential opportunities for opening a trade. Automated trading software generally falls into two broad categories, distinguished by how they determine the criteria for opening and closing trades:
- Copy/Social Trading: Tools that automatically duplicate the trades of other, usually more experienced, human traders.
- Trading Bots (Algorithmic Trading): Software that autonomously analyzes market data, charts, and news to identify trades based on preset algorithms or rules.
Copy/Social Trading
Copy/social trading is a popular automated tool integrated into several trading platforms. A wide range of brokers support trading tools like ZuluTrade and DupliTrade, which are typically integrated into the MetaTrader platform. These software solutions allow you to track the trades and suggestions of more experienced traders, with ZuluTrade automatically executing orders identical to those of other traders. Copy trading is popular with many traders, but it does require time to investigate different expert investors and choose which traders’ orders are worth mirroring or copying.
Trading Bots (Algorithmic and Expert Advisors)
Social trading is not for everyone, which is why there is also the option to choose automated trading with bots. Instead of relying on the decisions of other traders who might be influenced by various factors, bot-based automated trading places orders based on algorithms that have been predetermined by you or an Expert Advisor (EA) software you have purchased. Bots track markets and execute orders whenever clear market indicators show a setup that may be profitable.
Both social and bot-automated trading have their strengths and weaknesses, and the better choice depends on your experience, free time, and other preferences.
Best Automated Trading Platforms
Reputable retail brokers typically offer popular trading platforms that support social/copy trading or allow the use of EAs for algorithmic trading. Whatever form of automated trading you prefer, you still need to know which platform can offer you the smoothest and most efficient forex trading experience.
Whether you are new to forex trading or you have been a long-term currency trader, you have most likely heard of MetaTrader 4, or MT4 for short. This platform was developed for online trading and became accessible to many types of traders. MT4 includes a wide range of tools, including copy/social trading features.
The platform allows its users to develop, test, and integrate EAs into their forex trading sessions. Thanks to the MQL4 IDE (Integrated Development Environment), MT4 users can develop their trading strategies and use trading bots that can automatically execute orders based on indicators they have been instructed to track while analyzing the forex market.
MetaTrader 5 (MT5) is considered the more sophisticated version of its predecessor, MT4, and also offers traders the chance to use trading bots for algorithmic trading. Thanks to the MQL5 IDE integrated into MT5, forex traders can develop, test, debug, and utilize trading bots for their algorithmic trading.
While MT4 and MT5 are supported by many retail brokers, many brands have also adopted the cTrader platform, which is a useful solution for more flexible forex trading, enabling the use of various tools, including automated trading features like cBots, indicators, and algorithmic plugins. Traders can develop new indicators, cBots, and plugins as long as they use cTrader Desktop. Once created, these tools can be used for automated trades based on detailed market analysis.
As mentioned earlier, copy/social trading is also a form of automated trading that can be utilized by forex traders. One popular platform for copy trading is DupliTrade, which is available at many retail brokers. It allows users to pick a strategy provider, or expert trader, to copy, enabling DupliTrade clients to adjust their trading parameters when mirroring a strategy provider’s orders.
ZuluTrade is another popular social automated trading platform supported by several reputable retail brokers. Expert traders can register to share strategies, and their performance is ranked by ZuluRank. This allows investors to select top traders and automatically copy their positions. Users can apply over 40 filters to choose suitable experts, considering metrics like profit, drawdown, and trading style. ZuluTrade also features ZuluGuard, a risk management tool that protects investors by adjusting or stopping strategy copying if performance deviates.
Pros and Cons of Automated Trading
If you are still wondering whether automated trading is a suitable strategy for your forex trading, you can compare the advantages and drawbacks of using this type of trading software. Below, we compare the pros and cons of using automated trading software for your forex trades:
Key Pros
- Trades are based solely on algorithms and logic, eliminating the emotional element
- Suitable for busy investors, allowing automated trades even when not logged into their trading accounts
- Optimizes trading, allowing opening and closing trades at the most profitable price points according to your parameters
- Automated trading is implemented into the majority of popular trading platforms adopted by top-notch brokers
Key Cons
- Finding the right expert to copy when mirroring/copying trades can require time and extra research, and positive results are not guaranteed
- Not every trader can develop successful trading algorithms, which often leads to purchasing EAs available online
- Automated trading can be quite risky, requiring regular strategy adjustments that may require more of your free time
FAQs
The use of automated trading software is legal and can be used in several markets, including forex. There are no legal restrictions forbidding the use of trading bots or copy trading tools whenever you are trading currency pairs. However, we suggest making sure that the broker of your choice has not imposed any restrictions on the use of automated/algorithmic trading platforms.
While it is true that most popular forex trading platforms support the use of automated trading tools, you should keep in mind that the broker might not allow its clients to use them. The majority of reputable brokers are suitable for automated trading.
Automated trading is quite convenient for some traders, but it is not necessarily more profitable than placing your forex orders yourself. Automated trading can free up time required for proper market monitoring, enabling quick order executions whenever the software indicates potentially profitable market movements.
Copy trading and social trading do share a lot of similarities, allowing traders to make automated trades based on the act of mirroring the trades of more experienced forex investors. However, copy trading lacks the social element, with instant duplication of trades without any further interaction with the expert you copy. Meanwhile, social traders are constantly communicating with each other, comparing strategies, and making the trading process a lot more interactive.
Like any other type of technology, automated trading can experience some technical failures. However, for traders, many platforms that allow the development of trading bots also have testing and debugging of any failures. Remember that you cannot rely on automated trading to be fail-proof all of the time.