Top 10 Best Forex Brokers for Automated Trading for 2020

Filippo Last Updated: May 2020 10 min read
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Are you looking for the best Forex Brokers for Automated Trading because you are interested in automated forex trading or forex algo trading, and you’d like to try it with the best brokers?

We can help you find one.

Let’s face it, most of us are not able to trade forex 24/7. Even if we wanted to, we have plenty of other commitments that stop us from doing so, and, in the end, it’s simply not practical. But there is a way around this by using forex brokers with automated trading.

Forex automated trading broker allow traders to keep making a profit even when they are not in front of the screen. The technology used by forex auto trading brokers can vary significantly and so it is well-advised that traders interested in this area should do a considerable amount of research before making a decision.

Some of the best forex brokers use algo trading (algorithmic trading), cutting-edge technology that utilizes powerful computers to calculate complex mathematical formulas. While other, less legitimate brokers, only claim to offer their traders such advanced technology, which can sometimes cost you dearly.

That’s why we made this list.

Top 10 of the best Forex Brokers for Automated Trading and Algo Trading for 2020

Here are the best brokers for automated forex trading.

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78.6% of retail investor accounts lose money

1 Pepperstone

If you are looking for the best possible automated trading experience, then Pepperstone is the broker for you. Widely regarded as the best forex broker in Australia, Pepperstone is also a solid all-rounder with plenty of other excellent features to win over traders, including the choice of either ECN or STP accounts and the option to trade with cTrader Web. Pepperstone also offers a good selection of currency pairs and major stock indices as well. And, finally, Pepperstone has been awarded ‘Best Forex ECN Broker’ by the UK Forex Awards for 2018, further reason to celebrate.

Traders of all types are attracted to trade with Pepperstone for a number of reasons. Not least of these is the fact the minimum deposit remains reasonable at $200, and the trading cost is very low with spreads available from 0 pips. If you are interested in algo trading, then a range of powerful tools to help you are also provided thanks to the cTrader platform as well as a rewarding active trader program to help you reduce costs further.

80
Rated: Excellent
security 96
cost 72
trading 69
education 82

Platforms: cTrader desktop, cTrader web, ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: FCA, ASIC, DFSA, Offshore Minimum Deposit:
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74-89 % of retail CFD accounts lose money

2 IC Markets

IC Markets takes great pride in the high number of trades they can handle, which they claim is as high as 500,000 per day and total approximately 15 billion USD. IC Markets also offer access to one of the best automated trading platforms available today, cTrader Algo, which allows traders to develop their own trading algorithms and create customized indicators for technical analysis. Their innovative use of the technology has earned them widespread recognition. On top of this, both the trusted MT4, and MT5 trading platforms are offered and provide for the use of EAs too.

All of these features and a high-speed ECN execution method have made IC Markets one of the top brokers in Australia and around the world, particularly for those interested in algorithmic trading and scalping this way. Trading costs too are kept extremely low with spreads from just 0.1 pips and the no minimum deposit policy attracting many new traders.

84
Rated: Excellent
security 95
cost 86
trading 74
education 80

Platforms: cTrader desktop, cTrader web, Mirror Trader, ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web Regulations: ASIC, CYSEC, Offshore Minimum Deposit: $0
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74-89% of retail CFD accounts lose money

3 FP Markets

With offices in Beijing and Shanghai, this Australian broker has been busy developing a firm grasp over the Asian forex market since its formation in 2005. Since those early days, FP Markets has acquired 36 awards for its service, which is primarily focused on providing DMA. With FP Markets’ ECN account, traders can utilize automated trading, which includes the ability to build your own trading algorithms or download those built by expert advisors. This makes it a very popular choice among those who want to get involved in automated trading.

Added to this, the cost of getting started remains very low with FP Markets. This can help in bringing in new traders worldwide who are attracted by the low minimum deposit starting from only $100 or equivalent. The trading cost one you are in also makes for an appealing proposition. These start with a very low spread of just 0 pips and with extremely fast execution speeds.

77
Rated: Excellent
security 95
cost 62
trading 70
education 71

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, Proprietary Desktop Platform, MAC Platforms Regulations: ASIC Minimum Deposit: $200
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76% of retail investor accounts lose money

4 Admiral Markets

Admiral Markets is one of few truly international forex brokers, with offices in several countries and meeting the standards set by a variety of different regulators. With Admiral Markets, traders can use automated trading with the Admiral.Markets and Admiral.Prime accounts for MT4, and Admiral.MT5 and Admiral.Invest for MT5 accounts. Traders can also benefit from Admiral Markets volatility protection tools, which have been credited as some of the best.

If you are looking for a global broker with a huge range  of assets to choose from, then Admiral Markets is the ideal choice with more than 4,000 assets to choose from including bonds, ETFs, and cryptocurrencies. The minimum deposit too remains reasonable at $100 and with a very competitive trading cost from 0 pips. New and experienced traders can also benefit from a very strong education section with the broker including information on auto trading, and a range of other trading techniques to help you grow as a trader..

74
Rated: Excellent
security 96
cost 54
trading 58
education 100

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MAC Platforms Regulations: FCA, MIFID-ESMA, ASIC, CYSEC Minimum Deposit: $200
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80% of retail investor accounts lose money

5 XTB

XTB is another international and heavily regulated forex broker that has been operating in most of the world for more than 14 years. Automated trading is available with XTB for both Standard and Pro accounts on both MT4 and xStation platforms. XTB is also highly decorated with awards from a number of organizations, even including the highly influential Forbes and Bloomberg, and was voted best ‘CFD Broker of 2018’ by the Wealth & Finance International Awards.

A very attractive point for traders at XTB is the fact that more than 1,500 assets in total are available to trade. This provides options to all types of traders in many markets. All of  these assets too can be traded with excellent spreads that  start from as low as 0.1 pips on forex and there is also no minimum deposit with XTB. This makes it an ideal choice for those who are new to trading or interested to try auto trading for the first time.

74
Rated: Excellent
security 96
cost 55
trading 59
education 83

Platforms: Mirror Trader, Proprietary Desktop Platform, MAC Platforms Regulations: FCA, MIFID-ESMA, CYSEC, Offshore Minimum Deposit: $250
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79% of retail investor accounts lose money

6 AvaTrade

If it is web-based trading you are looking for, AvaTrade has some of the best options available to traders. Additionally, AvaTrade supports two methods of automated trading once integrated with your AvaTrade account. DupliTrade, which allows you to copy the trades of expert traders and/or ZuluTrade, the well-known social trading platform, which allows you to copy-trade in real time. The Irish broker has forged a well-trusted reputation among auto traders and the wider industry.

Getting started with AvaTrade remains very accessible thanks to the fact they have a minimum deposit of only $100. They are also one of the few to make fixed spreads available. These start from a competitive 1.3 pips. New traders too can be attracted by the very unique AvaProtection service. This can shield your account from losses for a short period while you learn the ropes. This kind of positive risk management, and the excellent auto trading infrastructure combine to make the broker an excellent choice.

80
Rated: Excellent
security 93
cost 74
trading 75
education 63

Platforms: Mirror Trader, ZuluTrade, MT4 Web, MT5 Web, Proprietary Web Platform, MAC Platforms Regulations: FSA, MIFID-ESMA, ASIC, IIROC, FSCA, Offshore, FSC (British) Minimum Deposit: 100
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81% of retail investor accounts lose money

7 FXTM

Also known as ForexTime, FXTM has an excellent reputation in the forex industry, building a solid client base of 10,000 traders in 135 countries. With FXTM, traders are able to automate the trading strategies of expert advisors, which adds a layer of trust to their service. Those interested in FXTM will also be happy to know that they offer a demo account which gives you access to $1,000,000, plenty to push the platform to its limits.

Once you have moved beyond this extensive demo account, you will have access to another excellent choice of 6 total account types. This choice includes a Cent account, and a fast-executing ECN account type. The minimum deposit is another very appealing point from FXTM to all traders. This starts from $10 with a cent account, or $200 with an ECN account. The cost of trading too remains highly competitive with very low spreads starting from 0 pips with an ECN account.

74
Rated: Excellent
security 96
cost 58
trading 54
education 100

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, Proprietary Web Platform Regulations: FCA, MIFID-ESMA, FSB, CYSEC, FSC (Mauritius) Minimum Deposit: $100
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72.90% of retail investor accounts lose money

8 HotForex

HotForex has built a renowned reputation on its expert customer service, focusing on providing traders with what they want, even winning the ‘Best Customer Service Award’ at the 2015 European CEO Awards. HotForex offers automated trading via their Auto Account, which allows traders to receive trading signals from the MQL5 Community within HotForex’s MT4 trading terminal. Plus, with a deposit as low as $5 and leverage as high as 1:1000, HotForex is appealing to both beginners and professionals.

HotForex are also very well-known for their extensive educational support infrastructure. Here you will find a range of videos, articles, and other helpful content. This can be very helpful to both new and experienced traders in developing their skills further. The trading cost at HotForex is also a very competitive point that attracts many traders to the broker. Spreads here can start from as low as 0 pips.

81
Rated: Excellent
security 96
cost 84
trading 58
education 100

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web Regulations: MIFID-ESMA, CYSEC, Offshore, FSC (Mauritius) Minimum Deposit:
Open an account
74-89% of retail CFD accounts lose money

9 OctaFX

OctaFX is another option ideal for those based in Asia with a number of their traders being based there. OctaFX offers automated trading through their MT4 platform which utilizes expert advisors (robots), and they claim lowers the chances of slippage costs. OctaFX was also awarded ‘Best ECN Broker’ by the UK Forex Awards 2017 and, currently, they are offering their traders a 50% bonus on every deposit. The Estonian broker has developed an excellent reputation among traders since their foundation in 2011.

You can get started with trading and auto trading alike at OctaFX for a very competitive minimum deposit from just $100. This works to keep the broker very accessible to all. Once you have opened your OctaFX account, you will be pleased to find an offering that includes many assets to trade with, 28 of which are forex pairs, and at a competitive spread that starts from 2 pips fixed, or 0.4 pips variable.

72
Rated: Excellent
security 96
cost 60
trading 52
education 77

Platforms: cTrader desktop, cTrader web, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: MIFID-ESMA, CYSEC Minimum Deposit: $100

What is the best automated trading software?

Now that you know a little about each of the top automated trading brokers you can choose from, it is natural that you may wonder what the best trading platform is for getting started in automated trading.

The answer to this question on the best software is Metatrader. The trading software  developed by MetaQuotes of course refers to and includes both MT4, and MT5 trading platforms. These are supported by almost every broker and are lightweight enough to run on almost any device, trading in a broad range of markets including forex, stocks, and many more.

This is some of the most trusted software and trading platforms in the industry. Their own encryption process means that your data is kept completely secure at all times, and focusing on auto trading, they have the very best support infrastructure of any software. This includes EAs which are automated trading strategies that can be developed by you or another member of the huge platform support community for use within the MetaTrader trading platforms providing the best access to support and advancement when it comes to auto trading.

Pros and Cons of Automatic Trading

Naturally, as with any other form of trading, there are a few positives and some drawbacks associated with automatic trading. Here are a few we have found:

Pros

  • Auto trading can be a good fit for both new traders and those with more experience. It can generate the same results for both and in a very convenient manner.
  • Auto trading removes some key factors that can lead to market losses. This includes trading on emotion, market pressure, and feelings of undue stress when trading. It really removes the emotional factor from your trading.

Cons

  • It does remove some element of control from your trading. Therefore, if you prefer a more hands-on trading style, it may not be ideal.
  • You are putting your trust in forex robots and automated strategies. The results of these depend heavily on the coding, and may bring unproven or inconsistent results that can impact your profit and loss.

Keeping you better informed

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Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk. The present page is intended for teaching purposes only. It shall not be intended as operational advice for investments, nor as an invitation to public savings raising. Any real or simulated result shall represent no warranty as to possible future performances. The speculative activity in forex market, as well as in other markets, implies considerable economic risks; anyone who carries out speculative activity does it on its own responsibility.
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