Automated Forex Trading

filippo ucchino Filippo Ucchino calendar Last Updated: October 2022 timer 10 Min Read

At InvestinGoal, we adhere to strict standards to ensure an unbiased review process. We conduct our reviews by examining each broker’s offering and performance across 4 key categories. A final rating is produced for each forex broker based on a total of 187 data points. Learn more about our review process and methodology.

In this article we have grouped the best forex brokers for automated trading, and that allow algo-trading through EAs and trading robots.

To compile this ranking, we have taken into consideration the following factors:

  • The number of automated trading platforms
  • The presence of APIs
  • The general quality of the service
  • The efficiency of order execution
  • The presence of forex VPS
  • Special features for experienced traders
  • Unique broker’s features
Table of Content

Round-up

  1. Pepperstone: best for automated trading overall
  2. IC Markets: best for algo-scalpers
  3. FP Markets: most flexible auto trading broker
  4. Admirals: best for MT4 algo-trading
  5. RoboForex: best for beginner algo-traders
  6. AvaTrade: top fixed-spread automations
  7. Interactive Brokers: for professional algo-traders
  8. HF Markets: best VPS service
  9. IG Markets: best forex API services
  10. eToro: best automated trading platform

WARNING

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Between 74-89% of retail investor accounts lose money when trading CFDs.
You should consider whether you can afford to take the high risk of losing your money

Review

Here are the best brokers for automated forex trading.

1. Pepperstone

  • Pepperstone offers a wide range of options for algo traders.
  • Pepperstone allows algorithmic trading system via EA on MT4, MT5 and cTrader, while also offering the ability to use Tradingview to be able to create and test EAs.
  • For those interested in automated trading via copy trading, Pepperstone also offers Duplitrade.
  • Automated trading is supported by all Pepperstone’s accounts, but in particular by the ECN Razor account which allows access to spreads as low as 0 pips.
  • Pepperstone also provides a customizable low-latency VPS in NYC Servers, and a VPS provided by FXVM

Visit Pepperstone
(75.9% of retail CFD accounts lose money)

2. IC Markets

  • IC Markets is an ECN broker that allows you to create and install Expert Advisors on MT4, MT5 and cTrader.
  • The strength of IC Markets is the speed of the order execution, which makes the broker great for implementing automated scalping techniques.
  • By opening a cTrader account, IC Markets will also make a FIX API available.
  • Spreads on IC Markets are equally low, starting at 0 pips.

Visit IC Markets
(74-89% of retail CFD accounts lose money)

3. FP Markets

  • FP Markets is an extremely versatile algo trading broker.
  • In addition to allowing algo-trading on MT4 and MT5, FP Markets offers internal solutions such as a copy trading platform, and external solutions such as MyfxBook Autotrade.
  • FP Markets allows Autochartist to be linked to MT4/MT5 accounts, for further testing of automated strategies.
  • FP Markets provides its traders with a VPS connected to the Equinix NY4 servers network, which minimizes latencies and allows EAs to run 24/7.

Visit FP Markets
74-89% of retail CFD accounts lose money

4. Admiral Markets

  • Admirals offers automated trading on both MT4 and MT5.
  • With Admirals you can benefit from the enhanced version of MetaTrader (Supreme Edition) for free, which can also be installed on the broker’s VPS.
  • Admirals’ VPSs are located in the Equinix data center, and can be obtained for free if the trader reaches certain conditions.

Visit Admiral Markets
76% of retail CFD accounts lose money

5. Roboforex

  • RoboForex is known for its advanced multi-asset R StocksTrader algorithmic trading software.
  • R StocksTrader allows you to create trading robots on multiple markets through a detailed editor, even without knowing how to program one through the API.
  • The RoboForex platform offers an efficient backtesting tool for algorithmic trading strategies that allows traders to analyze historical data dating back to 1970.
  • With RoboForex, you can create, test and run an unlimited amount of trading robots.

Visit Roboforex
(74-89% of retail CFD accounts lose money)

6. AvaTrade

  • AvaTrade allows you to remove the psychological component through automated trading, but also remove the spread component through fixed spreads. Fixed spreads with AvaTrade start at 0.6 pips (0.9 for retail clients).
  • AvaTrade offers algo trading on several platforms, including MT4 and MT5.
  • ZuluTrade and Duplitrade are both automated trading platforms supported by AvaTrade.
  • For those who want to do automated trading 24/7, AvaTrade also allows you to connect a VPS to your trading account.

Visit AvaTrade
(79% of retail CFD accounts lose money)

7. Interactive Brokers

  • Interactive Brokers offers an advanced API system that allows experienced traders to better manage their automated trading.
  • IB offers a REST API, the open-source IBKR API, and the FIX API.
  • Through IBKR’s proprietary platform you can create trading robots and algorithms in C++, C#, Java, Python, ActiveX, RTD or DDE.
  • Professional clients, with an IBKR Pro account, will be able to access more advanced automated trading services with 13 pre-functioning algorithms, where the user will simply have to set the settings according to his strategy

Visit Interactive Brokers
74-89% of retail CFD accounts lose money

8. HF Markets

  • HF Markets provide a HF Copy account to automatically copy the strategies of more experienced traders.
  • The alternative with HF Markets, is to open an MT4 or MT5 account, where you can create or download Expert Advisors.
  • Autochartist is available to connect to the MetaTrader platform, and with this you will be able to test algorithms.
  • HF Markets offers a great $30/month VPS service to run the robots 24/7, but with a deposit of at least $5000 you will be able to access it for free.
  • Gradually, with a deposit of $8000 and $15’000, the VPS offered by HF Markets will be more and more powerful and efficient.

Visit HF Markets
(71,32% of retail CFD accounts lose money)

9. IG Markets

  • With IG Markets you will be able to follow automated trading strategies on over 17,000 assets on the MT4 and ProRealTime
  • ProRealTime, allows you to create and manage advanced charts, and consequently create more complex EAs.
  • IG Markets provides customizable APIs in Java and other HTTP supported languages. Among the available APIs is the REST API.
  • Institutional clients, on the other hand, can obtain a FIX API on request.

Visit IG Markets
(76% of retail investor accounts lose money)

10. eToro

  • eToro is known for offering a platform that allows you to automatically copy the trading strategies of other users.
  • In addition to forex, you will be able to follow automatic strategies on different portfolios created and managed by eToro.
  • For novices, eToro provides an unlimited demo account to try out the platform.
  • To open a real account, eToro requires at least $50 depending on your country of residence.

Visit eToro
(79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money)

What is the best automated trading software?

Now that you know a little about each of the top automated forex 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.

Just like we have explained in our top copy trading software article, 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 forex broker and are lightweight enough to run on almost any device, trading in a broad range of markets including forex, stocks, and many more. Metatrader .

Metatrader is one of the most trusted software and algorithmic trading platform, and is home of some of the best forex robots 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 with the best forex signal platforms.

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.

About The Author

Filippo Ucchino

Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.

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