The best Forex brokers for algo trading or automated trading, according to our research, are:
- Pepperstone
- FP Markets
- IC Markets
- Admirals
- Roboforex
- AvaTrade
- Interactive Brokers
- HF Markets
- IG Markets
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
What are the best brokers for algo trading?
Below our curated list and review of the best brokers for algorithmic trading and automated trading in general, with details of features and characteristics.
Pepperstone
best for automated trading overall
Pepperstone supports algorithmic trading with options like EA systems on MT4, MT5, and cTrader, alongside copy trading and VPS offerings for low latency trades.
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About Pepperstone
Pepperstone is a global forex and CFD broker founded in 2010 in Melbourne, Australia. Pepperstone offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader and cTrader platforms. Pepperstone is regulated by multiple authorities including ASIC, FCA, and CySEC. Pepperstone is known for competitive spreads, fast execution, and extensive educational resources. Pepperstone serves clients in over 160 countries worldwide. The Pepperstone CEO is Tamas Szabo.
Pepperstone Features
The features of Pepperstone are listed below.
- 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.
Pepperstone Pros and Cons
Advantages of Pepperstone
The advantages of Pepperstone are listed below.
- Stable raw spreads (0,09 pips on EUR/USD on average)
- Caters for algorithmic trading
- Has won over 30 Forex industry awards
Disadvantages of Pepperstone
The disadvantages of Pepperstone are listed below.
- The demo account is not unlimited
FP Markets
most flexible auto trading broker
FP Markets enables algorithmic trading using MT4, MT5, copy trading, Autochartist integration, and connections to Equinix NY4 servers for minimal latency.
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About FP Markets
FP Markets is an Australian-based global forex and CFD broker founded in 2005. FP Markets offers trading on over 10,000 instruments including forex, stocks, indices, commodities, and cryptocurrencies. FP Markets provides MetaTrader 4, MetaTrader 5, and proprietary platforms. FP Markets is regulated by multiple authorities including ASIC, CySEC, and FSA. FP Markets is known for tight spreads, fast execution, and extensive educational resources. The FP Markets CEO is Craig Allison.
FP Markets Features
The features of FP Markets are listed below.
- 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.
FP Markets Pros and Cons
Advantages of FP Markets
The advantages of FP Markets are listed below.
- Broad Instrument Offering
- Competitive Spreads
- Multiple Trading Platforms
Disadvantages of FP Markets
The disadvantages of FP Markets are listed below.
- High Fees for International Withdrawals
- Outdated Platform Design
IC Markets
best for algo-scalpers
IC Markets, an ECN broker, facilitates Expert Advisors on MT4, MT5, and cTrader, offering fast order execution and FIX API for automated scalping strategies.
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About IC Markets
IC Markets is a global forex and CFD broker founded in 2007 and based in Sydney, Australia. IC Markets offers trading on over 2,250 instruments including currencies, commodities, indices, stocks, and cryptocurrencies. IC Markets provides MetaTrader 4, MetaTrader 5, and cTrader platforms. IC Markets is regulated by multiple authorities including ASIC and CySEC. IC Markets is known for its ECN execution model and low spreads. The IC Markets CEO is Andrew Budzinski.
IC Markets Features
The features of IC Markets are listed below.
- 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.
IC Markets Pros and Cons
Advantages of IC Markets
The advantages of IC Markets are listed below.
- Low-latency trading environment
- Institutional level liquidity
- MT4, MT5, cTrader platforms are all available
Disadvantages of IC Markets
The disadvantages of IC Markets are listed below.
- Small amount of educational tools for new traders
- Small range of tradable assets compared to other CFD/Forex brokers
Admirals
best for MT4 algo-trading
Admirals provides automated trading on MT4, MT5, and offers the Supreme Edition of MetaTrader, accessible via VPS under specific conditions for enhanced algorithm execution.
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About Admirals
Admirals, formerly Admiral Markets, is a global forex and CFD broker founded in 2001. Admirals offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader platforms. Admirals is regulated by multiple authorities including CySEC and FCA. Admirals is known for competitive spreads and extensive educational resources. Admirals recently halted onboarding of new EU clients to comply with regulatory standards. The co-founder of Admirals and CEO of Admirals Group is Alexander Tsikhilov.
Admirals Features
The features of Admirals are listed below.
- 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.
Admirals Pros and Cons
Advantages of Admirals
The advantages of Admirals are listed below.
- Extensive Forex Options
- Strong Regulatory Framework
- Advanced Educational Resources
Disadvantages of Admirals
The disadvantages of Admirals are listed below.
- Charges Inactivity Fee
- Mobile App Limitations
- Higher Average Spreads for Some Assets
Roboforex
best for beginner algo-traders
Roboforex features R StocksTrader for creating trading robots without programming, robust backtesting since 1970, and offers unlimited algorithm testing and deployment.
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About Roboforex
RoboForex is a global forex and CFD broker founded in 2009, offering trading on currencies, stocks, indices, commodities, and cryptocurrencies. RoboForex provides MetaTrader 4, MetaTrader 5, and proprietary platforms. RoboForex is regulated by the Financial Services Commission (FSC) of Belize. RoboForex is known for competitive spreads, extensive educational resources, and multiple account types. RoboForex serves over 4.5 million clients worldwide. The RoboForex CEO is Andrei Dziarnovich.
Roboforex Features
The features of Roboforex are listed below.
- 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.
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This feature makes RoboForex the best broker for algo trading for many beginner users.
- 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.
Roboforex Pros and Cons
Advantages of Roboforex
The advantages of Roboforex are listed below.
- Diverse Trading Platforms
- Wide Range of Instruments
- Low Minimum Deposit
Disadvantages of Roboforex
The disadvantages of Roboforex are listed below.
- Limited Educational Resources
- Higher Spreads on Some Accounts
- Regulatory Concerns
AvaTrade
top fixed-spread automations
AvaTrade focuses on automated trading with fixed spreads and supports platforms like ZuluTrade and Duplitrade, providing VPS connection for continuous trading.
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About AvaTrade
AvaTrade is a global forex and CFD broker founded in 2006 and headquartered in Dublin, Ireland. AvaTrade offers trading on currencies, commodities, indices, stocks, bonds, ETFs, and cryptocurrencies. AvaTrade provides proprietary platforms alongside MetaTrader 4 and 5. AvaTrade is regulated by multiple authorities including CySEC, ASIC, and FSA. AvaTrade serves over 300,000 clients worldwide. AvaTrade is known for competitive spreads and extensive educational resources. The AvaTrade CEO is David Dryzin since 2016.
AvaTrade Features
The features of AvaTrade are listed below.
- 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.
AvaTrade Pros and Cons
Advantages of AvaTrade
The advantages of AvaTrade are listed below.
- Tight fixed spreads from 0.6 pips (0.9 pips for retail traders)
- The mobile apps are well designed
- Can be connected to ZuluTrade and Duplitrade
Disadvantages of AvaTrade
The disadvantages of AvaTrade are listed below.
- High inactivity fees
- The demo account is limited to 30 days
Interactive Brokers
for professional algo-traders
Interactive Brokers offers a sophisticated API system for creating trading algorithms, supporting multiple programming languages with advanced tools for experienced users.
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About Interactive Brokers
Interactive Brokers is a global electronic broker founded in 1978, offering trading in stocks, options, futures, forex, bonds, ETFs, and cryptocurrencies across 150 markets in 33 countries. Interactive Brokers provides advanced trading platforms, low commissions, and access to a wide range of financial instruments. Interactive Brokers is known for its sophisticated technology and serves both retail and institutional clients. Interactive Brokers is regulated by multiple top-tier authorities worldwide. The CEO of the Interactive Brokers Group is Milan Galik.
Interactive Brokers Features
The features of Interactive Brokers are listed below.
- 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
Interactive Brokers Pros and Cons
Advantages of Interactive Brokers
The advantages of Interactive Brokers are listed below.
- Low Trading Fees
- Advanced Trading Tools
- Wide Market Access
Disadvantages of Interactive Brokers
The disadvantages of Interactive Brokers are listed below.
- Not user-friendly
- No MetaTrader Support
- Additional Fees
HF Markets
best VPS service
HF Markets supports automatic trading with MT4 and MT5, offering a HF Copy account for strategy replication and accessible VPS for uninterrupted robot operations.
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About HF Markets
HF Markets, formerly known as HotForex, is a global multi-asset broker founded in 2010. HF Markets offers trading on forex, stocks, commodities, indices, and cryptocurrencies through MetaTrader platforms. HF Markets is regulated by multiple authorities including CySEC, FCA, DFSA, and FSCA. HF Markets serves clients worldwide and is known for competitive trading conditions and extensive educational resources. HF Markets recently rebranded to emphasize its expanded product range. The HF Markets Group CEO is George Koumantaris.
HF Markets Features
The features of HF Markets are listed below.
- 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.
HF Markets Pros and Cons
Advantages of HF Markets
The advantages of HF Markets are listed below.
- High Leverage Options
- Low Minimum Deposit
- Wide Range of Trading Instruments
Disadvantages of HF Markets
The disadvantages of HF Markets are listed below.
- Higher Trading Costs
- Limited Educational Resources
IG Markets
best forex API services
IG Markets enables automated strategy execution on over 17,000 assets via MT4 and ProRealTime, with customizable API support for complex trading algorithms.
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About IG Markets
IG Markets is a global online trading provider founded in 1974, offering access to over 17,000 financial markets including forex, stocks, indices, commodities, and cryptocurrencies. IG Markets provides proprietary trading platforms alongside MetaTrader 4 and ProRealTime. IG Markets is regulated by multiple top-tier authorities worldwide, including the FCA and ASIC. IG Markets is known for competitive spreads, extensive educational resources, and innovative features like weekend trading. The IG Markets’ parent company “IG Group” CEO is Breon Corcoran.
IG Markets Features
The features of IG Markets are listed below.
- 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.
IG Markets Pros and Cons
Advantages of IG Markets
The advantages of IG Markets are listed below.
- Low spreads from 0.6 pips on Forex
- Wide range of financial instruments
- 40 years of experience in the Forex industry
Disadvantages of IG Markets
The disadvantages of IG Markets are listed below.
- No copy trading features
- No social trading features
How to choose a broker for algo trading
Selecting one among the many brokers for algorithmic trading is a crucial task. Not all brokers are created equal, and your choice can impact the success of your trading strategies. Here’s how you can choose the right one:
- Choose a regulated algo trading broker. Trading with a regulated broker provides traders with a level of assurance that their funds are safe and that the broker operates with transparency. Some of the top regulatory bodies in the industry include the FCA (Financial Conduct Authority) in the UK, ASIC (Australian Securities and Investments Commission) in Australia, and NFA/CFTC (National Futures Association/Commodity Futures Trading Commission) in the USA. Always verify a broker’s regulatory credentials before proceeding.
- Consider the broker’s features because certain features may become critical. For instance, if you’re aiming to create a proprietary trading bot, the broker must be compatible with Virtual Private Servers (VPS) to ensure uninterrupted trading. Also, they should offer a robust API that allows for easy integration with your code. These features ensure that your trading algorithms work seamlessly.
- Consider the amount of money needed to get started brcause hile many brokers might have a standard minimum deposit requirement, such as $200, each trading algorithm might have distinct requirements based on the trading strategy. For example, a scalping algorithm might require a larger balance compared to a long-term trend-following system. Always ensure your deposit matches your trading strategy’s needs.
What is the best automated trading software?
The best software for automated trading 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.
Is automated trading profitable?
Automated trading can be profitable, however the results depend on the trading strategy used and the quality of the trading robot. But like all forms of trading, it is not without its risks.
The profitability of automated trading hinges on the strategy used and the efficacy of the trading robot. Here are some reasons why it can be profitable:
- Eliminating Emotional Interference: Automated trading removes the psychological component, which can sometimes lead traders to make impulsive decisions, thereby improving the potential for profitability.
- Robust Testing: Trading robots are rigorously back-tested against historical data to gauge their efficiency. They are specifically designed to detect and act on market biases in real time, potentially offering a higher success rate than manual 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.