We found 11 online brokers that are appropriate for Trading Automated Forex Trading.
Automated Forex trading is buying and selling using an automated procedural algorithm based on current market trends.
In this article, we will discuss in detail the topic of automated Forex trading.
The word 'automated', clearly identifies the concept of automated Forex trading is related to a computer program, but it is important to convey that human traders teach the automated algorithm how to make trading decisions based on set rules.
In today's market manual trading has become cumbersome and hence traders are turning towards automated Forex trading.
Several such automated computer software is made available by brokers to allow clients to set parameters for trading throughout the day and night.
Automated Forex trading is perfect for such traders who seek to automate trading decisions.
The Forex market is active throughout the day and night due to different time zones of countries and lately Forex trading has become incredibly popular.
Earlier, traders had to rely on algorithmic trading while now they have harnessed the power of the new system, the automated Forex trading system such as TradeStation and MetaTrader.
Automated Forex trading is gaining popularity among traders nowadays. The primary advantage of automated Forex trading is that it allows traders to trade at par with institutional traders by using technology and computer programs.
It is a type of algorithm-based trading, where trades are executed by a computer program instead of traders doing it manually. In fact, manual trading is becoming more obsolete.
Automated Forex trading was earlier only made available to institutional traders, but now retail traders are beginning to take advantage of it.
Automation is based on technical analysis. A trader basically codes a program or software following instructions for trading currencies under certain pre-defined parameters like price and pips. Thereafter, no human intervention is required to buy or sell the currencies.
Trading platforms like MT4, MT5, and TradeStation allow users to build the so-called Expert Advisors or automated traders on a set rule that is rooted in technical analysis.
The programming language offered by MT4 is MQL4, while TradeStation provides EasyLanguage to build EAs on the platform.
Yes, automated Forex trading is profitable. It works perfectly based on language coding and set rules. It is profitable if the set rules follow a profitable strategy. It makes the trading process easy as most of the manual work is automated to save time and initiate trades without error and bias.
There are basically three types of automated Forex trading software. The most advanced one is known as 'robots', which derives trading signals and execute trades accordingly.
Copy trading is simply finding a successful and experienced trader to copy his strategies. Most of the automation is based on this principle to adapt the strategies of other successful traders.
Under such automation, a trader sets the software to copy the trading process of an experienced trader until it is stopped manually.
Not all the automated Forex trading softwares are the same. These are customized where some are coded according to the strategy of brokers. The best examples of broker-based automated Forex trading software include MT4, MT5, TradeStation, cTrader, eToro Copytrader, Ninjatrader 8, and ProOrder.
Some of the Forex or CFD brokers feature proprietary software. This means that the platform may or may not offer the automation software.
Most of the Forex brokers run trading signal services either for free or by charging a fee. Some have a team set up to churn out the trading signals, while many rely on the automation analysis. The human factor plays an important role in mixing up the fundamentals with the technical triggers, all while considering various economic indicators.
Robots generate signals automatically and take action on it without the need for human intervention. Hence, there is no risk of bias here.
The MetaTrader 4 was created by MetaQuotes and it features advanced charting, impressive functionalities, and technical indicators. It is currently one of the most popular platforms and its Expert Advisors is the most sought-after for online trading.
Traders mostly don't trust free softwares. However, there is no guarantee that the paid versions would outperform the free softwares. In fact, a combination of automation and occasional human intervention might be the best solution in trading.
Below are some proven suggestions on how to best use automated Forex trading:
One of the well-known advantages of automated Forex trading is that no emotion is involved in the trade and hence behavioral finance biases are reduced in it. This means investment decision making is not impacted negatively.
Traders can back test the system and understand their performance on past data. This, in turn, helps traders fine tune trading strategies.
With automated Forex trading the presence of a trader is not required when buying and selling currency pairs using the software.
Past performance can never guarantee a profit in the current situation and hence developing a very successful software is difficult.
Automated Forex trading is suited to beginners who want to learn about the currency markets.
Those who have less experience in the Forex market have an opportunity to see how the automated algorithms action trades.
One of the best examples of automated Forex trading software is MetaTrader.
It is free and brokers suggest to start trading with a demo account, which is a practice account and is traded with virtual currency.
It is suggested to practice Forex trading through a demo account before risking real money.
Automated Forex trading is currently the trend in the currency markets across the world as it has more advantages than disadvantages. The most popular platforms offering automation include MT4, MT5, and TradeStation.
In this article, we discussed automated Forex trading in detail. However, it should be emphasised again that no automation can guarantee a profit. Hence, traders need to keep an eye on the trades and frequently do some tweaking to increase profits. While looking for good automation softwares, traders need to be careful and remain away from scammers.
Furthermore, traders should always gain more trading experience before opting for automated Forex trading. This is so as machines and algorithms have limitations, which can be overcome by the human brain. Therefore, traders should take note not to over rely on automated trading softwares.
Automated Forex trading is a great addition to traders investment strategies.
Automated Forex trading is based on a computer program and decisions are actioned automatically.
It is perfect for beginners and traders who wish to action trades without being present throughout the day and night all over the world.
We've collected thousands of datapoints and written a guide to help you find the best Automated Forex Trading for you. We hope this guide helps you find a reputable broker that matches what you need. We list the what we think are the best Automated Forex trading brokers below. You can go straight to the broker list here.
There are a number of important factors to consider when picking an online Automated Forex Trading trading brokerage.
Our team have listed brokers that match your criteria for you below. All brokerage data has been summarised into a comparison table. Scroll down.
We compare these features to make it easier for you to make a more informed choice.
Here are the top Automated Forex Trading Brokers.
Compare Automated Forex Trading Brokers min deposits, regulation, headquarters, benefits, funding methods and fees side by side.
All brokers below are Automated Forex trading brokers. Learn more about what they offer below.
You can scroll left and right on the comparison table below to see more Automated Forex trading brokers that accept Automated Forex trading clients
Broker |
eToro
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IC Markets
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XTB
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FP Markets
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Roboforex
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Trading212
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Plus500
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Pepperstone
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EasyMarkets
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XM
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FXPrimus
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Rating | |||||||||||
Regulation | Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID), Australian Securities and Investments Commission (ASIC) | Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) | Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comisión Nacional del Mercado de Valores, Komisja Nadzoru Finansowego, Belize International Financial Services Commission (IFSC) under license number IFSC/60/413/TS/19, Polish Securities and Exchange Commission (KPWiG) | Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC) | Cyprus Securities and Exchange Commission (CySEC) | Financial Conduct Authority (FCA), Financial Supervision Commission (FSC) | Plus500UK Ltd authorized & regulated by the FCA (#509909), Plus500CY Ltd authorized & regulated by CySEC (#250/14), Plus500AU Pty Ltd (ACN 153301681), ASIC in Australia AFSL #417727, FMA in New Zealand, FSP #486026 and Authorised Financial Services Provider in South Africa FSP #47546 | Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of the Bahamas (SCB) number SIA-F217 | Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | International Financial Services Commission (IFSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID) |
Min Deposit | 200 | 200 | No minimum deposit | 100 | 1 | 1 | 100 | 200 | 100 | 5 | 100 |
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Used By | 17,000,000+ | 60,000+ | 250,000+ | 10,000+ | 10,000+ | 14,000,000+ | 15,500+ | 10,000+ | 142,500+ | 70,000+ | 10,000+ |
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Platforms | Web Trader, Tablet & Mobile apps | MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader, Mac | MT4, Mirror Trader, Web Trader, Tablet & Mobile apps | MT4, MT5, IRESS, Mac, Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, Web Trader, cTrader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, ZuluTrade, Web Trader, cTrader, Tablet & Mobile apps | MT4, Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps | MT4, Mac, Mirror Trader, Web Trader, Tablet & Mobile apps |
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Learn More |
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Up with fxprimus |
Risk Warning | 71% of retail investor accounts lose money when trading CFDs with this provider. | Losses can exceed deposits | 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. | Losses can exceed deposits | Losses can exceed deposits | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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. | 76.4% 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. | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.3% 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 | Your capital is at risk | Your capital is at risk | Losses can exceed deposits |
Demo |
eToro Demo |
IC Markets Demo |
XTB Demo |
FP Markets Demo |
Roboforex Demo |
Trading 212 Demo |
Plus500 Demo |
Pepperstone Demo |
easyMarkets Demo |
XM Demo |
FXPrimus Demo |
Excluded Countries | IR, KP, BE, CA, JP, SY, TR, IL, BY, AL, MD, MK, RS, GN, CD, SD, ZW, ET, GH, TZ, LY, UG, ZM, BW, RW, TN, SO, NA, TG, SL, LR, GM, DJ, CI, PK, BN, TW, WS, NP, SG, VI, TM, TJ, UZ, LK, TT, HT, MM, BT, MH, MV, KZ, GD, FJ, BB, BM, BS, AG, AI, AW, LB, SV, US, PY, HN, GT, PR, NI, VG, AN, | AF, GN, SL, BW, IR, SY, MM, IQ, TG, KH, LS, YE, CI , LR, ZW, CU, LY, TZ, CG, ML, BO, LR, NE, AO, GM, NG, AG, GH, KR, KG, GN, SN, NA | US, IN, PK, BD, NG , ID, BE | US, JP, NZ | US, JP | US | MY, BE, US, CA, CN, ID, PH, TG, NG, DO, MA, ZW, PR, TZ, TN, UG, BW, AO, AE | BR, KR, IR, IQ, SY, JP, US | US | US, CA, IL, KR, IR, MM, CU, SD, SY | AF, CI, CU, IQ, IR, LY, MM, KR, SD, PR, US, AU, SY, DZ, JP, EC. |
You can compare Automated Forex Trading Brokers ratings, min deposits what the the broker offers, funding methods, platforms, spread types, customer support options, regulation and account types side by side.
We also have an indepth Top Automated Forex Trading Brokers for 2021 article further below. You can see it now by clicking here
We have listed top Automated Forex trading brokers below.