Forex trading can be a complicated and time-consuming process, requiring traders to constantly monitor the market and make split-second decisions. However, with the advancement of technology, automated trading platforms have become increasingly popular among traders. These platforms, also known as forex auto trading brokers, use algorithms to execute trades on behalf of the trader, saving time and potentially increasing profits.
If you are new to streamlining your trading process, choosing the right auto trading broker or platform is pivotal. With so many options available, it can be overwhelming to decide which one is best for your needs. In this article, Benzinga reviews some of the best forex auto trading brokers and platforms to help you make an informed decision.
Quick Look: Best Forex Auto Trading Software
- Best for Beginner and Experience Traders: Nurp
- Best for Beginner Automated Traders: FOREX.com
- Best for Ease of Use: AvaTrade
- Best for Less Experienced Traders: Blackbull Markets
- Best for Active Forex Traders: Perceptrader AI
Best Forex Auto Trading Software Options
Automated trading requires a reliable and regulated broker-side solution. After researching the various auto trading softwares on the market, here is who made the top.
1. Best for Beginner and Experienced Traders: Nurp
Nurp offers an Algorithmic Trading Accelerator that aims to improve algorithmic forex trading for traders of all levels. This suite of trading algorithms enables you to utilize modern precision trading technology in various financial markets for executing predefined trading strategies efficiently using computer algorithms.
Nurp's trading software utilizes in-house research and quant teams to take actions based on chosen risk tolerances for potential long-term success. With a variety of trading algorithms and educational resources, Nurp caters to diverse trading styles and goals in commodities, forex and crypto markets. Traders are empowered to make informed decisions and confidently navigate forex trading.
Pros
- Forex trading algorithms offer enhanced strategies through innovation
- Transparent and flexible pricing model
- Educational resources provide information for effective trading decisions
- Effective security measures provide peace of mind for traders
Cons
- Beginners may have to go through a bit of a learning curve
- Advanced features require a premium investment
2. Best for Beginner Automated Traders: FOREX.com
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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.
The products and services available to you at FOREX.com will depend on your location and on which of its regulated entities holds your account
The FOREX.com REST API enables you to conduct trades across thousands of markets using various order types against real-time price feeds, allowing automation through algorithms or trading systems. REST stands for "Representational State Transfer' and utilizes HTTP interactions to communicate between client and server in a user-friendly way. REST API’s use of HTTP means it can work with any standard programming language to retrieve, send, update, and delete data. REST is cacheable, meaning the API can cache resources to improve future performance.
You'll be able to strengthen your strategy with historical market data for deeper technical analysis. As well as view your current active orders, account balance, available margin, open positions and historical trades in real-time.
Pros
- Low fees
- Great selection of forex pairs
- Application programming interface (API) access
- Integrated account management
- Easily compatible solution
- Advanced charting and analysis
Cons
- Lack of negative balance protection
- Desktop platform not as user-friendly as it might be
3. Best for Ease of Use: AvaTrade
AvaTrade is a competitive automated forex broker that allows you to use any forex trading robot on the MT4 and MT5 trading platforms. The platform also offers support for social trading through DupliTrade, ZuluTrade and MQL5 Signal Service. In addition to other trading platforms, Ava Trade offers proprietary options such as WebTrader, AvaOptions and AvaTradeGO.
The broker has attracted over 300,000 clients due to its offering of fixed and floating spreads, commission-free asset selection above 1,250. Established in 2006, this market maker operates with strong regulations and advanced technology infrastructure. It has earned a reputation as a transparent and trustworthy online broker offering a diverse range of products and services suitable for retail traders.
Pros
- Access to advanced trading tools and feature
- Ability to analyze the market and execute trades efficiently
- Competitive spreads and low fees
- High quality educational resources, including webinar
Cons
- Limited account types
- Inactivity fees
- Customer support may not always be efficient
4. Best for Less Experienced Traders: Blackbull Markets
BlackBull Markets offers a range of trading platforms for social trading, automated trading and advanced technical analysis, making it stand out platform in the auto trading category. The offerings include the BlackBull Markets Trade platform, MetaTrader suite and integration with TradingView.
Blackbull Markets offers two methods for how you can auto trade CFDs, you can either use the MetaTrader platform offered by BlackBull Markets, or connect directly to the broker's trading platform using an API.
Pros
- Fast account opening
- Low trading fees
- Fast execution speed
- Social trading
Cons
- Educational resources are lacking
- High swaps
5. Best for Active Forex Traders: Perceptrader AI
Perceptrader AI is a unique platform that allows you to leverage machine learning and expert advisors to improve your forex investments. With advanced algo trading at its core, you can make the most of Perceptrader AI and the work that Valeriia Mischenko has done.
Perceptrader AI uses these tools to exploit the trading opportunities that can last only a few, fleeting moments. It also bases its trading ont he long-term strategies from Waka Waka EA and will integrate with Chat GPT and Google Bard.
Customize your risk tolerance, adjust the settings to ensure that trading fits in with your strategy, and you can make much better decisions on the foreign exchange market. Plus, you can reach out for 24/7 customer support if you need help with your account.
Pros
- Long-term investors can let the platform do most of the work
- Because this platform has consistent customer support, you can get your questions answered much more readily, quelling any concerns you may have
- Integrating with something like Chat GPT can make the platform that much more powerful
Cons
- The expense of this platform may not align with the money you planned to spend on your investments
What is Forex Auto Trading?
Forex auto trading is a type of trading where all trading decisions fall under the independent control of a machine. It transforms a rule-based trading strategy into an automated program that executes and manages trades without external input.
An auto trading system achieves its goals by avoiding ambiguity and strictly defining the rules for entry, exit and the market's direction. This approach requires using programming languages like MQL, based on C++.
Does Forex Auto Trading Work?
Auto trading works, but it is only as good as the underlying strategy behind it and the programmer’s ability to transform it into a working algorithm. In contrast to advertisements that offer turnkey solutions, the best automated trading solutions are developed in-house at financial institutions and never become available to retail markets. Thus, it is unlikely that the broadly available black box solutions can deliver outstanding results — at least comparable to seasoned traders’ manual results.
Expert Advisors vs. Forex Robots
Much misinformation exists in the forex industry, especially regarding automated trading.
While some may think there are differences between EAs and forex robots, these are interchangeable terms. An EA is a set of rules compiled into an executable program that runs on a trading platform like MetaTrader.
However, in addition to automatically executing the trades, depending on the setup, it can only notify traders when a promising trade might be set up — allowing them to enter at their own discretion. Yet, this setup doesn’t take away the ability to trade fully autonomously.
Automation is Situational
In contrast to advertisements promising turning beginners into forex millionaires, the truth about automated forex trading is more complex. Since saving time is the main benefit of automated trading, positional traders who focus on a long time horizon don’t benefit much.
Outside of the social trading aspects, beginners have odds stacked against them as automated trading requires experience and coding ability. Most traders should focus on polishing their skills and expertise until automated trading becomes a viable replacement for their effort.
Compare Online Forex Brokers
Choosing the right forex broker involves researching services and tools for your trading plan and experience level. Make sure you check out forex platforms using a demo account before you deposit any real money. Benzinga has put together a table to compare top brokers below.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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.
The products and services available to you at FOREX.com will depend on your location and on which of its regulated entities holds your account
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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.
CFD trading is not available to U.S. users. 76% 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.
Frequently Asked Questions
Can forex be automated?
Every forex trade has four key decisions: direction, entry-level, take-profit level and stop-loss. Each of them can be algorithmically decided, allowing for the complete automation of forex trading.
What are some excellent forex auto trading programs?
While MetaTrader 4 & 5 are an industry standard, other viable options include cTrader and TradingView. However, these software providers require a custom-coded strategy and a reliable forex broker to execute the trades.
What are the benefits of using forex auto trading software?
Trading forex can be a time-consuming process. Saving time is the main benefit. Automated trading allows tracking more markets with faster reaction time, improving profitability and mitigating emotions that impact the trading process.
Get a Forex Pro on Your Side
FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets with low pricing and fast, quality execution on every trade.
You can also tap into:
- EUR/USD as low as 0.2 with fixed $5 commissions per 100,000
- Powerful, purpose-built currency trading platforms
- Monthly cash rebates of up to $9 per million dollars traded with FOREX.com’s Active Trader Program
Learn more about FOREX.com’s low pricing and how you can get started trading with FOREX.com.
About Stjepan Kalinic
Forex, Equity Analysis, and Financial Education