5 Best AI Forex Trading Brokers and Platforms for 2024

List of Top AI Forex Trading Brokers and Platforms

Best brokers for US traders

Best brokers for international traders

AI in Retail Trading: Transforming Finance

Artificial Intelligence (AI) applications are being deployed at an exponential rate across all industries and sectors. Although the benefits of AI have only recently become apparent to many, it has been utilized in the financial markets for years by a select group of quantitative-based hedge funds. These funds have leveraged AI for high-frequency trading and automated portfolio allocation strategies.

However, the landscape is changing as retail trading brokers begin to offer AI tools to their clients. These include AI-powered trading platforms with automated trading solutions, copy trading facilitated by algorithmic technology, and third-party AI tools designed to scan the markets for trading opportunities.

How did FXEmpire select the Best AI Forex Trading Brokers?

• We only selected brokers with a high overall score from our proprietary rating system.
• We verified each broker’s regulatory status and license to operate with the regulator in their region of operation.
• We checked each broker offers trading platforms that enable AI trading.
• We examined the availability of high-grade AI trading tools and features.
• We ensured each broker allowed a range of AI trading strategies.
• We explored the number of tradable assets on AI trading platforms to ensure a diverse range is available.
• We opened a live account with each broker to check the fees and ensure they are competitive and transparent.
• We checked each broker offers high-quality speed and execution.

Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.

Now let’s go through the selected brokers.

How to choose a broker for AI trading?

Here is a quick guide on choosing the best broker for AI trading.

Is the broker well-regulated?

When selecting a trading broker, the safety of your funds and conflict-free trade execution should be the top considerations. Opting for a regulated broker enhances the safety of your trading funds and ensures ethical trade execution.

Regulated brokers are subject to oversight by governmental financial authorities, ensuring proper and fair conduct. Failure to adhere to regulations puts a broker at risk of losing their operating license and incurring substantial fines.

While trading with regulated brokers provides a much safer environment, it’s essential to recognize that not all regulatory bodies offer identical levels of protection. Our broker rating reviews classify regulators into three tiers:

• Tier-1 regulators, such as the UK FCA, IIROC, CySEC, and ASIC, operate in well-established financial jurisdictions and offer the highest level of investor protection. They enforce the segregation of client funds from company funds and implement a negative balance protection policy. The FCA, CySEC, and IIROC also mandate brokers to participate in a compensation scheme covering client deposits up to a specified amount in case of insolvency.
• Tier-2 regulators, including the DFSA, FMA, and FSCA, are situated in established but lesser-known financial regions. They provide reasonable investor protection but are not as comprehensive as Tier-1 regulators.
• Tier-3 regulators, like the VFSC, IFSC Belize, and Bahamas SCB, function in offshore locations. These regulators offer the lowest level of investor protection with minimal oversight or rules.

Find Best FCA-regulated brokers and Best ASIC-regulated brokers.

There are also unregulated brokers that I strongly recommend avoiding, as they lack safeguards against fraudulent activities. If an unregulated broker decides to misappropriate your funds, there are no legal avenues available for their recovery.

To verify a broker’s licenses and authorizations, check the online register of the financial regulator in the country where they are located.

Read more about Best regulated forex brokers.

Are the fees transparent and competitive?

Brokers impose fees for the diverse range of services and products they offer. Although brokers may aim to levy higher fees, as a trader, your goal is to minimize these costs. Before opening an account, it’s crucial to clarify all the fees a broker imposes before starting to trade.

Here are some fees to be aware of:

• Spread: The difference between the buy and sell price.
• Commission: A fee to buy or sell.
• Overnight or Swap Fee: The fees for holding a leveraged or margined position overnight.
• Payments: Fees related to depositing or withdrawing funds.
• Inactivity: A fee incurred during periods of no trading activity.

To ascertain a broker’s fees, refer to their website, read the terms and conditions documents, or engage with customer support. Alternatively, you can utilize a demo trading account or consult broker rating reviews on FXEmpire, where the team actively opens live accounts, conducts tests, and shares their insights.

Read more about Best lowest spread forex brokers and Best low swaps forex brokers.

Which account type is suitable for AI trading?

From my experience, I’ve observed brokers offering a range of trading accounts, from one to seven. These accounts typically vary in minimum deposit requirements and fee structures, categorized primarily into two types: commission-free and commission-based.

A commission-free trading account does not charge fees for buying or selling. Instead, the broker generally widens the spread derived from the interbank market as their fee. As a result, commission-free accounts often feature wider spreads.

Conversely, a commission-based trading account applies a fee for each buy or sell transaction, with price quotes coming directly from the interbank market and the broker’s liquidity providers. This setup usually leads to narrower spreads for commission-based accounts.

Learn more about Best ECN forex brokers and Best STP forex brokers.

Choosing between these account types depends on individual preferences and trading styles. Novice traders might favor commission-free accounts, where most costs are incorporated into the spread, simplifying risk management. Meanwhile, advanced traders may opt for commission-based accounts, which offer lower spreads for more precise trade execution.

For those utilizing automated trading strategies on AI trading platforms, a commission-based account may be more advantageous due to the narrower spreads, which can result in better price fills – a critical factor for short-term, automated trading strategies. The commissions are considered an operational cost.

Testing an automated strategy on both commission-free and commission-based demo accounts can provide deeper insights into which might yield higher profits.

Check out our list of Best forex brokers for automated trading.

How much leverage is available?

The surge in the popularity of forex and CFD trading can be attributed to leverage, which enables traders to control a large position with a small deposit.

For instance, with a broker providing 1:50 leverage, a trade valued at $50 can be initiated with only a $1 deposit, allowing the management of a position thirty times the initial deposit’s value.

When employing leverage in trading, profit and loss are calculated based on the entire trade value, not just the deposited margin. The broker may trigger a margin call if your account lacks sufficient capital to sustain the larger position. In such instances, the broker automatically closes your trades, potentially resulting in unforeseen losses.

Tier 1 regulators, including the FCA, CySEC, ASIC, and IIROC, have imposed leverage restrictions for currency pairs, capping it at 1:30 for retail traders due to the inherent volatility of these markets. While certain offshore brokers may offer higher leverage, up to 1:3000, caution is advised, as unexpected margin calls could result in the complete loss of your trading capital.

Explore Best forex brokers with high leverage.

Which is the best platform for AI trading?

MetaTrader 4 and MetaTrader 5 have been considered the go-to automated trading platforms for decades. The MetaTrader Code Editor allows users to build Expert Advisors using C# programming language. Expert Advisors (EAs) rule that a trading robot follows based on your inputs. The MetaTrader Marketplace has an extensive range of free and paid-for EAs. Read more about best MT4 brokers and best MT5 brokers.

cTrader is another esteemed auto-trading platform, emphasizing its design for auto traders. It features a built-in code editor called IntelliSense and operates on the C# programming language, similar to MetaTrader. Discover best cTrader brokers.

Brokers are introducing solutions like Capitalise.ai for code-free auto trading. This platform allows users to type their trading ideas, automatically converting them into a programming language for use as an auto-trading strategy.

Other brokers offer access to ProRealTime, which I believe is an excellent way to start AI trading. The ProBuilder language the platform is built upon is much easier to learn than C# programming language, and there is an extensive community to answer any questions or find prebuilt market scanners and automated trading strategies.

Check out our dedicated guide on Best forex trading platforms.

Our Methodology

To identify the best forex brokers with the best AI trading platforms and tools, we evaluated brokers using our proprietary rating system which analyzes 250 data points across nine core categories:

• Trustworthiness: We verify the broker’s license to operate by confirming their authorization and regulatory status with the regulator in their jurisdiction.
• Fees: We test how competitive a broker’s trading fees are by opening a live trading account and comparing them to the industry average.
• Trading platform and tools: We assess the broker’s trading platforms’ user-friendliness, ease of access, trading tools and features.
• Tradable instruments: We examine the number of tradable instruments each broker offers to ensure a broad range of markets are available.
• Customer support: We engage with the customer support team through different channels to test the ease of access, knowledge, and helpfulness.
• Payment methods: We examine the different deposit and withdrawal methods to check their fees and processing times.
• Account types: We check the different elements of each account type and examine their execution methods, minimum deposits, and any additional features.
• Research and education: We explore the quality and depth of each broker’s research and educational materials.

Here you can learn more about our review process.

For this guide, we confirmed that each broker offers trading platforms with AI-based tools and services. This includes automated trading capabilities, copy trading features, technical analysis scanners, and others. We also ensured each broker is authorized to provide investment services, offering competitive and transparent trading fees with diverse markets to trade on.

Meet Our Writers

The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

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