6 Best Auto Trading Brokers and Platforms for 2024

List of Top Forex Brokers and Platforms for Auto Trading

Best brokers for US traders

Best brokers for international traders

How did FXEmpire select the Best Auto Trading Brokers and Platforms?

• We selected the top-rated brokers based on our proprietary review system.
• We confirmed that each broker offers high-quality auto trading platforms.
• We checked that each broker provides ultra-fast execution speeds.
• We explored the various trading tools and features available to algo traders.
• We ensured that each broker supports a range of trading strategies.
• We opened a live account with each broker to assess their live fees, ensuring they are competitive and transparent.
• We verified each broker’s authorization and licenses with the regulatory bodies in the countries where they operate.

Using FX Empire’s comprehensive methodology, our team of experts has identified the best forex brokers for auto trading this year. Here’s how we test.

Now let’s explore the selected brokers.

How to choose a broker for automated trading?

Here is a quick guide on how to choose the best broker for automated trading.

1. Find a well-regulated broker

While many brokers offer trading platforms that allow you to perform automated trading, not all brokers are equal in the level of safety and security they provide. It is important to stick to well-regulated brokers as there is no legal recourse to get your money back if an unregulated broker decides to steal it.

Here are some steps to consider in finding a well-regulated broker:

• Check the location. A broker situated in a reputable financial jurisdiction such as London or Singapore is likely to be overseen by the country’s financial regulator.
• Verify the license. Confirm the broker’s regulatory standing via the online register of the appropriate regulator.
• Read the terms and conditions. Examine all the legal documents and ensure you are opening an account with a regulated entity located in a favorable jurisdiction.
• Check for fund segregation. Regulated brokers are required to keep client funds separate from company assets. Confirm this in the legal documentation.

Read more about best regulated forex brokers in our comprehensive guide.

2. Ensure fees are transparent and competitive

A broker will charge fees for various services and products to keep their business running. While they aim for these fees to be as high as possible, you’d prefer them to be low. Fortunately, due to a competitive industry, there are brokers who offer competitive rates.

Here are some fees to be aware of:

• Spread. The difference between the buy and sell price of a financial instrument. See our guides on the best zero spread and best lowest spread forex brokers.
• Commission. A fee is charged for both opening and closing a trade.
• Overnight or Swap Fee. The cost incurred for holding a leveraged or margined position overnight. Find the list of the lowest swap brokers in our detailed guide.
• Payments. Fees to deposit or withdraw funds.
• Inactivity. A fee when no trading activity occurs.

You can find information on a broker’s fees on their website, in their terms and conditions, or by speaking with customer support. Alternatively, consider using a demo trading account or check out broker rating reviews at FX Empire, where the team opens live accounts to test the brokers and share their findings.

3. Choose the right account type

Brokers typically offer various types of trading accounts, each differing in the range of products, services, and fees provided. Generally, you can choose between a commission-free or a commission-based account.

• A commission-free trading account will offer higher spreads but zero commission for opening or closing trades. These are good for beginner traders as there are fewer risk management calculations to do as most of the costs are incorporated into the spread.
• A commission-based trading account will offer lower spreads, usually sourced directly from interbank markets or the broker’s own liquidity pools. However, they do charge a commission for both opening and closing trades. These are excellent options for algorithmic traders who may prioritize price execution beyond anything else.

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

4. Be careful of leverage

When auto trading, leverage is an option that can amplify both your profits and losses. For instance, if a broker offers a 1:30 leverage ratio, it means you can open a trade worth $3,000 with just $100 in your account.

Top-tier regulators such as the UK FCA, ASIC, and CySEC cap forex leverage at 1:30 for retail traders. There are many offshore regulated brokers that may offer higher leverage as they are not governed by a strict regulator.

Be wary if you encounter an unregulated or offshore broker promoting higher leverage levels. For those comfortable with these dynamics, FX Empire offers a list of the best forex brokers with high leverage, carefully selected to suit specialized trading needs.

What are the most popular platforms and features for auto trading?

There is a good range of auto trading platforms that brokers offer access to.

MetaTrader 4 and MetaTrader 5 have long been the go-to auto trading platforms. Using the MetaEditor, you can create Expert Advisors, which are custom scripts for automated trading. If you’re new to the game, head over to the MetaTrader Market. There, you’ll find both free and paid algorithmic strategies to get you started. Check out our dedicated guides on best MT4 brokers and best MT5 brokers.

cTrader is another strong contender in the auto trading scene. What sets it apart is its focus on catering specifically to auto traders. It features an intuitive code editor called IntelliSense and operates on the C# programming language, just like MetaTrader. Read more about best cTrader brokers.

Now, there’s an emerging trend of brokers offering code-free auto trading solutions. Platforms like Capitalise AI let you input your trading idea, which it then automatically converts into a programming language to use as an auto-trading strategy.

Another handy feature for auto traders is a Virtual Private Server (VPS), which lets you keep your trading platform up and running 24/7 to execute trades. Some brokers offer this for free to their clients so it’s worthwhile checking the full offering a broker provides. See the guide on the best VPS hosting forex brokers.

You can also check out our dedicated guide on best forex trading platforms.

What to avoid when choosing a forex and CFD broker?

When identifying the best forex and CFD broker to trade you should be careful of the following:

• Unregulated brokers. These brokers are not governed or overseen by an independent body. If they decide to steal your money then you have no way of getting it back. I highly recommend you avoid unregulated brokers.
• No physical presence. If a broker does not have a physical office in a well-established jurisdiction it is a major red flag. Where are all of the staff? Customer support, sales, marketing, etc? A good broker will have a team of employees running the business.
• Unrealistic claims. Regulated brokers in strong financial jurisdictions are governed by advertising laws. If a broker is advertising unrealistic claims such as high and easy returns it is best to steer clear of them.

How to avoid forex and CFD scams?

Unfortunately, there are now many more scam brokers in the world than ever before. But, you can protect yourself by adhering to the following principles:

• Always trade with a regulated broker.
• Confirm the broker is located in a well-established financial jurisdiction.
• Check the broker has a physical office and staff.
• Interact with the broker through different channels such as live chat, email, phone, and social media to check they are real.
• Only use payment methods you are familiar with.
• Always read the legal terms and conditions of the broker entity you are opening an account with.

And if you are still uncertain, you can always check out our database of reviews to find the most reliable brokers.

Our Methodology

Since pioneering the broker rating review industry, our process now involves analyzing 250 research data points across nine core categories, which include:

• Trustworthiness: We check the authorization and licenses to operate for each broker.
• Fees: We open live trading accounts to test the broker’s fees.
• Trading platform and tools: We test the different trading platforms each broker provides.
• Tradable instruments: We examine the number of tradable instruments available.
• Customer support: We test the customer support team with live questions.
• Payment methods: We research the payment options and their fees and processing times.
• Account types: We explore each account type for its features and benefits.
• Research and education: We explore the quality of the broker’s research and educational materials.

We abide by our strict guidelines for editorial integrity based on the objective standards we have set for our reviews. You can read more about our review process here.

For this page, we also checked each broker’s speed of execution, the number of auto-trading platforms and tools each broker provides, and the ability to access them with ease through the use of a VPS and API connection.

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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