In order to become a successful forex trader, you need to put in a considerable amount of time and effort. There’s a lot of concepts and processes you need to learn, many of which are quite complex.
Most importantly, you need to be very quick in making decisions when it comes to buying or selling, because even a few milliseconds too late can cost you dearly. At least, that’s how it used to be. These days, forex trading is not as frantic and stressful, thanks to automated trading.
Compare Best Automated Trading Accounts
| Forex Broker | Regulation | Minimum Deposit | Tradable Instruments | Currency Pairs |
| FP markets | ASIC, CySEC, FSCA, FSA | $50 | Forex, CFD, crypto, stock | 71 |
| Pepperstone | ASIC, FCA, CySEC, BaFIN, DFSA, SCB, CMA | $0 | Forex, CFD, indices, shares, commodities, crypto, ETF, metals | 90 |
| AvaTrade | CBI, ASIC, FSCA, FSA, FFAJ, BVI FSC | $100 | Forex, crypto, commodities, indices, stocks, bonds, vanilla options, ETF | 60 |
| OANDA | ASIC, FCA, MAS, JFSA, NFA/CFTC, CIRO, KNF, MFSA, FSC-BVI | $0 | Forex, indices, energies, metals, soft commodities, bonds | 69 |
| XTB | FCA, CySEC, IFSC | $0 | Forex, indices, commodities, ETF | 48 |
| eToro | CySEC, FCA, ASIC | $100 | Forex, stocks, crypto, commodities, indices, ETF, CFD | 49 |
| FxPro | CySEC, FSCA, FCA, SCB | $100 | Forex, CFD, metals, shares, spot indices, crypto | 70 |
| IC Markets | CySEC, SCB, ASIC, FSA | $200 | Forex, indices, commodities, stocks, bonds, futures, crypto | 75 |
What Is Automated Trading?
Automated trading is a method of forex trading where the trades are automatically executed based on pre-established rules. With this method, traders no longer need to stay glued to their monitors, waiting for the perfect opportunity to buy or sell. Instead, they can leave it all to a software program or forex trading robot, which would essentially execute all the trade orders for them.
How Does Automated Trading Work?
Automated trading relies on a set of rules that determine what trades to execute on a particular currency pair. Once the rules are in place, you can leave the system to do the work for you. It will monitor the market closely, watching for signs and patterns, and it will execute the trades whenever conditions are met.
It sounds very avant-garde but automated trading has actually been around for a very long time. In 1949, Richard Donchian introduced the concept when he bought and sold funds based on predetermined rules. However, online automated forex trading as we know it today
Is It Legal?
Some members of the forex trading community have expressed concern about the legitimacy of automated trading. To be precise, there are those who believe that it gives an unfair advantage over investors who execute trade manually. However, there is absolutely nothing illegal about this practice. Not all brokers allow forex trading robots, though. So, if you are interested in automated trading, better check first with your prospective broker if they allow it.
What Are the Benefits of Using Automated Trading Accounts?
Thousands of forex traders, both new and experienced, are now using automated trading accounts. It’s not such a big surprise as this method of trading comes with a horde of benefits, such as the following:
Faster trade execution
As mentioned earlier, even a few milliseconds of hesitation can cause you to miss out on great trading opportunities. Of course, you would need to take some time analyzing trends and price movements before making decisions. A forex trading software, however, can do these analyses in a split second, and make the corresponding action right away so no time is wasted.
No emotions involved
Emotional trading has caused the downfall of so many forex traders in the past. With the best automated trading accounts, emotions will be completely out of the picture, and your trades will be made with complete objectivity.
Diversified portfolio
The best automated trading accounts allow traders to spread their investments across different currency pairs, or even other markets. You can even use a number of trading strategies on the different markets or tradable assets you are investing in.
Better risk management
The best automated trading accounts will let you implement a variety of risk management features such as profit targets, trailing stops, or stop loss orders. These measures can be automatically integrated into your strategy, thus greatly reducing your risk exposure and making for a more efficient overall trading practice.
What Are the Drawbacks of Automated Trading?
It certainly is a feasible method but automated trading also has its limitations. For instance, since it is entirely dependent on technology, even a minute system failure can cost you exorbitant losses. There is also the risk of over-optimization. In this case, the performance of the algorithm on live data might not always be at par with how it performed during testing.
8. Best Automated Trading Accounts Reviewed
If you are interested in trying automated trading, you have come to the right place. This is a rapidly growing trend, so it can be hard to identify the real deal. However, we are here to help. Based on our research, here are the top forex brokers that offer the best automated trading accounts today.
1. FP markets
Of all the brokers in our list, FP markets definitely has the best automated trading accounts for forex trading. The main reason is its outstanding Autochartist charting tool that comes with both the MT4 and MT5 trading platforms. With this tool, combined with expert advisors, your trading experience will be so much easier and more profitable. Also, FP Markets has some of the most competitive fees for automated trading today.
2. AvaTrade
AvaTrade offers multiple automated trading accounts for different types of traders. Most go for either the MT4 or MT5 automated trading accounts, which come with a wide range of tools and features. Copy trading enthusiasts can learn from experts by using the automated DupliTrade platform. In addition, there is also the ZuluTrade platform ideal for advanced traders who would like to automate their trade orders.
3. Pepperstone
Pepperstone has one of the best automated trading accounts using the MT4 platform, hands down. Firstly, it is highly customizable, and is suitable for all kinds of traders. Secondly, it offers an impressive array of tradable assets, including more than 90 currency pairs. They also have competitive fees and a zero deposit requirement.
4. OANDA
A very highly regulated broker with 9 licenses, OANDA offers automated trading on its proprietary platform, OANDATrade, as well as MT4. The latter comes with a broad selection of Expert Advisers, and OANDA certainly makes the most of these trading bots. They also let you elevate your automated trading account with top-of-the-line tools like the Strategy Tester and numerous technical indicators.
5. XTB
If you’re most interested in CFD trading, XTB has the best automated trading accounts for you. They offer over 5300 assets for trading, and they have a zero minimum deposit requirement. As if that is not enough, they are also one of the swiftest brokers in terms of trade execution. Moreover, XTB’s automated trading system is accessible via their proprietary platform xStation 5, which uses an API for direct connectivity.
6. eToro
When it comes to copy trading, no one comes close to the quality you can get from eToro. Highly recommended for new traders, eToro comes with a very simple and intuitive interface. Its automated copy trading platform is packed with tools and learning materials, and you can use it to trade more than 5000 tradable instruments.
7. FxPro
It is not just beginners who benefit from automated trading. For advanced traders looking to further improve their trading experience, FxPro presents the best automated trading accounts. Multiple platforms are available, including their own FxPro Web. This broker’s notable features also include a highly secure trading platform and competitive fees. On top of that, they also have a range of advanced tools and features available on MT4, MT5, and cTrader.
8. IC Markets
Another highly rated broker ideal for advanced traders, IC Markets is bursting with impressive auto trading features. Their MT4 automated platform is particularly notable, especially when used with cutting-edge tools like Autochartist and Trading Central. Traders highly appreciate their rapid trade execution and competitive fees.
How to Choose the Right Broker with the Best Automated Trading Accounts
Practically all online brokers today claim that they have the best automated trading accounts. Hence, how do you tell which ones are for real? It’s not that hard, as long as you know what to look for.
Choose a regulated broker.
The first indication that a broker is legit and safe is if it falls under the jurisdiction of at least one tier-1 regulatory body. You can also check their website for a valid license.
Look for competitive fees.
It certainly makes sense for a broker to charge fees as this is how they earn. However, you must take the time to compare these fees across brokers so that you won’t end up paying a ridiculously high amount. Pay attention to spreads, commissions, overnight fees, and payment fees.
Try their free demo account.
Most brokers today come with a demo account where you trade for free using virtual funds. But more importantly, the free hands on experience will give you a better picture of the platform and the broker, in general. In conclusion, you will be able to easily figure out which are the best automated trading accounts.
