The Best Brokers For Automated Forex Trading
After you create your own strategy, the next important challenge for you is to find the right broker. That research in some cases is much more important from the strategy itself. There are cases when the broker not only determines how much a strategy will earn, but also can turn wining strategies into loosing.
We have done some research for the best forex broker, where you can easily open an account and trade with Expert Advisors. We did not include brokers that require several thousand dollars to open an account and tested only the brokers that meet the needs of a regular trader.
| Broker | Platforms | Minimum deposit | Micro accounts | Average spread (pips) | Overal Score | |
|---|---|---|---|---|---|---|
| 1 |
Trade with XM
|
MT4, MT5 | 5$ | YES | 0.1 | 9.7/10 |
| 2 |
Trade with Pepperstone
|
MT4, MT5, Ctrader | 200$ | NO | 0.16 | 9.3/10 |
| 3 |
Trade with IC Markets
|
MT4, MT5, Ctrader | 200$ | YES | 0.11 | 9.1/10 |
Automated Trading Platforms
Probably the most important requirement for Algo traders with Expert Advisors is that the broker has MetaTrader (MetaTrader 4 or MetaTrader 5) platform. Trading with advisors (trading robots) requires hundreds or even thousands of deals. This large number of trades makes the cost of trading a very important factor.
If you use a portfolio of advisors, you need to trade with many small deals. And for this, it is important for the broker you used to have Micro or Cent accounts as the money that you could deposit in your account is a limited amount.
Algo trading factors
The other important factor is the trading strategy itself. If the strategy is using a lot of trades, then the spread is the most important factor. If the strategy is using a few trades and is keeping the trades for weeks or months, then probably the daily swap is much more important than the spread.
Other strategies use stop orders for trading. In such cases, it is important to know if the broker will slip those orders and with how much. It may advertise low spread, but when every time you have 1 or more points of slippage, then your actual spread is the spread + the slippage.
Another probable scenario is when the trades are done in periods with low liquidity. In such cases is important to know the actual spread in that period. The broker can have a very low spread for the rest of the time, but in the period that you need, it can be double compared to other brokers.
Another probable scenario is when transactions are made in periods with low liquidity. In such cases it is important to know the actual spread for that period. A broker may have a very low spread for the rest of the time, but in the period that you need, it can be double compared to other brokers.
Closing Thoughts
In conclusion, we can say that there is no such thing as the best broker for all strategies, we can say that every strategy has its best broker. In above table we have made a selection of good brokers with micro accounts where you can start that search for the best broker for your strategy.
If you want a more complete list of Forex brokers, FXBrokersRankinghave a good one. FXBrokersRanking