11 Best Forex Algo Trading Software for 2024

What is algorithmic trading?

Algorithmic trading (also known as algo trading or automated trading) is a trading strategy that employs computer programs to execute trades automatically following a predefined set of instructions.

The main benefit of algo trading is that it eliminates human influence and emotions on trading activities. This not only provides the opportunity for profit-making but increases market liquidity and improves the trading configuration. The pre-programmed instructions are set using price, timing, quantity, or any other mathematical models.

Algo trading allows trades to be executed at a speed and frequency that is impossible for human traders. It also takes out the recklessness and second-guessing that is inherent in human traders. Algo trading software utilizes a special software interface called API (Application Programming Interface). The API acts as a bridge for the software to effectively work with brokers. They are written using programming languages like MatLab, Python, C++, C#, Pearl, and Java.

List of 7 best algo trading brokers

To make profits through algo trading, traders need the appropriate software to swiftly and accurately process trade orders. Today, numerous brokers offer and support algo trading. Because of this, it might be difficult to choose the right broker to suit your needs. We have created a list of the best algo trading brokers for your reference, hoping that it will be of use to you.

We have taken into consideration several factors such as the general quality of service, the efficiency and speed of order execution, the ability to trade with bots on MetaTrader 4 and 5, the availability of Virtual Private Servers (VPS), the typical EUR/USD spread, and any other unique features. All these will help you decide on the best broker. Let's get right into it.

RoboForex StrategyQuant - Best Strategy Builder for Beginners

RoboForex Review

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StrategyQuant is powerful software that allows traders to create unique trading strategies, even with little programming skills. This platform is relatively new in the market but has a user-friendly interface, making it ideal for beginner and expert traders. If you have been doing manual trading and want algo trading, RoboForex StrategyQuant is your ideal option to create your strategy or alter an existing one using your own rules.

StrategyQuant has robust artificial intelligence, which is 1000x faster in creating trading strategies than manual creation. It has an easy-click interface that everyone can use, even without coding and programming experience.

There are custom indicators which you use to customize the setting and features depending on your skill level. Besides, the platform has quality back testing features to test the performance of your developed trading bots and strategies. Once you develop your bot with this software, you can export the source code to other trading platforms, like MetaTrader 4.

RoboForex StrategyQuant works well on Windows, Linux and Mac. To use it, download the software on your device and launch it with the step-by-step process it provides. The help section has plenty of helpful resources and guides you can go through before using the software. Also, the RoboForex StrategyQuant website has an eBook with detailed instructions on using their software, from researching to developing and testing your trading bot.

The main advantage of this algorithmic trading platform is its ease of use, thanks to the intuitive website with beginner-friendly features. There is a 14 day trial for practice before you deposit real money, and the customer team offers incredible support. On the downside, the pricing plans are quite costly, and the source codes may need to be compatible with many platforms.

Overall, the user experience is excellent, and algo traders can use a free VPN to access auto-create trading strategies and bots.

IC Markets

IC Markets Review

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Up to 75.93% of the broker’s non-professional clients incur losses when trading CFDs.

IC Markets is an algorithm trading platform founded in Australia in 2007. Multiple financial bodies regulate it, including CySEC, ASIC, SCB and FCA. IC Markets offers flexible payment options and a wide selection of crypto through an MT4 platform. If you are a forex trader and want to try algo trading, IC Markets can be your great starting point to develop your trading strategies and actively participate in the market.

The platform boasts extra tight spreads, starting from 0.0 pips on MT4. EUR/USD spread on IC markets averages 0.1 pips, making it one of the tightest EUR/USD spreads globally. The platform utilizes up to 25 pricing providers who help maintain spread tightness when the markets are extremely volatile. There are no restrictions or limits to trade sizes, so you can start with the lowest possible lot size to avoid risks if you are a beginner.

IC Markets has an unlimited demo account where you can start as you try your skills in forex algo trading. After testing your skills in the demo account, you can create a standard account with zero deposit and get the opportunity to trade in more than 200 CFDs. Later, you can advance to professional and RAW spread accounts to utilize your trading capability fully.

One special feature you will like about IC markets is free VPN services, available whenever you open or close 15 trades every month. No minimum deposit is required, so you can start with as little as $1. However, you will need a deposit of $200 for the higher-level accounts, which also allow you to trade the most.

IC Markets is one of the best algorithmic trading software with cutting-edge trading features and superior liquidity needed for algo traders.

eToro Copy Trading

eToro Review

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eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest.

eToro is one of the largest, most popular social trading platforms we have today, regulated by CySEC. It boasts an easy-to-use interface, making the platform an excellent option for beginners.

eToro allows to copy trading strategies/trades from successful traders. If you are an algo trader planning to start copy trading, the eToro copy trading service can help you automatically copy the trades.

You should have a minimum deposit of $200 to start eToro copy trading once you are done with the demo account. The platform copies trade within a few seconds, so there’s no lag which could result in enormous losses.

You can access the eToro copy trading software online or download its intuitive app on your smart mobile device. You will get access to more than 30 cryptocurrencies, great education resources, and user-friendly charting systems. The platform uses robust algorithms to identify successful traders with excellent ratings and performance history and then copies the trades on your behalf. The maximum number of traders you can copy at a go is 100, and you can only invest up to $2,000,000 in a single trader.

Overall, the platform is a good starting point for every copy trader. Download the app or head to the eToro website and fill in your details.

Exness

Exness Review

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Exness is also a top forex and CFD broker that offers clients the flexibility to add algo trading programs on MT4 and MT5. The product offerings on Exness include crypto, forex, stocks, indices, metals, and commodities. The platform also offers great customer support, low spreads, and high leverage on trades.

Pepperstone

Pepperstone Review

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You can’t compile a list of top algo trading brokers without including Pepperstone. The platform offers a wide range of options for algo traders. Pepperstone allows algorithmic trading via EA on MT4, MT5, and cTrader.

Moreover, traders can use TradingView to create and test EAs. If you don’t have the time to draft a custom strategy from scratch, Pepperstone allows automated trading via copy trading through Duplitrade. All Pepperstone accounts support automated trading, but especially the ECN Razor account which allows traders access to spreads as low as 0 pips. In addition, the broker offers customizable low-latency virtual private servers in New York, and a VPS provided by FXVM.

Tickmill

Tickmill Review

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With over 550,000 registered accounts and millions of orders executed every day, Tickmill is an awesome option for algo traders. The broker is regulated by some of the world’s most reputable institutions and supports algo trading on MT4 and MT5. The site offers a full Metatrader suite, through the Tickmill Advanced Trading toolkit. It allows you to not only advance your strategies, but learn and grow with your peers through the extensive networking.

Admiral Markets

Admirals Review

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Admiral Markets offers algorithmic trading on both MT4 and MT5. One of the biggest advantages of Admiral Markets is that traders can access the MetaTrader Supreme Edition for free through their platform. It can also be installed on their VPS. The broker’s VPSs are located in the Equinix data center, and brokers can freely access them once they meet certain conditions.

Best Forex Trading Robots

Flex Trading Bot

The flex trading bot was created by Steven Donald Halcovitch, with the aim of helping both new and experienced traders navigate the market without direct involvement. This bot places virtual trades to analyze the market and identify the ideal entry point. It has 12 impressive trading strategies, which it applies depending on the current market condition and your goals.

Flex trading bots virtually trade currency pairs, including EUR/USD, GBP/JNY, AUD/USD, USD/JNY, and EUR/CHF. The number of trades the bot runs per week depends on the charts, and you can run up to 16 trades weekly if you have a minimum of eight charts. Customer support is available 24/7, and back testing is available with 99% accuracy. The bot automatically adjusts the trade lot size according to your account balance.

Alfa Scalper

Alfa scalper is a relatively new forex indicator founded by Karl Dittman. It is an incredible algo trading bot ideal for beginner traders who enjoy scalping. This system runs on an MT4 platform and has plenty of inbuilt indicators that you can customize according to your unique needs.

Alfa scalper has three main trading modes: conservative, medium and aggressive. Conservative is the low-risk option with normal frequencies and maximum safety. Medium has medium safety and frequencies, while the aggressive mode is the riskiest, with extreme signal frequency.

Pricing starts at $147. Once you pay the amount, you get a live account, signals, a user guide and a 30-day demo account for trials. Tradable currency pairs in Alfa scalper include EUR/USD, GBP/USD, and GBP/JPY; scalping is the only strategy used.

Notable features which improve the scalping usability include on-screen sound alerts, indicator pattern recognizer, divergence patterns and optimal exit. You can download this algo trading bot on your computer or mobile.

Fortnite

Fortnite is an easy-to-use, fully automated indicator that analyzes the markets to determine convergences and divergences. It runs on MetaTrader 4 and can be accessed on laptops and desktops. Fortnite comes with easy-to-follow instructions for new users, and the customer service team is available 24/5 if you have concerns/queries.

Notable Fortnite features include real and demo accounts, free upgrades, and 100% automatic and reliable back testing. A 30 money-back guarantee is available if you are satisfied with this algo bot. This system uses hedge/trend strategies and three pricing plans. The first is bronze, which starts at $149; the second is gold, starting from %199; and the last is platinum, starting at $249.

FX Fortnite trades 24/5, fully automated and easy for a beginner and expert traders. The robot is FIFO and NFO compatible; you should have an account with MT4 or MT5 to use it.

BinBotPro

BinBotPro is a popular binary option trading bot for cryptocurrency trading. It comes with robust algorithms, which can spot trade opportunities on your behalf and trade even when you are not near the computer. All you need is to download the software, set it and allow it to carry out the hard trading work as you relax.

BinBotPro requires a minimum deposit of $250 and can guarantee a high success rate of up to 90%. There are no account and trading fees; you can withdraw your money within one hour. If you are a crypto trader and would like to get started with BinBotPro, visit the website homepage, register and make your initial deposit.

Once you are done, the application will allow you to house a bot from “20 trading bots”. You can choose one or more bots because the system allows multi-trading. Overall, BinBotPro is a highly reliable bot with intuitive and easy-to-use features.

Types of Automated Trading Software

Automated trading software uses computer programs to trade, allowing the trader to focus on other equally important activities and avoid trading emotions. These programs come in many forms and can be implemented in almost every stage of the trading process. Here are the main types of automated trading software found in a modern trading environment.

Trading Advisors and Bots

These programmers allow you to engage in forex trading activities when uploaded on an MT4 or MT5 program. They analyze the market and help determine whether the trader should enter it at that particular time or wait. They study available data and calculate the possible return or risk of engaging in the trade. The most common trading advisors and bots are:

When choosing the right trading bot for you, consider the platform's credibility, settings, and overall performance. No bot is 100% risk-free, but they are effective when applied with the right strategies.

Copy Trading

Copy trading allows traders to copy trades placed by successful traders. Instead of analyzing traders' performance manually, you can utilize copy trading software to relieve you of the manual searching process of analyzing market trends. The bots copy other traders' trades and trade on your behalf. The main types of copy trading software include:

Strategy Builders

Strategy builders help investors come up with useful trading strategies, back-test and apply them effectively. The most common strategy builder is RoboForex which helps you create and test your forex trading strategies more effectively. Generally, a robot has a high execution speed and provides unlimited helpful strategies.

How to choose the best algo trading broker?

As we mentioned earlier, the market today is flooded with options, and traders are often spoilt for choice when it comes to algo trading brokers. Nonetheless, not all brokers are created equal, and some are simply better than others. Distinguishing between a good algo trading broker and a poor one can be difficult.

Moreover, with algo trading, unlike most other strategies, the choice of broker is critical because the results usually depend on small differences in trading conditions. In this section, we have highlighted some of the best practices when choosing algo trading brokers to help you choose the best.

1. Licensing and reliability

This is one factor that you should never compromise on when it comes to Forex brokers. You need to know that you are working with a trustworthy entity. Ensure that you conduct due diligence on any broker that you plan to work with, and confirm that they are regulated and licensed. You can confirm their license numbers, and even counter-check on online repositories to validate that they are genuine. Regulated and licensed brokers usually have the client's interest at heart and have measures put in place to shield traders and their funds in case of anything.

2. Permission on trading with bots

You might assume that all brokers support automated trading, but this is often far from the truth. Some brokers even have bans on trading bots. Ensure that when choosing an algo trading broker, you consider the permission to trade with bots. You might find a broker with the perfect conditions to suit your specific trading style but find out that they don’t support trading with bots. For algo trading, you need a broker that supports integration with APIs and trading bots.

3. VPS servers

Another plus when choosing an algo trading broker is if they have a virtual private server in some of the world’s biggest trading centers e.g., London and New York. With VPS hosting, you get dedicated server space with a reserved number of resources, offering greater control and customization. Brokers with virtual private servers often minimize network delays during order execution and support 24/7 operation.

4. Fast execution speeds

Another important factor when it comes to choosing an algo trading broker is the order execution speed. With automated trading, you need a broker with fast order execution to allow you to reap maximum returns. Algorithmic trading is usually common with high-frequency traders, who rely greatly on high turnover and high speeds. This means that you need a broker with lightning-fast execution speeds from your broker.

5. Low fees and commissions

When choosing an algo trading broker, you should also consider the fees and commissions charged. The majority of the best brokers offer low spreads and charge little to no commission at all for deposits and withdrawals. Ensure that you choose a broker that will not only offer great services but great cost savings as well.

What are the cheapest brokers for automated trading?

Most forex brokers offer awesome trading environments and affordable charges. Still, some are higher than others. For instance, IC markets offer some of the lowest spreads today, with just 0.1 pips on average for EUR/USD, 1.1 pips on indices, and 39.24 pips on cryptocurrencies.

These are typically lower than current industry standards. Other cheap options include Pepperstone, especially with their ECN Razor account with spreads as low as 0 pips, and Tickmill which charges some of the lowest trading fees.

What are the best Forex platforms for algo trading?

Now that you know about algo trading and some of the top algo trading brokers, it is natural for you to wonder what the best trading platform is. Without a doubt, the best algo trading platforms are MetaTrader 4 and MetaTrader 5, both developed by MetaQuotes.

MetaTrader is supported by almost all forex brokers and is lightweight enough to run on almost any device. It supports trading in a broad range of markets including forex, stocks, crypto, indices, and many more.

As a renowned trading software, Metatrader is the most trusted algorithmic trading platform and is home to some of the best forex robots in the industry. They have the best support and infrastructure for auto trading compared to any other software.

The platform has Expert Advisors (EAs), which are automated trading strategies that can be developed by yourself or any other member of the huge platform support community for use within MetaTrader platforms.

What Are the Best Algo Trading Software for Beginners?

It can be challenging for beginners to find the best algo trading software due to the wide array of options available. Thankfully, there are special programs exclusively designed to help beginner trading. These programs are easy to use, and most of them are entirely free to use.

Examples of algo trading software ideal for beginner traders include the following:

Botsfolio - it's free to use and comes with three main packages, which you use according to your portfolio.

RoboForex MetaTrader 4 - it's free to use and download for beginners. It has intuitive features which help starters understand the trades with ease.

Trading view - it comes with four trade packages and one of them is free. Beginners can use the free option as they enhance their skills.

Zen Trading Strategies - it has both free and paid packages. It has many beginner-friendly features and trading strategies, making it easy for traders to choose the most suitable.

Quant Connect - it trades forex, cryptocurrencies, options and futures. It has a free plan for beginners. It is one of the best mobile algorithms trading platforms.