Can funded traders work with Forex EAs?

Expert Advisor or EA is specialized software that provides signals upon detecting trading opportunities, and is also used for automated Forex trading.

An expert advisor uses a mathematical model that uses trade signals to identify the best entry points into trades. It is usually programmed using Meta Quotes Language (MQL) and runs on the MetaTrader Platform. This article discusses in detail Forex EAs, whether or not they can be used with funded trader programs, and how valuable they are. Traders Union will also name the three best funded trader programs.

What are Forex EAs?

Forex expert advisors are software that advise on and manage Forex trades. A Forex EA examines various trading opportunities and decides whether to invest. The mathematical model in EAs does this through a set of questions that it incorporates. They use technical indicators and trade parameters to identify profitable trades. To assist you in making profitable trades, they use their data to look for the lowest price to enter the market and the highest price to sell.

Do funded trader programs allow EAs?

Yes, many funded trader programs do allow the use of Expert Advisors. Leading prop trading companies typically allow traders to use algorithmic trading strategies and bots when participating in their programs. Depending on the company, you may need to configure your EA according to specific rules and guidelines.

Are Forex EAs worth it?

Forex EAs are worth it as they help traders find profitable trading opportunities. A Forex EA is neither greedy nor biased and makes recommendations free from emotions. Forex traders fear loss and sometimes can’t make quick decisions, thereby losing some opportunities.

It works faster than traders at analyzing factors, looking at the market, and figuring out whether or not a trade will be profitable. This allows you to grab more opportunities. While you are on a break, your expert advisor can work non-stop surveying the markets and recommending profitable opportunities. Moreover, expert advisors are worth their weight in gold, as using them won’t require any expertise.

However, there are risks to using EAs. EAs refrain from using political and industrial trends to analyze the data, and this can lead to severe losses sometimes. Moreover, they do stick to one strategy. This reduces diversification and increases risk.

All in all, Forex EAs are worth it, as their benefits outweigh their disadvantages. EAs, however, should not be relied on solely.

Top 3 funded trading accounts

There are several well-funded trading prop firms in the market. The Traders Union named the top three trading prop firms that let you trade with Forex EAs.

1

9.4/10

Go to broker

Your capital is at risk.
Your capital is at risk.

Minimum deposit:

$48

Review

Hola Prime is a trading company regulated by the Financial Services Commission (FSC) of Mauritius under license GB24203729 and has offices in six countries. The company was founded in 2024 and has evolved from a private community of professional traders that has been active since 2012. Hola Prime offers 1- and 2-stage challenges with account sizes up to $300,000, as well as direct funding options up to $100,000 that do not require a trading assessment. Traders can access up to $500,000 in capital with the support of a scaling plan that allows account growth up to $4 million. Hola PrimeThe company's services are available in more than 175 countries, including the United States.

Pros/Cons

•Wide choice of account types, including non-valuation models;

•Profit sharing up to 90-95% in favor of the trader;

•Access to scaling up to $4 million if performance criteria are met;

•No commissions on some assets (cryptocurrencies and indices) and spreads from 0.1 pips.

•The use of EAs (EAs) is prohibited on direct funded accounts;

•Not all account types support trading on news or holding positions on weekends.

Study Review

2

9.2/10

Go to broker

Your capital is at risk.
Your capital is at risk.

Minimum deposit:

Package buy - $119

Review

SabioTrade is a proprietary (prop) trading company founded in 2021 in Dublin, Ireland. After completing a evaluation, the clients of the company receive access to $20,000 - $200,000 in funded accounts, with the profit split of up to 90%. A 7-day trial period. SabioTrade clients trade CFDs on currency pairs, commodities, indices, stocks, cryptocurrencies and ETFs on the platforms of the multi-regulated broker with leverage ranging to1:30, depending on the asset. Funding programs are available in countries not included in the OFAC sanctions list.

Pros/Cons

•Funding up to $200,000 upon passing the evaluation;

•The minimum Package buy is $119;

•All strategies are allowed, including trading on news events;

•One-time fee for using the evaluation account and a refund after the trader receives funding;

•The profit split is up to 90%;

•The maximum drawdown level is dynamic, not fixed;

•Coupons are available to reduce the one-time contribution.

•Each trader has only one attempt to pass the evaluation stage;

•Strict requirements for the daily loss limit which is no more than 3% of the account balance.

Study Review

3

9.1/10

Go to broker

Your capital is at risk.
Your capital is at risk.

Minimum deposit:

$79

Review

Instant Funding is a proprietary trading company based in the United Kingdom that has been operating since 2021. It serves traders in more than 180 countries, including the United States. Trading instruments available include major and minor currency pairs, metals, commodities, indices and cryptocurrencies. Instant Funding offers One-Phase and Two-Phase assessment programs to obtain funded accounts ranging from $10,000 to $200,000, as well as instant funding from $1,250 to $80,000. The maximum allocation per operator after scaling can reach $2.5 million for One-Phase and Two-Phase challenges and $3.84 million for instant funded accounts.

Pros/Cons

•Single and two-phase challenges, as well as an instant funding program.

•Possibility to choose between a Raw Spread account or a commission-free account.

•High profit participation rate: 80% (base) or 90% (scalable accounts).

•Leverage up to 1:100 for major currency pairs.

•Algorithmic trading is not allowed.

•Higher one-time fee of between $79 and $89, depending on the challenge, compared to competitors.

Study Review

FAQs

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Team that worked on the article

Alamin Morshed

Contributor

Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses that want to improve their Google search rankings to compete with their competition. With expertise in search engine optimization (SEO) and content marketing, he ensures his work is both informative and impactful.

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Dr. BJ Johnson

Developmental English Editor

Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.

Glossary for novice traders

Investor

An investor is an individual, who invests money in an asset with the expectation that its value would appreciate in the future. The asset can be anything, including a bond, debenture, mutual fund, equity, gold, silver, exchange-traded funds (ETFs), and real-estate property.

Algorithmic trading

Algorithmic trading is an advanced method that relies on advanced coding and formulas based on a mathematical model. However, compared to traditional trading methods, the process differs by being automated.

Leverage

Forex leverage is a tool enabling traders to control larger positions with a relatively small amount of capital, amplifying potential profits and losses based on the chosen leverage ratio.

Expert Advisor

An Expert Advisor (EA) is a piece of software or script used in the MetaTrader trading platform to automate trading strategies. EAs are programmed to execute trading decisions based on predefined criteria, rules, and algorithms, allowing for automated and systematic trading without the need for manual intervention.

Trading system

A trading system is a set of rules and algorithms that a trader uses to make trading decisions. It can be based on fundamental analysis, technical analysis, or a combination of both.