Can funded traders work with Forex EAs?

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.

Minimum deposit:

$1

Review

Topstep is an international proprietary trading company registered in the USA. The company has been providing financial services since 2012 and offers exclusive trading terms for clients from different countries. Topstep provides financing of real trading accounts of its clients if they prove the skill to make trades and manage risks on a simulation account. Traders can trade CME Group futures. Trading on real accounts is carried out through the ECN broker Equiti Capital.

Pros/Cons

•Real trading accounts are financed by a broker, there is no need to invest your funds in trading.

•The company provides a wide range of free training materials, including free group coaching.

•You can contact the support team using several convenient methods.

•The broker offers a referral program for extra income.

•The company doesn’t offer bonuses, automated trading, or other passive income options.

•The support service works only on weekdays during set hours.

Study Review

2

9.2/10

Go to broker

Your capital is at risk.

Minimum deposit:

€155

Review

FTMO is an international proprietary trading company created in the Czech Republic in 2014. The platform brings traders into its fold and after traders successfully pass a two-step testing regime, FTMO transfers 400 thousand dollars to the trader’s account. Transactions are monitored by FTMO to grow the deposit. There is a payment of 80% at the first stage of real trading. The 90% Profit Split is available only to those FTMO Traders that have reached Scaling Plan. The company works in full accordance with European financial legislation and is under the local regulator.

Pros/Cons

•Quite low testing cost is €155.

•Classic platforms such as MT4, MT5, and Ctrader are familiar to many traders. For these platforms, hundreds of indicators, scripts, and advisers have been developed.

•The starting reward is 80%.

•Diversification of tariff plans. Candidates can choose a demo deposit from 10 thousand to 200 thousand US dollars. There are tariff plans that span from standard to aggressive trading.

•Leverage is up to 1:100.

•Strict requirements for the test period. The allowable maximum loss is 10% of the deposit amount. The target profit is 10%, for which 1 month is provided.

•There is no information about how the company is funded.

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3

9.1/10

Go to broker

Your capital is at risk.

Minimum deposit:

$119

Review

Funded Trading Plus clients trade CFDs on currency pairs, indices, precious metals, energies, and cryptocurrencies. There are 18 programs with one- and two-phase challenges, or without evaluation. These programs also differ in initial fees, profit targets, maximum total drawdown, and other criteria. Traders can receive from $5,000 to $200,000 under management upon successfully passing the challenge or immediately if they choose the program without evaluation. Scaling up to $2,500,000 is available. The profit split is 80%/20% at the start and 90%/10% or even 100%/0% later. Traders work on MetaTrader 4 and MetaTrader 5. Leverage is up to 1:30.

Pros/Cons

•Wide choice of programs with universal parameters and acceptable requirements;

•One-time initial fee, refundable for programs with one- and two-phase challenges. No monthly subscription;

•Simple and understandable conditions, no hidden obligations, and profitable trading split;

•The prop firm partners with Eightcap and ThinkMarkets. It offers spreads from 0 pips and low trading fees;

•A demo account with $100,000 in virtual funds is available for exploring the trading process and instruments;

•24/7 technical support is provided via four communication channels;

•Deposits and withdrawals are made with Visa, Mastercard, bank transfers, and crypto wallets without fees.

•The Master program without evaluation is very expensive — a non-refundable initial fee of $4,500 is required for the balance of $100,000;

•Funded Trading Plus offers only CFDs without real assets or futures;

•The firm’s website contains much information, but some important nuances, like the reset fee, are not provided.

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