Warning:
There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Best auto trading broker - RoboForex
The best auto trading brokers in the world are:
RoboForex - Wide asset selection, competitive trading costs
Tickmill - Regulated, competitive spreads, educational resources
eToro - Free copying, diverse investors, beginner-friendly
IC Markets - Low Forex fees, copy trading via ZuluTrade
AvaTrade - Wide range of assets, competitive spreads
Admirals - Wide range of assets, user-friendly platforms
IG - High trust score, wide range of assets
Pepperstone - Diverse auto trading options, competitive spreads
In this article, TU experts will discuss various auto trading brokers and their features, such as RoboForex, Tickmill, eToro, IC Markets, AvaTrade, Admirals, IG, and Pepperstone. They will explain how each broker caters to different types of traders, from beginners to experienced ones, offering tools like copy trading and Expert Advisors (EAs).
The experts will also highlight the risks associated with auto trading, including technology failures and algorithmic limitations. Additionally, they will provide tips for beginners on how to start auto trading successfully, emphasizing the importance of education, starting small, and managing risks. Throughout the article, experts aim to simplify complex trading concepts for readers to understand and make informed decisions.
How to start auto trading?
To start auto trading, choose a reliable broker, decide on your preferred approach (like copy trading or using trading robots), understand the risks involved, start with a small investment, and monitor your trades regularly.
RoboForex offers traders a comprehensive platform for automated trading through expert advisors (EAs) and copy trading, catering to both beginners and experienced traders. With tight spreads starting from 0 pips and swift order execution, the platform ensures cost-effective and efficient trading.
Traders benefit from micro accounts with a minimum lot size of 0.01, accommodating various trading levels. The platform supports a wide range of asset classes, including stocks, indices, futures, ETFs, and currencies. With a minimum deposit of $10 and leverage of up to 1:2000, RoboForex makes trading accessible to all.
Traders can choose from multiple platforms like MetaTrader 4 (MT4), MetaTrader 5 (MT5), R StocksTrader, R MobileTrader, and R WebTrader, enhancing flexibility.
| Pros | Cons |
|---|---|
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Wide Asset Selection: Provides access to over 12,000 assets across eight classes. |
Crypto trading is not allowed |
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Competitive Trading Costs: Offers favorable trading conditions with minimum spreads and commissions. |
Availability Limited in Certain Countries: Services may not be available in all countries. |
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High Leverage: Allows leverage up to 1:2000, enabling traders to amplify their positions. |
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Cutting-Edge Platforms: Offers MetaTrader 4 (MT4), MetaTrader 5 (MT5), and a proprietary web-based platform supporting algorithmic trading. |
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Generous Bonuses: Provides a generous bonus program, enhancing attractiveness for traders. |
Tickmill offers robust trading tools, including Autochartist for technical analysis across various instruments like Forex and Cryptocurrencies. Traders also access popular MetaTrader platforms (MT4 and MT5) known for automation and backtesting.
Tickmill's recognition in the 2024 Annual Awards underscores its MetaTrader offerings' quality. For futures and options, CQG and AgenaTrader platforms cater to professional traders with advanced analysis tools. Signal Centre facilitates social trading, offering actionable signals and research.
With a $100 minimum deposit, Tickmill provides leverage up to 1:30 for retail traders on Tickmill.EU and up to 1:500 on Tickmill.com, enhancing trading potential.
| Pros | Cons |
|---|---|
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Regulated in multiple jurisdictions. |
Limited range of tradeable assets compared to some competitors. |
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Competitive spreads on commission-based accounts. |
Classic account pricing not as competitive. |
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Educational resources and research complement trading. |
Discontinued TradingView platform for futures and options trading. |
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Spreads from 0 pips. |
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Any strategy is allowed. |
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Protection against negative balance. |
eToro offers a distinctive automated trading approach through CopyTrader™, enabling users to replicate successful moves of seasoned investors in real-time. With a low $10 minimum deposit, it's accessible to all. Unlike platforms focusing on strategy backtesting, eToro emphasizes real-time performance tracking of copied investors.
Transparent spreads aid cost assessment. CopyPortfolios allow investing in themed asset baskets managed by pros. Beginner-friendly, it requires no coding. Users browse Popular Investors based on performance and risk levels, easily starting or stopping copying with clicks.
CopyTrader™ provides access to thousands of investors, with control over copied trades, including start/stop options, setting stop losses, and adjusting allocations. eToro assigns Risk Scores to aid risk assessment, offering user-friendly tools like stop loss and take profit orders.
| Pros | Cons |
|---|---|
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Free Copying: No extra fees. |
Not the best spreads |
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Diverse Investors: Wide range of transparent traders. |
Hidden fees: Withdrawal, inactivity, currency conversion. |
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Community: Connect and learn. |
Cryptocurrency limitations: Cannot transfer to external wallets. |
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Beginner-friendly: Easy to use interface. |
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Commission-free trading. |
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Fractional shares: Invest with smaller amounts. |
IC Markets caters to experienced traders seeking direct control over automated trading. They offer options like Expert Advisors (EAs) and integration with platforms such as cTrader Automate and MetaTrader.
Dedicated virtual servers ensure uninterrupted strategy execution. While the Standard account requires a $200 minimum deposit, it suits both manual and auto trading. Though lacking native code-free backtesting, IC Markets provides tight spreads on Forex, indices, and commodities. However, they don't offer copy trading directly, requiring traders interested in this feature to explore other options.
While suitable for experienced traders proficient in coding EAs, beginners may find the absence of copy trading challenging. Remember, auto trading entails risks, necessitating thorough understanding and risk management.
| Pros | Cons |
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Low Forex Fees: Competitive fees, tight spreads from 0.1 pips. |
No Investor Protection for Non-EU Clients. |
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Fast Account Opening: Quick setup for trading. |
ColumnValue2 |
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Free Deposit and Withdrawal: No charges for transactions. |
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Stock CFD Range: Wide range of stock CFDs. |
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Copy Trading via ZuluTrade: Access to ZuluTrade for copy trading. |
AvaTrade offers a variety of automated trading platforms suitable for traders of all levels. Notable options include AvaSocial for mentor discovery and trade copying, DupliTrade for following expert signals, and ZuluTrade for auto trading.
For DIY enthusiasts, AvaTrade provides options like building Expert Advisors (EAs) or using MetaTrader platforms with Strategy Builder. EAs and integrated platforms handle trade execution based on your strategy. Minimum deposits start from $100 for the Standard account, with competitive spreads across Forex, stocks, and metals.
Copy trading options like Mirror Trader allow automatic copying with flexible allocations. AvaTrade caters to both experienced and beginner traders, offering DIY flexibility and accessible copy trading. However, thorough research and risk understanding are essential before diving in.
| Pros | Cons |
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Wide range of tradable assets: Forex, stocks, indices, commodities, cryptocurrencies. |
Hidden fees: Inactivity and withdrawal fees may surprise users. |
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Competitive spreads: Cost-effective trading with close-to-industry-average spreads. |
Mixed customer support experiences reported by some users. |
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User-friendly platforms: MetaTrader 4 and AvaTradeGo platforms known for ease of use. |
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Copy trading: Mirror Trader feature for automatic copying of experienced traders' trades. |
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Regulation: Regulated by respected authorities like the Central Bank of Ireland and FCA. |
Admirals offers various automated trading options for traders. They can use Expert Advisors (EAs) to build their own trading robots or MetaTrader platforms like MT4's Strategy Builder for visual strategy creation.
Trade execution is automated based on predefined strategies. The minimum deposit starts from $1 for the Micro account, with competitive spreads across Forex, stocks, indices, and commodities. Their software allows setting criteria for trades and offers both EAs and Forex robots for trend analysis and trade execution.
Copy trading enables following successful traders, diversifying risks, and learning from their expertise. Admirals' platform is user-friendly, catering to manual and automated traders alike, but understanding risks is crucial.
| Pros | Cons |
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Wide range of tradable assets: Forex, stocks, etc. |
Minimum deposit: Varies, potentially higher. |
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Competitive spreads: Generally tight. |
High inactivity fee: Charged for extended periods of no trading. |
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Multiple platforms: MetaTrader 4 and 5. |
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Auto trading options: Strategy Builder, EAs, etc. |
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Beginner-friendly resources: Educational materials, webinars, demo account. |
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Strong regulation: Regulated by Tier 1 and 2 authorities. |
IG offers various features for auto trading suitable for traders of all levels. Their Strategy Builder tool allows you to create strategies without coding, while Expert Advisors (EAs) offer advanced options for coding your own or using community-made ones.
Copy Trading enables automatic mirroring of successful traders' positions. Trade execution is automated, supported by 24/7 real-time execution. Minimum deposit starts from $300 for the Standard account. Backtesting is available within the Strategy Builder, allowing testing of strategies before real trading.
IG provides multiple platforms like MetaTrader 4, L2 Dealer, and a wide range of assets including Forex, stocks, indices, commodities, and cryptocurrencies, offering comprehensive options for auto trading.
| Pros | Cons |
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High Trust Score: Strong reputation. |
Minimum Deposit: Varies, potentially higher. |
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Wide Range of Assets: Forex, CFDs, stocks, etc. |
Leverage Restrictions: Varies, lower for US clients. |
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Competitive Spreads: Tight spreads. |
Limited Crypto Exposure: Less than dedicated crypto brokers. |
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Multiple Platforms: IG's, MetaTrader 4, L2 Dealer. |
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Robust Research & Education: In-depth resources. |
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Strong Regulation: Regulated by Tier 1 authorities. |
Pepperstone offers diverse auto trading options catering to different preferences. Traders can utilize Expert Advisors (EAs) for coding or opt for community-built ones. MetaTrader platforms provide a Strategy Builder for visual strategy creation, while integration with third-party platforms allows advanced strategies.
Automatic trade execution is ensured by EAs and integrated platforms. The Standard account, supporting manual and auto trading, requires a minimum deposit of $200. Though code-free backtesting options are limited, Pepperstone offers competitive spreads across various markets. While lacking built-in copy trading, traders can explore third-party platforms like Myfxbook or DupliTrade for this feature.
| Pros | Cons |
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Competitive Fees: Low spreads, commissions |
Limited Crypto Selection |
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Multiple Platforms: MT4, MT5, cTrader |
High CFD Financing Rates |
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Wide Range of Markets: Forex, commodities, etc. |
Withdrawal Fees for bank wire outside EU/Australia |
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Research and Education: Market analysis, resources |
Negative Balance Protection not Universal |
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Copy Trading: Social copy trading platforms |
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Strong Regulation: Regulated by top-tier authorities |
| Broker | How to Auto Trade | Minimum Deposit | Best For |
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Expert Advisors (EAs), algorithmic trading, copy trading |
$10 |
Beginners and experienced traders looking for diverse features and tight spreads. |
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Autochartist, MetaTrader platforms (MT4 and MT5), Signal Centre for social trading |
$100 |
Traders interested in technical analysis tools, professional platforms, and social trading. |
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CopyTrader™, CopyPortfolios, real-time performance tracking |
$10 |
Beginners interested in copy trading with low minimum deposits. |
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Expert Advisors (EAs), integration with third-party platforms like cTrader Automate or MetaTrader, ZuluTrade for copy trading |
$200 |
Experienced traders seeking direct control over automated trading with low Forex fees. |
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AvaSocial, DupliTrade, ZuluTrade, DIY auto trading with EAs or MetaTrader platforms |
$100 |
Both novice and seasoned traders interested in automated trading with a wide range of assets. |
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Expert Advisors (EAs), MetaTrader platforms, copy trading through Admirals Connect |
$1 - $100, $250 |
Traders looking for a user-friendly environment for manual and automated trading, with copy trading options. |
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Strategy Builder, Expert Advisors (EAs), Copy Trading |
$450 |
Traders looking for a wide range of assets, competitive spreads, and comprehensive auto trading options. |
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Expert Advisors (EAs), MetaTrader platforms, integration with third-party platforms |
$200 |
Traders seeking auto trading options with competitive spreads across various markets. |
Automated trading can be a game-changer in the financial markets, but it's essential to grasp the options and risks involved before taking the plunge. Let's break it down:
Types of Automated Trading
Copy Trading: This method allows you to mimic the trades of seasoned traders you select. It's a straightforward entry point, especially for beginners. Platforms like eToro's CopyTrader™ and Admirals' Connect make this possible. Just keep in mind that you're also inheriting the risks and potential losses of the trader you're copying.
Robots (Expert Advisors - EAs): With EAs, you can either create your own trading algorithms or use pre-made ones. However, this requires programming knowledge and an understanding of trading strategies. Platforms like MetaTrader 4 and cTrader Automate support EA integration. Be cautious though; not all robots deliver the same results, and past success doesn't guarantee future gains.
Free Automated Trading Software: Some platforms offer basic tools like strategy builders or algorithmic tools for free. While these can be handy, they often have limited features and may not meet your specific needs.
Third-party Platforms: Consider exploring paid tools or services that offer advanced features like backtesting, optimization, and portfolio management. Just make sure to do thorough research before investing.
How to get started
Choose Your Approach: Start with copy trading for simplicity or learn to code for control.
Select a Broker: Compare platforms based on features, fees, and regulations.
Understand the Risks: No guarantees of profits. Watch out for technical failures and market volatility.
Start Small: Begin with a small capital and increase gradually.
Monitor and Manage: Regularly check and adjust your trades, and practice proper risk management.
| Tips | Explanation |
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Regulation and Trust |
Choose brokers regulated by trusted authorities like FCA, ASIC, or CySEC for basic protection and recourse. Check online reviews and broker trust scores from reliable platforms such as Traders Union. |
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Ease of Use and Beginner Support |
Look for user-friendly platforms with educational resources like tutorials and webinars. Ensure responsive customer support to assist with auto trading features and beginner queries. |
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Consider Copy Trading |
For simplicity, consider platforms offering copy trading, allowing automatic replication of experienced traders' trades. Choose brokers with clear criteria for selecting copied traders and transparent performance data. |
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Explore Automation Features |
Compare options like strategy builders, pre-built robots (EAs), and backtesting capabilities. Check if the platform aligns with your level of control and technical knowledge. |
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Focus on Fees and Minimum Deposits |
Compare commission structures, platform fees, and minimum deposits for cost-effective trading. Start with brokers offering low minimum deposits to experiment with smaller amounts. |
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Bonus Tips |
Use demo accounts to practice without risking real money. Start with basic tools and gradually progress to more advanced strategies. Also practice strong risk management. |
Auto trading can be profitable, but it's not a quick-fix solution for wealth. Success hinges on a solid grasp of market dynamics and trading strategies. It demands thorough testing and ongoing monitoring to adapt to market shifts. Realistic expectations are vital, recognizing that losses are part of the journey, and prioritizing long-term risk management.
Auto trading excels in removing emotional biases from decisions, ensuring trades adhere strictly to set criteria. It offers precise execution and efficiency, capable of monitoring multiple markets simultaneously. Backtesting and forex backtesting software allows traders to evaluate strategy performance historically, contributing to potential profitability. However, sustained success requires dedication, continuous learning, and disciplined implementation.
Auto trading comes with risks that traders and investors should be aware of before jumping in. Experts have mentioned below the risks of autotrading.
Technology and Mechanical Failures: Glitches, crashes, or connectivity issues can disrupt trading, leading to losses.
Algorithmic Limitations: Fine-tuning algorithms based on past performance may not guarantee future success, and complex algorithms can hide hidden risks.
Unforeseen Events: Auto trading may struggle to adapt to sudden market shifts or unexpected events, affecting performance.
Risk Management and Discipline: Over reliance on automation can lead to neglecting emotional signals, excessive everage, and failing to monitor trades properly.
Systemic and Regulatory Risks: Algorithmic trading strategies can contribute to market instability, and regulatory changes can impact auto trading strategies.
| User Group | Explanation |
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Institutional Investors |
Institutions like hedge funds, investment banks, and mutual funds use automated trading extensively for tasks such as high-frequency trading, portfolio management, and risk mitigation. |
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Retail Investors |
Retail investors, including active traders and passive investors, benefit from automated tools for echnical analysis, order execution, and portfolio management, reducing emotional biases and optimizing returns. |
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Beginners |
Beginners have access to automated trading through platforms that offer copy trading and pre-configured algorithms, allowing them to participate in strategies created by experienced traders or automate basic trading strategies without extensive knowledge. |
Here are some essential tips for beginners venturing into auto trading
Learn First: Get a solid understanding of trading basics, risk management, and market analysis through resources like Investopedia or online courses.
Start Small and Manual: Test your strategies manually with small investments before automating. This helps you grasp strengths, weaknesses, and manage emotions.
Backtesting Matters: Evaluate strategy performance using past data across different market scenarios to gain insights and adjust parameters.
Keep it Simple: Begin with basic strategies based on technical indicators or price movements. Complexity can come later as you gain experience.
Manage Risk: Set clear stop-loss and take-profit levels for trades and stick to them. Incorporate these risk management rules into your automated trading setup to avoid emotional decisions.
Seek Community Support: Join online trading communities to learn from others and troubleshoot issues.
Traders Union applies a rigorous methodology to evaluate brokers using over 100 both quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.
Key aspects of the assessment include:
Regulation and safety. Brokers are evaluated based on the level/reputation of licenses and regulations they operate under.
User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.
Trading instruments. Brokers are evaluated on the breadth and depth of assets/markets available to trade.
Fees and commissions. A comprehensive analysis is done of all trading costs to analyze overall cost to clients.
Trading platforms. Brokers are assessed based on the variety, quality and features of platforms offered to clients.
Other factors like brand popularity, customer support, education resources are also evaluated.
Automated trading offers a wide array of options for traders, from beginners to institutional investors. Platforms like RoboForex, Tickmill, eToro, IC Markets, AvaTrade, Admirals, IG, and Pepperstone provide tools for automated trading, catering to different preferences and experience levels.
While copy trading simplifies the process for beginners, advanced traders can create their own strategies with Expert Advisors (EAs) or integrate third-party platforms. However, auto trading carries risks such as technological failures and algorithmic limitations.
Beginners should prioritize education, start small, focus on backtesting, keep strategies simple, and manage risks wisely. Engaging with online communities can also provide valuable support and insights.
Parshwa is a content expert and finance professional possessing deep knowledge of stock and options trading, technical and fundamental analysis, and equity research. As a Chartered Accountant Finalist, Parshwa also has expertise in Forex, crypto trading, and personal taxation. His experience is showcased by a prolific body of over 100 articles on Forex, crypto, equity, and personal finance, alongside personalized advisory roles in tax consultation.
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.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).
