Best Forex Brokers With API Trading

Go to broker’s website Plus500 Overview

If you're too busy to read the entire article and want a quick answer, the best Forex broker with API trading is Plus500. Why? Here are its key advantages:

• Is legit in your country (Identified as United States )
• Has a good user satisfaction score 6.83 out of 10
• Automation and algorithmic trading
• Enhanced control and flexibility

Go to broker’s website Plus500 Overview

Below, we'll explain in more detail why we believe this and how brokers were evaluated.

Forex trading is a complex and thorough process that requires time, effort, discipline and financial skills. One of the ways to make trading easier is to automate it. You can use ready-made solutions offered by a broker: connect a ready-made robot, advisor or other auxiliary algorithm. You can also use API and create a solution yourself, customizing it to your own needs and capabilities. To do this, you should use the services of a broker that supports API. The material below is intended to help traders choose a broker with the best conditions for automated trading.

Best brokers that allow API trading

Traders Union experts have ranked the best brokers with API based on their reliability, quality, order execution and API support.

IC Markets

IC Markets Review

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IC Markets is a well-known European broker with a good reputation. It is suitable for both traditional and API trading. The company offers users comfortable conditions - spreads from 0.0 pips, the ability to trade micro lots and more than 2250 available assets. The customer support team is available 24/7.

As for API solutions, IC Markets uses an order processing engine located in the New York Equinix NY4 data center. The system handles more than 500,000 trades per day, of which more than two-thirds are executed by automated trading systems, ensuring instant order execution and low latency, helping traders gain valuable time, especially in highly volatile asset trades where time is of the essence.

Let's take a look at the key advantages of API trading with IC Markets broker:

• Support for various API protocols, including FIX API and REST API

• Low commissions and spreads from 0.0 pips

• Great choice of trading instruments (2250+)

FxPro

FxPro Review

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With FxPro broker a trader can trade currencies, CFDs on cryptocurrencies, indices, futures, energy resources, stocks and much more. Not so long ago the possibility to trade metals was added. Special attention should be paid to the FxPro mobile application, with which trading is available anytime, anywhere on iOs and Android.In addition to the development of trading applications, an affiliate program, trading signals service and feedback analysis system are implemented through its own API.

Let's take a look at the key advantages of API trading with FxPro:

• Support for coding in the universal language C# as well as in MQL4

• Stable virtual private service (VPS)

• Support for coding in the universal language C# as well as in MQL4

• Improved optimization and backtesting capabilities

Tickmill

Tickmill Review

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Tickmill broker is one of the world's leading Forex brokers, offering the opportunity to trade not only Forex, but also such instruments as stock indices, commodities, bonds and cryptocurrencies, as well as stocks and cryptocurrencies. Traders have access to five types of accounts - training demo, multi-level Classic, PRO and VIP. Muslim traders have the option of opening an Islamic (swap-free) account to keep trading in halal.

The broker's auxiliary tools include Autochartist technical analysis service, various Forex calculators, economic calendar, market sentiment monitoring service and Signal Center tool. ZuluTrade service and social trading are available for copy traders.

The broker provides the FIX API protocol only to large retail and institutional clients. The minimum account balance must be 500,000 £/$/€ and the minimum commission generated per month must be 5,000 £/$/€. A version for testing the protocol is not available. The service is free of charge if the client generates a commission of 5,000 £/$/€ or more per month. If the commission is less than 5,000 £/$/€, a fee will be charged equal to the difference between 5,000 £/$/€ and the generated commission.

One of Tickmill's strongest advantages for algo-traders is the VPS server from BeeksFX, which provides uninterrupted operation of trading advisors, access to superfast networks and enhanced opportunities for algorithmic trading.

Let's take a look at the key advantages of API trading with Tickmill:

• VPS from Tickmill supports running its own copy of the operating system, so it does not take up memory on the trader's device

• Proprietary FIX API protocol for large clients

• Ability to support the work of trading advisors and signals in MT4 around the clock, even when the trader is offline

• 100% system uptime guarantee

FxOpen

FXOpen Review

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FxOpen is a reliable ECN/STP broker with spreads from 0.0 pips and support for MT4/MT5 and TickTrader. The latter platform is best suited to automation of trading strategies (working with API). You can apply for a free VPS to expand your trading opportunities. The broker supports all types of trading advisors, high-frequency trading and any strategies, including scalping. Autotrading is provided through AutoTrade and the broker's authoring service MyFxBook.

FXOpen TickTrader API is a platform for developing trading tools and user interfaces. credentials are generated by TickTrader Server when registering a trading account.

You can fully automate your trading strategy using Web REST API, Socket Feed API, Socket Trade API, FIX API. There is a paid and free connection option.

Let's take a look at the key advantages of API trading with FxOpen:

• Error-free and correct copying of transactions

• Automatically suspend strategies that are too risky or unprofitable

• TickTrader API is a platform for developing trading tools and user interfaces

IBKR

IBKR Review

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Interactive Brokers (IBKR) is a company that focuses with special emphasis on the globalization of Forex. Trading and investing in forex, stocks, options, futures and more on 150 global markets is available. In an effort to reach as wide a range of users as possible, IBKR offers some of the most extensive API capabilities among brokers in this ranking. Trade automation services are available not only to private traders, but also to hedge funds, proprietary firms, other brokers, investment advisors and third-party software developers.

Let's take a look at the key advantages of API trading with IBKR:

• Support for various protocols and API types, including API for "Client Portal", for Trader Workstation, FIX, EXCEL

• Proprietary IB SmartRoutingSM system for finding the best prices at the moment of order placement

• Ability to create your own trading application or commercial trading software

XM

XM Group Review

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XM Group is a well-known and regulated broker that provides a wide range of trading opportunities on the financial markets. The company offers over 1000 trading instruments available 24/7, including Forex currency pairs, contracts for difference (CFDs) on cryptocurrency, equities, commodities, stock indices, metals and energy.

XM Group prides itself on technological innovation, providing traders with access to the advanced MT4, MT5 and XM WebTrader trading platforms. In addition, the broker offers APIs to automate trading and develop custom trading strategies.

Let's take a look at the key advantages of API trading with XM:

• A new generation of cloud architecture reduces latency in trade execution, regardless of the trader's location

• Access to MQL5 programming environment from inside MT4 and MT5 platforms

• You can use trading signals simultaneously with Expert Advisors.It offers its own API for implementation of external trading applications and integration with external services

OANDA

OANDA Review

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OANDA is a broker that stands out in the market due to its more than 25 years of experience, innovation and excellent customer service. With a rich selection of instruments and access to advanced platforms including MetaTrader 4, OANDA provides convenience and power in trading. In addition, OANDA offers a variety of analysis tools, including technical analysis developed by AutoChartist. MetaTrader tools complement the functionality of the platform, making it even more attractive for traders. Various API protocols are offered, including REST, Streaming API, Java API and Python API.

Let's take a look at the key advantages of API trading with OANDA:

• thanks to various protocols (REST, Streaming API, Java, Python), OANDA's API is flexibly integrated with different platforms and programming languages

• Wide functionality: access to various trading and analytics features, which allows developers to create a variety of applications for working with financial markets

• with Streaming API, you can get real-time data, allowing you to build real-time monitoring and trading applications

Avatrade

AvaTrade Review

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AvaTrade is an international broker providing online trading services in the global financial markets. Clients are provided with various trading platforms such as MetaTrader 4, AvaOptions, AvaTradeGO and others.

The company pays special attention to trader education by providing free educational materials, webinars, market analytics and tools to develop trading skills. In addition, AvaTrade provides professional 24/5 customer support in various languages as well as trading strategy automation capabilities (API). Dostunpa protocols REST API, FIX API, WebSocket API.

Let's take a look at the key advantages of API trading with AvaTrade:

• AvaTrade API supports a variety of protocols, which provides flexibility in integrating and scaling trading strategies

• AvaTrade provides detailed documentation and technical support for its API, making it easy to develop and integrate trading strategies

• Safety and reliability of data transmission

Comparison of the best broker with API

How to choose the best brokers with API

Before you start working with API, you need to choose a reliable broker that meets the client's expectations. Traders Union experts have prepared some tips on how to choose the best API broker.

• Research the API protocols supported: make sure that the broker you choose supports API protocols that meet your needs and allow you to implement your desired trading strategies.

• Estimate the cost of using APIs: take into account possible brokerage fees for using API and compare them with other brokers to choose the most favorable terms.

• Check the quality of order execution: research the reputation of the broker in terms of order execution via API, as the speed and reliability of execution can have a significant impact on trading results.

• Ensure safety and security: check the licenses and regulations of your chosen broker and also refer to other traders' reviews to make sure it is safe and secure.

• Assess the quality of technical support: make sure that the selected broker provides quality technical support to resolve possible problems with API usage.

• Try a demo account: many brokers provide the option to open a demo account to test and evaluate the performance of their API before starting real trading.

• Take into account additional services and tools: in addition to the API, also evaluate the broker's available additional services and tools, such as educational resources, analytics, and trading tools.

What is a trading API?

A trading API is a software interface that allows developers to create programs and applications for automated trading on financial markets. Traders use the Trading API to access market data, manage their trading accounts, place and manage orders to buy or sell assets, and perform other trading operations.

This interface provides interaction between the broker's trading platform and the trader's software code, allowing you to automate trading strategies and improve trading efficiency.

How does API trading work?

API trading works by providing a software interface that allows traders to automate their trading strategies and interact with the financial markets through a computer program or application.

Most often API trading works according to the following algorithm:

• Connection to the broker: a trader connects to his broker's trading platform via API using special libraries or software provided by the broker.

• Authentication: a trader goes through an authentication process to confirm their identity and access their trading account through the API.

• Data retrieval: a trader receives market data such as current prices, trading volumes and other information.

• Data analysis and strategy development: based on the data received, the trader analyzes the market and develops trading strategies that can be automated using the API.

• Order placement: a trader uses the API to place orders to buy or sell assets in the market according to his trading strategies.

• Monitoring and Management: a trader monitors his positions and manages his portfolio using the API to track order execution, change strategy parameters and make decisions to close or modify positions.

• Automation: depending on the level of automation desired, a trader can configure the API to automatically perform certain market actions, including automatic order placement and risk management.

What types of trading APIs do brokers offer?

Brokers' clients request access to APIs for different purposes. The specificity of requests from each category of client encourages brokers to offer different types of APIs for different purposes, among them:

• FIX API (Financial Information Exchange Protocol) - a protocol for high-frequency trading on financial markets.

• WebSocket API - provides streaming of market data and events.

• REST API (Representational State Transfer) - allows data exchange via HTTP requests and responses.

• Java API - application development interface in the Java programming language.

• Python API - provides capabilities for developing trading applications in Python.

• .NET API - interface for creating applications in the .NET Framework.

• C++ API - allows you to develop trading applications in the C++ programming language.

• MT4/MT5 API - specialized APIs for MetaTrader 4 and MetaTrader 5 trading platforms.

• Mobile API - provides an opportunity to develop mobile trading applications.

• Streaming API - provides continuous streaming of market data.

Pros and cons of using trading APIs

The use of API program interfaces for trading is associated with its advantages and disadvantages. Traders Union experts have highlighted the main ones.

How do I connect a Forex API to a broker?

How to connect a Forex API to a broker: step-by-step instructions:

• Choose a broker: decide on a broker that provides access to the Forex API.

• Open an account with a broker: register a trading account with the selected broker and get access to its trading platform.

• Get access to the API: contact the broker's representative or refer to the documentation to access the API.

• Get API credentials: obtain unique API credentials (API keys, tokens, etc.) from the broker.

• Familiarize yourself with the documentation: carefully review the broker's API documentation to understand its functionality and features.

• Set up a connection: use the API credentials you have received to set up a connection between your software and the broker's trading server.

• Develop a trading strategy: create or select a trading strategy that you want to automate using the API.

• Write a program or script: write a program or script in your chosen programming language that will interact with the broker's API and execute your trading strategy.

• Test: test your program or script on a demo account to make sure it works correctly.

• Start trading: after successful testing, run your program or script on a live trading account and start automated Forex trading.

Methodology for compiling our ratings

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

Summary

In general, brokers offering API support open new horizons for traders, providing the opportunity to automate trading and create innovative strategies. With the advancement of technology and the increasing availability of APIs, traders can maximize the benefits of financial markets by improving the efficiency and effectiveness of their investment operations. Brokers focused on API development and innovation provide clients with unique opportunities to implement their trading strategies and achieve their financial goals. At the same time, the main disadvantage of such an interface for a trader is the complexity and the need to have programming experience in order to use APIs. The top three best API brokers according to Traders Union are IC Markets, FxPro and Tickmill.

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Team that worked on the article

Chinmay Soni

Developmental English Editor

Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.

As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.

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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.

Mirjan Hipolito

Cryptocurrency and stock expert

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).

Glossary for novice traders

Brokerage fee

A brokerage fee, also known as a commission, is a fee charged by a brokerage or financial institution for facilitating and executing financial transactions on behalf of clients. Brokerage fees are typically associated with services related to buying or selling assets such as stocks, bonds, commodities, or mutual funds.

Risk Management

Risk management is a risk management model that involves controlling potential losses while maximizing profits. The main risk management tools are stop loss, take profit, calculation of position volume taking into account leverage and pip value.

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.

Cryptocurrency

Cryptocurrency is a type of digital or virtual currency that relies on cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies operate on decentralized networks, typically based on blockchain technology.

Scalping

Scalping in trading is a strategy where traders aim to make quick, small profits by executing numerous short-term trades within seconds or minutes, capitalizing on minor price fluctuations.