The Best Automated Trading Software For UAE Traders:

Broker Our Rating Regulation Standard
EUR/USD Spread
Standard
GBP/USD Spread
Standard
AUD/USD Spread
Raw
EUR/USD Spread
Raw
GBP/USD Spread
Raw
AUD/USD Spread
Commissions
(USD Base)
MetaTrader 4 MetaTrader 5 cTrader Execution Speed Minimum Deposit Currency Pairs Crypto CFDs Retail Leverage Prof. Leverage
85 ASIC, FSA-S
CySEC
0.62 0.83 0.77 0.02 0.23 0.17 $3.50 134ms $0 61+ 18+ 30:1 500:1 Visit Site
98 SCB, ASIC
FCA, CySEC
1.10 1.40 1.20 0.10 0.40 0.20 $3.50 77ms $0 62+ 12+ 30:1 500:1 Visit Site
71 ASIC, FCA, BaFin
FINMA, NFA/CFTC, MAS
CySEC, DFSA, FMA
JFSA, BMA, FSCA
1.13 1.66 1.01 0.16 0.59 0.29 $6.00 174ms $450 100+ 12+ 30:1 200:1 Visit Site
43 ASIC, CySEC, MFSA
FCA, FSA, FINRA
GFSC
1.0 2.0 1.0 - - - - 130ms $200 (Australia), $50-$100 (EU) 49+ 46+ 30:1 400:1 Visit Site

1. METATRADER 4 Best Forex Algorithmic

METATRADER 4

Forex Panel Score

90

Average Spread

N/A

Trading Platforms

MetaTrader 4

Minimum Deposit

$0

Why We Recommend MetaTrader 4

We recommend MetaTrader 4 for traders pursuing algo trading due to its massive marketplace of Expert Advisors and active community. The most popular trading platform worldwide with over 40 million active users, MT4 offers access to an extensive range of pre-built and custom-coded trading bots.

Pros & Cons

  • Most popular trading platform
  • Allows you to automate your strategies
  • Has backtesting and optimisation tools
  • Outdated user-interface
  • Limited product access like stock CFDs
  • No longer supported after MT5 release

Broker Details

MetaTrader 4 (MT4) is the most popular trading platform offered by forex brokers such as Pepperstone, Plus500, and EasyMarkets.

The ‘Top 5’ key features of MT4 are:

  1. Flexible and convenient trading with three execution modes, as well as two market and stop orders.
  2. Analytic functions with interactive and customisable charts, nine timeframes, and 30 technical indicators.
  3. Mobile trading apps for both iOS and Android devices.
  4. Alerts and financial news to alert traders of targeted events that impact financial markets while establishing potential trading opportunities.
  5. A free demo account to practice trading with virtual funds on a range of markets, with full access to the platform’s trading tools to develop trading strategies and backtest trades against historical data.

MetaTrader 4 Platform

MetaTrader 4 – Trading Robots aka Expert Advisors

MetaTrader 4 (MT4) offers trading robots called Expert Advisors (EAs) that automatically execute orders based on predetermined rules and market conditions. EAs utilise algorithms to buy and sell financial instruments as well as monitor market conditions, automatically seeking potential trading opportunities for investors.

By setting your trading parameters or pre-set trading rules, Expert Advisors can alert traders of opportunities or risks when trading signals match your conditions.

Pros of Expert Advisors with MT4

Trading Platform Programming Language
MT4 Algorithmic Trading
MT4 uses MetaQuotes Language 4 (MQL4) which is similar to the C programming language. After learning the MQL4, it is simple to create and develop your own Expert Advisors (EAs). C language is the 5th most popular language on GitHub, so access to developers with the ability to code in or learn MQL4 should be high.

MT4 Marketplace

Due to the popularity and long shelf life of the MT4 platform, MT4 has one of the largest trading platform marketplaces. MT4 offers one of the most extensive collections of EAs, algorithmic tools, and technical indicators in the retail CFD and FX industry.  In MetaTrader’s Marketplace you can find:

  • Over 1,700 trading robots
  • Over 2,100 technical indicators

MetaTrader Marketplace

Cons of Expert Advisors on MT4

Low-Quality Expert Advisors in Marketplace

The quality of Expert Advisors (EAs) varies significantly, not only on MetaTrader’s Marketplace but also on other automated software providers. Many EAs are free and purchased at a relatively low cost. To ensure it is a quality trading bot, it is recommended to research and backtest the EA before execution. To validate the quality of an EA, traders can read unbiased reviews from past users, as well as assess how the trading bot performs when backtested against historical data.

Backtesting Expert Advisors

Backtesting involves running your trading strategies against real historical data to help you develop optimised EAs. MT4 offers a Strategy Tester feature for backtesting. The product is an excellent tool for backtesting, however, for comparison, there may be the following potential issues:

  • 32-bit memory: MT4 uses 32-bit memory, meaning it will only be able to handle automated trading software designed for 32-bit memory. Memory-intensive programs may affect backtesting performance.
  • MT4 Strategy Tester can only test with one trading instrument (one currency pair in forex markets) at a time. If you wish to trade with many financial instruments, then MT4’s Strategy Tester has limitations.
  • MT4 can only communicate with one server at a time. If there is too much activity on the one trading server and you are trying to test multiple EAs simultaneously, then you may receive the message “trade context busy”.
  • Reports of backtests carried out by the Strategy Tester are only available via HTML file.

MetaTrader4 Backtesting
Support

MetaTrader 4 (MT4) does not offer customer support. For this, you will need to contact your broker directly. Because of its enormous popularity, MT4 offers one of the largest online communities. Therefore, if you get stuck or require advice, the experienced MetaTrader 4 community may provide answers.

Access to Marketplace

MT4 does not have an in-built tab to access the trading platform’s marketplace. You need to go to the MetaTrader 4 marketplace website to research and find EAs.

Contracts For Difference Trading (CFDs)

MT4 is one of the best forex and CFD trading platforms with access to different markets like hard and soft commodities, cryptocurrencies (Bitcoin and altcoins), and indices as these instruments trade through decentralised exchanges. Share or stock trading (not share CFDs) runs through centralised exchanges (i.e. ASX). Therefore, you cannot trade shares on the platform and MT4’s EAs are not very useful for share trading.

ic markets logo

The Best MT4 Broker for Expert Advisors

IC Markets

We recommend IC Markets as one of the best MT4 Expert Advisor brokers. IC Markets offers the default MT4 tools plus proprietary trading tools that can be used to enhance your automated trading experience. The platform offers access to an exceptional range of CFD instruments so you can take full advantage of the benefits of EAs.

Key Features With IC Marketsbest trading platform for scalping 2024

  • Low spreads are good for scalpers using automation
  • Choice of MetaTrader 4, 5, cTrader for Automation
  • Automation with social trading – MyFXBook, ZuluTrade
Pros
  • Eliminates emotional decision-making
  • Allows for backtesting of strategies
  • Can execute trades 24/7
  • Executes trades with lightning-fast speeds
  • Allows you to diversify your trading strategies
Cons
  • Can be too rigid in fast-changing markets
  • Risk of technical failures
  • Does not automatically keep up to date with market conditions
  • Risk of over-optimisation in backtesting
  • May require manual setup and customisation

Compare Broker SpreadsVisit IC Markets

Based on competitive pricing, execution methods, and an impressive range of third-party tools and platforms, particularly Advanced Trader, IC Markets is a great choice for MT4 trading using automated solutions.

IC Markets is a trusted broker, being regulated in one top-tier jurisdiction, ASIC in Australia, as well as CySEC in Europe and FSA (Seychelles) for offshore accounts.

Competitive Account Types

Having STP pricing and being a no-dealing desk broker means IC Markets offers competitive spreads and no requotes for algorithmic trading.

In addition, the broker offers three main account types, with different commission costs depending on the platform and account chosen.

Of these, their Standard account is one of the most competitive of its kind, with spreads starting as low as 0.6 pips. For a zero-commission account, this is lower than the industry standard of around 1 pip.

IC Markets also offers two Raw Spread accounts, based on whether you choose the MetaTrader or cTrader platforms. For their MT4/MT5 option, commissions are USD 7 round-turn (for other base currencies see below), while their cTrader account is a little more complex. These commissions are USD 3 per 100K traded, which is then converted to your chosen base currency at that spot rate.

Both Raw accounts have a minimum spread of 0 pips for most currency pairs, which is competitive for a commission-based account.

The below module collects the average spreads that brokers publish on their websites for standard accounts. The table below compares the spreads of different brokers using data compiled from each broker’s website. As can be seen, IC Markets compares well to its competitors.

Standard Account Spreads
1.60 1.90 1.90 1.60 1.90
1.10 1.20 1.40 1.40 1.40
1.13 1.01 1.71 1.66 1.12
0.90 1.30 1.40 1.40 1.40
0.70 2.20 1.10 1.10 0.60
1.20 0.90 1.50 1.80 1.80
1.20 1.40 1.50 1.60 1.50
1.10 1.20 1.40 1.50 1.20

Avg. spreads are taken from each broker's website and updated monthly. Last update on 02/01/2024

Compare Lowest Spreads

 

ic markets account type

IC Markets also offers two Raw Spread accounts, based on whether you choose the MetaTrader or cTrader platforms. For their MT4/MT5 option, commissions are USD 7 round-turn (for other base currencies see below), while their cTrader account is a little more complex. These commissions are USD 3 per 100K traded, which is then converted to your chosen base currency at that spot rate.

Both Raw accounts have a minimum spread of 0 pips for most currency pairs, which is competitive for a commission-based account.

IC Markets Has Great Trading Platforms

IC Markets has a great range of third-party tools for both the MetaTrader platforms (MT4 and MT5) and cTrader.

For MT4 and MT5, the broker offers AutoChartist and MetaTrader signals as highly useful charting and algorithmic add-ons. There is also ZuluTrade (social) and MyFxBook (for auto trading) as additional copy trading platform options.

Perhaps the biggest highlight for the MetaTrader platforms, however, is Advanced Trading Tools. The platform comes with a whole host of advanced tools to enhance your trading experience, including indicators, EAs (Expert Advisors), and order customisation tools.

For cTrader, there is cAlgo for automated trading and Trader Copy for social copy trading.

ic-markets-trading-platforms

Range of Tradeable Markets

Lastly, IC Markets has a growing range of tradeable markets to offer.

As you can see below, this spans multiple asset classes, including Forex, stocks, cryptos, commodities, bonds, and futures.

IC Markets particularly shines with over 1600 stocks and 61 Forex pairs to offer. For those algorithmic traders out there, this means plenty to choose from and experiment with.

IC Markets Products

2. METATRADER 5 Best CFD Share Trading

METATRADER 5

Forex Panel Score

95

Average Spread

N/A

Trading Platforms

MetaTrader 5

Minimum Deposit

$0

Why We Recommend MetaTrader 5

We recommend MetaTrader 5 for traders interested in assets on centralised exchanges, such as stocks, indices, commodities and cryptocurrencies. This trading platform will meet your needs if you want a balanced portfolio or to venture beyond forex and CFDs. While the market for trading bots is slightly smaller for MT5 than for MT4, it offers pre-built and custom-coded tools and indicators.

Pros & Cons

  • Allows access to trading stock CFDs
  • Direct market access tools
  • Allows customisable technical indicators
  • No customer support from MetaQuotes
  • Lacks backward capability to MT4
  • No supported on all brokers

Broker Details

metatrader 5 logo

MetaTrader 5 (MT5) is an upgrade from MetaTrader 4 (MT4) in terms of market access to more asset classes, a simpler coding language, and improved backtesting capabilities. Unlike MT4, MT5 is a multi-asset platform meaning users can trade derivatives that require access to centralised exchanges like shares and futures.

The MetaTrader 5 platform offers the following features:

  • Four execution modes and six pending order types.
  • 46 analytical indicators, 21 timeframes, and 38 technical indicators.
  • Full or partial order fills.
  • An integrated economic calendar, market news regarding economic events, and social indicators.
  • Depth of market.

Pros of Expert Advisors with MT5

Programming Language

Unlike MT4 which uses MQL4 (based on C programming language), MT5 uses MetaQuotes Language 5 (MQL5) based on the C++ programming language. C++ is more popular than C (the 4th most popular language on GitHub) as it is an object-oriented language and has better quality than MQL4. However, MetaQuotes’ decision to offer MQL5 rather than MQL4 means you cannot use EAs written for MT4 in MQL4 code. The two languages are not compatible.
MetaTrader Marketplace MT5
Access to Marketplace

MT5 has an inbuilt Marketplace tab on the platform. Unlike MT4, which requires you to crawl through multiple websites to find your desired MT4 Expert Advisor, MT5 has all your apps within one tab, built into the platform.

Contracts for Difference Trading (CFD)

With MetaTrader 5 you can trade centrally exchange-traded assets, making market access much better on the newer platform. This means you can use Expert Advisors for a greater range of derivatives than MT4, i.e. future and stock trading.

Backtesting: 64-bit Memory

MT5 offers superior backtesting capabilities when compared to MT4. Like MT4 it also uses Strategy Tester however, MT5 is a more powerful automated trading platform. It offers the following features:

  • 64-bit memory: Unlike MT4’s 32-bit memory, MT5 can handle Expert Advisors that are both 32-bit and 64-bit. If you write quality EAs that take advantage of this memory, then you can improve overall platform performance, resulting in faster automated trading.

Multi-Threaded Backtesting

  • MT5 can test multiple financial instruments at one time. This may be important if you have Expert Advisors performing many trades and simultaneously analysing high volumes of data. Or, if you want to backtest a strategy against multiple currency pairs.
  • Unlike MT4, MT5 can communicate with four servers at one time – a trading server, access server, history server and backup server, resulting in increased backtesting capabilities.
  • Improved reporting where you can file backtesting reports as an Excel file or HTML file.

Trading Speed

  • MT5 uses 64-bit memory and 4 servers (trading, access, backup and history servers) allowing for faster trading capabilities than MT4. If using EAs, allows traders to avoid potential slippage due to a high workload.

Cons of Expert Advisors on MT5

Trading Community

MT5 community is not as large as MT4’s, but it is growing and likely to overtake MT4. Such growth should lead to an increase in available MQL5 EAs.

MT5 Marketplace

  • As the MT5 community is smaller than the MT4 community, the marketplace is also not as extensive. MetaTrader has discontinued support for the older versions of MT4, speeding up the uptake of MT5. As a result, the growth of the MT5 marketplace is increasing.

We recommend the combination of MT5 and Pepperstone due to its access to different markets and asset classes, automated trading systems, and technical analysis tools.

3. CTRADER Top Robot Trading Software

CTRADER

Forex Panel Score

85

Average Spread

N/A

Trading Platforms

cTrader

Minimum Deposit

$0

Why We Recommend cTrader

We recommend cTrader for algorithmic traders interested in automations and copy trading. cTrader Copy, the platform’s custom tool, offers several innovative features. Traders can review the profiles of experienced traders, known as Strategy Providers, and assess their success rates before opting to copy their positions. Additional risk control comes in the form of pre-set entry and exit points for mirroring.

Pros & Cons

  • Fast execution speeds
  • Program cBots to automate trading strategies
  • Excellent Depth of Market access
  • Not supported by many brokers
  • Fewer custom options compared to MT4
  • Does not support all asset classes

Broker Details

cTrader Copy is the software providers’ copy trading service offering risk management and in-depth strategy profile tools to assist with safer copy execution. cTrader Copy improves on the best features of cMirror and PAMMS. It includes the free features as part of the platform, rather than as an add-on.

Key Features of cTrader Copy Include:

  • Risk Management: cTrader Copy comes with tools to help manage your risks when mirroring other trades. These include equity stop-loss, forced stop-loss/take-profit per position, volume percentage, and mirroring direction.
  • Copying Control: Real-time controls on when the commencement and exit of the mirroring process occurs.
  • Transparent: Ability to see a Strategy Provider’s profile, trading history, and positions open.
  • Analytical Tools: In-depth charts such as ROI, Balance and Equity, and trading success statistics.

cTrader Copy

We recommend Pepperstone due to its fast execution speeds, diverse range of platforms, and cheap commissions using cTrader. Pepperstone also has a commission-free account (their Standard Account) that you can use for your trading activities.

4. PROREALTIME Best Auto Trading

PROREALTIME

Forex Panel Score

70

Average Spread

N/A

Trading Platforms

ProRealTime

Minimum Deposit

$0

Why We Recommend ProRealTime

We recommend ProRealTime for experienced or professional traders looking for a powerful platform with a sleek, easy-to-navigate interface. We particularly like this platform for its extensive backtesting, which incorporates more historical data than comparable trading solutions.

Pros & Cons

  • Advanced charting and analysis tools
  • Offers automated trading
  • Wide range of risk management tools
  • Subscription-based platform
  • Limited broker support
  • Steep learning curve

Broker Details

ProRealTime is designed for traders requiring advanced technical analysis capabilities such as:

  • 100+ technical indicators.
  • Eight types of orders – market, limit, stop, trailing stop, one cancels the other, one triggers the other, triple orders and oblique orders.
  • Unlimited timeframe selection.
  • State-of-the-art market scanning tools to identify securities that match your investment criteria.
  • 20 drawing tools.

ProOrder Interface

ProOrder is the ProRealTime tool for automatic trading and backtesting. The forex trading platform is only available via a web browser with an internet connection. The trading platform allows for automation via three main methods – Wizard, Code, and the ProRealTime Marketplace.

Along with NinjaTrader, Thinkorswim, and eSignal, ProRealTime is dedicated more to professional traders who want direct access to several asset classes, including stock markets.
ProRealTime
Automation Without Programming

ProOrder’s wizard allows you to create and define your trading requirements without the need to write code. Using the wizard, traders can define conditions, objectives and stops (stop loss, order entry) with easy drop-down menus. Once defined, a code generator compiles the code needed to meet these objectives and parameters.

Automation by Programming

You can write your automation using the ProBuilder language. ProBuilder is very similar to Visual Basic. Given the ProRealTime community is not as large as other communities such as MT4 plus the decreasing popularity of Visual Basic, you may face difficulty when finding the right resources to meet your development needs.

Historic and Real-Time BackTesting

You can backtest against historical data going back several years for many time frames. Besides backtesting with historical data, you can also test strategies with live market data to simulate live trading by creating a test account.

Offline Trading

Unlike Expert Advisors and cTrader which require you to either have your computer running or to use a virtual private server (VPS) for your automation tools to run, ProOrder operates via its server. This means your trading automation will continue even if you are offline.

We Recommend IG Markets for ProOrder

5. ETORO Best Copy Trading

ETORO

Forex Panel Score

41

Average Spread

EUR/USD = 1
GBP/USD = 2
AUD/USD = 1

Trading Platforms

eToro Trading Platform

Minimum Deposit

$50

Why We Recommend eToro

We recommend eToro for discretionary traders who prefer social and copy trading to technical analysis. For those who lack the time or the inclination to develop a comprehensive trading strategy or are new to online trading, the accessible, gamified format makes copy trading straightforward. We particularly like the CopyPortfolios feature, which allows users to mimic an experienced trader’s entire trading experience in a single click.

Pros & Cons

  • Tight standard account spreads
  • Good trading platforms for beginners
  • Solid range of CFD products
  • Tight standard account spreads
  • Good trading platforms for beginners
  • Solid range of CFD products

Broker Details

eToro provides a unique account mirroring service as it offers you the best forex social network. This is because the key feature of the trading platform is social trading. The eToro platform is a community of traders who want to copy others or want others to copy their trading strategies.

Key Features of the Platform

  • The world’s largest social trading network (4.5 million users in over 150 countries).
  • Social trading tools – follow and copy other traders.
  • Choice of forex, share CFDs, indices, commodities, and cryptocurrencies (approximately 100 digital currencies including Bitcoin).

eToro Trading Platform

Copy Trades – Social Trading with eToro

Social trading with eToro offers similar features to Facebook, Twitter, and other social media platforms. With copy trading, you can copy the portfolio of traders who also trade with eToro. You won’t be copying blindly as eToro provides monthly and yearly breakdowns of a trader’s performance. You can also view each trader’s risk profile on their portfolio, with the ability to activate a stop loss with your orders. Copy trading with eToro offers the following features:

  • Social news feeds and real-time news feeds to stay up to date with the latest market events and analyses.
  • The ability to follow and copy the portfolios of other traders.
  • Search and filtering functions to trace traders that best meet your trading style and objectives.
  • Ability to view traders’ portfolios including a breakdown of trading history by month and year.
  • The risk metric of a trader’s performance helps you avoid scams.
  • Countless performance measures of different traders such as average trades per week and hold time.

eToro Social Trading Platform
Popular Investor Program

You can earn a second income if you have a unique or interesting investment strategy that results in other traders following and copying you. For every person who copies you, you will receive a payment of up to 2% of the amount each person invests when they duplicate your strategy.

eToro Copy PortfolioCopy Portfolios

This is much like an investment fund where you invest in a diversified bundle of asset classes and financial instruments. There are two types:

  • Top Trader Portfolio: this combines the best-performing and sustainable traders in the eToro network.
  • Market Portfolios: combines CFD stocks, commodities, or ETFs as part of one portfolio.

Partner CopyPortfolio

This is much the same as a Copy Portfolio, except you create your investment fund. You are then responsible for managing, distributing, and promoting the portfolio to others. You will earn income for each person who invests in the portfolio you create.

We recommend eToro for Social Trading Automation

eToro is probably the most well-known platform for social trading. Given the size of the community and its wealth of social trading options available, it is the best social trading platform around. However, there are other options. MetaTrader and cTrader both offer their proprietary social trading tools as discussed below. You may consider these options over eToro given these platforms provide superior trading software and general tools designed for CFD trading.