The best 2023 automated trading software was based on trading platform features, execution speeds, and UAE broker spreads and fees. The 5 algorithmic trading software packages short-listed were the most popular in the UAE with advanced tools.
Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site.
The best automated trading software for UAE traders is:
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
8.50 |
ASIC, FSA CySEC |
0.62 | 0.83 | 0.77 | 0.02 | 0.23 | 0.17 | $3.50 |
|
|
|
134ms | $0 | 61+ | 18+ | 30:1 | 500:1 |
|
|
9.33 |
SCG, ASIC FCA, CySEC |
1.12 | 1.69 | 1.22 | 0.1 | 0.6 | 0.3 | $3.50 |
|
|
|
77ms | $0 | 62+ | 12+ | 30:1 | 500:1 |
|
|
6.67 |
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 |
|
|
7.17 |
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 |
|
In 2023 we created the best forex broker in the UAE list but algorithmic traders have specific requirements. Based on this the team re-weighted our criteria focusing more on execution speed and the trading platform features to re-order the list and find the most suitable broker for automated trading.
While 70% to 80% of shares are traded using automation, the figure is higher for currency with 90% of forex trading using robots. Most forex brokers offer trading automation via their trading platforms or third-party software. Automation tools allow you to implement your trading strategies without the need to interact with the marketplace.
There are two principal ways to approach trading automation, either algorithmic trading or social-copy trading. Below we explain the features available on different trading platforms, with recommendations for top brokers that offer these automated trading tools. First, we look at algorithmic trading platforms followed by social copy trading options.
| Software Best For | MetaTrader 4 (Expert Advisors) | MetaTrader 5 (Expert Advisors) | cTrader (cTrader Automate) | ProRealTime (ProOrder) | eToro (Copy Trader) |
|---|---|---|---|---|---|
| Social Trading / Mirror Trading | ✔ | ✔ | ✔ | ✘ | ✔ |
| Social Copy and Follow | ✔ | ✔ | ✔ | ✘ | ✔ |
| Algorithmic Trading | ✔ | ✔ | ✔ | ✔ | ✘ |
| Trading Robots | ✔ | ✔ | ✔ | ✔ | ✘ |
| Forex Trading | ✔ | ✔ | ✔ | ✔ | ✔ |
| CFDs Trading | ✔ | ✔ | ✔ | ✔ | ✔ |
| Stock Trading | ✘ | ✔ | ✔ | ✔ | ✔ |
| Programming Language | MQL4 (Similar to C) | MQL5 (based on C++) | C# | Similar to BASIC | N/A |
| Support | via broker | via broker | via broker | ✔ | ✔ |
| Community Support | Largest | Large | Large | Medium | Large |
| Free or Open Source | ✔ | ✔ | ✔ | ✘ (brokers may offer it free) | ✔ |
| Backtesting | Single Threaded | Multi-Threaded | Multi-Backtesting / not visual | Multi_threaded | N/A |
| Execution Speed | Fast | Fastest | Fastest | Fast | Slower |
Algorithmic trading is where you utilise trading robots, known as Expert Advisors (EAs) within the MetaTrader community, to automate trading. Trading algorithms automatically monitor markets and enter or exit trades when market conditions match your EA’s preset parameters, optimising your trading experience, and maximising returns.
Common Functions of Algorithmic Trading Include:
Automated Trading is Popular Because:
View our specialised forex trading robots page to learn more.
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:
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 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 an 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:
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 prior to 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:
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 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
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 really take full advantage of the benefits of EAs.
Key Features With IC Markets
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 |
|
1.12 | 1.22 | 1.40 | 1.69 | 1.47 |
|
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 01/09/2023
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 autotrading) 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.
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.
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:
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.
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, inbuilt 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:
Multi-Threaded Backtesting
Trading Speed
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
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.
cTrader Copy is the software providers’ copy trading service offering risk management and in-depth strategy profiles 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:
We recommend Pepperstone due to its fast execution speeds, a diverse range of platforms, and cheap commissions using cTrader.
ProRealTime is designed for traders requiring advanced technical analysis capabilities such as:
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 via 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.
Automation Without Programming
ProOrder’s wizard allows you to create and define your own 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 own 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, it is possible 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 own server. This means your trading automation will continue even if you are offline.
We Recommend IG Markets for ProOrder
eToro provides a unique account mirroring service as it offers you the pure 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 own trading strategies.
Key Features of the 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 individual risk profiles on their portfolio, with the ability to activate a stop loss with your orders. Copy trading with eToro offers the following features:
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.
Copy 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:
Partner CopyPortfolio
This is much the same as Copy Portfolio, except you create your own 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 created.
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 likely the best pure social trading platform around. However, there are other options. MetaTrader and cTrader both offer their own 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.
There are two main approaches to automating forex and CFD trading. Social-copy trading brokers and platforms allow you to copy the strategies of more experienced traders, eliminating the need to conduct your own analysis and place orders. The other option is algorithmic trading, where you use trading robots often referred to as Expert Advisers (EAs) for fully automated trading.
Automated trading with social-copy or algorithmic trading tools can be profitable, yet CFDs are complex instruments that come with a high risk of losing money, regardless of your trading strategy. To find out more about forex and CFD trading, view our forex trading guide.
If you are unsure if MetaTrader 4 or MetaTrader 5 is more suitable for you, we have created an MT4 vs MT5 guide designed for those considering Pepperstone. You also navigate to our UAE homepage on the forex broker comparison to see tables based of platforms, features and spreads.
Ask an Expert
what is the best path to go down when experimenting with auto trading
This depends on the broker you are with (or considering) and the products and trading platforms they offer. Given most brokers offer MetaTrader 4 and 5 and the relative ease of setting up an Expert Advisor for automated trading, this might the path to go down. The best part is that most brokers do have a demo account for MetaTrader so you can test out the platforms first