Automated trading platforms offering social-copy and/or algorithmic trading features allow you to save time and effort for CFD and forex trading. Read on to discover the various ways you can automate trading strategies in 2024.
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Our April 2024 best algorithmic trading software UK list 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 | Read Full Review |
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Read review ›
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98 |
FCA CySEC |
1.12 | 1.69 | 1.22 | 0.1 | 0.6 | 0.3 | $3.50 |
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77ms | $0 | 62+ | 12+ | 30:1 | 500:1 |
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Read review ›
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76 |
FCA CySEC |
1.0 | 1.0 | 1.2 | 0.06 | 0.73 | 0.27 | $3.50 |
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143ms | $100 | 40+ | 250+ | 30:1 | 500:1 |
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Read review ›
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52 |
FCA CBI |
- | - | - | - | 0.08%-0.2% |
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110ms | $0 | 100+ | - | 30:1 | 500:1 |
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Read review ›
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43 |
FCA CySEC |
1.0 | 2.0 | 1.0 | - | - | - | - |
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130ms | $200 (Australia), $50-$100 (EU) | 49+ | 46+ | 30:1 | 400:1 |
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Read review ›
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70 |
FCA BaFin, CySEC |
1.3 | 1.4 | 1.7 | 0.30 | 0.90 | 0.40 | $3.00 |
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150ms | $300 | 42+ | 7+ | 30:1 | 500:1 |
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Read review ›
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71 |
FCA BaFin, CySEC |
1.13 | 1.66 | 1.01 | 0.16 | 0.59 | 0.29 | $6.00 |
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174ms | $450 | 100+ | 12+ | 30:1 | 200:1 |
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Read review ›
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61 |
FCA CySEC |
1.32 | 1.7 | 1.95 | 0.32 | 0.37 | 0.51 | $3.50 |
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151ms | $0 | 69+ | 30+ | 30:1 | 200:1 |
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Read review ›
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66 |
FCA ASIC, MAS |
0.70 | 1.1 | 2.2 | - | - | - | - |
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95ms | $150 | 84+ | 25+ | 30:1 | 500:1 |
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Our team created a list of the best UK forex brokers to help UK traders choose the best provider. That said, UK traders who primarily implement automated strategies rely more on some factors, including execution speed, spreads, and trading platform features. We revised the list for this subset of traders based on the new weightings.
Forex Panel Score
Average Spread
EUR/USD = 0.1
GBP/USD = 0.4
AUD/USD = 0.2
Trading Platforms
MT4, MT5, cTrader, TradingView
Minimum Deposit
$0
Why We Recommend MetaTrader 4 EAs
For MetaTrader 4, we like Pepperstone as the top broker, offering improved MT4 tools and fast execution speeds. We recommend MetaTrader 4 EAs for automated trading because it simplifies your trading experience with excellent automation features.
With MetaTrader 4, you can program Expert Advisors (EAs) to handle your trades autonomously, allowing the EA to trade in multiple markets at once or scan the markets all day.
Pros & Cons
Broker Details
MetaTrader 4 is the most popular trading platform worldwide because its advanced algorithmic trading tools allow full automation. Trading algorithms (trading robots) are known as Expert Advisors (EAs) on MT4.
Expert Advisors On MT4
Expert Advisors (EAs) can be developed on MT4 to monitor financial markets and enter automatically and exit trades according to your preset parameters. When writing EAs on MT4, you use MetaQuotes Programming Language 4 (MQL4), which is comparable to the C programming language.
MetaTrader Marketplace
While writing custom EAs is ideal for experienced traders, those new to forex trading may find it too complex. As a beginner trader, an excellent place to start using EAs is the MetaTrader Marketplace. Due to MT4’s popularity, the platform boasts a large marketplace where you can download over 1,700 EAs along with 2,100 technical indicators.
Backtesting
After developing EAs, you can test and optimise the algorithm against historical data using the platform’s backtesting tools, Strategy Tester. A downside to MT4’s Strategy Tester is that you can only test a single financial instrument simultaneously. It also uses 32-bit memory and a single server that may not handle intensive programs.
Although the platform’s backtesting features are sufficient for most traders, MetaQuotes’ newer trading platform, MetaTrader 5, provides more sophisticated backtesting tools with multi-asset capabilities.
Benefits Of Expert Advisors
MT4 Trading Tools
In addition to algorithmic trading, MT4 is many retail trader’s platform of choice thanks to the following:
Please note that MetaQuotes has ceased offering technical or customer support for MT4 users. The software developers also recently announced they would no longer be selling MT4 licences to brokers.
Pepperstone – Best MT4 Broker For Expert Advisors
Pepperstone is one of the most popular forex brokers for those wanting access to MT4 and Expert Advisors. Key features offered by the Australian-based broker include:
Pepperstone’s Forex Spreads
Pepperstone has an excellent track record of ultra-tight spreads and competitive trading conditions. There are two pricing structures to choose from when using MT4, a Razor account and a Standard account type.
Standard Account
The standard account provides access to commission-free forex spreads starting from 1.0 pips. This account type is a great option for beginner traders because you can avoid calculating commission costs as you trade. As shown below, Pepperstone’s commission-free pricing is ultra-tight, with most brokers promoting spreads nearly twice as wide.
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Standard Account Spreads
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|---|---|---|---|---|---|
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1.10 | 1.20 | 1.40 | 1.40 | 1.40 |
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1.13 | 1.01 | 1.71 | 1.66 | 1.12 |
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1.20 | 0.90 | 1.50 | 1.80 | 1.80 |
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1.20 | 1.40 | 1.50 | 1.60 | 1.50 |
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1.10 | 1.20 | 1.40 | 1.50 | 1.20 |
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1.10 | 1.20 | 1.30 | 1.30 | 1.30 |
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1.20 | 1.80 | 1.90 | 1.90 | 1.60 |
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1.32 | 1.95 | 1.37 | 1.70 | 1.40 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
Compare Lowest No Commission Spreads
Razor Account
Pepperstone’s most popular account for MT4 is its Razor Account with ECN-like pricing. The broker does not mark up the spreads, which start as low as 0.0 pips. As you are trading institutional-grade spreads, you pay a commission fee of $3.50 per side per 100k traded.
The table below compares Pepperstone’s average spreads to other top brokers offering ECN-style accounts. Few brokers match the Razor Accounts’ tight spreads, with the average spread for the EUR/USD staying close to Pepperstone’s minimum spread of 0.0 pips.
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ECN Broker Spreads
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|---|---|---|---|---|---|
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0.20 | 0.30 | 0.10 | 0.30 | 0.20 |
|
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0.40 | 0.60 | 0.10 | 0.40 | 0.20 |
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0.20 | 0.30 | 0.20 | 0.40 | 0.20 |
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0.30 | N/A | 0.30 | 0.50 | 0.40 |
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0.24 | N/A | 0.17 | 0.54 | 0.30 |
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0.30 | 0.70 | 0.20 | 0.50 | 0.40 |
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0.30 | 1.10 | 0.10 | 0.60 | 0.50 |
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0.77 | 1.41 | 0.44 | 1.13 | 1.23 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
Other Ways Automate Trading With Pepperstone
You are not just limited to Expert Advisors for automation with Pepperstone. The broker also offers other platforms where you can utilise algorithmic trading, primarily:
cTrader Automate (formerly cAlgo) is an algorithmic trading platform that integrates with cTrader. It allows you to build automated trading robots and custom indicators in the popular C# language. It uses the highly functional cTrader API and backtesting and optimising trading strategies.
Alternatively, Capitalise.ai is a platform where you can automate your trading code-free (I.E., you don’t need any coding expertise). You can also trade manually with the platform.
Similarly, TradingView lets you use scripts which are trading indicators and strategies built by other traders using TradingView’s Pine Script programming language.
Various social trading tools are also available to automate your trading by mirroring or copying other traders. Software available includes Trading Signals for the MT4 trading platform, Duplitrade if you are outside the UK, and Pelican if you are in the UK.
Lastly, you can utilise Application Programming Interface (API) trading if you already use another trading automation system or have your own customer-built system to connect it to Pepperstone’s trading infrastructure.
To top it up, Pepperstone does not charge inactivity fees.
Pepperstone also offers the best spread betting platform for UK traders.
Broker Screenshots
Forex Panel Score
Average Spread
EUR/USD = 0.06
GBP/USD = 0.73
AUD/USD = 0.27
Trading Platforms
MT4, MT5, TradingView
Minimum Deposit
$100
Why We Recommend MetaTrader 5 EAs
Our top pick for the MT5 platform is Eightcap, which offers tight average spreads from 0.06 pips on EUR/USD and a decent range of markets to automate. The MetaTrader 5 platform takes all of the popular features of MT4 and enhances it for even better performance, giving your EAs a speed boost, which is vital for executing trades fast.
In particular, if you want also to automate trading stocks, MetaTrader 5 lets you do this while keeping the same interface and functionality of the MT4 platform.
Pros & Cons
Broker Details
MetaTrader 5 (MT5) was released by MetaQuotes in 2010 to cater to those wanting to trade a more comprehensive range of financial instruments. A key difference between MT4 and MT5 is market access. Unlike MT4, MT5 offers trading products from centralised and decentralised exchanges. In addition to CFDs derived from forex, indices, and commodities, you can trade physical stocks from global markets with certain brokers.
While MT5 was not necessarily created to replace MT4, the platform offers additional trading tools and upgrades. Among them are extra indicators and drawing tools, more timeframes, and 2 new pending orders. As the below table highlights, MT5 excels in every way compared to MT4.
MT5 Expert Advisors
Like MT4, MetaTrader 5 offers advanced algorithmic trading via Expert Advisors. Certain features like the programming language and backtesting are improved from its predecessor. Yet, due to MT4’s continuing popularity, the community and marketplace are smaller.
Programming Language: Similar to its predecessor, you can use Expert Advisors to automate trading on MT5. To develop your own EAs, you use the MQL5 programming language based on C++, which many traders consider easier to learn than MQL4. Unfortunately, the languages aren’t interchangeable, meaning if you have an EA written in MQL4, you can’t use it on MT5 (although converters exist online).
Marketplace: Although MetaQuotes has made it easier to access the Marketplace by adding a built-in tab to the platform, the marketplace size is smaller than MT4’s. Yet, with MetaQuotes ceasing customer support or license sales for MT4, MT5’s popularity will continue to grow, and so will the marketplace.
Backtesting: One major upgrade in MT5 is better-quality backtesting tools. MT5 Strategy Tester uses 64-bit memory and 4 servers, allowing for more efficient processing of high volumes of data. MT5 backtesting is also multi-threaded, meaning you can simultaneously test and optimise your EA with multiple currency pairs or instruments.
MT5 Trading Tools
Along with improvements to backtesting and the software’s programming language, MT5 offers the following tools to enhance your CFD and forex trading experience:
Eightcap – Top MT5 Broker With Expert Advisors
Eightcap is a top MT5 broker thanks to ultra-tight spreads, a wide range of CFDs, and good trading conditions for EA strategies.
Major advantages of Eightcap include:
Trading Spreads and Commissions
Eightcap has low spreads and competitive commissions via the broker’s Standard and Raw accounts.
Eightcap’s Standard account is for you if you want commission-free trading. With minimum spreads starting at 1 pip, this account is suited for beginners who’d like to track their costs, especially while experimenting with automated trading.
The broker’s Raw account has the lowest costs overall with minimum spreads as low as 0 pips and commissions of GBP 4.50, round turn.
Products available with Eightcap are limited, but the broker does offer 400 stocks and 46 Forex pairs and the biggest commodities and indices markets. You’ll need to use MT5 to access the full range of products.
Trading Platforms
Eightcap has several great trading platforms, all capable of algorithmic trading.
There are multiple ways to use automation with both MT4 and MT5, particularly MT5. From trading robots to a built-in strategy tester, MT5 has automation covered. Of particular note, you can use the platform’s programming language, MLQ5, to develop EAs (Expert Advisers) to automate trading processes. You can also implement your own trading strategies.
In addition, Fx Blue Labs, a MetaTrader plugin, allows you to use the market-data app. There is also Figaro to build content and automate common actions using powerful scripting. Another Fx Blue Labs tool for automation is MT Integration Suite, which provides a WebSocket and HTTP API around MT4 and MT5.
Then there is Capitalise.ai, which is covered later, that allows you to automate your trading ‘code-free’.
Broker Screenshots
Forex Panel Score
Average Spread
EUR/USD = N/A
GBP/USD = N/A
AUD/USD = N/A
Trading Platforms
IBKR Workstation, IBKR Global Trader, IBKR Mobile
Minimum Deposit
$0
Why We Recommend Tradestation
Interactive Brokers is our top choice as it offers an impressive range of advanced trading tools to help monitor, manage, and execute your trades easily. TradeStation is an excellent tool that makes developing automated trading strategies a breeze.
We like how the platform allows you to create your trading strategy manually by setting your rules, and then TradeStation’s tools take over, automating your strategy following your rules.
Pros & Cons
Broker Details
TradeStation is an FCA-regulated option for UK traders requiring automated trading systems, especially those wanting an English-like programming language. In partnership with Interactive Brokers, the platform allows for automated CFD trading and traditional futures, options, and stock trading.
To start trading, you can apply for a TradeStation Global account type, a collaboration between TradeStation and Interactive Brokers. With a TradeStation Global account, you open a trading account with Interactive Brokers Universal that provides access to the TradeStation platform and 135 financial markets, including 23 currency pairs. A minimum deposit of $1,000 is required.
Along with the premium TradeStation platform, a TradeStation Global account type gives you access to Interactive Brokers Trader Workstation (TWS), IBKR WebTrader, and the IBKR mobile apps for Android and Apple devices.
Pricing For Forex And CFD Trading
When trading forex CFDs, commission fees are calculated as 0.6 basis points x trade value, with a minimum fee of $2.00 USD (or equivalent).
If you are trading on the stock market for US Share CFDs, you’ll pay USD 0.007 per share, while US 500 Index CFDs commission fees are 0.0075% per trade fee. The brokerage fee for UK and Euro share CFDs is 0.075% per trade fee, 0.015% for Euro 50 Index CFDs, and 0.0075% per trade fee for UK 100 Index CFDs.
Automated Trading Strategies
You use EasyLanguage, TradeStation’s proprietary programing language, to write custom automated trading systems. The programming language uses common English-like statements and is considered user-friendly for those wanting to write custom indicators and trading strategies.
You can design order management, market analysis, and scanning tools using thousands of inbuilt functions, properties, and keywords. As with other algo trading software, you can test and optimise your trading strategies against historical market data using the platform’s backtesting tools.
On top of automated online trading, the TradeStation software provides the following inbuilt trading tools and features:
To use TradeStation, you’ll need to open an account with Interactive Brokers, which only has one account for retail investors: their IBKR Lite Account.
This account offers a tight spread of 0.1 pips for Forex and a minimum commission of USD $2 per order (USD $4 on both sides), which is competitive. Commission costs, however, can vary based on the trade value and base currency of your account (at 0.6 basis points x trade value), so be mindful when calculating your overall trading costs.
A broad and diverse array of products are available with Interactive Brokers, including over 100 Forex pairs, stocks on over 90 global exchanges, and an unsurpassed range of bonds. The broker also offers unique trading alternatives, including complex derivatives such as options and mutual funds, setting Interactive Brokers apart from other brokers.
Broker Screenshots
Forex Panel Score
Average Spread
EUR/USD = 1
GBP/USD = 2
AUD/USD = 1
Trading Platforms
eToro Trading Platforms
Minimum Deposit
$50
Why We Recommend eToro
We recommend eToro for its social trading features, which are ideal if you want to let other people trade your funds. eToro is unique to this list because of its excellent copy trading platform, where you can choose experienced traders to follow and automatically copy their trades.
This fully automated process eliminates guesswork in trading, making it great for those who want to gain exposure to the markets without the knowledge or experience.
Pros & Cons
Broker Details
eToro is a broker that hosts one of the world’s largest social-copy trading communities with millions of traders. Through its proprietary
trading platform, the broker offers a range of online trading activities, including copy trading, CFD trading, stock trading, and portfolio investing.
You can trade and copy trade strategies with diverse asset classes on the platform, with 2,000+ stocks, ETFs, indices, commodities and cryptocurrencies.
Please note that if you want to trade cryptocurrencies like Bitcoin and Bitcoin Cash, you must sign up for an eToro subsidiary outside the UK. The Financial Conduct Authority in the UK recently banned retail investor accounts from trading crypto. If your focus is cryptocurrencies, the broker is overseen by various top-tier regulators, and most UK traders can sign up for ASIC (Australia) or CySEC (Europe) branches.
CopyTrader
The platform’s social-copy trading feature, CopyTrader, can be handy whether you are an experienced trader looking to save time or a beginner trader learning the basics. Rather than develop and execute your own trading strategies, you can copy top-performing Popular Investors.
To find Popular Investors to follow and copy, you can filter trading statistics, risk scores, and more to find trading strategies that match your preferred asset classes and objectives.
In addition to copying other traders, you can communicate with other members of the social trading community with an inbuilt newsfeed and the ability to chat with one another and share ideas and knowledge.
SmartPortfolios (formerly CopyPortfolios)
For a longer-term investment option, eToro offers SmartPortfolios, where your portfolio is automatically managed and rebalanced as needed by eToro’s in-house experts. A higher minimum deposit of $5,000 is required to invest in SmartPortfolios.
eToro Trading Tools
In addition to CopyTrader and SmartPortfolios, the software comes with a range of trading tools to supplement automation:
To start trading, eToro only gives you one account option: it’s a Standard account.
This account has industry-average fees for a standard account, including no commissions and a minimum spread of 1 pip for Forex currency pairs. There are no funding costs and a minimum deposit of $50 to open an account with eToro.
An additional Islamic (or swap-free) account is available for those traders who abide by Sharia law. You’ll need $1000 to get started with this account.
Forex Panel Score
Average Spread
EUR/USD = 0.3
GBP/USD = 0.9
AUD/USD = 0.4
Trading Platforms
MT4, TradingView, Trading Station
Minimum Deposit
$50
Why We Recommend Capitalise.ai
We think FXCM and Capitalise.ai are excellent choices for automating your trades with FXCM’s competitive spreads and Capitalise.ai’s innovative approach to automated trading, particularly its AI strategy generator. You just tell the AI your rules, and it crafts your strategy, ready to use on MT4.
Plus, we like the ability to backtest your strategy right away. You get immediate insights into how your strategy would have performed in the past, quickly helping you decide if a strategy is worth it.
Pros & Cons
Broker Details
Capitalise.ai is a third-party automated trading software that can be integrated into different platforms. To save you time, Capitalise.ai’s software will monitor the trading environment and market data in real-time 24 hours a day, 7 days a week.
Examples of automated systems you can build include:
The software allows you to achieve code-free automation with custom technical indicators and trading strategies. It opens up automation to beginner traders as it is user-friendly and uses free-style text commands to write trading signals.
To help you create and manage automated trading strategies, Capitalise.ai provides a range of trading tools and features:
FXCM and Capitalise.ai
To start using Capitalise.ai, you can sign up to FXCM and link the software to MetaTrader 4 or Trading Station. When trading forex and CFDs with the online broker, retail investor accounts gain the benefits of:
Other than Capitalise.ai, additional trading platforms available with FXCM include MetaTrader, Trading Station, Ninja Trader, TradingView, and a whole range of specialty trading platforms, all of which have algorithmic capabilities.
MetaTrader4 is suited for forex trading. Trading Station is FXCM’s excellent proprietary platform. Ninja Trader is a tremendous algorithmic (and manual) trading platform, and TradingView is one of the world’s leading charting platforms. Lastly, ZuluTrade is a popular copy trading platform to copy successful trading strategies.
Forex Panel Score
Average Spread
EUR/USD = 0.16
GBP/USD = 0.59
AUD/USD = 0.29
Trading Platforms
MT4, IG Trading Platform, L2 Dealer
Minimum Deposit
$0
Why We Recommend ProRealTime
Our top pick is IG Group with ProRealTime, as the broker offers a wide range of markets with competitive spreads you can use to utilise ProRealTime’s features.
We like ProRealTime for its combination of detailed charting and automated trading capabilities, but what really impressed us is how ProRealTime simplifies creating a trading strategy through a wizard tool.
The ProBuilder wizard tool guides you step-by-step through developing your strategy using a rule-based approach, making it accessible even if you’re new to trading.
Pros & Cons
Broker Details
ProRealTime is a trading software that can be integrated into other platforms and is designed for automation and technical analysis. With the advanced functionality, the trading software is suited to experienced traders requiring a greater range of analysis tools.
ProOrder Automation
ProOrder is ProRealTime’s automation and backtesting tool. There are three approaches to adopting automation via ProOrder – you can code your own trading systems, use the software’s code-free Wizard or search the ProRealTime Marketplace online. If you are writing your own algorithms, the ProBuilder programming language is used and comparable to Visual Basic.
IG Markets And ProRealTime
IG Markets is a global broker offering ProRealTime that the UK’s FCA regulates, among others. Retail traders can integrate ProRealTime into their IG trading platform and gain access to a professional traders’ work environment. The IG platform enables you to trade the broker’s entire product range with 16,000 financial markets.
As an IG trader, there is no cost for the first month. However, if you don’t make at least four monthly transactions, you will be charged a monthly fee of $40.
IG Market’s Trading Accounts
IG Markets has two account options when you sign up: a CFD or DMA account. The key differences between accounts lie in costs (commissions + spreads) and the range of markets available to trade.
The broker’s CFD account only charges commissions of up to 0.18% for share CFDs, with spreads of 0.6 pips for major forex pairs. This is competitive for similar account types.
However, fees for the DMA account depend on the market you’re trading. FX commissions vary based on your trading volume. The more you trade, the cheaper your commissions are. For share CFDs, commissions are capped at 0.1%, slightly cheaper than the CFD account.
There are funding costs with both accounts of 1% for Visa credit cards (or PayPal) and 0.5% for Mastercard credit cards.
As mentioned above, IG Markets has a massive range of tradeable markets, including a whopping 13,000 stocks, 2246 ETFs, 100 Forex pairs and over 80 indices. IG Markets also offers over 13,000 options, which are complex derivatives, as another trading alternative. As a UK trader, spread betting is also available to you.
IG Market’s Trading Platforms
In addition to ProRealTime, IG Markets has several trading platforms, including their own proprietary platform, for web, mobile or tablet, as well as L2 Dealer and MT4.
IG Market’s in-house trading platform is user-friendly, with lots of great features. These include charting (30 technical indicators, 20 drawing tools, and 16 selectable time frames), alerts, sentiment readings and excellent market research.
L2 Dealer is great for shares trading because it gives you DMA (direct market access), while MT4 is the most popular forex trading platform.
Forex Panel Score
Average Spread
EUR/USD = 0.2
GBP/USD = 0.2
AUD/USD = 0.5
Trading Platforms
MT4, MT5, cTrader, FxPro Trading Platform
Minimum Deposit
$100
Why We Recommend cTrader
FXPro is our top choice because of its low average spreads and fast execution speed, which pair nicely with cTrader’s excellent trading platform. We like its sleek interface and algorithmic trading features, which blend the best features of MetaTrader 4 and MetaTrader 5.
With cTrader, you can develop your own automated strategy (cBot) or download pre-built cBots from its marketplace.
cTrader impressed us as they are one of the few platforms to offer a native trading platform for Mac users, improving performance for the cBots on a Mac.
Pros & Cons
Broker Details
cTrader is the third-most-popular mainstream trading platform worldwide after MetaTrader 4 and MetaTrader 5. The predominantly forex trading platform is popular among retail investor accounts wanting an ECN environment thanks to the depth of market pricing, advanced charting tools, and ultra-fast execution speeds.
Like MetaQuotes Software, cTrader Automate allows you to develop advanced trading robots (algorithms), known as cBots, rather than Expert Advisors.
cTrader Automate And cBots
To fully automate CFD and forex trading, cBots can be written or downloaded from the cTrader Marketplace online. As cTrader Automate is less popular than Expert Advisors, the online community and marketplace are smaller, with fewer cBots available to download.
If you are writing your own cBots, the C# programming language is used in the visual studio or inbuilt code editor. Once built or downloaded, cBots can be tested and optimised against historical data using the software’s backtesting features or in live conditions via demo accounts.
Pepperstone – Top Broker For cTrader Automate And cBots
For cTrader Automate and cBots, Pepperstone is the best broker overall thanks to Razor account spreads from 0.0 pips + commission, ultra-fast order execution speeds, and a wide range of asset classes and CFDs. To explore cTrader and Pepperstone’s Razor trading account before risking real money, you can sign up for a free demo account with the broker.
Forex Panel Score
Average Spread
EUR/USD = 0.07
GBP/USD = 0.011
AUD/USD = 0.8
Trading Platforms
MT4, TradingView, City Index WebTrader
Minimum Deposit
$0
Why We Recommend MetaTrader Signals
We recommend MetaTrader Signals as there’s a wide selection of signal providers to copy, allowing you to choose based on your trading preferences.
We like that you can view and assess the performance of these providers within the platform and that the signals are available on MetaTrader 4 and MT5.
The service allows you to subscribe to signal services and automate the trades based on these signals or receive alerts for manual execution (giving you the final say).
Pros & Cons
Broker Details
Trading Signals is a MetaQuotes social-copy trading feature available on MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Traders within the MT4 and MT5 communities can create signals that other community members can copy.
On MT4, trading signals are developed in the MQL4 programming language, while MT5 hosts MQL5 signals. There are over 3,200 free and paid trading signals to choose from and duplicate.
While many features are similar across MT4 and MT5 when social-copy trading, a major difference is how you can access Signals. MT5 has an inbuilt Signals tab that lets you easily search for and employ trading signals without leaving the platform. MT4 users are required to find signals online.
Another difference is that MT5’s trading community is not as huge due to the popularity of MT4. Therefore, there are fewer signals available to copy. Yet, the library of MQL5 signals will continue to grow as MetaQuotes slowly phases out support and licenses for MT4.
As MT4 has a large community and a range of Signals to duplicate, Pepperstone is a top broker for MQL4 MetaTrader Signals. If you prefer MQL5 Signals, IC Markets is one of the best brokers with MT5.
Pepperstone stands out as our top choice for automated trading, particularly when using MetaTrader 4 (MT4) and Expert Advisors (EAs).
Boasting an impressive average execution speed of 77 ms for limit orders and a Razor Account offering institutional-grade spreads with an average 0.1 pips for EUR/USD, Pepperstone provides an ideal environment for algorithmic strategies.
The broker supports cTrader Automate, Capitalise.ai (with MT4), Expert Advisors (if using MT4, MT5) or various copy trading tools for automation. And with over 1,200 CFD instruments, competitive spreads, and 24/5 customer support, Pepperstone is our go-to pick for automated trading.
Automated trading is the use of computer programs to place trades in the financial markets based on predefined rules and strategies. These programs can analyse market data, generate signals, and execute orders without you having to lift a finger or be in front of a screen.
Automated trading can be applied to various assets, such as forex, stocks, CFDs, commodities, and cryptocurrencies.
With automated trading, traders create algorithms based on predefined rules and criteria, which the computer follows to analyse market data and execute buy or sell orders. These algorithms can utilize technical indicators, statistical models, or machine learning to make decisions.
Traders will use software, such as MetaTrader4’s Expert Advisor (EA) feature, a software script, to automate their trading.
For example, a trader might use an EA might employ a moving average strategy: if the currency pair’s price crosses above the moving average, the EA executes a buy order; if it crosses below, a sell order is triggered. This was all done automatically, without the trader needing to be in front of their phone or computer.
Automated trading offers speed, precision, and emotion-free execution in financial markets. It enables rapid order placement, timely responses to market changes, and consistent strategy implementation with minimal human intervention.
Automation eliminates human emotional biases, ensuring disciplined adherence to predefined trading rules. It allows for 24/7 operation, capturing opportunities in global markets.
Automated trading systems can analyze vast amounts of data swiftly, enabling quicker decision-making, but that doesn’t mean that automated trading doesn’t come without downsides.
Here are some of the pros and cons of automated trading:
Automated trading platforms offer efficiency, as they execute trades without constant monitoring. They operate emotion-free, relying on data for decisions, and aren’t affected by human emotions.
Trading algorithms analyze and process information faster than humans, ensuring quick responses to market moves. Algos also allow for continuous 24/7 trading, allowing you to profit on global financial moves, even while you’re asleep or away from the screens.
When selecting a broker for automated trading, consider factors such as low latency and reliable execution speeds to ensure swift order processing. Furthermore, you should look for a broker that offers your desired software of API technology, such as MetaTrader4 with its Expert Advisor functionality.
Access to historical and real-time market data is essential, plus customer support responsiveness and availability are also major selling points.
Lastly, it’s a good idea to thoroughly research reviews and testimonials on sites such as CompareForexBrokers to gather expert opinions about the broker.
Yes, low spreads are essential for both automated, as well as discretionary trading. Narrow spreads minimize trading costs, benefiting automated strategies with even small mathematical edges. You should treat trading as a business, and it’s smart business to minimise your costs while maximising your revenue.
We’ve compiled the average spreads across a range of brokers that are well-suited for automated trading and have found Pepperstone to consistently be the best, especially when trading major Forex pairs.
An Automated Trading System (ATS) is a computer-based program that automatically executes financial market orders according to predefined criteria. It uses algorithms to analyze market data, identify trading opportunities, and execute buy or sell orders without human intervention.
A trader will tell a computer when and where to buy and sell and then doesn’t have to be in front of the screens to make trades.
Different automated trading platforms suit different types of traders. MetaTrader 4 is widely known for its easy-to-use interface. MetaTrader 5 offers a wide range of trading products, while Capitalise.ai focuses on more advanced automation. cTrader provides a clean interface and advanced charting capabilities. ProRealTime stands out for its large range of technical indicators. eToro, known for social trading, is a good choice for beginners.
Each platform caters to different needs, with MetaTrader 4 being our top pick for its tried and tested, easy-to-use functionality.
If the social trading software has copy trading capability, then you can follow the signal provider or trader and automatically copy their trades. Social trading in itself does not automate your trading.
Whether beginners should use algorithmic trading depends on their preferences and skills.
Algorithmic trading offers efficiency and removes emotional biases, but it requires some coding and strategy development skills.
For some beginners, discretionary trading, where decisions are made based on personal judgment, may be more suitable initially. It allows a better understanding of market dynamics.
For beginners in automated trading, OANDA stands out as the most user-friendly forex broker.
Its intuitive platform and user-friendly interface make it accessible for those new to automated trading. OANDA provides a user-friendly API for algorithmic trading, enabling seamless integration with automated strategies, combined with no minimum account size.
The broker also offers educational resources, a demo account, and a supportive community, fostering a conducive environment for beginners to grasp automated trading concepts.
Additionally, OANDA’s competitive pricing and regulatory compliance contribute to its suitability for novice traders venturing into the world of algorithmic trading.
Overall, OANDA’s combination of user-friendly features and educational support makes it our top pick for beginners in automated forex trading.
While there are countless potential trading systems, the two major types of automated systems that retail traders use are:
Some traders will elect to use a single style of system, while others will attempt to smooth their trading returns by using both kinds of systems.
The investment platform TradingView does not directly support the execution of automated trades.
However, TradingView allows users to create and test custom trading strategies using its Pine Script programming language. Traders can use these scripts to generate buy/sell signals, but the actual execution of trades would typically require a compatible brokerage platform or API.
Yes, copy trading is a form of automated trading where you can automatically replicate the trades of experienced traders. The copying process is usually facilitated by a platform or service.
This method allows less experienced traders to benefit from the strategies and decisions of more skilled traders, automating the execution of trades without the need for manual trading.
Yes, eToro is legal in the UK. eToro (UK) Ltd is authorised and regulated by the Financial Conduct Authority (FCA) with reference number 5832631. The broker is heavily regulated by one of the world’s most respected regulatory bodies and has been in business since 2007.
Automated trading, including bot trading, is legal in the UK. However, traders must comply with financial regulations and ensure transparency, risk management, and ethical use.
Most traders won’t ever have any problem, but there have been examples in the past of traders getting in legal trouble for using bots to ‘spoof’ the market by placing large fake buy or sell orders.
The safety of trading bots depends on a bunch of factors, including your trading strategy, and risk management plan.
Well-designed and properly configured bots can enhance trading safety by executing disciplined strategies. However, risks arise from technical glitches, trading decisions, market volatility, and inadequate risk management.
Automated traders should thoroughly research, monitor, and choose reputable bot providers, which you will find here on CompareForexBrokers.
With advanced algorithmic trading abilities, an established trading community, and Marketplace, MetaTrader 4 is the best automated trading platform overall. Top brokers like Pepperstone offer mainstream software and extensive trading tools to help you develop automated strategies.
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Ask an Expert
What are good brokers that allow me to use capitalise.ai?
Eightcap is your best choice but other brokes include FXCM and Intereactive Brokers