Best Expert Advisor Forex Brokers

An expert advisor for the forex market is a software system that is built to analyze the currency pairs in the forex market to identify trading opportunities, and then implement buy or sell signals on the forex charts. Usually, trades in forex involve analyzing the market by going through several chart setups, then deciding whether to buy or sell, as well as making a decision on which kind of orders will be used to produce the best trade outcomes. These are all automated when a trading robot is used.

Expert advisors (EAs) have undergone a lot of modifications from the early days in which they were introduced. These expert advisors have moved from simple robots which did analysis and then traded accounts to complex algorithmic trading software which is used today for advanced forex trading. So we will talk about this experience not just from the standpoint of the simple software, but also from the complex ago trading systems that trading robots are today.

Trading with robots is also known as Quantitative Trading. The basis for algorithmic trading or trading with robots is for a computer software system to run analyses on several forex pairs and to generate and ultimately implement buy and sell signals on the forex platforms.

If you have decided you want to use an expert advisor for your trading strategy and are looking for a broker that supports the use of automated trading with expert advisors, ETX Capital is one of the most popular choices. Some of the why people choose ETX Capital are:

• Established broker – over 10 years in business (in business since 2002)
• Regulated by the Financial conduct authority (UK) #124721
• Tight spreads
• Offers Forex, Spread betting, CFDs, Binary, Equities, Commodities and Indices
• Wide range of markets

EAs work with algorithms which are usually programmed with specialised programming languages. The trading platform the trader uses will determine what language will be used to program the forex robot. Here is a list of platforms and the programming languages used in programming the robots:

• The MetaQuotes Language 4(MQL4) is used to program expert advisors for MT4.
• TradeStation: The Lua programming language is used to code expert advisors for the FXCM platform.
• The ActFX programming language is used to code robots for the ActForex platforms. An example is the AvaTrade platform.
• Many professional ECN platforms are coded with more specialized languages such as C#.

A good expert advisor must meet certain basic criteria that enable it to work perfectly. These are listed as follows:

• The parameters for trade entry and exit must be well defined.
• The EA must have acceptable money management parameters.
• The expert advisor must be able to evolve with the market. For this to happen, the creator of the EA must make it amenable to periodic updates.
• A commercially sold EA must have adequate protection from decompiling software. Essentially, it must be hack-proof.
• Code must be bug-free and error-free.

There are two main sources of expert advisors, buying a pre made EA or creating your very own EA from scratch. Each pathway has its advantages and disadvantages and you must be aware of these before you make a choice on which way to go.

There are several advantages of using this option. Perhaps the most important is that you will end up with a forex robot for you, by you and created just for you. You get to setup the EA with your strategy, fitted to your trading circumstances, your capital and risk management profile. The challenge is getting a programmer who can adequately translate your performance metrics into an actionable EA without messing up the coding process. Having your own expert advisor also allows you to edit the code as you wish.

No programmer should just wake up blindly and start programming a trading robot. There is a time-tested approach to building a trading robot. The approach to building a trading robot is to:

1. Design
2. Program
3. Backtest
4. Execute

In performing this four-step approach to trading a forex robot, the trader must consider the platform to be used, the tools to be used, the platform infrastructure, and how the robot can be analyzed in the future to assess its trading performance.

Designing an EA is where the trader looks at the strategy to be used, the money management parameters, and the conditions for buying or selling a currency pair. After the design, the programming aspect comes to play. This is where the design of the robot is translated into a programming code. When the code is all done, the EA must then be tested and optimized, before it is finally executed for use.

It is essential to get a skilled programmer to do the job of coding. However, building a good EA is usually a multi-disciplinary approach. It requires input from various fields such as statistics, mathematics, programming, and a little common sense.

BrokerNotes.co 2023 Overall Rankings

To recap, here are our top forex brokers for 2023, sorted by Overall ranking.

Company	Overall Rating	Minimum Initial Deposit	Average Spread EUR/USD - Standard	Trust Score	Tradeable Symbols (Total)	Read Review	Visit Site
IG	9.9	£250.00	0.86 (September 2022)	99	19537	IG Review	Visit Site
Saxo Bank	9.7	€2,000	0.9 (September 2022)	99	60000	Saxo Bank Review
Interactive Brokers	9.7	$0	0.6 (Aug 2022)	99	8500	Interactive Brokers Review
CMC Markets	9.6	$0	0.51 (August 2022)	99	12377	CMC Markets Review
TD Ameritrade	9.5	$0	1.25 pips (September 2022)	99	0	TD Ameritrade Review
FOREX.com	9.3	$100	1.0 (July 2022)	99	5500	FOREX.com Review	Visit Site
City Index	9.2	£100.00	1.0 (July 2022)	99	13500	City Index Review
XTB	9	$0	1.07 (Q3 2022)	95	12000	XTB Group Review
eToro	8.8	$10-$10,000	1 (August 2021)	93	3458	eToro Review
Swissquote	8.7	$1000	N/A	99	466	Swissquote Review
AvaTrade	8.6	$100	0.91 (Aug 2020)	93	1260	AvaTrade Review
FXCM	8.5	Starts from $50	1.38 (Q2 2022)	96	441	FXCM Review
Plus500	8.5	€100	0.6 (as of Aug 2018)	98	2800	Plus500 Review
Capital.com	8.4	$20	0.6 (July 2021)	77	6000	Capital.com Review
XM Group	8.4	$5	1.6 (Aug 2020)	90	1372	XM Group Review
Pepperstone	8.4	$200	0.77 (September 2022)	93	1200	Pepperstone Review
OANDA	8.4	$0	1.26 (5/22-5/27/22)	92	124	OANDA Review
Admiral Markets	8.3	$100	0.8 (July 2021)	87	8425	Admiral Markets Review
FP Markets	8.3	$100 AUD	1.2 (August 2022)	86	10000	FP Markets Review
IC Markets	8.2	$200	0.62 (August 2022)	86	3583	IC Markets Review
Markets.com	8.2	$100	1.9 (as of Oct 2019)	98	2179	Markets.com Review
FxPro	8.1	$100	1.51 (August 2020)	90	2249	FxPro Review
Fineco Bank	7.9	$0	N/A	92	126	Fineco Bank Review
Tickmill	7.9	$100	0.51 (August 2022)	82	295	Tickmill Review
BlackBull Markets	7.9	$0	0.827 (August 2022)	74	26000	BlackBull Markets Review
DooPrime	7.8	$100	-1	84	10000	DooPrime Review
BDSwiss	7.8	$100-$5000 (depending on account type)	1.6 (08/10/22)	83	1081	BDSwiss Review
TMGM	7.8	$100	0.96 (July 2021)	79	12000	TMGM Review
HFM	7.7	$5	1.2 (August 2021)	85	3500	HFM Review
FlowBank	7.7	$0.00	N/A	77	408600	FlowBank Review
HYCM (Henyep)	7.7	$100	0.6 (Sept 2021)	86	245	HYCM Review
Vantage	7.7	$50	1.22 (August 2021)	83	1000	Vantage Review
Trading 212	7.6	EUR 10	N/A	77	1785	Trading 212 Review
Eightcap	7.6	$100	1.0 (Aug 2022)	87	326	Eightcap Review
Trade Nation	7.5	$0	0.6	83	601	Trade Nation Review
Moneta Markets	7.5	$50	1.27 (September 2022)	71	965	Moneta Markets Review
ThinkMarkets	7.4	$250.00	N/A	86	1674	ThinkMarkets Review
VT Markets	7.4	$200	1.2 (September 2021)	71	168	VT Markets Review
ACY Securities	7.4	$50	1.2 (Sept 2021)	75	1600	ACY Securities Review
easyMarkets	7.3	$100	0.9 (as of Mar 2020)	84	199	a href="/reviews/easymarkets">easyMarkets Review
RoboForex (RoboMarkets)	7.3	$100	1.4 (Jan 2022)	69	12000	Roboforex (RoboMarkets) Review
IronFX	7.2	$50	1.2	84	340	IronFX Review
Exness	7.2	$1	0.9 (as of May 19)	74	112	Exness Review
Spreadex	7.2	$0	-1	70	2000	Spreadex Review
Trade360	7.1	$250	N/A	75	1062	Trade360 Review
AxiTrader	7.1	0	N/A	83	175	Axitrader Review	Visit Site
GKFX	7.1	$0	N/A	66	354	GKFX Review
Vestle	7.1	-1	-1	79	750	Vestle Review
OctaFX	7	$25	0.6 (August 2021)	67	80	OctaFX Review
FXOpen	7	$100	N/A	80	87	FXOpen Review
TeleTrade	7	$100	-1	67	500	Teletrade Review
FXPrimus	6.9	$100	N/A	69	140	FXPrimus Review	Visit Site
Forex4you	6.9	$0	-1	62	150	Forex4you Review
LegacyFX	6.9	$500	0	75	425	LegacyFX Review
GBE brokers	6.8	$500	-1	69	500	GBE Brokers Review
Alpari	6.8	$20	N/A	67	105	Alpari Review
TopFX	6.7	Depends on payment method	N/A	67	655	TopFX Review
Libertex (Forex Club)	6.7	$10	-1	72	300	Libertex Review
ATFX	6.6	$500	-1	70	150	ATFX Review
UFX	6.6	$100	3 (Jan 2021)	67	619	UFX Review
Xtrade	6.5	$250	-1	80	142	Xtrade Review
Tradeo	6.4	$200	-1	67	256	Tradeo Review

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Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

About the Editorial Team

Marcus Taylor

BrokerNotes was founded in 2014 by Marcus Taylor, founder and CEO of Venture Harbor, a venture studio in Oxford that develops innovative online tools & technology across a range of sectors.