Best Expert Advisor Forex Brokers
Trading With Forex Expert Advisors
Expert advisors, also known as forex robots, offer a way to trade the markets in an automated fashion. Expert advisors eliminate the need of sitting in front of the computer all day, poring through charts, figures, setups, indicators, news, etc, it is possible to use software to do all this for you and then execute a trade on your behalf, saving you all the trouble.
These robots can then be used to trade the markets while the user attends to some other business. Many traders are actually day workers who use trading as a second income stream, and this category of market players will benefit from the use of forex robots.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.Best Forex Brokers for Expert Advisors (EAs)
Here are the best forex brokers for Expert Advisors.
-
IG
- Saxo Bank - 9.7/10 Overall
- Interactive Brokers - 9.7/10 Overall
- CMC Markets - 9.6/10 Overall
- TD Ameritrade - 9.5/10 Overall
-
FOREX.com
- City Index - 9.2/10 Overall
- XTB - 9/10 Overall
- eToro - 8.8/10 Overall
Average Spread EUR/USD - Standard | 0.86 (September 2022) |
All-in Cost EUR/USD - Active | 0.5957 (September 2022) |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | No |
Visa/Mastercard (Credit/Debit) | Yes |
Year Founded | 1974 |
Publicly Traded (Listed) | Yes |
Bank | Yes |
Tier-1 Licenses | 7 |
Tier-2 Licenses | 2 |
Forex Trading | No |
Mobile Trading - Forex or CFDs | Yes |
Tradeable Symbols (Total) | 19537 |
Forex Pairs (Total) | 100 |
Bitcoin | Yes |
Virtual Trading (Demo) | Yes |
MetaTrader 4 (MT4) | Yes |
MetaTrader 5 (MT5) | No |
Proprietary Platform | Yes |
Social Trading / Copy Trading | Yes |
Charting - Indicators / Studies (Total) | 33 |
Android App | Yes |
Apple iOS App | Yes |
Has Education - Forex or CFDs | Yes |
Daily Market Commentary | Yes |
Forex News (Top-Tier Sources) | Yes |
Economic Calendar | Yes |

Average Spread EUR/USD - Standard | 0.9 (September 2022) |
All-in Cost EUR/USD - Active | 0.7 (September 2022) |
PayPal (Deposit/Withdraw) | No |
Skrill (Deposit/Withdraw) | No |
Visa/Mastercard (Credit/Debit) | Yes |
Year Founded | 1992 |
Publicly Traded (Listed) | No |
Bank | Yes |
Tier-1 Licenses | 6 |
Tier-2 Licenses | 1 |
Forex Trading | No |
Mobile Trading - Forex or CFDs | Yes |
Tradeable Symbols (Total) | 60000 |
Forex Pairs (Total) | 190 |
Bitcoin | Yes |
Virtual Trading (Demo) | Yes |
MetaTrader 4 (MT4) | No |
MetaTrader 5 (MT5) | No |
Proprietary Platform | Yes |
Social Trading / Copy Trading | Yes |
Charting - Indicators / Studies (Total) | 62 |
Android App | Yes |
Apple iOS App | Yes |
Has Education - Forex or CFDs | Yes |
Daily Market Commentary | Yes |
Forex News (Top-Tier Sources) | Yes |
Economic Calendar | Yes |

Average Spread EUR/USD - Standard | 0.6 (Aug 2022) |
All-in Cost EUR/USD - Active | 0.6 (Aug 2022) |
PayPal (Deposit/Withdraw) | No |
Skrill (Deposit/Withdraw) | No |
Visa/Mastercard (Credit/Debit) | No |
Year Founded | 1977 |
Publicly Traded (Listed) | Yes |
Bank | No |
Tier-1 Licenses | 8 |
Tier-2 Licenses | 1 |
Forex Trading | No |
Mobile Trading - Forex or CFDs | Yes |
Tradeable Symbols (Total) | 8500 |
Forex Pairs (Total) | 90 |
Bitcoin | Yes |
Virtual Trading (Demo) | Yes |
MetaTrader 4 (MT4) | No |
MetaTrader 5 (MT5) | No |
Proprietary Platform | Yes |
Social Trading / Copy Trading | No |
Charting - Indicators / Studies (Total) | 128 |
Android App | Yes |
Apple iOS App | Yes |
Has Education - Forex or CFDs | Yes |
Daily Market Commentary | Yes |
Forex News (Top-Tier Sources) | Yes |
Economic Calendar | Yes |

Average Spread EUR/USD - Standard | 0.51 (August 2022) |
All-in Cost EUR/USD - Active | 0.51 (August 2022) |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | No |
Visa/Mastercard (Credit/Debit) | Yes |
Year Founded | 1989 |
Publicly Traded (Listed) | Yes |
Bank | No |
Tier-1 Licenses | 5 |
Tier-2 Licenses | 1 |
Forex Trading | No |
Mobile Trading - Forex or CFDs | Yes |
Tradeable Symbols (Total) | 12377 |
Forex Pairs (Total) | 158 |
Bitcoin | Yes |
Virtual Trading (Demo) | Yes |
MetaTrader 4 (MT4) | Yes |
MetaTrader 5 (MT5) | No |
Proprietary Platform | Yes |
Social Trading / Copy Trading | Yes |
Charting - Indicators / Studies (Total) | 84 |
Android App | Yes |
Apple iOS App | Yes |
Has Education - Forex or CFDs | Yes |
Daily Market Commentary | Yes |
Forex News (Top-Tier Sources) | Yes |
Economic Calendar | Yes |

Average Spread EUR/USD - Standard | 1.25 pips (September 2022) |
All-in Cost EUR/USD - Active | 1.25 pips (September 2022) |
PayPal (Deposit/Withdraw) | No |
Skrill (Deposit/Withdraw) | No |
Visa/Mastercard (Credit/Debit) | No |
Year Founded | 1955 |
Publicly Traded (Listed) | Yes |
Bank | Yes |
Tier-1 Licenses | 4 |
Tier-2 Licenses | 0 |
Forex Trading | Yes |
Mobile Trading - Forex or CFDs | Yes |
Tradeable Symbols (Total) | 0 |
Forex Pairs (Total) | 73 |
Bitcoin | Yes |
Virtual Trading (Demo) | Yes |
MetaTrader 4 (MT4) | No |
MetaTrader 5 (MT5) | No |
Proprietary Platform | Yes |
Social Trading / Copy Trading | No |
Charting - Indicators / Studies (Total) | 360 |
Android App | Yes |
Apple iOS App | Yes |
Has Education - Forex or CFDs | Yes |
Daily Market Commentary | Yes |
Forex News (Top-Tier Sources) | Yes |
Economic Calendar | Yes |
Average Spread EUR/USD - Standard | 1.0 (July 2022) |
All-in Cost EUR/USD - Active | 1.0 (July 2022) |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | No |
Visa/Mastercard (Credit/Debit) | Yes |
Year Founded | 1999 |
Publicly Traded (Listed) | Yes |
Bank | No |
Tier-1 Licenses | 4 |
Tier-2 Licenses | 2 |
Forex Trading | No |
Mobile Trading - Forex or CFDs | Yes |
Tradeable Symbols (Total) | 5500 |
Forex Pairs (Total) | 91 |
Bitcoin | Yes |
Virtual Trading (Demo) | Yes |
MetaTrader 4 (MT4) | Yes |
MetaTrader 5 (MT5) | Yes |
Proprietary Platform | Yes |
Social Trading / Copy Trading | No |
Charting - Indicators / Studies (Total) | 203 |
Android App | Yes |
Apple iOS App | Yes |
Has Education - Forex or CFDs | Yes |
Daily Market Commentary | Yes |
Forex News (Top-Tier Sources) | Yes |
Economic Calendar | Yes |

Average Spread EUR/USD - Standard | 1.0 (July 2022) |
All-in Cost EUR/USD - Active | 1.0 (July 2022) |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | No |
Visa/Mastercard (Credit/Debit) | Yes |
Year Founded | 1983 |
Publicly Traded (Listed) | Yes |
Bank | No |
Tier-1 Licenses | 3 |
Tier-2 Licenses | 2 |
Forex Trading | No |
Mobile Trading - Forex or CFDs | Yes |
Tradeable Symbols (Total) | 13500 |
Forex Pairs (Total) | 84 |
Bitcoin | Yes |
Virtual Trading (Demo) | Yes |
MetaTrader 4 (MT4) | Yes |
MetaTrader 5 (MT5) | No |
Proprietary Platform | Yes |
Social Trading / Copy Trading | Yes |
Charting - Indicators / Studies (Total) | 88 |
Android App | Yes |
Apple iOS App | Yes |
Has Education - Forex or CFDs | Yes |
Daily Market Commentary | Yes |
Forex News (Top-Tier Sources) | Yes |
Economic Calendar | Yes |

Average Spread EUR/USD - Standard | 1.07 (Q3 2022) |
All-in Cost EUR/USD - Active | 1.04 (Q3 2022) |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | Yes |
Visa/Mastercard (Credit/Debit) | Yes |
Year Founded | 2002 |
Publicly Traded (Listed) | Yes |
Bank | No |
Tier-1 Licenses | 1 |
Tier-2 Licenses | 3 |
Forex Trading | No |
Mobile Trading - Forex or CFDs | Yes |
Tradeable Symbols (Total) | 12000 |
Forex Pairs (Total) | 49 |
Bitcoin | Yes |
Virtual Trading (Demo) | Yes |
MetaTrader 4 (MT4) | Yes |
MetaTrader 5 (MT5) | No |
Proprietary Platform | Yes |
Social Trading / Copy Trading | Yes |
Charting - Indicators / Studies (Total) | 39 |
Android App | Yes |
Apple iOS App | Yes |
Has Education - Forex or CFDs | Yes |
Daily Market Commentary | Yes |
Forex News (Top-Tier Sources) | Yes |
Economic Calendar | Yes |

Average Spread EUR/USD - Standard | 1 (August 2021) |
All-in Cost EUR/USD - Active | N/A |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | Yes |
Visa/Mastercard (Credit/Debit) | Yes |
Year Founded | 2007 |
Publicly Traded (Listed) | No |
Bank | No |
Tier-1 Licenses | 2 |
Tier-2 Licenses | 1 |
Forex Trading | No |
Mobile Trading - Forex or CFDs | Yes |
Tradeable Symbols (Total) | 3458 |
Forex Pairs (Total) | 49 |
Bitcoin | Yes |
Virtual Trading (Demo) | Yes |
MetaTrader 4 (MT4) | No |
MetaTrader 5 (MT5) | No |
Proprietary Platform | Yes |
Social Trading / Copy Trading | Yes |
Charting - Indicators / Studies (Total) | 66 |
Android App | Yes |
Apple iOS App | Yes |
Has Education - Forex or CFDs | Yes |
Daily Market Commentary | Yes |
Forex News (Top-Tier Sources) | No |
Economic Calendar | Yes |
What is an Expert Advisor?
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.
Featured EA Broker: ETX Capital
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
The two types of forex robot algorithmic trading:
- High-frequency trading.
- Low-frequency trading.
High-frequency trading with expert advisors focuses on creating an edge with speed. The speed of the connection is the main advantage that high-frequency trading robots confer on the trader.
High-frequency trading robots aim to make a profit from arbitrage. In other words, they scan several exchanges or data centers where there are even the smallest of differences between the prices of the same asset.
The high-frequency robots then place a large volume of trades on the lower price (for buy orders) and offload them to other traders in the market at higher prices. For example, a high-frequency expert advisor may buy gold at 1,200.30 from one exchange and re-sell the same to other traders at 1,200.35. The price difference is 0.05, which may look very small. However, the high-frequency forex robot may place 10,000 lots on this trade, which confers on the pip movement a value of $100,000 per pip.
Considering that this trade moved just 5 pips or 0.05 points, the profit made by the high-frequency trading robot would be $100,000 X 5 = $500,000. High-frequency trading robots are mostly used by institutional traders and big banks who trade the forex market. These institutional players have access to very large capital and are able to afford the relevant tools and software which can scan the market for such opportunities and execute the trades within milliseconds. These robots can trade several times in a matter of milliseconds. Retail forex traders in general, do not have access to these systems and therefore have to make do with the second model of algorithmic trading, which is low-frequency trading.
Low-frequency trading is a model which aims to use the soundness of the utilized trading model to gain an advantage. This is not dependent on speed. Therefore, low-frequency trading robots are looking to profit from price movement over time. These price movements are determined by:
- Trading fundamentals such as earnings reports and interest rate statements.
- Macroeconomic news such as the Non-farm Payrolls report, inflation reports, housing data, etc.
- Statistical models e.g. price correlations, mean regressions, etc.
- Technical analyses e.g. chart patterns, candlesticks.
Low-frequency trading EAs are developed from several viewpoints. These viewpoints aim to ensure that:
- That the idea behind the construction of the robot strategy is sound both economically and technically.
- The strategy is based on sound statistical methods.
- That the basic principle of using sound models and not speed are what governs our trading robots.
This means that robots must not be used blindly. This is why it is very difficult to make a profitable commercial robot as they cannot be assessed to see if they obey the rules set out above.
How Expert Advisors Work
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#.
Characteristics of a Good Expert Advisor
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.
Where can you obtain Expert Advisors?
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.
Buying a pre-made EA
There are literally thousands of expert advisors sold online, and even more which are offered for free either as standalone bonus products or as lead-in products to other forex products. It is very difficult to get a forex robot that works from an online source. This is because there is no way for the trader to know the performance and the risk management profile of any expert advisor before purchase.
It is always a mistake to believe anything written about an expert advisor (EA) on the sales page of the vendor. You must have a way of subjecting the EA to evaluation to see if it meets the parameters for a good robot before you spend your hard-earned money. Usually, the way to do this is by making use of any free trial offers provided by vendors of such products.
Developing Your Own EA
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.
Approaches to Building a Trading Robot
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:
- Design
- Program
- Backtest
- 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
View More
More Forex Guides
- Best Forex Brokers
- Best CFD Brokers
- Best Zero Spread Brokers
- Best MetaTrader Brokers
- Best Brokers for Mac
- Compare Forex Brokers
Popular Forex Reviews
- IG Review
- Interactive Brokers Review
- FOREX.com Review
- IG Review
- IC Markets Review
- OctaFX Review
- All Broker Reviews
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
There are literally thousands of expert advisors sold online, and even more which are offered for free either as standalone bonus products or as lead-in products to other forex products. It is very difficult to get a forex robot that works from an online source. This is because there is no way for the trader to know the performance and the risk management profile of any expert advisor before purchase.
It is always a mistake to believe anything written about an expert advisor (EA) on the sales page of the vendor. You must have a way of subjecting the EA to evaluation to see if it meets the parameters for a good robot before you spend your hard-earned money. Usually, the way to do this is by making use of any free trial offers provided by vendors of such products.
Developing Your Own EA
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.
Approaches to Building a Trading Robot
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:
- Design
- Program
- Backtest
- 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 |
![]() |
9.9 | £250.00 | 0.86 (September 2022) | 99 | 19537 | IG Review |
Visit Site
|
![]() |
9.7 | €2,000 | 0.9 (September 2022) | 99 | 60000 | Saxo Bank Review | |
![]() |
9.7 | $0 | 0.6 (Aug 2022) | 99 | 8500 | Interactive Brokers Review | |
![]() |
9.6 | $0 | 0.51 (August 2022) | 99 | 12377 | CMC Markets Review | |
![]() |
9.5 | $0 | 1.25 pips (September 2022) | 99 | 0 | TD Ameritrade Review | |
![]() |
9.3 | $100 | 1.0 (July 2022) | 99 | 5500 | FOREX.com Review |
Visit Site
|
![]() |
9.2 | £100.00 | 1.0 (July 2022) | 99 | 13500 | City Index Review | |
![]() |
9 | $0 | 1.07 (Q3 2022) | 95 | 12000 | XTB Group Review | |
![]() |
8.8 | $10-$10,000 | 1 (August 2021) | 93 | 3458 | eToro Review | |
![]() |
8.7 | $1000 | N/A | 99 | 466 | Swissquote Review | |
![]() |
8.6 | $100 | 0.91 (Aug 2020) | 93 | 1260 | AvaTrade Review | |
![]() |
8.5 | Starts from $50 | 1.38 (Q2 2022) | 96 | 441 | FXCM Review | |
![]() |
8.5 | €100 | 0.6 (as of Aug 2018) | 98 | 2800 | Plus500 Review | |
![]() |
8.4 | $20 | 0.6 (July 2021) | 77 | 6000 | Capital.com Review | |
![]() |
8.4 | $5 | 1.6 (Aug 2020) | 90 | 1372 | XM Group Review | |
![]() |
8.4 | $200 | 0.77 (September 2022) | 93 | 1200 | Pepperstone Review | |
![]() |
8.4 | $0 | 1.26 (5/22-5/27/22) | 92 | 124 | OANDA Review | |
![]() |
8.3 | $100 | 0.8 (July 2021) | 87 | 8425 | Admiral Markets Review | |
![]() |
8.3 | $100 AUD | 1.2 (August 2022) | 86 | 10000 | FP Markets Review | |
![]() |
8.2 | $200 | 0.62 (August 2022) | 86 | 3583 | IC Markets Review | |
![]() |
8.2 | $100 | 1.9 (as of Oct 2019) | 98 | 2179 | Markets.com Review | |
![]() |
8.1 | $100 | 1.51 (August 2020) | 90 | 2249 | FxPro Review | |
![]() |
7.9 | $0 | N/A | 92 | 126 | Fineco Bank Review | |
![]() |
7.9 | $100 | 0.51 (August 2022) | 82 | 295 | Tickmill Review | |
![]() |
7.9 | $0 | 0.827 (August 2022) | 74 | 26000 | BlackBull Markets Review | |
|
7.8 | $100 | -1 | 84 | 10000 | DooPrime Review | |
![]() |
7.8 | $100-$5000 (depending on account type) | 1.6 (08/10/22) | 83 | 1081 | BDSwiss Review | |
![]() |
7.8 | $100 | 0.96 (July 2021) | 79 | 12000 | TMGM Review | |
![]() |
7.7 | $5 | 1.2 (August 2021) | 85 | 3500 | HFM Review | |
![]() |
7.7 | $0.00 | N/A | 77 | 408600 | FlowBank Review | |
![]() |
7.7 | $100 | 0.6 (Sept 2021) | 86 | 245 | HYCM Review | |
![]() |
7.7 | $50 | 1.22 (August 2021) | 83 | 1000 | Vantage Review | |
![]() |
7.6 | EUR 10 | N/A | 77 | 1785 | Trading 212 Review | |
![]() |
7.6 | $100 | 1.0 (Aug 2022) | 87 | 326 | Eightcap Review | |
![]() |
7.5 | $0 | 0.6 | 83 | 601 | Trade Nation Review | |
![]() |
7.5 | $50 | 1.27 (September 2022) | 71 | 965 | Moneta Markets Review | |
![]() |
7.4 | $250.00 | N/A | 86 | 1674 | ThinkMarkets Review | |
![]() |
7.4 | $200 | 1.2 (September 2021) | 71 | 168 | VT Markets Review | |
![]() |
7.4 | $50 | 1.2 (Sept 2021) | 75 | 1600 | ACY Securities Review | |
![]() |
7.3 | $100 | 0.9 (as of Mar 2020) | 84 | 199 | a href="/reviews/easymarkets">easyMarkets Review | |
![]() |
7.3 | $100 | 1.4 (Jan 2022) | 69 | 12000 | Roboforex (RoboMarkets) Review | |
![]() |
7.2 | $50 | 1.2 | 84 | 340 | IronFX Review | |
![]() |
7.2 | $1 | 0.9 (as of May 19) | 74 | 112 | Exness Review | |
![]() |
7.2 | $0 | -1 | 70 | 2000 | Spreadex Review | |
![]() |
7.1 | $250 | N/A | 75 | 1062 | Trade360 Review | |
![]() |
7.1 | 0 | N/A | 83 | 175 | Axitrader Review |
Visit Site
|
![]() |
7.1 | $0 | N/A | 66 | 354 | GKFX Review | |
![]() |
7.1 | -1 | -1 | 79 | 750 | Vestle Review | |
![]() |
7 | $25 | 0.6 (August 2021) | 67 | 80 | OctaFX Review | |
![]() |
7 | $100 | N/A | 80 | 87 | FXOpen Review | |
![]() |
7 | $100 | -1 | 67 | 500 | Teletrade Review | |
![]() |
6.9 | $100 | N/A | 69 | 140 | FXPrimus Review |
Visit Site
|
![]() |
6.9 | $0 | -1 | 62 | 150 | Forex4you Review | |
![]() |
6.9 | $500 | 0 | 75 | 425 | LegacyFX Review | |
![]() |
6.8 | $500 | -1 | 69 | 500 | GBE Brokers Review | |
![]() |
6.8 | $20 | N/A | 67 | 105 | Alpari Review | |
![]() |
6.7 | Depends on payment method | N/A | 67 | 655 | TopFX Review | |
![]() |
6.7 | $10 | -1 | 72 | 300 | Libertex Review | |
|
6.6 | $500 | -1 | 70 | 150 | ATFX Review | |
![]() |
6.6 | $100 | 3 (Jan 2021) | 67 | 619 | UFX Review | |
![]() |
6.5 | $250 | -1 | 80 | 142 | Xtrade Review | |
![]() |
6.4 | $200 | -1 | 67 | 256 | Tradeo Review |
More Forex Guides
- Best Forex Brokers
- Best CFD Brokers
- Best Zero Spread Brokers
- Best MetaTrader Brokers
- Best Brokers for Mac
- Compare Forex Brokers
Popular Forex Reviews
- IG Review
- Interactive Brokers Review
- FOREX.com Review
- IG Review
- IC Markets Review
- OctaFX Review
- All Broker Reviews
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.