Best Forex Broker for EA 2023
For this list, we searched and tested several Forex Brokers for EA.
To select the best forex broker for EA we opened real accounts and deposited between $4K -8k for each account. Then we placed real trades in each popular market, so to test different broker’s features and offerings to get the actual picture about their performance.
We contacted the customer support team, to test their dedication and ability of solving the issues clients may face during the trading.
We handpicked the best Forex Brokers for EA based on our trading data and experience as a trader.
What is EA in Forex Trading?
Traders can share and buy trading robots in a number of marketplaces. They are implemented on trading platforms without any difficulty. This technique is known as Expert Advisory (EA). An expert advisor is a software that prompts traders when to make trades. In other words, EA or Expert Advisor is a programming script that automatically opens trades, analyzes trading patterns, and closes trades. EAs are mostly used within the MT4 and MT5 trading platforms. Read the official website for EAs on MT4 and MT5.
Expert Advisors monitor financial markets and trade by using different programming instructions and algorithms. It can open trades automatically and no human intervention is needed. The algorithms used in trading generally analyze the market through technical parameters. They simply analyze prices, determining the best time to buy and sell currency pairs.
EA has a number of advantages:
- EA software enables the traders to take part in the foreign exchange market at any time
- EAs trade multiple instruments non-stop
- They help to exclude emotions in trading
- EA perform faster than human
However, EA works based on certain set tools, while manual trading cannot be beaten by any automated strategy, EA or a robot. Thus, traders have to choose suitable practice for them considering all the factors.
Forex MT4 EA Automated Trading System
One of the strongest sides of Meta Trader 4 is automated trading. It helps the traders to develop and apply EAs.
The platform presents the Integrated Development Environment (MQL4 IDE) that allows creating Expert Advisors and technical indicators with different complexity levels. It is very functional, flexible and effective. All in all, Meta Trader 4 enables the traders to develop Expert Advisors and technical indicators.
|Trading Platform||Programming Language|
|🖥 MetaTrader 4 (MT4)||MLQ4|
|💻 MetaTrader 5 (MT5)||MLQ5|
|📱 NinjaTrader 8||C#|
It is important to know that there are different EAs for MT4 and MT5. In fact, they both provide automated trading but each of them has a different function.
How to add an Expert adviser to MT4:
- Open MT4
- Go to file and open data folder
- Choose MQL4
- Choose expert advisors or indicators
Forex EA Software
Expert Advisor is a software that trades a strategy for you.
EA is a part of Meta Trader MT4 or MT5 platforms. It can be selected from the marketplace for free or with some fee. It is created and coded using Programming Language – MLQ4 or MLQ5.
MQL4 is an object-oriented programming language aimed at trading strategy development. As to MQL5 programs, they work up to 20 times faster than MQL4 ones. The platform permits trading both on Forex and a stock exchange. It also gives an opportunity to develop a trading strategy for multiple instruments.
Best Forex Brokers for EA Trading
The role of a broker plays an essential role in EA trading. To be able to decide which are the most favorable forex brokers for EA, we tested and reviewed several forex brokers. For our tests we opened live accounts and deposited real money with the brokers.
Moreover, we also checked the brokers’ spreads and commissions, trading platforms, deposit and withdrawal conditions, education, and customer service.
This said, we have come up with the list of the best forex brokers for EA.
- IC Markets
- Vantage FX
Best Overall EA Forex Trading Broker
We picked OANDA as the best overall forex broker for EA.
OANDA was founded back in 1996 and is heavily regulated. It holds licenses from world recognized top-tier authorities: FCA, ASIC, IIROC, MAS in Singapore, FFAJ Japan.
Oanda spreads are calculated through an Oanda platform. The platform is connected to global banks that provide accurate foreign exchange and CFD rates.
The broker offers a range of instruments in Forex and CFD trading, currency pairs, indices, commodities, bonds and metals, futures trading, commodities futures. As to trading platforms, OANDA has its own proprietary platform – Oanda Trade. It also offers the popular MT4 platform.
The broker also provides excellent education materials, webinars, etc. The materials are divided into levels, so that traders will not have difficulty finding what they need.
Best EA Forex Broker for Beginners
We picked FxPro as the best forex broker for EA for beginners.
FxPro was founded in 2006 and it is located in the UK. FxPro is a CFD broker. It offers instruments across a number of markets: forex, shares, spot indices, futures, spot metals, and spot energies.
FxPro is licensed and regulated in the United Kingdom, Cyprus, South Africa, and The Bahamas.
FxPro trading fees are built into spreads, which depend on the account type. Spreads on MT4 accounts are significantly lower than the industry average, while on MT5 accounts the spreads are around the industry average or a little higher. The broker offers MT4, MT5, cTrader and FxPro (EDGE) trading platforms to the traders.
FxPro is suitable for newbie traders, as it offers quality educational resources to traders. The material is divided into beginner and advanced levels. The traders can find text-based tutorials, video tutorials on trading, videos explaining the tools. Also, the broker has a Demo account which is a great asset.
Best Forex Expert Advisor MT4 Broker
We have picked XM as the best MT4 forex broker for EA.
XM is a global Forex and CFD broker. It was founded in 2009. The broker is licensed in Australia, the United Kingdom, Cyprus, the UAE and Belize.
XM offers a number of instruments to traders: Forex pairs, indices, stocks, and commodities. The broker mostly charges average fees for trading the main instruments. XM’s average spreads are equal to or lower from the industry averages.
The broker does not have a proprietary trading platform. What makes it a favorable forex broker for EA is that it offers its traders the popular MetaTrader 4 and MetaTrader 5 platforms. The broker has two options to trade: either via the broker’s website, or the mobile and desktop MT4 and MT5 applications.
Best Low Spread EAs Forex Broker
We have picked Vantage FX as the best low spread forex broker for EA.
Vantage FX is a forex and CFDs broker, founded in 2009. It is headquartered in Sydney, Australia. The broker is regulated in the United Kingdom, Australia, Vanuatu, and The Cayman Islands.
The main trading offerings of Vantage FX include forex, indices, commodities, cryptocurrencies, and shares CFDs. During our tests, together with other advantages, Vantage FX stood out for its favorable spreads. We found that forex spreads are much lower than the industry average. Spreads on commodities are also lower than the average benchmark. This is why it is considered the best low spread forex broker for EA.
EA Forex Brokers List
We have created a list of the forex brokers for EA. For this, we opened real accounts, deposited money, so that to test the conditions and offerings of each of them.
|Forex Broker||Trading Platforms||EA Trading||Our Review|
|FxPro||MT4, MT5, cTrader, FxPro EDGE||Yes||FxPro Review|
|Admiral Markets||MT4, MT5||Yes||Admiral Markets Review|
|BlackBull Markets||MT4, MT5||Yes||BlackBull Markets Review|
|GO Markets||MT4, MT5||Yes||Go Markets Review|
|XM||MT4, MT5||Yes||XM Review|
|FXTM||MT4, MT5, FXTM Trader||Yes||FXTM Review|
|Vantage FX||MT4, MT5||Yes||Vantage FX Review|
|ICM Capital||MT4, MT5, cTrader||Yes||ICM Capital Review|
|ThinkMarkets||MT4, MT5, ThinkTrader||Yes||ThinkMarkets Review|
|Amana Capital||MT4, MT5||Yes||Amana Capital Review|
|FP Markets||MT4, MT5, IRESS||Yes||FP Markets Review|
|AxiTrader||MT4||Yes||Axi (AxiTrader) Review|
FAQ and More on Forex Brokers for EA
Traders often have many questions related to generic trading-related queries about Forex Brokers for EA. We’ve picked some of the most important ones and provided answers to them.
What is a Good EA for Forex trading Australia
Traders may wonder how to choose the best forex brokers for EA in Australia. When picking a broker, it is essential to pay attention that the broker offers a good Mt4 or MT5 trading platform. Based on this, we have picked several brokers:
Here are the best forex brokers for EA Australia:
- GO Markets
- IC Markets
EA Forex Academy
We have discovered an EA Forex Academy that is established as a private firm. Its purpose is to educate traders on EA trading. It helps to create, analyze and test the Expert Advisors without programming. However, it is not an official MetaTrader company. Thus, our advice is to check if this Academy can meet your needs.
Besides, most of the forex brokers for EA already provide education. They include Automated strategies and teach EA trading on their special courses. So, choosing a reliable broker is the key to favorable EAs trading. You can also check our article on the Best Online Forex Trading Courses.
However, to be helpful, we have selected brokers that provide special courses and are favorable forex brokers for EA:
- CMC Markets
Best Free Forex EA in the World
Actually, there is no such thing as the best EA in the world. In fact, the best free forex EA is the one that suits your needs. So, before choosing, make sure to go through the tools and offerings, to make the best choice that will meet your expectations.
Author of this review
By George Rossi
Author of this review
I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.
Now I am passionate about reviewing and comparing forex brokers.
Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology