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How To Choose Best Automated Forex Trading Software In 2023

How To Choose Best Automated Forex Trading Software In 2023

There are approximately 10 million active traders engaged in forex trading at the moment. This figure consists of all types of traders from all parts of the world and includes both institutional and retail traders, and a vast majority of them resort to automated trading strategies for getting best possible results. The average daily trading volume of the currency market had reached $7.5 trillion in the year 2022 and more than 90% of this trading volume was generated by automated trading softwares. This alone proves the powerful capabilities of automated forex trading. In the absence of these algorithmic trading systems, the forex market will surely lose its spot as the world’s largest trading market. Because placing and executing such a huge amount of trades is way beyond human capacity.

Hence, it is safe to assume that trading automation acts as a pillar for the currency market without which the market will fail to function smoothly. So, as a trader engaged in forex, you should also be exploring the prospects of automated forex trading as automation is likely to become an essential component for profitable trading in the near future. With this article, we will give you a complete guide to help you get started with automated forex trading. We will be providing you with a comprehensive list of the best automated trading software of 2023 to help you choose the best one for your trading needs.


1. Zulutrade: The first spot in our list for best platforms for robot trading forex goes to Zulutrade. This is the perfect place for a complete beginner to start exploring the forex market with no prior knowledge and experience. Different auto trading platforms use different techniques for automation and the one that Zulutrade uses is auto copy trading. It is one of the biggest free copy trading platforms where you can trade different instruments like forex, crypto, commodities, stocks and indices, etc. You can easily open an account with any of the supported brokers and the trading cost will depend on the broker you choose. Zulutrade also holds a licence from the European Union for portfolio management which makes it a regulated and trusted platform.

You can avail the benefits of a professional trader by following an experienced trader of your choice for copy trading. They have a transparent algorithm based ranking system that constantly ranks traders on the basis of their account performance. You can get all relevant details about a trader from their profile including max drawdown and return on investment. The moment you follow a trader their trade positions will get copied to your account in real time. You can also choose to trade manually if needed. This automated copy trading platform will be apt for anyone who wants to make profits with active or passive trading with minimal effort on your part.


2. eToro: eToro has secured the 2nd place in our list of best automated trading platforms with its advanced social trading tools and features. This multi-asset platform is suitable for all kinds of traders and investors and has become quite popular as a crypto copy trading platform. They also offer other instruments like stocks and forex but still the one taking the limelight is cryptocurrencies. But they also offer many innovative tools for forex automation as well. eToro is also regulated by many top tier authorities like FCA, ASIC and CySEC making it a reliable trading platform.

You can check the top traders on the platform and choose the best one for you to copy based on their overall performance. The trade positions of the trader you choose will be automatically copied to your trading account instantly. They are offering many advanced tools and features to their users for both trading and investments. Copy trading is one such tool that helps in automating your trades with very little effort. This makes them a beginner-friendly platform for automated trading.


3. Duplitrade: The third best automated trading platform in our list is Duplitrade. Just as the name implies this is another platform that uses an auto-copy feature for automating the trading process. You need to sign up with any of the supported brokers for copy trading on Duplitrade. Then you can start looking for a trader to follow and their trade positions will be mirrored in your account quite easily. Copy trading is one of the most popular methods for forex automation at the moment. And this platform has all the essential tools that you need for trading with ease.


4. Trading bots / EAs like Forex Fury: One of the first things that comes into our mind when we hear the term automated trading would be trading bots and expert advisers. The usage of forex robots for trading is becoming more and more common within the traders community. These expert advisors can monitor the market space 24/7 and can also place trades based on the pre-programmed commands. And a perfect example to mention for forex robots would be this EA called forex fury. It is one of the most popular trading bots at the moment. These bots can execute complex trades on your behalf within less time and with higher accuracy. This makes them a useful tool for automated trading.


5. MT4: MetaTrader 4 is one of the best trading softwares and is very popular among those who trade forex. Almost each and every forex trader must have used the MT4 platform at one point. This platform is a complete package and has all the tools you will ever need for trading. Majority of brokers and third party trading platforms have integrated MT4 to their site for providing a seamless trading experience to their users. Many novice and experienced traders prefer MT4 over other similar platforms due its user-friendly interface.

MT4 also has many advanced features for forex automation which makes it rank 5th in our list of best automated forex trading software. You can use a ready-made EA or can even create a new one if you know some coding and programming. The MT4 community also has some experienced programmers to do the work for you at an affordable price. They also offer many social trading tools which is a plus. All of these make MT4 a suitable trading software for auto trading forex.


6. MT5: MT5 is an updated version of MT4 which caters to the needs of modern traders. MT4 has more of a traditional touch whereas MT5 can be the perfect platform for advanced forex trading. MT5 functions as a multi-asset trading platform with a bunch of new features and tools which makes it superior to its successor MT4. MT5 is especially superior when it comes to algo trading or automated trading possibilities. The platform can be used to execute simple as well as complex trading strategies and surpasses MT4 when it comes to speed of execution and overall trading experience.


7. cTrader: cTrader is another popular trading software which can be used for auto trading forex with ease. This software is being used by many traders for an advanced trading experience. You need to sign up with a broker that offers cTrader for trading. You can make use of the copy trading tools and algo trading features on this platform for forex automation.


Benefits of Using an Automated Trading Software 

  • Suitable for beginners and experienced traders alike.
  • Perfect for passive trading as it requires minimal effort and time.
  • Can be used to execute complex and advanced trading strategies.
  • No chance of manual errors and emotional bias in trading.
  • Apt for high volume trading.
  • No delays as the orders get placed instantly.
  • Allows you to trade like a disciplined professional trader.
  • The time taken to learn and practice trading can be minimised.
  • Backtesting of trading strategies is a lot easier with automated trading.


Problems That Can Arise While Using an Automated Trading Software: 

  • Technical failures will affect your trading results.
  • May require manual intervention and monitoring from time to time.
  • Lack of technical know-how may make automated trading hard for you.


Tips to Follow When Auto Trading Forex  

  • Use VPS services to avoid technical issues related to internet speed and power outages.
  • Use the best automated trading platform or software.
  • Try to find low-cost auto trading services for better results.
  • Monitor your account performance from time to time to detect any deviation.
  • Keep updating your systems as using an outdated strategy or system will not give you optimal results.


“You don’t automate to get rid of the human, you automate to amplify the human” this wise saying by Robert Mann sums up the purpose of automation in every field and this also applies to forex trading. Manual trading is in no way inferior to automated trading. But elements of automation can be utilised for removing the limitations and problems that we experience in manual trading. But automated trading platforms do give us an edge, with technological interventions. This allows us to trade with utmost ease, which is the ultimate goal of automated trading.

Disclaimer: The writer is an experienced financial consultant who writes for Finscreener.org. The observations he makes are his own and are not intended as investment or trading advice.

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