Best Automated Trading Platform 2023 – Cheapest Platform Revealed
Automated trading is favorited by both full-time and part-time traders. Many investors want to inject money into the financial markets – but they are hindered by the fact that they have little to no understanding of where to start.
Others may not have the time for trading and researching the markets. One solution is to opt for auto trading, an algorithm that determines what to buy and what to sell based on a predetermined trading strategy.
The trading algorithm can be custom built or purchased from market professionals. There are companies that specialize in automated trading in different market sectors. A team of developers is often seen behind successful trading bots.
In this guide, we discuss the some of the top automated trading platforms in 2023.
Automated Trading Platforms Reviewed
In choosing the best automated trading platform for your needs, there are many things to consider.
For example, are you looking for a 100% automated process, or are you looking to retain some control of your portfolio? You also need to consider the legitimacy of the platform, fees, and which assets you will be gaining exposure to.
1. AvaTrade – Access EAs through MetaTrader 4 and trade over 1,200 cfds on a licensed platform
AvaTrade is primarily an online trading platform that allows you to buy and sell on a do-it-yourself basis. However, the provider is also offers exposure to MetaTrader 4 (MT4)- making it a good automated trading solution.
MT4 supports automated trading platforms and forex EAs (expert advisors). The automated trading software/expert advisors are pre-programmed files that are tasked with following a set of advanced trading rules and market conditions.
The main concept here is that the EA will trade on the users’ behalf.
In fact, once the robot has been setup and given authorization via MT4, it will then scan the markets and place orders for 24 hours per day, 7 days per week.
In the case of AvaTrade, the provider supports thousands of instruments – covering forex and CFDs in the form of the stocks, metals, crude oil, cryptocurrencies, and more. The platform is a 100% commission-free broker, so the only fees applicable are the spread.
AvaTrade is regulated by reputable financial bodies. The main drawback of taking the robot/EA route is that you need to find a suitable provider. This is because there are thousands of websites selling automated trading software for the MT4 – so you need to do lots of research and backtesting before taking the plunge.
Fee Amount CFD trading fee Variable spread EURUSD spread 0.9 pip Crypto trading fee Commission. 0.25% (over-market) for Bitcoin/USD Inactivity fee $50 per quarter after three months of inactivity Withdrawal fee Free
79% of retail investors lose money trading CFDs at this site
2. Dash2Trade – Access automated cryptocurrency trading, signals and social trading on a blockchain-based platform
Dash2Trade is a crypto social trading and analytics platform that aims to revolutionize the way that traders navigate the market. The platform offers everything that you need to make informed trading decisions, including advanced trading signals which can automate your trading strategy.
Dash2Trade is in beta but it set to be a popular option amongst investors when it becomes available.
The expertise from the project’s team mixed with the overall aim to provide as much value to users as possible puts Dash2Trade is a strong position to be the next best automated trading platform for cryptocurrencies.
As well as signals, users of the platform will have access to in-depth token analysis, token listing alerts, strategy builder, discord channels and exclusive trading competitions amongst a number of other helpful tools.
To access the platform, users will need to hold the tax-free D2T token. D2T is an ERC20 utility that will act as the main currency of the Dash2Trade ecosystem. The token will have real-world value and will be given to traders as a reward. The token is currently available to buy via presale. Buying now is the best way to take advantage of future price increases.
Crypto assets are highly volatile. Your money is at risk.
3. Learn2Trade – A top-rated signals provider that runs through Telegram with a user base of over 11k traders
You might not feel comfortable about not having any say in where your money goes and thus – you want a bit more control.
If this sounds you, then you might be more suited for a platform like Learn2Trade. In a nutshell, Learn2Trade is one of the most established and reputable trading signal providers in the online space. For those unaware, signals relate to real-time suggestions that tell you what trades to place and when.
Signal providers like Learn2Trade based these suggestions on advanced technical and fundamental research via a team of in-house traders. Once a trading opportunity has been identified, Learn2Trade will then send a signal out via Telegram. These signals provide everything you need to know to act on the trade. The key attraction with opting for signals as opposed to a fully automated trading system is that users have full control over their funds.
That is to say, users are under no obligation to act on any of the signals that Learn2Trade distributes. In terms of what assets the signals related to, Learn2Trade primarily specializes in automated currency trading and cryptocurrency trading.
However, the provider also sends out signals relevant to stocks, gold, and indices.
Learn2Trade Premium Account Example
If you like the sound of Learn2Trade but want to test the waters out first, the provider offers 3 free signals per week. Alternatively, you can opt for the Premium Account on a 30-day moneyback guarantee basis – which gets you around 3-5 signals per day. The Premium Account comes at a cost of £35 per month, albeit, you can reduce this by signing up for a longer plan.
Crucially, Learn2Trade has not only been involved in the trading signal and automated strategies scene for several years, but it now has a Telegram group following of over 11,500 members. Finally, it’s also worth checking out the Learn2Trade website – where you will find hundreds of free educational guides and courses.
There is no guarantee that you will make money with this provider. Proceed at your own risk.
4. Forex.com – Top forex trading platform with over 20 EAs, custom indicators and access to advanced charting tools
Forex.com is a major player in the forex trading scene. This heavily regulated online broker allows you to trade over 80 forex pairs – covering a wide variety of majors, minors, and exotics.
In a similar nature to AvaTrade, Forex.com offers the MT4 and MT5 including web and mobile support – meaning, users can install an automated trading file with ease.
These EAs are based on technical tools such as pivot points, moving averages, and an Alarm Manager. These popular forex EAs are fully customizable. In addition to this, Forex.com also offers a fully-fledged MT4 Virtual Private Server (VPS) hosting facility.
A VPS improves latency in automated trading. Additionally, if your internet connection is disrupted, the VPS assures the EA will continue running.
For those unaware, this is a crucial requirement if you plan to have your automated trading platform operational 24/7. After all, the automation requires an obscene amount of processing power. Plus, by utilizing a VPS, you can keep track of your forex trading platform robot via the MT4 app in real time.
In terms of the specifics, Forex.com – which is US-friendly, has no minimum deposit in place when finding your account via bank wire. If opting for a debit/credit card, the minimum stands at $100. Either way, you can choose from several accounts – one of which offers commission-free trading.
Fee Amount CFD trading fee Variable spread EURUSD spread 1.2 pips Crypto trading fee N/A Inactivity fee $15 a month after 365 days Withdrawal fee Free
80% of retail investors lose money trading CFDs at this site.
5. NinjaTrader – Futures trading platform with advanced automated tools curated by over 600 expert developers
NinjaTrader offers brokerage accounts and services for futures and options and also home to one of the most extensive automated trading software libraries in the space.
In fact, the platform offers over +1,000 trading software add-ons – covering everything from charting tools, technical indicators, simulators, and more. With more than +600 app developers using NinjaTraders, the platform is particularly useful for programmers and those looking to build an advanced trading process from the ground-up.
The platform is targeted at experienced traders rather than beginners. With that said, the NinjaTrader Ecosystem does contain over 100+ automated trading strategies that can be installed directly into the platform via an API.
These strategies are based on historical data and pre-build trading conditions – meaning that the auto trading software will buy and sell on your behalf without any manual trading requirement.
Although the strategies are provided by third-party vendors – there is a simple, risk-free way to test them out. Use the NinjaTrading demo account facility and see how the automated platform performs.
Users can view reports in real-time, allowing you to amend, be interactive and tweak the algorythm until it meets the desired strategy.
When the strategy is ready to start trading in live conditions, this can be facilitated via the NinjaTrader brokerage platform. With that said, many top-rated trading platforms – including the likes of AvaTrade, offer full integration with NinjaTrading automated strategies. This will provide access to a much larger asset base at more competitive fees.
80% of retail investors lose money trading CFDs at this site.
How To Use An Automated Trading Platform- AvaTrade Guide
You can start using an automated trading platform in minutes to streamline your trading. Most platforms will ask for personal details, proof of ID and a payment method to get started.
In this guide, we will walk you through how to use the AvaTrade automated trading features.
Step 1: Create an account
To use AvaTrade automated trading, you will need to first register with the broker. The registration process takes a few minutes to complete but it can take up to 48 hours for your ID to be verified. If you already have an account, you can skip this step.
To register, simply fill out the form with your personal details including an account username and password. Then, you will be asked to upload two forms of ID: one will be used to verify your ID and the other will be used to verify your address.
Make sure that the photos you upload are clear. This will speed up the verification process.
Step 2: Deposit funds
Once your account is verified, you will be able to deposit funds into your account. You cannot use the platform features without doing this. The minimum deposit for Avatrade is $100.
You can deposit funds with a number of payment methods including: debit card, credit card, bank transfer, PayPal, Skrill and Neteller. There are no fees for depositing funds into your AvaTrade account.
After a few minutes, the funds should appear in your account balance.
Step 3: Switch to demo trading
After depositing funds, it is a good idea to switch to the AvaTrade demo trader so that you can practice using the auto features without putting any real money at risk.
On the web platform, simply go to the left side navigation bar and click ‘switch to demo’. You will then be given virtual funds to practice trading with.
Step 4: Download MT4 or MT5
To start auto trading with AvaTrade, you will need to use MetaTrader.
You can download Mt4 or Mt5 on desktop or mobile and connect your Avatrade account to the platform. From here, you will be able to access the automated features that are available through the charting tool.
Step 5: Test out auto trading features
The next step is to use your demo trading account with MetaTrader to test out different APIs. You should test as many tools as possible before putting any real money at risk.
Your capital is at risk. Other fees apply. For more information, visit etoro.com/trading/fees.
How do Automated Trading Platforms Work?
The term automated trading platform is somewhat of a loose one. The reason for this is that it can refer to several types of automated trading tools.
This generally includes:
Fully Automated Trading Platforms
A full-automated trading platform allows users to trade passively. These platforms use algorithms, ML and AI to conduct research, spot trading opportunities, open positions and close positions on the trader’s behalf.
Fully automated trading platform are sometimes called ‘robots’. This is because the tools work independently, without any need for intervention by the trader.
Fully-automated trading platforms make it possible to trade around the clock, even if you are busy doing other things. However, these platforms come with high risk and are not 100% accurate.
Automated Trading Signals
Most investors seeking the best automated trading platforms like to take a fully hands-off approach.
This means choosing a trading strategy and investment amount – and then sitting back passively. On the other hand, many investors like to retain an element of control over their trading funds.
As such, another option to consider in the world of automated trading is that of a signal service provider. As we covered earlier, signal platforms like Learn2Trade have the functionality to send trading suggestions throughout the day.
These suggestions are sent out by a team of experienced traders that manually scan the markets via chart reading tools and technical indicators.
A Learn2Trade signal would look like the following:
- Asset: EUR/AUD
- Order: Buy
- Entry Price: 1.5573
- Take Profit: 1.5609
- Stop Loss: 1.5502
As per the above, once you receive the signal in real-time via Telegram, it’s then simply a case of heading over to your chosen broker and placing the suggested orders. Users can, of course, decide to perform some independent market data research of their own before acting or ignore the signal altogether.
Automated Trading via MT4
The third option is to use MT4, supported by hundreds of online brokers. It allows users to install robot files to automate their trades. Once the files are installed into MT4, it will then buy, sell, and trade financial instruments automatically.
Everything is fully automated, as the file is only tasked with following pre-built algorithms installed within the software file. The key problem here is that there is no way of knowing whether or not the strategy has what it takes to make consistent profits.
After all, their are thousands of providers selling their so-called ‘expert’ files – but rarely do they have the capacity to outperform the market. As such, if you do opt for an automated trading platform via an MT4 broker, just make sure that you do some backtesting on the robot for at least a month in demo account mode before risking any capital.
Note: Automated trading robots are also known as forex EAs. The former covers all asset classes while the latter is currency trading specific.
Choosing the Best Automated Trading Platform
There are many things that you need to think about before choosing an automated trading platform for your needs. Not only will you be risking your own money – but you are handing the decision-making investment process over to a third-party.
With this in mind, we suggest making the following considerations in your search for the best automated trading software reviews of 2023.
What Types of Auto Trading it Offers
Your first port of call is to assess what type of auto trading platform you will be joining. We explained the three main types of platforms in the sections above.
But, to recap, your options are as follows:
- Fully Automated Trading: A fully automated trading experience – and your chosen platform doubles up a brokerage firm. This means that everything is conducted in-house.
- Semi-Automated Trading via Signals: Your chosen provider will send you trading signals in real-time. You are then required to place the suggested trades with an online broker.
- Automated Trading or Forex EA: This option requires you to download and install a file/EA into MT4. You must choose an online broker that is compatible with MT4 and permits automated trading.
Can you Verify Results?
Most automated platforms in the online space have one thing in common – they make super-bold claims about how much money you can make. But, rarely do these claims come to fruition. As such, it’s fundamental that you are able to verify whether or not the automated trading platform is legitimate and credible.
Past performance is not an indication of future results
How you are able to do this will depend on the type of automated trading platform you go with. For example, if using the Copy Trading tool, you have access to key data.
This includes the trader’s historical returns, risk rating, preferred asset, maximum drawdown, and more. This allows you to make an informed decision in a transparent way.
If you are opting for a signal provider or third-party robot supplier, then being able to verify their results is a lot more challenging. This is because unless the provider has signed up with a platform like Myfxbook – which allows signal/robot sellers to publicly display their trading results, it’s impossible to know how good the system is without testing it yourself.
Irrespective of which automated trading platform you go with, you need to have a think about which assets you wish to gain exposure to. For example, if using an automated robot – it will likely specialize in a particular marketplace, like forex or crypto. This is also the case with signal providers.
Once again, fees in the auto trading scene will vary wildly depending on the type of platform you seek. The main fees that need to be considered are as follows:
If opting for an automated trading platform that allows you to copy a trader, there is every chance that a revenue share fee will be in place. This means that the trader will collect a percentage of all profits that it makes for you.
- Let’s say that the automated trading platform has a revenue share of 10%
- You invest $2,000 into a stock trader
- At the end of month one, the trader has made returns of 20%
- On a $2,000 investment, this means you have made gains of $400
- The trader will collect their revenue share of 10%, so on a $400 profit, that’s $40
- This leaves you with gains of $360
Robot/EA Purchase Fee
If using an automated trading platform via MT4, then you will need to purchase a forex EA from a third-party provider or develop the EA on your own.
As such, this is a direct fee that you need to factor in. This will be a one-time fee or a recurring subscription. After that, you can use the robot/EA for as long as you like.
Don’t forget, you still need to use an online broker when using an automated trading system. Whether you opt for signals or an MT4 robot, you need a platform to facilitate your buy and sell positions.
This will, of course, attract brokerage commissions and fees, which you will normally need to pay every time a trade is placed. In scalping strategies where a small market movement is targeted, the spread (the difference between the buying price and the selling price) is important to factor.
The way the markets are trading plays a vital role in the success of the automated strategies. Some EAs for example outperform when the market is volatile while others shine during less volatile conditions.
A great example of market volatility is during the release of the U.S non-farm payrolls (NFP). The spreads tend to widen and an aggressive reaction takes place across multiple markets.
It is essential to understand what market conditions are best suited for the EA.
Make no mistake about it – automated trading robots and signal providers are not regulated. They don’t need to be, as they are not offering financial services of any sort.
Instead, they are merely providing trading suggestions and/or software. With this in mind, the automated trading platform does not answer to a regulator or financial body of any sort.
As such, this opens up the doors to a murky ‘trading system’ industry that is known for making overly bold claims of ‘guaranteed’ returns.
In our search for the best automated trading platform of 2023, we came across a number of providers that offer no customer service whatsoever. Well, they offer an online support ticket system, but rarely did we receive a reply to our queries.
On the flip side, all the automated trading platforms that we have discussed on this page offer top-rated customer support. This often comes via a Live Chat facility, so you can speak with an agent in real-time.
Perhaps the most important safeguard that stands between you and your chosen automated trading platform is that of a demo account facility. This is the case irrespective of the type of auto trading provider you select.
Demo accounts allow you to test automated software without needing to risk any of your capital.
This is particularly important in the case of automated trading signals and robots. After all, there is no sure-fire way of knowing how legitimate the provider is with its claims.
For example, you could test each and every trading signal out via a demo account – meaning that the entire process is risk-free. In the case of robots and forex EAs, all you need to do is install the software onto MT4 and then run the platform on demo mode.
What are Automated Trading Platforms?
Automated trading platforms, otherwise referred to as EAs (Expert Advisors) or simply ‘bots’, allow you to trade assets in a 100% passive nature. The main concept is that the trading platform will make decisions based on pre-programmed code.
The underlying algorithm will therefore perform technical analysis in an autonomous manner – making it perfect for inexperienced traders or those that lack the time to actively research the markets. When the system spots a trading opportunity, it will then proceed to place a series of orders.
The best automated trading platform will not only place buy/sell and limit orders but also stop-loss and take-profit orders. In doing so, this ensures that the system trades in a risk-averse way and thus – don’t burn through your balance in one fell swoop. In most cases, the platform will come via a downloadable software file that you need to install into a third-party platform.
MT4 is usually preferred by developers, albeit, MT5 and cTrader are often compatible too. More on this shortly. In terms of supported markets, the best trading platform providers will cover everything from forex and stocks to commodities and Bitcoin.
How do Automated Trading Platforms Work?
As we briefly noted in the section above, the best automated platforms usually come in the form of a software file. You would then be required to install this into a platform like MT4. Then, you would need to link your MT4 account with an online broker. Once you activate the file, it will then be able to trade on your behalf.
In terms of how the system makes trading decisions, everything is based on pre-programmed code. The developer behind the system will have a specific strategy in place. For example, you might opt for a platform that scalps the forex markets 24/7 or one that targets high-volatility instruments like crypto.
To clear the mist here’s a quick run-through of how the best automated trading platforms work
- You purchase an automated trading platform that is compatible with MT4
- You download the file to your desktop computer
- You open a live account with an MT4 broker like Libertex and deposit some funds
- You log into MT4 with your Libertex credentials and install the file
- You activate the file via MT4 and it begins placing orders on your behalf – 24/7
The process above is pretty much the same as other platforms – such as cTrader and MT5. With that said, some providers do not require you to download any software. Instead, they allow you to activate the system through the provider’s website which in turn – will trade at a broker that has partnered with the developer.
Can You Really Make Money With Automated Trading?
It is possible to make money with automated trading if you manage risk, conduct your own research and only invest funds that you can afford to lose. However, profits aren’t guaranteed even with automated trading tools. This is because market volatility is very difficult to predict.
Nevertheless, automated trading can increase your chances of making a successful trade and can help to ensure that you don’t miss out on profitable opportunities when you are away from the trading screen. The best way to make money with automated trading tools is to use them as a guide alongside your own research and analysis.
For example, you could use a tool to search for profitable opportunities. Then, conduct your own analysis to verify the trading opportunity before choosing whether or not to take it. When used this way, automated trading tools can help to filter the good trades from the not so good ones.
It is also important to have a strict risk management strategy in place in order to profit from automated trading. A risk management strategy might include setting stop loss and take profit targets, managing your emotions and only placing a handful of trades each day to avoid over confidence.
How to Choose the Best Automated Trading Software
The process of installing and deploying an automated trading system is actually very simple. The difficult part comes in choosing a trading platform that has the potential to make you consistent gains. With thousands of such providers marketing their services online – knowing which one to opt for can be challenging.
To ensure you choose the best trading platform for your needs – be sure to consider the following recommendations:
- Win Rate and Performance: In selecting the best trading platform, you need to have a firm idea of how it has performed since it launched. Most providers publish a win rate and ROI in percentage terms. You do, however, need to see if there is a way for you to verify the provider’s claims.
- Reputation: You will come across many automated trading platform websites that make bold claims of unprecedented financial returns. However, many of these providers are scams – so you need to do some homework about the system’s reputation.
- Price: You will likely need to pay a fee to obtain your chosen automated trading platform. In most cases, this is a one-time fee. With that said, some providers will instead charge a monthly subscription.
- Assets: To choose the best trading platform for your financial goals – you should think about what asset you wish to target. For example, while some systems focus on forex, others will target stocks, commodities, or even cryptocurrencies.
- Strategy: It’s also wise to have a firm grasp of the strategy being utilized by the trading system. For example, does the algorithm scalp small gains throughout the day, or does it look to enter the market when an asset breaks out?
There are many other factors that should be considered when searching for the best trading platform. But, these are the most important.
There is no guarantee that you will make money with this provider. Proceed at your own risk.
Those with little to no experience are attracted to automated trading, as there is no requirement to perform any technical or fundamental research.
Similarly, even those that know how to invest well will often opt for an automated copy trading platform – as they simply don’t have the time to actively invest. The most challenging part of the process is finding a suitable automated trading platform for you and your financial goals.
Crypto assets are highly volatile. Your money is at risk.
Is Automated trading profitable?It can be, but there are no guarantees and you should always proceed at your own risk. The key problem is that it is often difficult to verify the results of an automated trading system without testing it out yourself. This is why you should always test the trading product before risking your own capital. .
Can you automate day trading?Yes, there are several ways in which you can automate day trading. One option is to obtain a trading robot and install it into MT4. The robot will then trade on your behalf 24 hours per day. Another option is to use a signals provider that will alert you of potential trading opportunities.
Are automated trading platforms a scam?Unfortunately, many automated trading platforms are a scam. This is because they promise unprecedented financial returns or guaranteed profits, but in most cases, rarely is this the case. There are, however, a number of transparent automated trading platforms that are worth looking into. Notably, this includes AvaTrade, and Forex.com - all of which are regulated.
What is a forex EA?A forex EA (expert advisor) is another term for an automated trading robot. You will install the forex EA into a third-party platform like MT4, MT5, or cTrader. In doing so, the EA will buy and sell on your behalf.
Is bot trading legal?Yes, bot trading is legal in most jurisdictions. You must, however, ensure that your chosen platform allows bot trading.
What is the best automated trading platform for signals?If you're looking for a top-rated signal provider, Learn2Trade seems to very popular in this space. With more than 11,500 Telegram group members, Learn2Trade specializes in crypto and forex signals.