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Forex is one of the most profitable financial markets but it is also a complicated one. Several parameters that a trader has to take care of before they can call themselves experienced. But there are a lot of ways using which one can quickly grasp ways to improve one’s trading skills. This way of trading is a hugely popular way in which traders do not have to spend hours trying to decode the market movements before entering/exiting trading positions. But only a few best brokers for automated trading can be trusted to turn your trading journey into a profitable one.
Best brokers for automated trading are well-known brokerage platforms that allow the use of forex robots and expert advisors to boost a trader’s performance. As a result, any individual can meet their trading goals without having to do much labour. But if you have never tried automated trading then it could be difficult to understand why it is so important in the first place?
3 best brokers for automated trading are as follows:
#1 eToro
This particular platform became well-known for offering copy-trading options to forex and crypto traders. Using this feature, traders can copy trading strategies as well as automated strategies on any of the portfolios created by eToro itself. For newcomers who do not possess a lot of experience, this broker is perfect for automated trading as there is an ultimate demo account. Opening a real account costs only $50 (depending on the country of residence).
#2 Interactive Brokers
Those who have spent some time trying automated trading can recognize Interactive Brokers or IBKR pretty well. This broker flaunts an advanced API system, especially for all the seasoned forex traders who can handle its functionality. It helps manage automated trading perfectly without making it seem too confusing. IBKR is a relatively better forex broker that supports automated trading as its proprietary platform also allows those with coding skills to create their trading robots.
#3 HotForex
If you are looking for a reliable and best forex broker that allows automated trading as well as copy trading, then HotForex is the one for you. Users of this broker get to use Autochartist which could be connected with the MetaTrader platform. Once connected, you can easily test algorithms and their effectiveness to trade like a pro. The only alternative to HotForex is opening an MT4/MT5 account to create/download expert advisors.
Below are a few pros as well as cons of automated trading;
Pros:
- By trading automatically, some of the key factors that people often forget to keep an eye on are removed. It contributes to fewer losses at the end of each trade irrespective of the market condition.
- Automated trading with the help of forex robots and EAs is not only for experienced traders but specifically helpful for newbies. It generates profitable results given the conditions for all types of forex traders.
- When people trade manually (i.e. without taking the help of an automated tool), they often make mistakes due to human emotions, stressing over the market condition, less experienced, and market pressure. But with automated trading, anyone can avoid taking that route and trade freely.
Cons:
- Automated tools are fully dependent on a stable internet connection to remain active and run efficiently. Without the presence of the internet, the system would remain non-operational and traders would have to switch to manual trading.
- It does not match everyone’s trading style perfectly and therefore might not be ideal for you if you have a hands-on trading strategy. By removing the trader’s control from several aspects, it might feel limiting to an extent.
- Most automated trading platforms and tools available are scams and do not help a trader meet their trading goal at all. Instead, it could prove to be a money-eating machine that everyone should avoid.
- It does not bring consistent results because the forex market is a dynamic one where people must research and analyze every movement. So it is impossible to always make a profit even with the help of the best brokers for automated trading.
Best brokers for automated trading make sure that one can stay ahead of the market’s unpredictable changes and still make a profit for themselves.
