Best Free Automated Forex Trading Software

What if you could take the psychological element out of trading? What if you could trade without becoming a victim of your own emotions? The best automated trading software makes this possible.

Computers give traders the power to automate their moves and take all the emotion out of the deal. By using automated trading software, you can set parameters for potential trades, allocate capital and open or close positions all while you sleep or watch TV.

But automated trading doesn't guarantee automatic profits. There's still plenty of risk involved, even when computers do all the work.

Contents

• Best Automated Trading Software
  • 1. Best Overall: MetaTrader 4
  • 2. Best for Stock Trading: Interactive Brokers API / FIX CTCI
  • 3. Best for Premium Access: Zen Trading Strategies
  • 4. Best Exchange Rates: WunderBit
  • 5. Best for Bot Trading: Botsfolio
  • 6. Best for Automated Crypto Trading: Trality
  • 7. Best for Preset Strategies: Coinrule
  • 8. Best for Variety: Pionex
• What is Automated Trading Software?
  • Pros of Automated Trading
  • Cons of Automated Trading
• What to Look for in Automated Trading Software
• Best Online Brokers for Stock Trading
• Make Your Choice

Best Automated Trading Software

Benzinga has selected the best platforms for automated trading based on specific types of securities. Different categories include stocks, options, currencies and binary options.

No matter your trading style, be sure to research and understand what you're buying. As we previously mentioned, automated trading isn't a golden ticket. You can make money while you sleep, but your platform still requires maintenance.

Best For

• Beginning traders looking to dip their toes into data
• Advanced traders who want a data-rich experience

1. Best Overall: MetaTrader 4

Few pieces of trading software have the power of MetaTrader 4, the popular forex trading platform from Russian tech firm MegaQuotes Software Inc. MetaTrader 4 was released in 2005 to much acclaim and quickly became the forex platform of choice for experienced traders.

MetaTrader 4 could be integrated into almost any brokerage account, allowing users to harness the platform's capabilities without forcing them to open new accounts. The platform runs on its own programming language, MQL4, which is similar to popular programming languages like C.

Additionally, MetaTrader 5 allows clients to trade in markets other than currencies but uses its proprietary programming language called MQL5. Since MQL4 and MQL5 aren't compatible, many users have chosen to remain exclusively on the MetaTrader 4 platform. If currencies aren't your thing, you won't find much use for MetaTrader 4.

Expert advisors might be the biggest selling point of the platform. These programs are robots designed to implement automated strategies. You can purchase EAs from the MetaTrader Marketplace or write your own using the MQL4 programming language.

Read Benzinga's full MetaTrader 4 Review

Best For

Global and Active Traders

Best For

• Access to foreign markets
• Detailed mobile app that makes trading simple
• Wide range of available account types and tradable assets

2. Best for Stock Trading: Interactive Brokers API / FIX CTCI

Interactive Brokers is a global trading firm that offers brokerage services in 31 different countries. Users can access 120 different markets, from equities to bonds to currencies.

New traders will find plenty of educational materials about different products, markets and strategies through its Traders University. Experienced traders can play around with automated systems using Interactive Brokers' API solutions.

Interactive Brokers API allows users to build their own automated trading systems using popular programming languages like Java, Python and C++. You can connect your program right into Trader Workstation.

For even more sophistication, the FIX CTCI solutions enable super-fast trading by leveraging Interactive Brokers' high-speed order routing.

Trades are executed at the best possible prices, but you'll pay extra for this service. Required commission minimums for FIX CTCI are $1,500 per month.

Read Benzinga's full Interactive Brokers Review

3. Best for Premium Access: Zen Trading Strategies

Zen Trading Strategies offers access to premium Tradingview strategies and indicators. You can try any strategy FREE for 1 week when you sign up on its website.

All of Zen's Tradingview strategies allow you to backtest different ideas on Tradingview, so you can take a look at how your trading idea did over historical data in the past.

Try different trading ideas and customize settings for trend detection, mean reversion, volume, breakouts, momentum and more. You can also set stop losses, take profit, and add additional filters for how and when your trades should enter and exit.

You can see the results visually on your Tradingview chart. You can also see where trades enter and exit, how they do it, how much profit they make, how much money they lose and all kinds of other performance statistics.

Best For

Social crypto trading

4. Best Exchange Rates: WunderBit

Tap into the real world use of crypto through a number of products and solutions with WunderBit. It allows its clients to buy and sell Bitcoin safely and securely. WunderBit is simplified so that beginners or crypto experts can use it without no trouble at all.

Wunderbit currently offers a bitcoin and cryptocurrency exchange service, social trading platform, bitcoin payment processing service and over-the-counter service. You can buy with your card or bank account, store currencies in a secure wallet and enjoy advanced security all in one place. Look into WunderBit today.

Best For

Little to No Trading Knowledge

5. Best for Bot Trading: Botsfolio

Want to invest just 5% of your net worth into cryptocurrency markets and make your portfolio outperform the best equity tycoons?

You can do it with Botsfolio. Just answer few questions to know how to allocate investment in different cryptocurrency trading strategies, add investment amounts to your cryptocurrency trading exchange and link it with Botsfolio in minutes. Bots automatically trade from your account and you can track your automated cryptocurrency trading activities on Botsfolio's intuitive visual dashboard.

Get involved in hands-off bot crypto trading today.

Best For

Automating Strategies

6. Best for Automated Crypto Trading: Trality

Trality is a platform for anybody who wants to create highly intricate, super-creative algorithms within an educational, community-driven infrastructure that promotes learning and development as a trader.

Founded in Vienna in 2019, the platform has quickly become one of the most popular choices worldwide for both beginner and advanced crypto traders.

• For those who don't know how to code advanced trading algorithms, the platform developed a state-of-the-art tool calledRule Builder. It's graphical user interface that lets you build your trading bot's logic by simply dragging and dropping indicators and strategies.
• For advanced users who know Python coding, Trality's browser-basedCode Editor is the most advanced of its kind. This tool allows developers to make use of their coding knowledge to create intricate and advanced strategies securely and fast.

Both of their tools allow you to perform lightning-quick backtests so you can validate your algorithms before deploying your new bot into a live market and you can paper trade to see how it is performing right now without using real money.

Trality is absolutely FREE to get started with flexible pricing plans for all sorts of users.

Best For

Advanced Trading Indicators

7. Best for Preset Strategies: Coinrule

Coinrule offers the widest range of preset trading strategies, and the crypto trading bot currently allows users to customize investing with more than 150 trading templates automatically executed when market conditions meet predefined parameters. From accumulation to long-term holding strategies and stop-loss settings, Coinrule constantly introduces new templates to its platform.

Though the number of templates that you'll have access to will vary depending on the plan you choose, Coinrule offers a free package with 7 complimentary template strategies and up to $3,000 in monthly trading volume. Additional paid packages include features like advanced charting options, unlimited template usage and even one-on-one trading tutorials and lessons.

Best For

High-volume Investors

8. Best for Variety: Pionex

Pionex is a massive crypto trading platform that offers 12 unique bots, offering the greatest variety of strategies and results. Each bot takes a different approach to your investment, allowing you to plan for the future, hold over a shorter period of time or turn a quick profit.

Maker and taker fees at Pionex sit at 0.05% for all transactions, keeping your overhead costs as low as possible. You can email or live chat with the Pionex team, or you can use the mobile app to take your trading on the road. The platform is helpful for aggressive, high-volume traders as well as low-risk, low-volume traders.

What is Automated Trading Software?

Automated trading software is a sophisticated trading platform that uses computer algorithms to monitor markets for certain conditions. A stock market trader using an automated platform can set some initial guidelines for equities, such as volatile small-cap stocks with prices that recently crossed over their 50-day moving average.

Traders also set entry and exit points for their potential positions and then let the computers take over. The automated software can screen for stocks that fit the criteria and execute trades based on the pre-established parameters.

Some of the benefits of automated trading are obvious. Human beings are limited in the number of stocks or currencies they can monitor at a given moment. We only have two eyes, right?

On the other hand, computers can look through different markets and securities with a speed incomprehensible to flesh-and-blood traders. Algorithms can spot a trend reversal and execute a new trade in a fraction of a second.

Automated strategies only work in specific market conditions — they aren't universal and you'll need to understand when to deploy them. Additionally, many automated strategies become over-optimized and fail to account for real-world market conditions. Remember, all the backtesting in the world can't make any one strategy foolproof.

Pros of Automated Trading

Automated trading has a massive upside—it does most of the work for you. If you're considering using an automated trading platform, these benefits will likely pique your interest.

• Fast trade execution
• Sticks to a predetermined strategy and doesn't deviate
• Removes stress and emotion
• Lower transaction costs

Cons of Automated Trading

While automated trading can be highly beneficial as an investment tool, it is not without its faults. Weigh these drawbacks against the benefits of an automated trading system before taking the plunge.

• Lack of control is difficult for some traders to accept
• Successful strategies in backtests may falter in real life
• Easy to over-optimize your strategy
• Many robots or expert advisors have questionable success rates

What to Look for in Automated Trading Software

The best-automated trading platforms all share a few common characteristics. Keep these features in mind as you choose.

Access to your preferred markets. Automated software doesn't mean you'll have access to all markets. For example, MetaTrader 4 can only be used to trade forex products. Make sure you can trade your preferred securities.

Reduced latency. When you use an automated trading platform, there could be a lag between your price quote, the transaction and the completion of that transaction. A proper automated trading system should reduce latency as much as possible, protecting your investments and giving you the same access to the market a floor trader has.

Functional interface. Yes, the computers do much of the heavy lifting, but automated platforms still need to be managed (and adjusted when needed). Choose software with a navigable interface so you can make changes on the fly.

Industry-standard programming language. If you really want a unique strategy, you'll need to program it yourself. Programming language use varies from platform to platform. In the case of MetaTrader 4, some languages are only used on specific software.

Detailed price histories for backtesting. Charts are critical to performing backtests, so make sure your platform has detailed backtesting that can be used across multiple timeframes.

Best Online Brokers for Stock Trading

Compare the best online brokers to get started in stock trading. Buy, sell and trade with the best.

Make Your Choice

Automated trading software can simplify your life in a number of ways, but it's still critical to learn and understand why trades are being made. Even the most sophisticated automated system will need maintenance and tweaking during certain market conditions. As you make your choice, be sure you keep your investment goals in mind.

What types of securities are you comfortable trading? How much capital can you invest in an automated system? The computers might do the trading for you, but you'll be the one who feels pain if things go awry. Do your research, choose tools that are just right for you and prepare for the future with an automated trading platform.

0 Commissions and no deposit minimums. Everyone gets smart tools for smart investing. Webull supports full extended hours trading, which includes full pre-market (4:00 AM - 9:30 AM ET) and after hours (4:00 PM - 8:00 PM ET) sessions. Webull Financial LLC is registered with and regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). It is also a member of the SIPC, which protects (up to $500,000, which includes a $250,000 limit for cash) against the loss of cash and securities held by a customer at a financially-troubled SIPC-member brokerage firm.

Best Free Automated Forex Trading Software

Source: https://www.benzinga.com/money/best-automated-trading-software/

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