In below table is the comparison of what we believe to be the best forex brokers to integrate with Expert Advisor software.
|Broker's Score||Speed of Transaction processing||VPS for free ?||Minimum deposit||Trading Platform||Our Review|
|9.5 / 10||Very fast||YES for accounts with $5k+ balance||$150||MetaTrader 4|
|9 / 10||Fast||YES||$50||MetaTrader 4||HotForex review|
|8.6 / 10||Fast||No||$100||MetaTrader 4|
How to choose forex broker for Expert Advisor software
Remember you will need to integrate the EA software with your trading account.
In order to do that smoothly you will need the following:
- Metatrader 4
- Virtual Private Server (VPS)
Therefore we strongly advise you to choose a forex broker that will have Metatrader 4 and also (it is mandatory) gives you VPS server connection preferrably for FREE.
The point I am making here is that not all forex brokers have the VPS option and not all forex brokers can be connected with Metatrader 4.
Last but not the least, your task is to find :
- reliable forex broker with fast transaction processing (no delays, no platform freezing)
- relatively cheap trading costs (remember your EA can do lots of transations, so you don’t want forex broker which will shave you on commissions, overnight fees or high spreads)
Is ECN forex broker necessary for an EA integration ?
Absolutely NOT! If you are just starting out, you can use any Market Maker forex broker which meets the criteria that I described above.
To be on the safe side you can select any forex broker from our table.
What is an Expert Advisor (EA) ?
An Expert Advisor or EA is a program that was written for or in the trading platform MetaTrader 4.
Basically, each user can develop their own EAs, which then act according to the programmed trading strategy – depending on the setting also fully automatic. However, there are also a variety of Expert Advisors, which are offered for free on the Internet and discussed and tested in various forums. Often, the “open source” idea still applies, that is, the programming code is exposed and can be used by any trader and modified as desired.
In contrast, commercially-marketed Expert Advisors are typically self-contained systems, so that the program code for the trader can not be viewed. In these cases, the buyer must rely on the seller’s information on the programmed trading system, insofar as this ever discloses details. Often, the strategy used is only roughly outlined and not explained in detail in order to avoid imitations (scams). This makes it all the more important to know the exact candidate Expert Advisors before you buy, and to wait for new EAs until the first reviews and live results are available.
Basically, before using an Expert Advisor, you should understand its input parameters and trading strategy, regardless of whether it is a buy version or an EA that is freely available on the Internet.
In any case, it is advisable not only to subject the EA to extensive backtesting, but also to test it over a longer period of time on a demo account, even if the results often can not easily be transferred to a live account.
In order to take full advantage of the potential of automatically acting Expert Advisors, operation on a Virtual Private Server should be considered.
Many of the current Expert Advisors also have an active risk management system, which permanently monitors open positions and, if necessary, closes them before reaching the stop loss limit, which in some cases significantly reduces the actual risk reward ratio.