June 1

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Top 5 FX Brokers that Are Ideal for Beginner Traders in 2022

Manual trading can be time-consuming, challenging and can be biased due to the emotional aspects of taking trading decisions. Many traders for this reason are becoming inclined toward automated trading since automation enables faster trading execution, eliminates any emotional bias, and provides a hands-free trading experience. However, in order to get the most out of automated trading, you must be familiar with the best brokers for automated trading and choose the ideal one for your financial requirements. Below is a list of top brokers, suitable for algorithmic trading in the market today. 

  • IG Group
  • eToro
  • TradeStation
  • Webull
  • Interactive Brokers

IG Group 

The award-winning and one of the leading brokers in the market currently have access to over 17000 tradable instruments while operating in 17 countries. The IG Group is an online trading platform that comes with a plethora of opportunities across various financial securities. The brokerage offers its users the MT4 platform that supports certain algorithms, coded through MQL language. Regulated by several authoritative bodies like The FCA and ASIC, the IG Group comes with a dedicated mobile app as well, enabling traders to initiate trades on the go. 

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The platform is also listed on LSE under IG Group Plc. and provides access to CFD trading, and spread betting. The platform is also beginners friendly where traders can take the benefit of technical analysis, one-click trading, and certain risk management measures. Their ProRealTime is also worth mentioning where traders get the opportunity to conduct technical analysis with the dedicated charting software. 

eToro

When it comes to automated trading, eToro is often considered one of the best platforms thanks to its copy trading feature. Through copy trading, traders can easily mirror the winning trades of seasoned traders and follow specific traders based on their past performances, current positions and trading style. The multinational broker offers a diverse portfolio with access to crypto, stocks, commodities, and more. 

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With eToro, traders get the option of following a certain trading method like growth, dividend or commodity investing, apart from opting for imitating another trader’s portfolio. The platform also requires only $10 as a minimum deposit to begin trading. However, in order to access copy trading, one might have to pay $200. 

TradeStation 

When high-tech automated trading is concerned, TradeStation can be an ideal choice for beginners as well. The unique trading software provided by the broker comes in three varieties including desktop version, crypto, and web training. The easy-to-use factor of the platform comes from the EasyLanguage which makes it easier for the traders to code an algorithmic trading program. 

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With this easy to understand programming language, even beginners can easily write decent codes on this platform. Regulated by NFA, FSA, and CFTC, TradeStation also offers a dedicated trading app where the minimum subscription fee is $99 for non-customers. The multi-asset broker is renowned for offering ETFs, currencies, stocks, commodities and more. 

Webull

For traders who want to trade across multiple platforms while enjoying the benefits of a commission-free broker, Webull can be an ideal choice for them. Traders get the opportunity to use multiple trading platforms including MT4 and MT5 in order to implement their specific trading strategies. 

Moreover, Webull provides a well-designed, easy-to-use platform that enables you to place a range of different orders as well. Although the platform charges low commissions and fees, its asset selection is limited to only options, stocks, and indices. However, for currencies and commodities, users cannot access algorithmic trading. 

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Interactive Brokers

Operating in over 180 countries, Interactive Brokers has been a leading brokerage firm with low-per sharing pricing. The brokerage shines in multiple factors including IBKR Lite, which is famous among beginners and casual traders. IBKR LIte provides free trades of ETFs and stocks that are listed on U.S. exchanges. Traders also get access to 135 exchanges with a Lite account in exchange for the same fee for IBKR Pro. Both IBKR Pro and IBKR Lite have a $0 account minimum with no inactivity fees. 

Conclusion 

Algo trading is gaining popularity among traders all around the world for all the right reasons. However, choosing the right broker is the foremost step in ensuring success. 

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