The Best Free Automated Trading Software

10 min read

Forex trading can be quite a difficult market for both beginner and experienced traders. Because there are so many things that should be kept in mind, some traders find it hard to make final decisions.

There are many automated trading robots and EAs that Forex traders can use. In most cases, these EAs are used in the trading platforms. In fact, some of the EAs can’t be used without a trading platform at all.

Because there are so many Forex trading platforms available in the market, it can get a bit hard for Forex traders to decide which platform to use for automated trading. Every single trading platform that is available in the market today offers their own distinct advantages and disadvantages, but some of them are simply better than the others.

When it comes to choosing the best trading platform for automated trading, there are a lot of things that Forex traders have to keep in mind. While many platforms are good for trading, not all of them are equally good for trading automation. Some of the platforms are simply better than the others in the market.

Today, we are going to discuss some of the best platforms in the market and find out which of them are the best fit for retail traders. So, follow our detailed guide and find the best automated trading software for Forex trading today.

Top Free Automated Trading Software List

Finding the best software for automated trading is not an easy thing. Because there are many of them available, it might be a bit hard to decide which one to use. Among the most important factors to keep in mind when choosing trading software are the user-friendliness of the platform, its design, and many others.

Below, we will discuss the top 5 best free automated Forex trading software for 2021. So, follow our detailed guide and find the best options for you.

MetaTrader 4

One of the best Forex trading platforms available in the market is MetaTrader 4. Released by a Russian company, MetaQuotes, MetaTrader 4 has forever changed the way people view the Forex trading market.

It was released back in 2005 and since then, it has become one of the most used trading platforms in the market. There are many things that make MetaTrader 4 a great trading platform, one of the main ones being how helpful it can be for automated trading. In fact, MT4 is known to be the best free automated Forex trading platform in the market because of how easy it is to use.

This trading platform offers a lot of pre-installed trading robots, known as Expert Advisors. The Forex trading EAs are native to the MetaTrader trading platforms and can be a great help for traders of all backgrounds.

MetaTrader 4 is a very unique trading platform and can be used by traders of any expertise. Even if you are a total beginner in the Forex trading platform, MetaTrader 4 can still be a great offering for you.

The trading platform is very user-oriented and can be used very easily mastered. In addition to this, MetaTrader 4 is also known for being very easily customizable and it can fit the personal needs of traders. All of these make MT4 the best free algorithmic trading software for many around the world.

Apart from all of these, one thing that makes MT4 very popular is that it can be used for free by traders. It can be downloaded directly from its official website or from the website of the broker that you are using.

MetaTrader 5

While there are many trading platforms available in the market, there are some that are simply better than the others. Apart from MT4, one trading platform that many traders around the world trust and use very frequently is the MetaTrader 5.

Known for its user-friendliness, MetaTrader 5 is one of the most used trading platforms when it comes to free trading robots. All you have to do to use this trading platform is to download it from the website of the broker you are using or get it directly from its official website.

This trading platform was released by the same company that created MT4. MetaTrader 5 was released by MetaQuotes in 2010, and it has become one of the most widely used trading platforms around the world.

There are many people who believe that MT5 is a simple update of MT4, however, it is not true at all. In fact, these two trading platforms are very different from one another and are their own platforms. While there are many similarities between these two, there are many differences as well.

One thing that makes MT5 different is that it offers traders access to numerous markets apart from Forex trading. MT4 was created mostly for Forex trading, while MT5 allows traders access to markets like stocks, CFDs, and so on.

While looking for the best automated trading software for beginners, MetaTrader 5 is one of the options that come to mind first. Much like MetaTrader 4, MT5 also offers investors access to Forex trading EAs, which can act as huge helpers for traders.

CryptoHero

Choosing the best free automated Forex trading software for beginners is not an easy thing. However, it is a lot harder to find a perfect platform that supports crypto trading automation. While there are many that do so, not all of them are good enough to trust them with your hard-earned funds.

One of the leading companies in this regard is CryptoHero, which allows traders to automate traders right from their phones in just a few steps and all of this is completely free. There are no additional coding skills that traders are required to have to use this platform, as it is very user-friendly and does all the hard jobs for investors.

The trading platform uses technical indicators to trade popular cryptocurrencies such as Bitcoin, Ethereum, and many others.

There are numerous things that CryptoHero offers to traders and because of its high-quality services, many automated trading software reviews have named it as a leader in the market.

One thing that makes CryptoHero a true leader in the market is that it offers traders a very high standard of safety and security. It connects with crypto exchanges using a special API key, which is known for providing very high safety standards.

While this is an automated crypto trading platform, it leaves a lot of things to traders. For example, you are the one who controls what the trading robot has access to on your trading platform. This can be quite important for crypto traders, as it can act as a guarantor for further safety and security.

TradingView

When choosing the best free automated Forex trading software, one of the most important things that every trader should keep in mind is the usefulness of the trading platform. No matter which platform you are using, you should be able to always double-check the information that the trading robot has provided you with.

TradingView is an online trading platform, which is fully web-based and can be accessed directly from your browser. Using this trading platform does not take a very long time and it can be a great choice for beginner and experienced traders alike.

For many years, TradingView was not a trading platform. Rather, it was a charting solution that offered traders the ability to simply analyze the market and use different types of charts to see how the prices are moving.

There are numerous charts that are available on TradingView. This company also offers analytical tools like no other. The best thing is that it can be used for all different markets, which makes it a perfect fit for many different traders and investors in the market.

Recently, the company has worked with several brokers and exchanges and as of now, it is known as a great and useful free automation software for trading. While there are several different subscription offerings of TradingView, the basic version of it can be used totally free by traders.

On the other hand, if you believe that the offerings of the TradingView free version are not enough, you can always move on to using the paid versions. The trading platform is very easily customizable and it can be a great fit for traders of all different backgrounds.

So Which Is The Best Free Auto Trading Software?

There are many trading platforms available in the market and all of them are very unique in their own way. However, when it comes to the best AI Forex trading software, there are certain things that a platform should be to be considered as the best one.

The first thing is for it to be user-oriented and easy to use. Then, it should be easily customizable according to the personal needs of Forex traders. But, this is not all. The trading platform should also be able to run different types of robots so that traders have the ability to choose the ones that fit their needs the best.

One trading platform that does all of these is the MetaTrader 4. Released in 2005, MetaTrader 4 has forever changed the way people view the Forex trading market. The Expert Advisors available on the trading platform are truly amazing and they are very easy to use.

But, this is not all. One thing that makes MetaTrader 4 the best automated trading software 2021 is the fact that there are numerous Expert Advisors that are available for this trading platform. Because it has been around for such a long time, numerous people around the world have created EAs for traders using different types of algorithms and strategies, making it a perfect fit for all different types of traders.

FAQ on Best Free Automated Trading Software

Is automated trading profitable?

Much like anything else in the Forex trading market, the profitability of automated trading also depends on several factors. There are many people in the market who have made a lot of money by using trading robots, on the other hand, there are some who believe that you can’t make huge profits with robots. But, at the end of the day, automated trading can be very profitable. As long as you use the trading robots that actually work and have been tested well, you should be able to make a profit.

Do trading bots actually work?

Yes, trading bots do really work. Using an automated trading system can be very rewarding for Forex traders in the market. If you know how to use them in your favor, they can actually turn out to be very profitable. The best thing about them is that they are able to run for 24 hours a day, which gives you the ability to stay in touch with the market any time of the day.

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