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A Review of Automated Forex Brokers

In the following articles, you’ll find brief reviews of each.

What forex brokers offer automated services?

GFT Forex is an automated forex broker, whose DealBook FX 2 software offers the investor both a demo and a live forex trading tool in the currency market. This forex trading software offers the investor direct access to some of the tightest spreads, through a stable, standalone forex trading platform, 24 hours a day.

The DealBook FX 2 software shows live, trading prices, real time data, free real time world and financial news, forex charts, more than 65 technical indicators, and the ability to build the investor’s own indicators.

GCI Financial Ltd., another automated forex broker, provides trading software that tracks real time prices in 20 major currencies, live charts, and real time profit and loss account tracking. The software is offered as a demo also. Market orders are confirmed within seconds at prices clicked on or accepted by the client.

The FX3K is an online automated dealing and trading platform used by automated forex brokers. The FX3K online trading environment includes real time quotes, charting, technical analysis tools, and news. FX3K integrates the client, dealer, back office and system administrator functions. Product features include high speed execution of client orders and the ability to monitor real time margin availability, net exposure and profit and loss on all open positions. FX3K has chat options to allow trader-dealer conversations.

The COESfx Level 1 Trading Platform is used by automated forex broker as an Electronic Currency Network for the execution of best prices for buyers and sellers of foreign exchange. It offers traders live and executable prices, thereby making each participant a market maker. Traders gain access to “best bid/best offer” quotes directly from price providers and other traders. COESfx pricing is derived from a number of partners in the network such as banks, Futures Commission Merchants (FCM’s), Introducing Brokers (IB’s), fund managers and other traders on its Electronic Currency Network.

Which Forex Robot Is Right For You?

There are 7 factors that should be considered in your selection of a Forex Robot:

1. Total Automation
The trading robots are designed on pre-determined strategies and can perform and execute trades for maximum profits. These trading robots should have been programmed according to skilled forex professionals and literally forex trading robots that handle your trades for you.

2. Pofitibility Records
It must be said, we want to use a forex software that has been tested and proven to make money-making trades. And not only must it be profitable, we want the one that outperforms other competitors.

3. Successful Backtesting Results
Successful backtesting results prove one point – that the forex trading software has the potential to make profits on live trading. However, that said, it does not always guarantee a successful forward trade.
After all, backtesting does not take market conditions into account. When you trade live, you will realize that market and world news can instantly lead to price fluctuations. The spread between bid and ask prices of different currency pairs may widen in such situations. However, successful backtesting is the first step to evaluate a forex trading software.

4. Forward Live Trading Results
Positive live trading results are still the most evident proof of whether an expert advisor is up to it. Rarely will software suppliers provide such results right before your eyes but a glance at their time-marked live trading account is good enough.

5. Safeguard Features
It is always safe for the software to include proper safeguards as features. This is part of prudent money management. After all, it does not really matter how profitable the forex trading software has been for its backtesting and live trades. We will never know how the forex market will play out in future and the software needs to be properly configured to ensure a level of safety and assurance.

6. Drawdown Below 15%
The term “Drawdown” refers to the percentage loss in value as a result of a trading strategy before it bounces back to its original investment capital.

The drawdown is a good indicator of the risk level of the strategy and hence the corresponding level of risk the automated forex trading software is programmed to handle. Some forex robots are configured for drawdowns as high as 45%, which to me is ridiculously high!
Ideally, you should choose a forex trading robot that has a drawdown of maximum 15%. This also suggests that the strategy behind the robot’s trades is sound.

7. Money Back Guarantee
Make sure that the software vendor who offers the forex trading robot also provides a 100% money back guarantee. Since you will be able to use a free demo account, the risk of using an expert advisor is literally zero!

In summary, a really good forex trading robot/expert advisor is firstly one that runs on autopilot, requiring little intervention from you as the user, and secondly, backed by a solid and profitable strategy created by an experienced and top forex trading expert.

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