FxBrokerReviews.org – Trading in the forex market, has become a popular way to earn some extra income. Several traders entirely depend on trading for all their finances whereas some use it as a medium of extra income. Whatsoever be the reason trading has seen exponential growth in recent years. Once you start trading you might realize it is not easy money and takes time. So, to solve this problem many forex traders have switched to automated trading apps.
Automated trading as the name suggests, is computer-driven trading that uses technology and artificial intelligence to place orders and execute trades. Automated trading for beginners proves to be very beneficial as it executes profit-driven trades while helping them analyze market situations.
Before, you dive into automated trading it is very important to choose the right trading platform which suits your convenience and preference. This article will look to review the six best automated trading apps by considering several factors.
Also read: Types of Algo Trading: The Complete List
Best automated trading apps 2022
Take a look at some of the best automated trading apps for beginners as well as for advanced traders.
1. E-toro – overall best automated trading app
E-toro is a popular trading app in the UK. it is a hyper-social trading app that allows traders to actively engage with other traders, by reacting to their posts, following their accounts, and even interacting with them. Traders can also view the portfolios of various investors through the app.
The copy trading feature of the app is pretty impressive. Traders can directly mirror all of the transactions of advanced investors to get the same returns, without paying a commission. The app supports various assets that one can automate including, futures, indices, stocks, commodities, EFTs, forex, cryptocurrencies, and other financial instruments.
Not only this traders can also choose the amount that they would like to add to the portfolio and the system automatically executes the trades required to build it.
2. NAGA – best automated trading app with copy trading
The NAGA app is a social trading platform that allows all traders to mirror the investments of traders. The best feature of the automated trading app is that it has an extensive process of selection of traders, who you can copy.
The trading app allows users to copy the strategies of other traders and earn money from being copied by other traders. It also allows traders to learn and discuss trading strategies through NAGA Feed and NAGA Messenger.
The forex broker also supports MetaTrader 4 and 5. NAGA allows you to trade over 1,000 assets, including Forex, Stocks, CFDs, cryptocurrencies, and more.
3. Pionex – best automated crypto trading app
The Pionex app help traders make profits by trading in cryptocurrency on your behalf. The platform includes over 16 specialized bots that help to sell and buy cryptocurrencies. Pionex is suitable for both beginners as well as advanced traders. It is also very reasonable as compared to other automated crypto trading apps.
What makes this crypto copy trading app popular is the fact that It is free. If you do not have a lot of money to put into cryptocurrency trading and investing. Pionex is an excellent choice as traders are only required to share their email addresses to start using the automated bot without giving any minimum deposit.
4. Interactive brokers – best automated stocks trading app
Interactive Brokers provides access to 150 marketplaces and is among the least expensive apps for automated trading. It allows one to buy and sell stocks, options, futures, forex, cryptocurrencies, bonds, and funds.
IBKR Lite and IBKR Pro are the two account types offered by Interactive Brokers to support automated trading. IBKP Lite has no commission charges, has a low minimum balance, and does not charge any inactivity fees. On the other hand, IBKR Pro is only available to professional traders and has no minimum balance requirements
The app is considered to be the best automated stock trading app as it helps to evaluate the stocks through a socially responsible investing (SRI) lens. Moreover, The Trader Workstation (TWS) platform serves complex technical and fundamental trading tools and deep research.
5. Zulutrade via AvaTrade – Best Automated trading app for beginners
AvaTrade is a regulated CFD broker. The trading app doesn’t have built-in automated trading, but it does offer it through third parties such as Zulutrade. Zulutrade offers both algorithmic-building as well as Copy Trading.
The auto trading app has two main sections: signal providers and followers. The signal providers are the traders who are letting their portfolio and trading activity be seen publicly and copied whereas the followers are the ones copying the portfolios. It is the best-automated trading app for beginners as it offers a wide range of financial instruments via CFDs including commodities, cryptocurrencies, stock indexes, and forex.
What is automated trading?
Automated trading refers to trading with the help of bots and software that execute trades for you. It uses artificial intelligence, that follows a defined set of instructions that place profit-driven trades.
It is better than manual trading as the automated trading app carries out the trades at a speed and frequency that is nearly impossible for a human trader. Since it is software, it completely strips out the chances of human emotions and feelings coming in the way of forex trade. Moreover, there is no need for manual intervention in automated trading, unless the trader wants to make certain changes. The algorithm monitors the live prices and graphs and places orders on its own.
Also read: Best Automated Trading Software Free in 2022
What is the benefit of using an automated trading app?
Once you have understood the meaning of automated trading, you might be wondering how an automated trading app can be useful for you! Read below about some of the advantages of automated trading
1. Less emotional
Trading should always be done through analytic work and data, rather than emotions. therefore using an automated trading app, you can rule out the possibility of being influenced by emotions and making wrong or delayed trade decisions. As your trading decisions will be made automatically without your emotions.
2. Use of trading strategies
By using an automated trading app, you can ensure that various trading strategies are being implemented in your trade, which you were not aware of otherwise. You avoid missing opportunities and making mistakes. Some of the best automated apps offer various technical indicators and strategies that have a proven track record of high returns. You can make use of all these and more in your trading strategy and get high returns.
3. Faster execution
Since all trading is done automatically, via a bot, there are fewer chances of missing trade opportunities. When opening and closing positions manually, you need to constantly monitor the prices and market conditions, but in automated trading, you can lean back and leave the trade to your broker regardless of what is happening in the markets you are trading.
4. Automated diversification
A diverse and varied portfolio is one of the most efficient risk management strategies. And with automated trading, it is easy for traders to diversify their portfolios. It prevents them from the risk of investing in a single asset or market, in times of adverse market volatility.
What are the types of automated trading apps?
As mentioned in the reviews above, there is a wide range of assets that can be executed through automated trading. Therefore, automated trading apps come in different forms, according to the needs of the traders. Here are a few types of automated trading apps that you can find in the market:
1. Copy trading apps
Copy trading apps are mostly preferred by beginners. They also allow new traders to copy traders and portfolios of advanced traders. Traders just have to choose a strategy provider according to their preferences and whatever orders they execute are mirrored.
Many forex brokers have their copy trading features and apps like NAGA, IG, and more, while others use third-party trading platforms like MT4 and MT5.
You can check out some of the best copy-trading forex brokers here.
2. Automated crypto trading apps
These automated crypto trading apps, allow traders to automate crypto trading. The function is similar to regular automated trading platforms. They ease the process of trading by determining when very quickly if Bitcoin or any other cryptocurrency should be bought or sold. The automated crypto trading apps use smart technologies to collect data on the crypto market in real-time using APIs. They then analyze this information using predefined trading strategies to derive useful trading signals.
3. Automated stocks trading apps
Stocks and forex trading apps are very popular in the trading market. They are designed in a way to execute fast and effortless transactions so that no opportunity is missed in case of any price fluctuations. The best feature of automated stock trading apps is that several strategies are implied while trading and then entire strategies can be backtested against historical data for future trading.
Take a look at some of the best Algorithmic Trading Platforms in 2022.
4. Automated Trading Signals Apps
Automated trading signals help to trade assets automatically, by derived advice. These signals are generated through platforms such as learn2trade. These platforms use several political, economic, natural, and other indicators to determine the trading signal. When the trade is complete the provider notifies the investor about the same. These platforms provide powerful signals that can be difficult to acquire on your own.
How to start trading with an automated trading app?
So, now that you have a list of the best automated trading apps, you just need to choose one and get started. Below we have provided you with a step-by-step guide on how to start automated trading.
1. Choose a verified app
The first step is to find a regulated trading broker, that allows automated trading. Numerous forex brokers claim to be the best but choose carefully before you invest money. Your automated trading app should:
- Be regulated.
- Have a wide asset selection.
- Charge low trading fees and have no hidden fees.
- Provide sufficient trading tools and educational resources.
2. Register and verify documents
Now once you have selected a platform, enter all your details and submit your government-issued documents for verification. Once the registration process is complete you can start trading. It usually takes up to 2 days for registration.
3. Assessing Investor’s Portfolio
Now, to copy trades select an investor, Once you select an investor their page will come up to view more data. From here, you can view their historical performance and holdings in a lot more detail.
4. Copying the trades
Finally, if you’re happy with the performance of the investor, then simply press the “Copy” button. You will be asked to enter and amount you want to copy them by, select the amount and then press copy to finalize your automated trading.
Final thoughts
Automated trading has several benefits, it is used to save time, initiates fast execution speeds, and also removes any psychological errors or human errors. For beginners, automated trading can be proved to be very useful as it can give them access to higher markets and therefore diversify their portfolios.
With that being said, it is recommended that traders perform thorough research before picking any automated trading app and keep a close eye on the activity and performance of their automated trades.
According to forex broker reviews, the best automated trading app overall is E-toro and NAGA.
FAQ’s
Q1. Can I copy trade in cryptocurrency?
Ans: trading apps like NAGA and pionex, allow traders to initiate automated trading in cryptocurrencies using several strategies and indicators.
Q2. Is automated trading profitable?
Ans: yes, automated trading has a lot of benefits. Fast execution, reduced transaction costs, and increased trade efficiency allow the trade to be quite profitable.
Q3. Which is the best automated trading app for beginners?
Ans: Zulu Trade via AvaTrade is the best automated trading app for beginners. It is a commission-free trading platform, has tight spreads, and offers a wide range of assets to trade from.
