Brokers With APIs
Brokers with APIs (Application Programming Interfaces) are becoming increasingly popular with investors interested in automated trading and advanced strategies. APIs work alongside trading platforms to bring a new level of software advancement to retail investing.
This guide covers the basics of API trading, plus the advantages and disadvantages of using this type of software. Read on for a review of the best API brokers in 2024, alongside the key factors to consider when choosing a provider.
Brokers With API Access
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AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for trading, alongside a comprehensive education center and multilingual customer support.
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Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for traders at all levels.
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City Index is an established and award-winning forex, CFD and spread betting broker with top-tier global regulation, including in the UK (FCA) and Australia (ASIC). With 30+ years in the industry, 13,500+ instruments and 24/5 customer support, City Index is a solid pick for aspiring traders.
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Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
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OANDA is an award-winning global broker, established in 1996. The hugely respected brand offers competitive trading accounts and serves clients from 196 countries. It remains a popular option with both beginners and experienced traders thanks to its user-friendly and sophisticated web platform, no minimum deposit and premium currency products and services. The company is also overseen by reputable regulators, including the FCA, ASIC and CIRO.
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Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
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BlackBull is a New Zealand-based CFD broker with trading opportunities on forex, stocks, indices, commodities and cryptos. The broker supports the MetaTrader 4 and 5 platforms as well as TradingView, cTrader and a proprietary mobile app. Clients can trade with high leverage and tight spreads from 0 pips on the broker's ECN accounts.
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Founded in 2006, FxPro is an established forex, CFD and spread betting broker offering 2100+ assets to over 2 million clients worldwide. The broker is regulated in 4 jurisdictions and offers reliable 24/5 customer support, earning it a high trust and safety score. FxPro has also picked up more than 100 industry accolades for its competitive trading conditions, including fast execution and deep liquidity.
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BitMEX is a crypto exchange and derivatives trading platform, launched in 2014. The firm offers a fiat–crypto onramp, spot trading, and crypto derivatives including perpetual contracts, traditional futures and quanto futures. BitMEX offers amongst the largest market liquidity of any cryptocurrency exchange.
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Axi is a global forex and CFD trading firm, founded in 2007 in Sydney, Australia. Highly leveraged trading opportunities plus a $0 minimum deposit make it a popular choice among 60,000+ traders worldwide. Axi also stands out for its resources, including copy trading and Autochartist.
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IronFX is a multi-regulated forex and CFD broker founded in 2010. This award-winning firm offers 500+ markets to over 1.5 million clients across 180 countries. Traders can access various account types with competitive pricing on the MT4 platform, as well as 24/5 customer support in 30 languages.
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Dukascopy is an online broker operated by a Swiss-regulated banking group. It offers a good selection of 500+ markets, with forex, stocks, gold, ETFs, indices, bonds and cryptocurrencies available. It also offers flexible trading opportunities through the choice of CFDs or binary options. Traders will use MetaTrader 4 or a proprietary platform that is well-suited to automated trading.
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FinPros is an offshore broker that provides CFD trading on 400+ instruments with high leverage up to 1:500. This is a reliable bet for traders seeking offshore options, with strong security measures, negative balance protection and segregated client funds. The extra features including trading tools and commission-free stocks make this a good choice for beginners, and experienced traders will appreciate tight spreads.
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SimpleFX is an online broker specializing in CFD and cryptocurrency trading, with multi-currency accounts, STP execution, low pricing and no minimum deposit. Bringing innovation and gaining recognition at numerous industry events since 2014, SimpleFX now caters to retail traders from over 190 countries, boasting a client base exceeding 200,000 active users.
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ActivTrades is a UK-headquartered CFD and forex broker established in 2001. The brokerage is heavily regulated with licenses from the FCA, SCB, CSSF, BACEN & CVM and CMVM. Over 1000 CFDs are available spanning 7 asset classes. Over 93.60% of orders are executed at the requested price. ActivTraders also offers a selection of leading trading platforms, including MT4, MT5, TradingView and ActivTrader platforms.
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Swissquote is a Switzerland-based bank and broker that offers online trading and investing. The company has a high safety score and is listed on the Swiss stock exchange. The firm offers a huge range of products, from stocks, ETFs, bonds and futures to 400+ forex and CFD assets. Hundreds of thousands of traders have opened an account with the multi-regulated brokerage. Clients can get started in three easy steps while 24/7 customer support is available to assist new users.
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Bitfinex is a crypto trading firm with a powerful proprietary platform and a good range of digital assets. With 180+ cryptocurrencies and 430+ market pairs traded via spot or perpetual swap derivatives, this is a flexible exchange with plenty of opportunities for serious crypto traders. Bitfinex also offers decent leverage up to 1:10.
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Gemini is a cryptocurrency exchange set up in 2014 by the Winklevoss brothers, known for their early involvement in Facebook. The exchange is among the world’s 20 largest and most popular. Gemini clients can trade and stake 110+ cryptocurrencies, with derivatives trading available in some jurisdictions, an advanced proprietary platform and additional features including an NFT marketplace.
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Global Prime is a multi-regulated trading broker offering 150+ markets. Traders can get started with a $200 minimum deposit and trade with leverage up to 1:100. The firm also has a high trust score and a good reputation with a license from the ASIC.
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FXOpen is a multi-asset broker with regulation from several trustworthy bodies including the UK's FCA. The broker offers CFD trading on forex, stocks, commodities, indices, cryptocurrencies and ETFs via the MetaTrader 4 & 5 and TradingView platforms.
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Admirals is an FCA- and ASIC-regulated broker with an excellent range of leveraged instruments, including forex, stocks, indices, ETFs, commodities, cryptos and more. The broker supports the MetaTrader 4, MetaTrader 5 and TradingCentral platforms. With both spread betting and CFDs available and thousands of instruments, this broker provides more flexibility than most rivals.
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Baxia Markets is an offshore CFD broker that offers trading on forex, commodities and indices with tight spreads on a straight-through processing model with ultra-low latency. Trade on MetaTrader 4 or MetaTrader 5 with leverage up to 1:500 and no restrictions to scalping or hedging strategies. Users also benefit from third-party copy trading services.
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Revolut is a popular financial app that also offers trading on stocks, metals and digital currencies. The brand has over 25 million users worldwide with a choice of accounts, tools and services to suit different needs and budgets, including online investing and currency exchange.
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Zacks Trade is a FINRA-regulated US broker offering trading on stocks, ETFs, cryptocurrencies, bonds and more through a proprietary terminal. The broker is geared toward active traders and offers very affordable fees on most assets as well as an app and a vast amount of market data.
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Coinbase is a leading cryptocurrency exchange that provides access to 18,000+ crypto assets that can be traded on the marketplace, stored in a wallet or borrowed via the brand's DeFi function. The US-based firm has over 10 million clients and offers educational support to individual traders and tailor-made derivative products for businesses.
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Binance is one of the best-known crypto exchanges. The company is available in more than 180 countries with over 120 million registered customers. The platform offers a suite of crypto trading products, from staking and NFTs to derivatives.
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Capital.com offer CFDs on a range of markets with competitive spreads and zero commissions. The broker also offers the Investmate app, negative balance protection and leveraged trading.
What Are APIs?
An API or “Application Programming Interface” is a software solution that sends information to a brokerage platform. By linking two applications, such as a user’s trading account and the broker’s platform, the API enables the trader to interact with the investing software. APIs can also connect automated trading algorithms to a platform as a means of giving traders live data.
Prior to the rise of APIs, potential openings had to be surveyed in one application while trades were carried out with a broker in a separate terminal. Nowadays many retail brokers use APIs, which means that traders are able to screen for openings, receive live price updates and make trades all in one place.
There are several traditional stock and futures market brokerages that support API access, such as Interactive Brokers, alongside some smaller brands. However, you are most likely to find API access offered by forex brokers who have used third-party applications and systems like MetaTrader for a long time.
If you are looking for information on APIs that are specific to your broker, you should be able to view that information on their website.
Why Use APIs?
APIs allow investors to implement trading strategies that would be difficult or time-consuming to carry out manually. Trading is time-sensitive, and using an API gives the broker and investor the means to facilitate faster reactions to the market.
For example, for those looking to practice high-frequency trading (entering and exiting positions within a matter of seconds), it’s necessary to use an algorithm and advanced trading technology. The profits for this kind of trading are based on a high number of quick and successful trades being executed, which APIs can assist with.
APIs are also useful for individual traders because they enable easy access to any financial market. APIs can be used to trade almost anything, from stocks and shares to forex, commodities and cryptocurrencies, and they improve trade speeds and efficiency in general.
Two kinds of traders use broker APIs. First, there are those who develop automated trading systems themselves, and therefore need to be able to view pricing data and place trades at the same time. Second, there are traders who use third-party applications that give access to APIs, so investors can place trades and see prices in real-time.
Benefits Of APIs
- Easy to use – APIs do not necessarily require complicated coding, and are an easy way to have two platforms communicate with one another.
- Automated trading – If you are using semi or fully-automated trading systems, then APIs will allow you to connect your algorithms with the platform that your broker offers. This means that you are able to use algorithmic strategies that would take a lot of time to set up manually.
- Data consolidation – A good API is able to bring together information from many different sources and display that information in whatever manner the investor requires. This feature is difficult to replicate manually.
- Custom indicators – When using APIs, you can automate trading signals and indicators. Custom indicators can be created using coding languages that can be found online.
- Customisation – Developers can help traders to customise APIs so that they fit their specific needs better. This typically begins with an existing API that can be modified to present the specific data that the trader wants to see.
Risks Of APIs
There are several benefits of trading brokers with APIs, but there are also some downsides that should be considered:
- Fees – Although they are offered for free, traders may incur additional charges on any gains made through an API. Ensure that you are aware of the broker’s fee structure before you start using an API.
- Learning time – For those with little experience in coding, APIs might be difficult to get the hang of. Practice using a demo account before you begin trading with an API, and consult the learning materials that can be found at the top supporting brokers.
- Limits – Often brokers will set limits that dictate how often their clients can use APIs. These limits can be set by the minute or by the hour. Limits exist because the broker has to adhere to policies that prevent them from overusing their bandwidth.
- Security – Online brokers will set up passwords that allow traders to gain access to the API, but the level of security will vary from broker to broker. While it might be tempting to pick a brokerage that prioritises the speed of the API, it’s important that you also check how secure their system is.
Comparing Trading Brokers With API Access
Here are some of the essential things to keep in mind when choosing the right API broker:
Documentation
A good trading broker should provide documentation for their APIs, so developers can find out how to authenticate and see which data is going to be made available. It is important that your chosen broker explains the API thoroughly, particularly if you are a beginner. The documentation should also include examples and code samples to help you get started.
Demo Account
Your chosen broker should offer a demo account that is accessible through the API. This will allow you to test your code and your strategies without the risk involved in real trading. This also helps you to establish whether the real trading account with that broker would be a good fit for you or not.
Coding Language
If you are using your own code, it’s important to select an API that functions in a coding language that you are familiar with, and that the program you are using can understand the output data. This is going to ensure that you can make the best use of the API and receive meaningful trading data that you can understand.
Limits & Fees
Brokers with APIs tend to have limits on their API services, so before opening an account you should ensure that the minute/hourly/daily limit is high enough to meet your trading needs. Alternatively, make sure that you are willing to pay the fees associated with exceeding these limits.
Top Trading Brokers With API Access
The best API broker for you is going to depend on your specific needs and your chosen trading strategy. However, below are some of the leading brokers with APIs in the areas of regulations, fees, customer service and trading instruments.
Pepperstone
When assessed across multiple areas, Pepperstone is one of the best overall brokers for API access.
- There is no minimum deposit amount
- Customer service is available via live chat, email and phone
- Trading available in forex, indices, commodities and shares
- The platform is extensively regulated for those living in the UK
- Trading brokerage supports the use of MT4, MT5, ZuluTrade, Web Trader, Mac and mobile apps
Interactive Brokers
This review found Interactive Brokers to be one of the top-rated API providers for forex trading.
- The platform is regulated by reputable bodies in jurisdictions around the world, including the FCA
- Trading is available on forex, ETFs, stocks, bonds, options, cryptocurrencies, futures and warrants
- There is no minimum deposit required to open an account
- There are no withdrawal fees
Keep in mind that Interactive Brokers charge a fee to inactive accounts.
IG
IG is the best API broker for beginners.
- There are more than 10,000 instruments available to trade, including forex, cryptocurrencies, stocks, commodities, indices and ETFs
- The platform offered is MT4, Web Trader and a mobile app
- Highly regulated, including by the FCA
- No withdrawal fees
Note that inactivity fees will be charged if your account is inactive for 24 months.
IC Markets
IC Markets is a good all-round API broker for beginners up to seasoned traders.
- Customer support is offered 24 hours a day via phone, live chat and email
- Investing platforms offered are web, mobile and desktop trading
- Low trading fees and no withdrawal or inactivity fees
Bear in mind that the minimum deposit for IC markets is high at $200. However, the low trading fees and lack of inactivity fee somewhat compensate for this.
Bottom Line On Brokers With APIs
Trading brokers with API access offer multiple benefits, which is why many forex traders see them as a necessity for online trading. APIs provide the tools that are needed for seamless trading, but using them without any kind of coding language can be challenging. If you are new to coding, try to build a basic knowledge of how coding works before you start trading with APIs.
Use our guide to the best brokers with APIs to get started today.
FAQ
What Is An API Broker?
An API broker allows traders to integrate key trading applications, meaning that the individual can access real-time updates, historical data and automated trading strategies.
What Are The Benefits Of Using An API Broker?
The main advantage of using an API broker is that you can put trading strategies into practice that are too advanced to execute manually, for example, automated trading and high-frequency systems.
How Do I Choose An API Broker?
The key things to consider when you are choosing between brokers with APIs are the coding language, the demo account options, and the limits and fees. Once you have completed your research, test your code on a demo account to ensure that it works as required.
Does It Cost Money To Use A Trading API?
Just like with any broker, there may be various fees for joining and executing trades. However, when it comes to API brokers there may also be additional fees. Brokers with APIs often place an hourly limit on their use, and if you exceed that limit then you may incur additional fees.
What Are The Cons Of Using Trading Brokers With APIs?
Learning how to use an API can be a steep learning curve for those who don’t have prior coding experience, so it can take some time to familiarise yourself with the key requirements. Furthermore, usage limits and additional fees are enforced by some trading brokers who offer APIs.