Expert Advisors

Brokers with expert advisors (EAs) offer a powerful automation feature available on the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. With algorithmic investing becoming ever more accessible, more traders are looking to learn how to use EAs. In this guide for UK traders, we will cover what expert advisors are, how they work and how to enable them in MT4. Our team have also produced a list of the best expert advisor brokers in 2024:

Top UK Brokers With Expert Advisors

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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 1989, CMC Markets is a respected broker listed on the London Stock Exchange and authorized by several tier-one regulators, including the FCA, ASIC and CIRO. More than 1 million traders from around the world have signed up with the multi-award winning brokerage.

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    FXCC is an established broker that’s been offering low-cost online trading since 2010. Registered in Nevis and regulated by the CySEC, it stands out for its ECN trading conditions, no minimum deposit and smooth account opening that takes less than 5 minutes.

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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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    IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.

  6. XM

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    XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.

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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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    DNA Markets is a forex and CFD broker established in 2020. The broker operates two entities in Australia and the offshore jurisdiction, St Vincent and the Grenadines. Traders can access 250+ markets, with a Standard account for beginners and a Raw account for experienced traders. The reliable MetaTrader 4 and MetaTrader 5 platforms are available, alongside Signal Start.

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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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    RoboForex is an online broker, established in 2009 and registered with the IFSC in Belize. Traders can choose from five accounts (Prime, ECN, R StocksTrader, ProCent, Pro) catering to different needs with trades from 0.01 lots and spreads from 0 pips. RoboForex has also enhanced its offering over the years, adding CFD instruments and launching its stock trading platform, plus the CopyFX system.

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    InstaForex is a forex and CFD broker founded in 2010. The broker offers diverse market coverage to millions of clients, spanning traditional assets like currencies and shares, as well as other interesting opportunities such as IPOs.

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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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    LQDFX is a straight-through processing (STP) broker based in the Marshall Islands. The offshore trading firm offers competitive spreads from 0.0 pips, free deposits, 24/5 support and access to the hugely popular MetaTrader 4 platform. LQDFX also runs a competitive bonus program for short-term traders.

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    Trade Nation is a top FX and CFD broker regulated in multiple jurisdictions including the UK and Australia. The firm offers low-cost fixed and variable spreads on 1000+ assets with robust trading platforms and training materials. The Signal Centre can also be used for trade ideas.

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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 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.

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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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    Fusion Markets is an online broker established in 2017 and regulated by the ASIC, VFSC and FSA. It is best known for its low-cost forex and CFD trading, although its multiple account types and copy trading solutions cater to a range of traders. New clients can sign up and start trading in 3 easy steps.

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    Founded in 2001, easyMarkets is a multi-regulated forex broker offering leveraged trading opportunities on forex, stocks, indices, commodities and crypto. With fixed spreads, an affordable initial deposit, regulation from several reputable bodies and a diverse selection of account currencies, this broker provides simple and straightforward trading solutions to a diverse range of traders.

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    Established in 2017, Pocket Option is a binary options broker offering high/low contracts on forex, stocks, indices, commodities and cryptocurrencies. With over 100,000 active users and a global reach, the platform continues to prove popular with budding traders.

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    GO Markets is an established forex and CFD broker with multiple industry awards and accolades. The ECN/STP broker is popular with budding traders, offering competitive accounts in multiple base currencies and a range of flexible payment methods. With top-tier regulation from CySEC and ASIC, GO Markets is a trusted broker.

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    Founded in 2008, NordFX is an offshore CFD broker offering forex, stock, commodities, indices and crypto trading to over 1.7 million clients in 190 countries. Traders access markets through the MT4 and MT5 platforms and benefit from low commissions, spreads from zero and decent extra features. Minimum deposits start from just $10 and very high leverage is available up to 1:1000.

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    Markets.com is a respected broker, offering multi-asset trading opportunities through CFDs or spread betting (UK only). Established in 2008, the brand has an impressive 4.3 million registered customers and is overseen by trusted regulators, including the FCA, ASIC and CySEC. 79.1% of retail accounts lose money.

  25. Axi

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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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    EagleFX is a forex and CFD broker, established in 2019. The broker uses STP execution on the MT4 platform, offering tight spreads and low commissions. With leverage up to 1:500 and no restrictions on hedging or scalping, EagleFX is an attractive option for short-term traders.

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    Founded in 2015, VT Markets maintains its position as a top Australian multi-asset CFD broker. With 1000+ tradeable instruments and support for the MetaTrader 4 and MetaTrader 5 platforms, this broker delivers a wide range of trading opportunities to over 200,000 clients worldwide. VT Markets is regulated by the ASIC, FSCA, and SVGFSA.

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    Tradeview is an offshore forex and CFD broker based in the Cayman Islands and regulated by CIMA. Traders can access over 5000 instruments with a minimum deposit of $100. There are several third-party platforms on offer, including MetaTrader 4 (MT4) and cTrader.

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    FXDD is an established forex and CFD broker founded in 2002. Regulated in Malta, Mauritius, Peru and Malaysia, the broker provides secure trading platforms, competitive ECN spreads and reliable 24/7 customer support. Competitive pricing and ultra-low latency is also offered via the broker's Direct Market Access execution model and tier 1 aggregated liquidity.

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    FXTrading.com is global broker offering highly leveraged CFDs on 10,000+ assets, including forex, stocks, indices, commodities and cryptocurrencies. Competitive prices with raw spreads and low to zero commissions are available. Traders can use the popular MetaTrader 4 platform and will have access to a suite of additional analytical tools and other resources. The multi-regulated brokerage is authorized by the ASIC and VFSC.

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    Founded in 2010, ThinkMarkets is a reputable CFD and forex broker with regulation from several top-tier bodies including the FCA and ASIC. The broker provides services to over 450,000 accounts from 11 global offices. Traders can use a bespoke platform, MT4 or MT5 to access a wide variety of assets including 3500+ stocks and ETFs, 46 forex pairs and over 20 cryptocurrencies.

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    M4Markets is an award-winning broker regulated by the CySEC, FSA and DFSA. Although relatively new, the broker continues to improve its offering with a range of innovative tools, platforms and accounts. Beginners can start with just $5, whilst experienced investors can access leverage up to 1:5000.

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    Trade.com is a trustworthy online broker with a global presence. The broker offers 2,100+ CFDs in major markets, as well as futures, options and more. The broker offers best-in-class platforms and superior analysis tools for experienced traders. The broker is also regulated by top-tier authorities including the FCA and CySEC.

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    Grand Capital is a MetaTrader broker with welcome bonuses, trading competitions and an intuitive copy trading service. Several account types and 400+ assets provide trading opportunities for various types of investors and strategies. New users can also open an account and start trading in a matter of minutes.

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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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    Ingot Brokers is a multi-regulated brokerage established in 2006. The broker offers CFD trading opportunities on 1000+ instruments including forex, stocks, indices, commodities and cryptocurrencies. The broker supports the MetaTrader 4 and MetaTrader 5 platforms and offers both raw spreads and commission-free account options.

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    FXCM is a respected forex and CFD broker, established since 1999. The British-headquartered broker has won multiple awards and operates in various jurisdictions, including the UK and Australia. With zero commissions, over 400 assets, and a range of analysis tools, FXCM remains a popular choice for traders. The broker is also regulated by top-tier authorities including the FCA and ASIC.

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    Scope Markets offers trading and investing in multiple spot and CFD instruments. The group of brokers is regulated in several locations, including Belize, Kenya and South Africa. Users get competitive trading conditions, a range of payment methods, strong support and can get started in a few straightforward steps.

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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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    4xCube is an online forex and CFD broker registered and licensed in the Cook Islands. Clients can trade on popular financial markets and choose between three accounts based on their capital and trading strategy.

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    RockGlobal is a New Zealand based and regulated CFD broker. They offer competitive spreads from 0.1 pips and a large range of trading assets, trading platforms and educational services, with up to 1:500 leverage. Operating in a Tier 1 regulated environment, RockGlobal offers peace of mind and excellent customer support.

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    FXTM is a top-rated forex and CFD broker established in 2011 and operating across 4 continents. The company is secure and regulated by leading authorities, including the FCA and CySEC. Offering 1000+ trading markets and three account types, they cater to all levels of trader.

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    ForexChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.

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    Kwakol Markets is a Nigerian headquartered broker with strong regulatory oversight in Australia and Canada. A great selection of trading assets are available, including synthetic products that simulate realistic market activity. Clients can trade on the MT4, MT5 and cTrader platforms, as well as a copy trading solution whereby a fee is only paid on profitable trades.

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    GoFX is an unregulated CFD and forex broker that covers instruments from currency, stock, index, commodity and crypto markets. Traders can sign up to a variety of account types with deposits as low as $1 and will trade using the popular MetaTrader 4 platform. Exceptionally high leverage up to 1:3000 is offered on the standard account, while traders with the low-spread account can access leverage up to 1:1000.

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    MultiBank FX is an established broker offering forex and CFD products since 2005. With 20,000+ instruments, plenty of local payment methods and 24/7 multilingual customer support, the broker is a popular choice among traders globally. New clients can also access a variety of bonus offers and access the hugely popular MT4 and MT5 trading platforms.

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    Pacific Union Prime is an FSCA and offshore-regulated multi-asset broker offering competitive fees and direct market access on forex, commodities, stocks, bonds and indices. The broker supports the popular MetaTrader 4 and MetaTrader 5 platforms and a proprietary mobile app. Fees vary by account type with no commission and spreads from 1.9 pips on the Standard account and $7 commission per lot and spreads from 0.4 pips on the Prime account.

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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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    Errante is a Cyprus-based and regulated forex and CFD broker with leveraged trading on multiple assets, tiered accounts including a zero-spread option, and copy trading support. The broker offers leveraged trading up to 1:30 under its CySEC-regulated branch and 1:500 from an offshore branch, and supports the MetaTrader 4 and MetaTrader 5 platforms. Errante's asset list is relatively limited but it does offer fast execution and low latency, and it is a trustworthy brand.

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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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    FXPrimus is an award-winning CySEC-regulated brokerage offering CFD trading on 200+ instruments via the MetaTrader 4, MetaTrader 5 and cTrader platforms. The choice between a competitive commission-free account and two affordable raw spread options make this an accessible broker for anyone seeking forex, stocks, indices and commodities with high leverage.

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    Established in 2005 in Australia, FP Markets is an ASIC- and CySEC-regulated broker boasting an extensive suite of tradable assets. Its Standard and Raw accounts cater to traders at every level, while it packs a punch in the tooling department, from the MetaTrader suite and intuitive TradingView to actionable trading ideas from Trading Central and AutoChartist.

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    Core Spreads is an FCA-licensed broker offering CFD and spread betting opportunities on a proprietary platform or MetaTrader 4. Traders can access more than 1000 instruments, including company shares, commodities, indices and forex. Spread bets have fixed spreads that start from 0.4 with no commission, while CFDs start from 1 pip plus a $1.50 charge per lot.

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    Anzo Capital is an offshore broker that offers leveraged CFDs on 100+ instruments including forex, stocks, indices and metals. The MetaTrader 4 and MetaTrader 5 platforms are supported, and traders can choose between an STP account with spreads starting from 1.4 pips and zero commission, or an ECN account with a $4 round-turn commission and spreads from zero. A decent range of payment methods are accepted, including crypto deposits.

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    HYCM is an online broker with authorization from four international bodies including the FCA and CySEC. The broker offers short-term CFD trading on forex, shares, commodities, indices, ETFs and Bitcoin, and supports the MT4 and MT5 platforms, as well as Trading Central analysis.

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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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    Fortrade is a multi-asset, multi-regulated broker with branches regulated by the FCA, CySEC and ASIC among others. The brand offers trading opportunities on a wide range of instruments including stocks, bonds, commodities, forex, indices, cryptocurrencies and ETFs, with competitive fees and support for MetaTrader 4 and a proprietary platform.

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    Hantec Markets was established in Hong Kong in 1990. Initially, the company concentrated solely on the Chinese and Taiwanese markets. In 2008, the broker rebranded and expanded its presence in the UK, Australia, Japan, and various other countries, before enhancing its footprint in Latin America in 2022. Hantec now stands as a multinational brokerage with 18 offices across Europe and Asia.

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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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    Libertex is a well-known broker, established in 2012. The regulated brand has served numerous clients and is regulated by the Cyprus Securities and Exchange Commission with license number 164/12. Libertex offers CFD trading on 250+ underlying assets, including through an innovative and user-friendly proprietary web trader platform. Choose between CFDs on forex, cryptocurrencies, commodities, stocks, indices and ETFs, which are available with tight spreads and low commissions.

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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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    TMGM is an ASIC-regulated forex and CFD broker with a vast range of tradeable assets covering forex, stock, index, crypto and commodity markets. The account types on offer provide a flexible choice between no commission or zero spreads, with competitive pricing all-round.

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    Infinox is a UK-based and FCA-regulated broker that offers diverse trading products thanks to its STP and ECN account types and support for MetaTrader 4, MetaTrader 5 and a proprietary platform. Clients can also benefit from a free VPS that can support automated strategies and a social trading platform, catering to both beginner and seasoned traders.

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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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    OspreyFX is an ECN broker headquartered in St. Vincent and the Grenadines. Established in 2019, the firm offers 120+ forex and CFD assets with high leverage up to 1:500, tight spreads from 0.1 pips and round-the-clock customer support. OspreyFX also stands out for its funded trading accounts where traders can keep up to 70% of profits.

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    LonghornFX is a forex and CFD broker offering over 150 instruments with leverage up to 1:500. The firm is registered in Saint Vincent and the Grenadines and was launched in 2020. Clients can access a strong selection of cryptos, alongside forex, indices, commodities and stocks. With ECN/STP processing, this offshore broker promises tight spreads and fast execution.

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    RoboMarkets is a Cyprus-based forex, CFD and stock broker aimed at traders from Europe. The broker offers thousands of instruments across six asset classes and provides access to four leading platforms, including MetaTrader 4. With ECN pricing, Cent accounts and algorithmic trading tools, RoboMarkets caters to a range of trading strategies and investing styles.

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    AdroFx is an offshore ECN/STP broker that has offered CFD trading since 2018. The firm supports 100+ tradable assets on the popular MetaTrader 4 platform as well as a web trader, Allpips. Eight live accounts are available with no restrictions on trading strategies.

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    Coinexx is an unregulated broker that provides leverage up to 1:500 on forex, commodities, indices and cryptocurrencies with deep liquidity, pure ECN spreads and negative balance protection. The broker uses crypto as base currencies and has low minimum deposit requirements of 0.001 BTC.

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    EZ Invest is a CySEC-licensed broker, launched in 2008, that offers trading on popular financial markets through leveraged CFDs. Traders can choose between multiple respected platforms, including MetaTrader software and a user-friendly in-house app. The reliable multilingual customer support team are also on-hand to support new users.

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    Established in 2013, SuperForex is an offshore CFD and forex broker offering highly leveraged trades on 400+ instruments via the popular MetaTrader 4 platform. The broker has gained clients in over 150 countries and is regulated by the Belize IFSC. With a range of STP/ECN account types, including swap-free, micro and zero spread, this broker continues to suit traders with different styles and setups. SuperForex also offers a range of welcome bonuses and trading contests.

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    Just2Trade is a reliable multi-regulated broker registered with FINRA, NFA and CySEC. The company has 155,000 clients from 130 countries and stands out for its huge suite of instruments and additional features, including a social network, robo advisors and a funded trader programme.

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    World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.

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    Vault Markets is an award-winning brokerage headquartered in Namibia. It is an accessible direct-market-access CFD broker with affordable minimum deposits, flexible funding methods and high leverage. This broker offers a very large range of forex pairs as well as commodities and indices through MetaTrader 4 or MetaTrader 5.

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    Exinity provides flexible low-cost trading in FX, commodities, indices and equities alongside unique education and support provided by teams located across the world. Now operating in the Middle East, through regulation from the Financial Services Regulatory Authority in Abu Dhabi and the Financial Services Commission of Mauritius, Exinity provides a range of services to traders and investors looking for new opportunities in the financial markets.

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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 Expert Advisors?

Expert advisors are programs coded to perform automated, hands-free trading on the MetaTrader 4 and MetaTrader 5 platforms. EAs can be designed, programmed and compiled individually from within the dedicated MQL MetaEditor or purchased from the MetaTrader Market.

Many traders publish their EAs on the MQL stores, either allowing public use for free or requiring a fee to be paid. MT4 and MT5 EAs come in all shapes and sizes, from simple SMA crossover strategies to complex, multi-asset hedging and netting systems that combine fundamental and technical analysis approaches. Outside of the MetaQuotes platforms, expert advisors are referred to as trading bots, robots or investing algorithms.

Expert advisors are a great way to remove limiting factors from hands-on trading strategies. Namely, human emotion, speed (or lack thereof), availability limits and cognitive holdbacks. By building a repeatable strategy that (hopefully) works consistently and setting it to run automatically, you remove the emotional component of decision-making, ensuring that trades are based solely on evidence and patterns.

In addition, an EA will often react more quickly to market events, take advantage of profitable opportunities while you are away from the computer, and not be distracted by irrelevant information.

How Do EAs Work?

Expert advisors are programmes in the MetaTrader terminals that perform automated trading tasks.

They can be programmed in the MetaEditor to perform technical analysis of price data and manage trading activities based on the signals they receive. This allows them to efficiently perform analysis and automatically open or close trades on behalf of the trader.

What Platforms Offer Expert Advisors?

Expert advisors are primarily available on the MetaTrader 4 and 5 trading platforms. These platforms are designed to seamlessly integrate with EAs, interfacing with MetaQuotes’ proprietary programming languages (MQL4 & MQL5).

Note, some other third-party platforms, such as cTrader, also offer a form of expert advisor trading.

How To Make An Expert Advisor

Creating an expert advisor does not require proficiency in MQL4 and MQL5, you can do it without programming experience. While those with a greater understanding of programming will find it easier to build and optimise complex EAs, those new to algorithmic investing can take advantage of the MQL5 Wizard. This tool uses a graphical interface to help generate an automated trading bot within MT5, making the process much simpler. A step-by-step guide to using the wizard is given below.

MetaEditor is the built-in scripting window within MetaTrader 4 and MetaTrader 5 that allows users to produce scripts and generate their EAs with MQL4 and MQL5. Note that MQL5 allows users to produce expert advisors that can work up to 20 times faster than their equivalents in MQL4.

While using expert advisors, our experts found that it is key to test any EA you plan to use before giving it the chance to play with your money. This can be done in real-time markets within the MT4 or MT5 demo account environment, a mock account with simulated funds and live pricing data.

Alternatively, you can use MT5’s strategy backtesting feature, which lets you test EAs on an extensive history of asset values. However, there is no guarantee that an EA that is profitable in one period will perform the same in another. Longer periods of testing can mitigate this phenomenon, though the further you go, the more the market characteristics will have changed.

Beginner’s Guide To Creating MT5 Expert Advisors

  1. Open the MetaEditor from within the MetaTrader 5 platform. This can be done by clicking the IDE button in the toolbar or pressing F4.

    Create a expert advisor for forex in MT4 or MT5 using the built-in MetaEditor

    MT5 MetaEditor

  2. Click the New button in the MetaEditor toolbar to access the MQL5 Wizard. This will produce a menu from which you can generate an EA, create a custom indicator, implement scripts, create a new class and more. Click on the Expert Advisor (Generate) button.
  3. Next, type in the name of your EA. The author and link can also be changed here. Click Next to continue onto the parameters.
  4. This is the point to add the signal properties of the expert advisor. Click the Add button to open a window that allows you to set the parameters of a signal module. If you want, you can layer several signal modules on top of each other.

    Customise MT4 expert advisors using the wizard's signals properties editor or download a free EA from the online collection

    Expert Advisors Signal Properties Page

  5. Once the signal parameters are set up, you can define the trailing properties of the algorithm. These work just like trailing stops and take profits when investing manually.
  6. Expert advisors also need to know how much capital to invest in each position. The money management section here includes parameters for volume fixing, risk management, margin and more. Once you have finalised these parameters, click Finish to generate the EA.
  7. Once the expert advisor is in place, its code needs to be compiled before it can be implemented. This is done by clicking the Compile button in the MetaEditor hotbar.
  8. Once expert advisors have been compiled, they can be implemented as part of a trading strategy. To do so, ensure that algorithmic trading is enabled by pressing the Algo Trading button in the hotbar. Next, open the Insert menu and navigate to Experts. Here, you should find your named EA and clicking on it will begin implementing it on your chosen asset.

MQL Market

MetaTrader’s MQL5 Forex Market is the largest available collection of free and paid expert advisors. Here, traders can browse the online database of EAs and indicators for sale created by other users and provided to the public. There are many filters here that can be used to narrow the resulting range of EAs that appears.

The market conveniently offers demos of the EAs, renting options and a buy option. Expert advisor prices can range from being completely free to £25,000.

It is key to remember that not every algorithm will work for every situation and good expert advisors for MT4 and MT5 may be difficult to find. Most are designed for specific assets over specific timeframes.

Pros & Cons Of Expert Advisors

Pros

  • Automation – Using brokers that support expert advisors lets you perform trades with limited manual effort. The positions will automatically open and close according to the parameters of the EA, giving you more time to focus on other investing activities.
  • Speed – As expert advisors are electronic programmes, they can automatically perform trades with reactions much quicker than humans. This means that the EA robots can react to volatility and market conditions much more quickly than humans, so more of each profitable opportunity can be taken advantage of.
  • Accessibility – Creating expert advisors has never been easier than with the MQL5 wizard. Programming knowledge is not required to build simpler EAs, so newer traders can jump into algorithmic trading.

Cons

  • Programming – To create more complex, specialised expert advisors, specific programming knowledge is required. The most suitable is the bespoke MQL4/5 languages, which users will likely need to learn.
  • Risk – Although leaving your investing to a robot with expert advisors brokers can make it easier and potentially more profitable, there is also the risk that market conditions could change unexpectedly. This could cause the bot to no longer be as efficient at profit-making or even switch to loss-making. The programme will continue to do as it is programmed, so users should need to keep a watchful eye.
  • Price – Our experts found that, while there are many free or cheap EAs, there are also many priced very highly (up to £25,000). There is no guarantee that expert advisors will be a good return on investment, so caution should be used when buying an EA off of the market.

Comparing Expert Advisors Brokers

If you want to trade using expert advisors then you will need to choose a broker that offers the MetaTrader 4 or 5 platforms. However, these are two of the most popular platforms used by online traders, so there is a huge range of suitable brokers. As such, choosing the right one can be daunting. Below, we have outlined some of the key things UK traders should consider when choosing from expert advisors brokers.

Instruments

The instruments available for investing will differ between brokers for expert advisors. Many UK firms will offer the major UK exchanges, like the London Stock Exchange, as well as the New York Stock Exchange.

However, if you are looking to trade more exotic products like cryptocurrency then you will need to make sure the broker offers those assets before opening an account.

Base Currency

UK traders will likely want to invest with brokers that support GBP as a base currency. When GBP is not available, depositing in and withdrawing to GBP may incur foreign exchange (forex) fees, meaning you will be charged an extra fee on top of any others incurred while investing.

Regulation

To ensure brokers with expert advisors practise financial fair play, traders are advised to sign up with regulated brokers.

Top UK expert advisors brokers, such as Pepperstone, are regulated by the Financial Conduct Authority (FCA), the golden standard of financial regulators, ensuring the highest level of safety of clients’ funds.

Fee Structures

Brokers with expert advisors may operate different fee structures. Some have deposit and withdrawal fees, while others may charge commissions on trades. Additional fees include swap fees, subscription and freemium models, inactivity fees and loose spreads.

Finding brokers with a fee structure that minimises your costs will be key in maximising your profit-making potential with expert advisors.

Bottom Line On Brokers With Expert Advisors

The MetaTrader 4 and 5 platforms offer a unique, customised algorithmic trading experience through their expert advisors feature. Signing up for brokers that support expert advisors allow users to automate their investing workflow, improving reaction times, removing human emotion and increasing their profit potential. Moreover, with MQL5’s streamlined EA generation wizard, automated trading has become ever more accessible and is something that any investor using MetaTrader can give a go.

FAQ

What Are Expert Advisors?

Expert advisors are automated, algorithmic trading programmes primarily available on the MT4 and MT5 investment platforms. They are programmable and customisable scripts written in the MQL4 or MQL5 languages for seamless integration with the platforms. EAs automatically perform technical analysis and place trades based on statistical and graphical signals they perceive.

Do UK Brokers Offer Expert Advisors?

There are many UK brokers that support expert advisors, such as Pepperstone and Skilling. These brokers are regulated by the FCA and offer both the MetaTrader platforms with access to EAs. Alternatively, see our full list of brokers with expert advisor trading.

How Do You Make An Expert Advisor?

Expert advisors can be programmed using the MQL4 or MQL5 languages for MT4 and MT5, respectively. Alternatively, the MQL5 MetaEditor EA builder gives users the tools to generate bots without any programming knowledge. Follow our step-by-step tutorial to learn how.

How Do You Enable Expert Advisors In MetaTrader?

To enable the use of EAs in MetaTrader, click the Algo Trading button in the hotbar of the platform. A message should then appear in the comment section below indicating that expert advisors have been enabled.

Can You Buy Expert Advisors?

The MetaTrader MQL Market allows you to browse, buy, rent and demo expert advisors created by other users. Here you will find a huge range of EAs, some costing nothing while others can cost up to £25,000. There are many forex trading robots available but many detail that they are designed for specific pairs traded over certain timeframes.