Since 2008, DailyForex has been a trusted reviewer of Forex / CFD brokerages, owing to its detailed research and rigorous assessment methodology. With a methodology refined through years of industry experience, we empower traders to choose the best broker for their needs for safety, regulation, choice of assets, and fees. You can find out more about how we rate brokers and our commitment to accuracy and impartiality here
AI will be a driving force in trading moving forward, and, so far, ChatGPT has just scratched the surface of what is possible. Forex traders must understand that ChatGPT is a tool – it is not a skilled trader that can create strategies or manage portfolios. Learn which tools you can use as a Forex trader and which of the best AI Forex trading brokers offer them. Don’t get caught up in the hype, because there is no substitute for learning how to trade, even if you plan on using AI and AI-assisted trading tools.
- FP Markets, ECN trading with leverage up to 1:500.
- AvaTrade, Highly regulated, choice of fixed or floating spreads.
- IG, No withdrawal fee.
- RoboForex, Over 9400 available assets.
- Eightcap, 1:500 maximum leverage and cutting-edge trading tools.
FP Markets
In Summary ECN trading with leverage up to 1:500I rank FP Markets among the best AI Forex trading brokers as it offers Forex traders two AI-assisted trading tools: Trading Central and Autochartist. FP Markets has the algorithmic trading platforms MT4 and MT5, upgraded via 12 unique plugins. Traders receive low-cost, commission-based trading fees featuring raw spreads from 0.0 pips for a commission of $6.00 per 1.0 standard round lot. The well-balanced availability of assets includes cryptocurrencies, ETFs, and bonds.
FP Markets offers an excellent choice of payment processors, including cryptocurrencies. Copy traders can use fee-based Signal Start, Myfxbook, Autotrade, and the in-house FP Markets Copy Trading service.
Pros & Cons
- Choice of trading platforms and auxiliary trading tools
- Very competitive cost structure and excellent asset selection
- Low minimum deposit requirement and leverage of up to 1:500
- Well-regulated and trustworthy
- Availability of Iress geographically restricted
AvaTrade
In Summary Highly regulated, choice of fixed or floating spreadsAvaTrade offers Capitalise AI, enabling code-free algorithmic trading in MT4. Traders also benefit from the MT4 Guardian Angel plugin, and the fee-based Ava Protect insurance policy, protecting against trading losses. Forex trading fees start with commission-free spreads of 0.9 pips per 1.0 standard round lot or $9.00. Equity CFD trading has reasonable commission-free fixed spreads between 0.13% and 0.19%. Therefore, I rank AvaTrade among the best AI Forex trading brokers.
Beginners receive industry-leading education via the Ava Academy. The well-balanced asset selection includes cryptocurrencies, ETFs, and bonds. The high-paying partnership program features 70,000+ partners and $250M+ commission payouts.
Pros & Cons
- High quality educational offering via AvaAcademy
- Excellent choice of trading platforms catering to various trading needs
- Broad asset selection and cross-asset diversification opportunities
- Well-regulated and trusted broker with oversight from a central bank
- Trading costs competitive but nothing special
IG
In Summary No withdrawal feeThe AI-assisted tool at IG Markets is available with ProRealTime trading, which offers algorithmic trading in a code-free environment, similar to Capitalise AI, placing IG Markets among the best AI Forex trading brokers. It also shines with its order execution speed, as 100% of orders have an execution speed below 1.0 seconds, with an average execution speed of 17.0 milliseconds. Traders benefit from a competitive, commission-free trading environment with average spreads of major currency pairs of 0.8 pips or $8.00 per 1.0 lot.
Traders can connect advanced algorithmic trading solutions to the cutting-edge IG Markets infrastructure via APIs.
70% of retail investor accounts lose money when trading spread bets and CFDs with this provider
Pros & Cons
- Broad asset selection for Forex traders
- Quality choice of trading platforms, including MT4
- Autochartist signals integrated with the proprietary web-based platform
- No minimum deposit + free deposits and withdrawals
- Limited deposit and withdrawal methods
RoboForex
In Summary Over 9400 available assetsRoboForex ranks highly among the best AI Forex trading brokers with its proprietary, web-based R StocksTrader trading platform that includes algorithmic trading in a code-free trading environment, similar to Capitalise AI. The well-balanced asset selection covers eight asset classes and 12,000+ trading instruments. Traders also benefit from cutting-edge trading infrastructure, featuring competitive spreads and fast order execution with verified execution excellence.
The maximum leverage is 1:2000 with negative balance protection, and customer support is fast, responsive, and available 24/7. The in-house CopyFX copy trading system ranks among the best copy trading solutions industry-wide, mirroring the success of its partnership program.
Pros & Cons
- Excellent asset selection above 12,000 covering eight asset classes
- Competitive trading costs and high leverage
- Cutting-edge proprietary trading platform plus MT4/MT5
- Generous bonus program, affiliate offers, and instant withdrawals
- No cryptocurrencies
Eightcap
In Summary 1:500 maximum leverage and cutting-edge trading toolsI rank Eightcap among the best AI Forex trading brokers due to Capitalise AI. It enables code-free algorithmic strategies in the MT4 trading platform. Eightcap also offers an AI-assisted economic calendar. Traders benefit from deep liquidity, fast order execution, and raw Forex spreads from 0.0 pips for a commission of $7.00 per 1.0 standard round lot. The well-balanced asset selection of 800+ assets includes 100+ cryptocurrency CFDs
Eightcap supports micro lot trading from 0.01 lots or 1,000 currency units and cryptocurrency deposits and withdrawals with instant processing and a minimum transaction size of $50. Customer support is available 24/5.
Pros & Cons
- Low minimum deposit and high leverage of up to 1:500
- Competitive cost structure
- Excellent technology infrastructure and seasoned management team
- Daily research and quality educational content
- Limited leverage in some areas
AI Forex Trading Brokers Comparison
| | | | ||
Regulators | ASIC, CMA, CySEC, FSCA | ASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID | ASIC, BaFin, CySEC, DFSA, FCA, FINMA, FMA, FSCA, JFSA, MAS | FSC Belize | ASIC, CySEC, FCA, SCB |
Year Established | 2005 | 2006 | 1974 | 2009 | 2009 |
Execution Type(s) | ECN/STP | Market Maker | Market Maker | N/A | ECN/STP, Market Maker |
Minimum Deposit | |||||
Average Trading Cost EUR/USD | 1.2 pips | 0.9 pips | 0.9 pips | 0.1 pips ($1.00) | 1.0 pips |
Average Trading Cost GBP/USD | 1.4 pips | 1.5 pips | 1.4 pip | 0.1 pips ($1.00) | 1.2 pips |
Average Trading Cost Gold | $0.16 | $0.29 | $0.30 | $0.08 | $0.12 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based | Other, MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based+ | Other, MetaTrader 4, Proprietary platform, Trading View+ | Other, MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based+ | MetaTrader 4, MetaTrader 5, Trading View |
Islamic Account | |||||
Negative Balance Protection | N/A | ||||
| Visit Website | Visit Website | Get Started Visit Website71% of retail spread bet and CFD accounts lose money | Visit Website | Visit Website |
What to Look for in an AI Forex Broker
Trading with the best AI Forex trading brokers requires more than the availability of AI-assisted trading tools. My comprehensive analysis of the Forex trading environment at AI Forex brokers focused on the criteria below since they are necessary to all Forex traders.
The best AI Forex brokers will offer the following:
- Regulation: I recommend Forex traders seek a broker with a clean regulatory record of 10+ years, ideally with a trader-friendly regulator. Forex brokers regulated in New Zealand, Seychelles, Mauritius, Belize, South Africa, and Dubai balance trader protection and competitiveness. They often include an investor compensation fund, independent audits via the Hong Kong-based Financial Commission, and third-party insurance protection.
- Fees: Low Forex trading fees define a competitive trading environment. They also reveal which strategies a Forex broker actively supports and passively discourages. Major currency pairs like the EUR/USD and the USD/JPY should not exceed costs of $8.00 per 1.0 standard round lot or 0.8 pips. Volume-based rebates will lower final trading fees for high-volume traders.
- Account Types: The best AI Forex trading brokers offer ECN/STP/NDD accounts with competitive commission-based trading fees or a commission-free alternative with STP/NDD order execution and post-order processing.
- Leverage: Traders should use AI Forex trading brokers that provide 1:500 leverage with negative balance protection for major currency pairs and 1:20 for equity CFD traders.
- Trading Platforms: MT4 and MT5 remain the industry leaders as they support algorithmic trading. MT4/MT5 connects to third-party trading tools CapitaliseAI, Trading Central, and Autochartist. They also feature 25,000+ add-ons, custom templates, scripts, and EAs. Advanced algorithmic traders can connect their solutions via API. ProRealTime is another popular choice for AI-based traders next to proprietary trading platforms.
Pros and Cons of Trading with an AI Forex Broker
Before opening accounts with AI Forex trading brokers and using AI-assisted tools, Forex traders should consider the pros and cons of using them.
The pros of AI Forex trading brokers outweigh the cons, but there is no substitution for learning how to trade.
The Pros of Trading with an AI Forex Broker
- Emotionless trading
- Ability to trade more assets
- 24/5 trade monitoring
- Deployment of multiple strategies to suit market conditions
- Fast adjustments to market moves
- Ultra-fast order execution
- Advanced risk management tools
While the cons are fewer than the pros of trading with AI Forex trading brokers, their impact is more significant on Forex traders.
The Cons of Trading with an AI Forex Broker
- Dependence on AI-assisted trading tools
- A false sense of security
- Inability by traders to spot errors
- Coding mistakes that can lead to losses
- Cybersecurity risks
Bottom Line
The best AI Forex trading brokers can offer knowledgeable traders a significant competitive edge, but there is no substitute for education. AI Forex trading consists primarily of AI-assisted trading tools and algorithmic trading.
