Since 2011, we’ve traded with and reviewed over 200 brokers worldwide. To find the best forex brokers with trading APIs for you, we’ve dedicated over 50 hours per broker, exploring more than 250 factors across 9 key areas. We’ve then compared them to identify the top performers in various categories. With decades of combined experience, our team of trading experts provides reliable and trusted opinions.
In the ever-evolving world of forex trading, automation has become a key player, allowing traders to execute strategies with precision and efficiency. For both seasoned professionals and those new to the financial markets, the integration of trading APIs (Application Programming Interfaces) has opened up a world of possibilities.
But not all brokers are created equal. The right trading API can be the bridge to success, while the wrong one can lead to frustration and loss. That’s why it’s crucial to choose a broker that offers robust, reliable, and user-friendly API solutions.
In this comprehensive guide, we’ll dive into the world of forex brokers with trading APIs, using our comprehensive database and 11 years of experience in reviewing forex and CFD brokers. Whether you’re a hands-on trader looking to enhance your trading endeavors or a newcomer seeking clarity and valuable insights, this article will help you to find the best broker with API.
Our team of experts has identified brokers’ strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.
Now let’s dive into the selected brokers.
London-based FXOpen was founded in 2005, and it’s regulated by a few reputable authorities. The broker strikes a perfect balance for those interested in algo trading because it has no API rate limits and provides free API trading for accounts above $25,000.
Key Features:
I concluded that FXOpen offers the most well-rounded offering for algo scalpers. They can trade on the feature-rich TickTrader, which supports fast order execution. Also, scalpers can choose from 600+ instruments, exposing them to different markets and various trading opportunities.
What stood out the most to me when reviewing FXOpen was the extremely competitive pricing model on the ECN account type. It supports raw spreads from 0.0 pips and round-turn commissions from $1.50 per traded lot, which I found extremely competitive.
If you have at least $25,000 in your ECN account, you will have your FIX API fees waived as well as some very competitive spreads and commissions. For instance, I measured the value of a 1 lot trade (spread x pip value + commission) on the EUR/USD at $3.60, which is nearly twice as low as the industry average of $7.
Key Features:
Beginners can certainly gain a lot from signing up with OANDA, one of the biggest brokers in the world. The company was established in 1996 and is headquartered in New York. OANDA is trusted globally because of its top-tier licensing by some of the most reliable regulators. It also has diverse and highly-informative educational content, which can help traders learn about the basics of trading, including technical analysis, fundamental analysis, and trading psychology.
Key Features:
OANDA offers three API trading solutions, with MT4 being available to retail traders globally. The beginner-friendly platform makes it relatively easy for less experienced algo traders to automate their systems. Even first-time algo traders can use MT4’s OCO (One-Cancels-the-Other) orders, affording them greater flexibility when navigating adverse market volatility.
I evaluated OANDA’s quota policy and discovered that there are no restrictions on streams per user. Streaming is always active, and there are no API rate limits.
OANDA’s Core account type has raw spreads starting from 0.2 pips and a $4 round-turn commission per traded lot that. I find this combination the most suitable for algorithmic trading as it is below the industry average and is perfect for high-frequency trading. Traders can get in and out of the market fast at a lower cost.
London-based FXOpen was founded in 2005 and it’s regulated by a few reputable authorities. We rated this broker as the best choice for seasoned traders as it has no API rate limits and offers free API trading for accounts above $25,000.
Key Features:
I concluded that FXOpen offers the most well-rounded offering for algo scalpers. They can trade on the feature-rich TickTrader, which supports fast order execution. Also, algo scalpers can choose from 600+ instruments, exposing them to different markets and various trading opportunities.
What stood out the most to me when reviewing FXOpen was the extremely competitive pricing model on the ECN account type. It supports raw spreads from 0.0 pips and round-turn commissions from $1.50 per traded lot, which I found extremely competitive.
If you have at least $25,000 in your ECN account, you will have your FIX API fees waived as well as some very competitive spreads and commissions. For instance, I measured the value of a 1 lot trade (spread x pip value + commission) on the EUR/USD at $3.60, which is nearly twice as low as the industry average of $7.
The US-based company was founded in 1999, and since then, it has grown into one of the biggest and most trusted brands in the online trading industry. We chose it as the best option for algo traders in the US because of its diverse services and local licensing.
Key Features:
You can use the Rest API feature to automate your trading on the beginner-friendly MT4 or Forex.com’s proprietary platform. Code-free automation is also available via Capitalise.ai, which is incorporated by the broker. With a wide range of tradable instruments, Forex.com could be attractive to all kinds of algo traders with instrument-specific systems.
Forex.com incorporates NinjaTrader, which based on my experience, represents the best professional-grade tool for codeless automated trading. It allows for automated order execution by attaching orders to instruments.
I checked Forex.com’s pricing and found that it combines spreads starting from 0.0 pips and a $7 round-turn commission per traded lot. These trading fees are quite low compared to other US-based brokers. In terms of the trading industry as a whole, Forex.com’s prices meet the industry average.
Here at FX Empire, we have pioneered a unique methodology for evaluating Over-the-counter (OTC) derivatives brokers worldwide. Our goal is to provide a comprehensive picture of a broker’s pros and cons so that our readers can make informed decisions. We understand their need to choose the best partner for their particular goals and needs.
Our team of dedicated professionals is working continuously to improve our system and keep it up-to-date with current market trends. We test each broker systematically by employing over 250 variables across nine categories:
We strive to be as objective as possible, which is why our rigorous examinations are devoid of any personal bias as much as possible. We review the licenses of all the subsidiaries of a broker and check the fine print in the Client Agreement. The reliability of a broker is further determined based on the website’s regulations, fees, and general transparency.
We collect essential information by opening a live account with a broker entity and testing its services in real time. We measure the spreads, swaps, and commissions on its most popular account type and compare our findings to the industry average.
We also test the functionality of the available platforms, the number and types of tradable instruments, the reliability of customer support, and the quality of the research and educational materials.
For this guide, we only considered brokers that offer algorithmic trading via APIs to retail and professional traders. We took into consideration the types of APIs offered by brokers and evaluated their costs, availability, and simplicity of implementation. Additionally, we verified if the brokers provide a high execution speed and VPS hosting for enhancing the speed and performance of algo trading.
We scrutinized each broker’s regulatory adherence and safety measures for maximum client protection. We measured spreads and commissions, comparing them to the industry average and selecting the brokers with the most competitive pricing. Also, we assessed the usability of brokers’ platforms and confirmed whether they are integrated for API trading. Finally, we chose brokers with a decent range of tradable instruments and checked how many of them can be traded using API.
We abide by our strict guidelines for editorial integrity based on the objective standards we have set for our reviews. You can read more about our review process here.
The team of forex and CFD analysts and editors at FXEmpire is composed of trading industry professionals and seasoned financial journalists. Our experts have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.
Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.
Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.
Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
Now that I have covered our top picks for each category, it is time to outline the specific considerations traders need to make when looking for a trustworthy partner.
Brokers typically offer various types of trading APIs to cater to different trading needs and technological preferences. Here’s an overview of the common types:
The choice of API depends on the trader’s specific needs, technical expertise, and trading strategy. Whether focusing on high-frequency trading, algorithmic strategies, or simply automating specific tasks, different APIs offer varying levels of complexity, functionality, and performance. Understanding these options helps traders select the most suitable API for their trading endeavors.
In order to make sure you are dealing with a trustworthy broker, you need to make sure that the entity you choose is tightly regulated and complies with all industry safety requirements.
I have broken down the most important safety mechanisms to look for in a broker below:
Read more about Best regulated forex brokers.
Check out our dedicated guides on best CySEC-regulated brokers and best FCA-regulated brokers.
A broker may have several account types, each with different pricing mechanisms. The question is, how to know which one is best fitted for your particular style of trading? I will try to answer this question by providing an example with two distinct accounts, one STP and the other ECN:
The biggest difference between STP and ECN accounts, apart from the execution model, is the pricing mechanism. Usually, STP accounts afford commission-free trading and floating spreads, whereas ECN accounts have fixed commissions and raw spreads (typically starting from 0.1 pips). At first glance, the former sounds more favorable because you only have to pay one cost – the spread – rather than two.
Read more about Best STP forex brokers and Best ECN forex brokers.
Many brokers recognize the psychological significance of this sort of thinking and seek to exploit it by raising the spreads on their STP accounts to the point where they are no longer the more competitive option. I will now demonstrate how to do a quick test for yourself to evaluate the competitiveness of a broker’s ECN and STP accounts.
Pick an instrument, say, the EURUSD. Suppose also that the spread on the pair is 0.9 pips on a broker’s STP account and 0.1 pips on its ECN account. There is also a $6 commission for trading 1 lot (100,000 units) contract. If the EURUSD pip value is $10, you can do a simple calculation to determine the value of a hypothetical position on the EURUSD executed on both account types. The formula is the value of a trade = spread x pip value + commission. When we pop in the above values, this is what we discover about our hypothetical broker:
Account Type | Spread | Commission | Net Cost |
STP | 0.9 | $0 | $9 |
ECN | 0.1 | $6 | $7 |
This is just a hypothetical example, but hopefully, it illustrates how more can be less in trading. So it’s worthwhile evaluating the costs of a broker you consider opening an account with for yourself before doing so. And if you are still uncertain, you can always check out our database of reviews to sort out the most competitive brokers.
Check out our list of Best lowest spread forex brokers.
A trading platform is your window into the market. It allows you to observe price action behavior and study potential opportunities for placing orders. Technical traders use a platform’s array of indicators, drawing tools, and other features to examine various price patterns, changes in volatility, liquidity, and so on in order to gauge the most favorable times to enter or exit the market.
The best platforms are also the most versatile ones. They include a wide spectrum of technical indicators, such as Fibonacci retracement levels, oscillators, trend-based and range-based indicators, and others, as well as drawing tools, such as trend lines, channels, wedges, etc. They are also the ones that allow you to easily scale price action up and down.
In addition to these components, when looking for a suitable platform, you must also look for efficiency. Ask yourself: Does the platform facilitate easy and rapid order placement through one-click trading? Does it support algorithmic trading via Expert Advisors (EAs)? Can it handle market, limit, and stop orders? These factors, and more, contribute to a platform’s overall effectiveness.
The two most popular retail platforms in the industry are MetaTrader 4 and MetaTrader 5. Over the years, the two have become the benchmark for simplicity and reliability. The two entries in the popular franchise have a decent range of technical indicators and drawing tools and afford multi-timeframe analysis.
Read more about best MT4 brokers and best MT5 brokers.
However, despite MetaTrader’s easy learning curve, its rugged design becomes apparent when contrasted against newer and sleeker platforms. In my estimation, MetaTrader is a good choice for newbies wanting to learn the ropes, but to take your trading to take it to the next level, you may need something more sophisticated.
The answer of some brokers is to develop their proprietary platforms. The advantage of most such platforms is their convenience. The ability to search for instruments by asset class, scale price action up and down with ease, or execute complex box orders are benefits you cannot find in MetaTrader. To summarise, the question of choosing the best platform for you is one of simplicity vs practicality.
Check out our dedicated guide on Best forex trading platforms.
Here is a quick rundown of what to avoid when choosing a broker offering trading API:
Read more about Best brokers with VPS.
Scammers rely on the gullibility of traders. A common tactic fraudsters employ is to promise quick and easy profits at no risk to the trader. Often scammers would use labels that closely resemble the brands of real and legitimate companies. That is why regulators like the FCA have registers where traders can read about such fraudulent companies pretending to be others.
The best and easiest way to protect yourself is to make sure you work with a trustworthy and transparent broker. You can find a comprehensive list of reliable brokers by jurisdiction here.
Another important consideration is online safety. Be cautious about where you leave your personal information. Registering your details on suspicious pop-ups that promise enormous profits could lead to your contact information landing on a scammer’s dialing list. Remember, no licensed broker would make unsolicited cold calls.
The next time you get contacted out of the blue with promises of becoming the next Warren Buffet, you must remember that you are most likely speaking to a scammer. I am of the opinion that nowhere is the “if something sounds too good to be true…” saying more accurate than in the world of trading. That is why you should do your due diligence before opening an account with any broker.
Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.
At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.