Expert advisors or EAs for short, are automated trading strategies that have been developed to trade automatically in the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. They are often referred to as trading robots, with forex robots being some of the most popular expert advisors for prop trading. Aspiring prop traders are looking to use prop firm EAs such as the Forex Flex EA to pass trading challenges and get a funded account.
Prop firm expert advisors can analyse the trading instrument charts that you attach them to in the MetaTrader platforms for trading signals. Each EA will have a unique trading strategy that is programmed into its algorithm. When the EA finds a buy or sell signal according to the built-in strategy, it can place and manage trades on behalf of the user. We have tried and tested some of the best prop firm EAs if you are looking for some inspiration.
FTMO is our top prop firm that allows EA trading. You have total control over your trading approach with them. They have no justification for limiting or restricting your trading approach, including algorithmic trading, EAs, hedging, discretionary trading, etc. There are no restrictions on your trading style or plan as long as it is legal, complies with current market circumstances, and can be replicated on real funded accounts. FTMO provide funded accounts up to $2,000,000 with an industry leading 90% profit split. You can use the MT4, MT5, and cTrader trading platforms with liquidity provider data if you also trade as a retail trader.
Even your choice of trading instruments or position size is unrestricted by FTMO. All the instruments and resources that are accessible on your trading platform (forex, indices, commodities, stocks, cryptocurrencies, etc) can all be traded with expert advisors. You have total freedom with this prop firm and they will be pleased to see you benefit alongside them if your system is successful while adhering to the trading rules.
If you plan to employ trading robots (also known as expert advisors, or EAs) be aware that if you use an EA from a third party, other traders may already be utilising the same EA and, consequently, the exact same method. If you use a third-party EA and go above the maximum capital allocation limit, you can run the risk of having your FTMO Account rejected.
Please be aware that platform servers can only handle 200 orders at a time and a maximum of 2000 positions per day, as well as restricted server communications (orders and order revisions such updating TP/SL and updating limit orders). They may notify you and request that you modify the EA logic or strategy settings if your EA produces excessive activity on a platform server.
You should also be cautious of risky trading strategies that have little in common with consistent and informed trading. FTMO retain the right to take the necessary steps to reduce risk if they discover deliberate actions or a Modus Operandi being used on numerous accounts. This might take the form of eliminating the opposing positions, rebalancing the account, lowering leverage, or closing the account entirely and stopping all of their collaboration. As with any prop firm, you should trade ethically and demonstrate your competitive advantage and exemplary consistency for them to give you a funded account.
- One-time fee only (no recurrent charges or other fees)
- No limits or restrictions on your trading style
- Choice of platforms (MT4, MT5, cTrader)
- Access to some handy trading apps designed to help you with risk management and profit maximization
- Trade Forex, Commodities, Indices, Crypto, Stocks, Bonds
- No limits on the volume traded (lot size)
- Leverage up to 1:100
- FTMO’s scaling plan allows their most skilled traders access to up to $2 million of trading capital
- A thorough account analysis for every account
- The fee will be reimbursed to you with the first Profit Split
- Customer Support in 17 languages
- The most trusted and reputable Prop Trading Firm in the industry
- So many traders have used FTMO over the years that there is an incredible amount of trader-generated resources available, including lots of great advice on how to pass the FTMO Challenge
- Strict requirements for the test period
- Steep 10% profit target for the first step of the FTMO evaluation, however, it eventually drops to 5% for the second verification stage
- FTMO keeps all traders on demo accounts, even those that have passed the FTMO Challenge and become fully funded
- In order to receive a funded account, traders must first pass the FTMO Challenge, followed by a verification stage
FTMO Editor choice
Whether it be algorithmic trading, expert advisors, hedging, or discretionary trading, E8 Funding do not restrict or limit your trading approach. You may use whatever trading tools you choose and have complete total control over your trading strategy. There is no restriction on your trading style or method as long as it is legal, complies with current market circumstances, and can be replicated on live funded accounts.
Even your choice of trading instruments and position sizes are unrestricted by this prop firm. There is just one prohibition on using high frequency expert advisors or abusing the market feed. To ensure that the risk is dispersed, they only let individual strategies to be developed by each trader Therefore, they do not permit many traders trading for E8 to employ the same EAs or algorithms.
As long as you use proper risk management and abide by all trading goals and rules, you are free to trade any instruments or assets that are offered by your trading platform. E8 Funding currently offer MT4/MT5 web trader, IOS and Android app as well as MT4/MT5 desktop applications. You will need the desktop MetaTrader platform to run expert advisors. You could also rent a virtual private server (VPS) to run your automated trading strategies 24/7 without needing your own computer running.
E8 Funding provide global Forex and CFD traders with funding using a cutting-edge technology. They are also traders that are passionate about finding undiscovered trading talent that want to pass trading challenges to qualify for a funded account. E8 Funding has made an effort to develop distinctive financing alternatives as well as a user-friendly path to become a qualified, funded trader, allowing prop traders to remotely manage their capital from any location in the globe. You can get access to trade up to $1,000,000 with a healthy scaling plan and 80% profit share.
- Unlimited evaluation free retries
- Instant account access
- Attractive and innovative trader dashboard
- Forex leverage of up to 1:100
- Max capital allocation on the E8 account from 250k to 600k
- Funded account balance up to $1,000,000 with scaling
- Up to 80% profit share
- No minimum trading days on regular account type
- Allows news, overnight and weekend trading
- Trade on the popular MetaTrader platforms
- Free trial
- 5% Maximum daily floating loss
- Not the lowest fees
SurgeTrader are another prop trading firm that do not limit your trading style or strategy, in any way. Whether your strategy involves discretionary trading, hedging, algorithmic trading, or anything else, you can use it with SurgeTrader. The only requirements are adherence to the trading rules which are simple and fair. They have realistic profit targets with generous maximum drawdowns and daily loss limits.
Traders can execute trades on a variety of CFD market instruments — including Forex, cryptocurrency, metals and energy, stock indices and lots of individual stocks. You can choose between Eightcap MT4 and Eightcap MT5 — all offered through their partner broker EightCap, which are considered the universal platforms in the over-the-counter trading industry. MT4 and MT5 accounts trade on the Raw account types at Eightcap which have excellent trading conditions including tight spreads, low fees and quick trade execution speeds.
SurgeTrader provides funding to traders, allowing them to increase their trading profits. Trades must first pass an audition to prove they have the knowledge and discipline to be successful traders in order to become funded by SurgeTrader. Traders will receive a funded account of up to $1 million when the transaction is completed. 90% of the profit that traders make is kept in their funded account. All of this and more make SurgeTrader one of our top forex prop firms.
- Simple, straightforward trading rules
- No minimum trading days
- No 30-day assessment period
- Scale up from $25K all the way to $500K
- One-Time fee with no ongoing costs
- No restrictions on trading strategies
- 1 step evaluation process
- Good choice of trading instruments
- Trade on both MT4/MT5 platforms
- Handy trader dashboard
- Realistic profit target set at 10% of the total account balance
- After passing the audition you will start trading directly on a live account, with real profits and losses taken by the company, no demo accounts
- You will have access to a free 30-day membership with BKForex, which includes daily trading signals, tools, indicators, webinars and more
- Quick withdrawals and no minimum or maximum amount restrictions, which can be requested at any time once a month
- Very generous profit share that goes all the way up to 90%
- Free trial of the audition upon request
- A stop-loss is required for each trade
- All positions must be closed on Friday
- Maximum open size of 1 lot per $10,000 of the account balance
- 5% maximum trailing drawdown
- Low leverage 10:1, 5:1 and 2:1
SurgeTrader Best seller
One of the top forex prop trading firms is My Forex Funds. It has established itself as the industry leader with more than 300 employees worldwide and more than 2000 clients every day from all around the world. In order to provide Funded trading accounts to more people who want to take use of their abilities, My Forex Funds provide a great choice of trading challenges with favourable trading conditions and achievable profit targets.
Using third party expert advisers is allowed with My Forex Funds so long as it is not managed or traded by another party. All signals must be your own and based on your own set up. You are allowed to use a trade copier as long as you are copying your own trades from your own accounts. You can use EAs as long as they are not used in the following ways:
- Account management services
- Copy trading of other persons signals
- Tick scalping
- Arbitrage trading
My Forex Funds provide both the MT4 and MT5 which is ideal for anyone who is looking to pass a prop firm challenge using expert advisors. They have high leverage all the way up to 1:500 which is rare to find with any prop firm. You can get a refund of the registration fee if you pass the evaluation process. The profit share of 90% is very generous and you can choose from weekly or bi-weekly payouts.
- Profit split of up to 90% of profits generated (VIP account)
- Scaling programme that can take you to a funded trading account of up to $2,020,000
- Funded accounts tailored for beginners, intermediate, and professional traders
- You can receive a 100% refund of the registration fee for accessing the accounts on successful completion of the evaluation process
- Affordable access prices on all programmes, with several options in each programme
- Weekend trades are allowed on the Evaluation account
- You can make profits without evaluation process if you pay for the Accelerated program
- High leverage available up to 1:500
- Weekly or bi-weekly payouts (depending on account) via bank transfer, cryptocurrencies, Paypal and TrasferWise
- With an Accelerated account, you can have instant access to up to $50,000 of trading capital
- Achievable target with Evaluation accounts, it’s 8% split to pass the first stage and then just 5% to move on to a funded account
- MetaTrader 4 and MetaTrader 5 platforms
- Strict trading rules when compared to some other prop trading firms
- Scaling and other features can be complicated to understand
- Drawdown is based on your equity not your account balance, which may confuse some traders
- Lack of educational resources to assist beginners
- Overwhelming choice of accounts and conditions to wrap your head around
- No free trials
My Forex Funds
Expert advisors (EA’s) are permitted on The Funded Trader Royal account. You can use as many indicators as you want for manual trading because indicators are not expert advisors. Although one indicator is completely acceptable, no EA or script may follow more than one indicator.
|Minimum Trading Days||5||5||5||5|
|Phase 1 Target (35 Days)||$4,000 USD (8%)||$8,000 USD (8%)||$16,000 USD (8%)||$24,000 USD (8%)|
|Phase 2 Target (60 Days)||$2,500 USD (5%)||$5,000 USD (5%)||$10,000 USD (5%)||$15,000 USD (5%)|
|Max Loss||$5,000 USD (10%)||$10,000 USD (10%)||$20,000 USD (10%)||$30,000 USD (10%)|
|Max Daily Loss||$2,500 USD (5%)||$5,000 USD (5%)||$10,000 USD (5%)||$15,000 USD (5%)|
|Profit Split||80% | 90% with Scaling||80% | 90% with Scaling||80% | 90% with Scaling||80% | 90% with Scaling|
|Drawdown Type||Equity & Balance||Equity & Balance||Equity & Balance||Equity & Balance|
|Refundable Fees||$289 USD||$489 USD||$939 USD||$1,399 USD|
It’s crucial to remember that when using prop firm EAs on the Royal Account, you must also adhere to all of the Terms of Service’s other rules, including but not limited to:
- Prohibited Trading Strategies
- Copy Trading from Third Party Signals
- Account Management Services
- Arbitrage Trading (Latency or Reverse)
- Grid Trading
- Maximum balance of standard accounts up to $600,000
- Scaling plan with balance up to $1,500,000
- Arranges exciting events, rewards and competitions
- High leverage for trading forex up to 1:200
- Achievable profit and drawdown targets
- 90% profit split on scaling plan
- Unlimited evaluation free retries
- Large range of trading instruments
- Overnight and weekend holding allowed
- Good variety of challenges to choose from
- Trade on both the MetaTrader 4/5 platforms
- No free trial
- Very strict trading conditions
- Funded with demo account and virtual funds
- Lack of educational content
- Overwhelming rules and restrictions
The Funded Trader Best price
If you are thinking about passing a prop firm trading challenge to get a funded account, then expert advisors can be a great way to try and to it automatically. This can save you the time and money it requires to learn how to become a profitable manual trader. That being said, you should always check to make sure that the prop trading firm you are considering does allow automated trading with EAs. If they do, you will want to make sure that the prop firm EA has the relevant settings that can be adjusted in order to make sure that it complies with the trading rules and can reach the challenge objectives.
If you want to try a prop firm challenge with an EA, please feel free to download our free prop firm EA. It is designed specifically with prop trading in mind, including adjustable settings for money management, trading days, trading hours, maximum drawdown and much more. Whatever prop firm EA you choose, it is important to make sure that you understand exactly how it works. You can always test the expert advisor on a demo account to begin with before using it for a trading challenge or trading on a funded account.