Autochartist is a popular third-party market analysis tool. This page will explain how to get it for free. I’ll also examine the best usage of Autochartist and what to look for in Autochartist brokers.
- AvaTrade, Highly regulated, choice of fixed or floating spreads.
- Pepperstone, Great ECN execution on MT4 platform.
- Octa, A commission-free broker with a proprietary copy trading service.
Best Autochartist Brokers Comparison
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Regulators | ASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB | CySEC, FSCA, MWALI International Services Authority |
Year Established | 2006 | 2010 | 2011 |
Execution Type(s) | Market Maker | No Dealing Desk, NDD | Market Maker |
Minimum Deposit | |||
Average Trading Cost EUR/USD | 0.9 pips | 1.1 pips | 0.9 pips |
Average Trading Cost GBP/USD | 1.5 pips | 1.6 pips | 1.3 pips |
Average Trading Cost Gold | $0.29 | $0.20 | $0.30 |
Trading Platform(s) | Other, MetaTrader 4, MetaTrader 5, Web-based+ | MetaTrader 4, MetaTrader 5, cTrader, Trading View | MetaTrader 4, MetaTrader 5, Proprietary platform |
Islamic Account | |||
Negative Balance Protection | N/A | ||
| Visit Website | Visit Website | Visit Website |
AvaTrade
In Summary Highly regulated, choice of fixed or floating spreadsAvaTrade offers excellent trading platforms and reasonable commission-free trading fees from 0.9 pips or $9.00 per lot. Besides MT4/MT5 for algorithmic traders, with support for Autochartist, traders can use the proprietary WebTrader and mobile app AvaTradeGO. Alternatively, they can use the specialized trading platforms Ava Option and Ava Social. A free demo account for four of the trading platforms is also available.
I rank AvaTrade high on my Autochartist brokers listing as it offers a well-balanced asset selection, including cryptocurrencies, ETFs, and options. Beginners also benefit from the MT4 Guardian Angel plugin and the fee-based Ava Protect insurance policy, which protects against losses.
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
Pepperstone
In Summary Great ECN execution on MT4 platformI rank Pepperstone among the most competitive Autochartist brokers due to its excellent trading platform upgrades and tools. Traders get the 28-plugin Smart Trader Tools package upgrade for MT4/MT5. However, Capitalise AI, which supports algorithmic trading in a code-free environment, separates Pepperstone from most competitors. Pepperstone also offers cTrader and TradingView, where 50M+ social traders interact and share ideas.
Customer support is available 24/5 + 18/2. VPS hosting allows for 24/5 low-latency Forex trading and 24/7 cryptocurrency trading with deep liquidity. Pepperstone also supports API trading, allowing clients to connect advanced algorithmic trading solutions to the cutting-edge Pepperstone infrastructure.
Pros & Cons
- Excellent choice of trading platforms consisting of MT4/MT5, and cTrader
- Market-leading MT4/MT5 upgrade package, Autochartist, and API trading
- Social trading support via Myfxbook, MetaTrader Signals, and DupliTrade
- Leverage of up to 1:30 and superb trade execution
- Demo accounts have 30-day time limits
Octa
In Summary A commission-free broker with a proprietary copy trading serviceOcta shines with attractive trading fees, offering commission-free Forex spreads from 0.6 pips or $6.00 per 1.0 standard round lot. It adds to its pricing advantage by offering swap-free trading on many assets to all traders. A generous leverage of 1:500 with negative balance protection ensures advanced traders can manage their portfolios competitively.
The $25 minimum deposit ensures accessibility to all traders. Commission-free, instant deposits and withdrawals with fast processing times make Octa one of the best Autochartist brokers. Traders get MT4/MT5, plus the OctaFX proprietary web-based trading platform and mobile apps.
Pros & Cons
- Quick withdrawals and deposits
- 0% commission and no overnight charges
- Space with personalised trading ideas
- Customer Support 24/7
- Mobile copy trading services available only for Android
What Autochartist Is and How to Use It with a Forex Broker
Autochartist is a trading platform or charting software plugin featuring automated chart pattern recognition software. It generates trading recommendations based primarily on technical indicators, momentum, and candlesticks. Autochartist brokers offer it free of charge, which automatically runs once with the trading platform launch after traders install it. A web-based alternative is also available.
The Four Core Benefits of Autochartist
- Real-time analysis of chart patterns
- Automated chart pattern recognition
- Volatility analysis
- Customizable alerts
What Fees Should You Consider with a Broker Offering Autochartist?
While Autochartist brokers offer Autochartist free of charge, often intended as a marketing tool to attract and retain beginner traders, traders must consider trading fees, which directly impact the profitability of their strategy.
Here are the fees traders should consider with Autochartist brokers:
- Spreads, the difference between the bid and ask prices.
- Commissions grant traders access to raw market spreads and usually cheaper trading fees versus commission-free alternatives.
- Swap rates are applicable if traders keep leveraged positions open overnight.
Noteworthy:
- Competitive commission-free trading fees should not exceed $9.00 per lot, which equals 0.9 pips on major currency pairs.
- Competitive commission-free fee will offer raw spreads from 0.0 pips with a commission not exceeding $7.00 per lot with a volume-based rebate program.
How to Choose the Best Autochartist Broker Account
Not all Autochartist brokers provide competitive trading environments.
Here are a few tips on what to look for when choosing the best Autochartist brokers:
- Low trading fees
- Flexible leverage
- Deep liquidity with fast order execution
- Volume-based rebates
- Choice of liquid assets
- VPS hosting for low-latency 24/5 Forex trading
- Payment processor choices
- No withdrawal fees, small minimum withdrawal amounts, and fast processing times
What Is the Best Leverage to Use with Autochartist Accounts?
The best leverage depends on individual preferences, and there is a difference between maximum and utilized leverage. Most Autochartist brokers ensure Forex traders get 1:500 leverage on major currency pairs, but primarily, risk management measures determine potential losses, not leverage settings.
What to Avoid When Choosing a Forex Broker with Autochartist
Traders should avoid Autochartist brokers with high trading fees. Autochartist does not partner with every broker and avoids unregulated brokers and those that lack transparency. Responsive customer support is essential, as this can resolve trading issues. However, traders should avoid Autochartist brokers that rely on aggressive marketing campaigns or insist on having representatives call traders to push for higher deposits under the guise of expert support to help traders earn money.
How to Start Trading with Autochartist
Autochartist automatically runs after traders install it and launch their trading platform. Autochartist brokers provide the installation files for trading platforms and Autochartist. Traders will receive alerts every 15 minutes with each recommended trade and can manually take a suggested position.
Trading with Autochartist: Pros & Cons
Before trading with Autochartist brokers, traders should consider the pros and cons of Autochartist.
The Pros of Autochartist
- Automated chart pattern recognition
- Technical analysis on numerous assets at 15-minute intervals
- Actionable trading recommendations
- Educational content
The Cons of Autochartist
- Traders may rely excursively on Autochartist for trading signals.
- Lack of long-term accuracy among traders, with some reporting accuracy as low as 30%.
Bottom Line
Autochartist brokers can offer beginners an edge with embedded educational content. The automated chart recognition feature is beneficial and will help traders analyze markets if their strategy uses the same indicators. Traders should, however, beware of blindly following Autochartist trading recommendations.
