Top picks for API brokers
Best overall broker for trading APIs – FXCM
| Company |
Overall Rating |
Minimum Deposit |
Average Spread EUR/USD - Mini |
Platform & Tools |
 FXCM
|
 |
Starts from $50 |
1.38 info |
 |
FXCM is my top choice for API trading. Four APIs are available, including REST, JAVA, FIX, and its ForexConnect proprietary software development kit (SDK).
FXCM’s ForexConnect provides access to a rich variety of trading API features, such as forex robots and automated trading systems, integrated trading data and pricing histories, and the ability to connect to custom trading platforms. ForexConnect supports a wide range of popular programming languages, such as Python, Java, C#, Visual Basic, and C++.
FXCM also offers a plethora of public resources to aid your coding projects, including dedicated Python packages that can be installed from the command line using Python, as well as open-source code for its public APIs on its GitHub page. Read our full-length review of FXCM.
Excellent resources for API traders – OANDA
| Company |
Overall Rating |
Minimum Deposit |
Average Spread EUR/USD - Standard |
Platform & Tools |
 OANDA
|
|
$0 |
1.61 info |
 |
OANDA is another excellent choice for API trading, due to its robust documentation and the resources available in its developer portal. Three APIs are available: FIX, MT4, and the versatile v20 REST API.
OANDA’s v20 REST API grants access to a range of commonly sought-after trading API features, such as account management, historical pricing data and real-time trading rates, and the ability to place, modify, and close orders. You can read the full list of supported functions and features on OANDA’s developer page.
Like FXCM, OANDA has plenty of resources on its GitHub page, with public open-source code repositories to complement its API offering. Check out our full-length review of OANDA.
Award-winning platform experience – Interactive Brokers
| Company |
Overall Rating |
Minimum Deposit |
Average Spread EUR/USD - Standard |
Platform & Tools |
 Interactive Brokers
|
|
$0 |
0.63 info |
|
Interactive Brokers offers a comprehensive API offering. Trader Workstation (TWS) is Interactive Brokers’ proprietary, open-source API, and traders can connect to Interactive Brokers’ trading system via FIX API.
Interactive Brokers’ TWS API delivers a powerful assortment of API features and functions. Traders can place orders, view positions, monitor portfolios, and automate trading strategies. TWS provides the ability to connect custom applications or platforms, and it supports a range of programming languages, such as Python, C#, C++, and Java.
Learn more about Interactive Brokers' API offerings on the IBKR Trading APIs site, and read our full-length review of Interactive Brokers.
Compare the best brokers for trading APIs
| Company |
Overall Rating |
Average Spread EUR/USD - Standard |
MetaTrader 4 (MT4) |
MetaTrader 5 (MT5) |
cTrader |
|
FXCM
|
|
0.78 info |
Yes |
No |
No |
|
OANDA
|
|
1.61 info |
Yes |
Yes info |
No |
|
Interactive Brokers
|
|
0.63 info |
No |
No |
No |
 Saxo
|
|
1.1 info |
No |
No |
No |
 IG
|
|
0.98 info |
Yes |
No |
No |
 FOREX.com
|
|
1.4 info |
Yes |
Yes |
No |
 Charles Schwab
|
|
1.25 info |
No |
No |
No |
FAQs
What is a forex trading API?
APIs: An Application Programming Interface (API) is a kind of coding (or set of codes) that is used to enable connections – or, transactions – between software applications, databases, operating systems, and servers. One side of the transaction (usually known as the client) will send a request to access the data or features of an API-connected application or database. This request is received by the second party’s API (usually known as the server), which then either allows or denies the request based on a predefined set of rules (these are known as the API specifications).
Forex trading APIs: When trading forex, CFDs, and other financial instruments, trading APIs allow a user’s front-end system to connect to the broker’s back-end system through an encrypted communication channel. Practically speaking, this means that traders who utilize APIs are not committed to using the application or platform supplied by their broker. Instead, traders have the option to use third-party software or their own custom platform or app while remaining connected to their forex broker’s trading ecosystem.
Unlike a read-only API – which doesn’t permit trading or account operations – a trading API provides full access, allowing you to trade your brokerage account programmatically. Trading APIs provide the ability to send and cancel orders, retrieve live prices and historical data, and access account details such as balances and current market prices. APIs can even link traders’ automated trading algorithms to their forex broker’s platform (check out our guide to high-frequency trading to read more about the best algo trading software and automated HFT algorithms).
terminalNote:
Some API connections can be as rudimentary as a few lines of code or an excel spreadsheet, while others may be a fully-fledged trading platform.
Popular forex trading platforms MetaTrader and cTrader are well-known examples of third-party software that connects to your forex broker via API. Read our MetaTrader guide to learn more about the platform, and check out our MetaTrader 5 guide to get an in-depth look at the newest version of the MetaTrader software. My MT4 vs MT5 guide details the differences between the two versions of MetaTrader to help you make an informed choice.
Pros and cons of using trading APIs
In my experience, I've found that trading APIs can introduce an extra level of customization to your forex trading experience. Traders using APIs can connect any kind of platform to their online brokerage account and experience a flexible experience for accessing forex market prices, managing accounts, and implementing trading strategies. I've been using APIs for years; here are some advantages to incorporating them into your trading strategy:
Pros
- Live market data and executable prices.
- Historical market data and prices, allowing API users to analyze markets and chart client sentiment.
- Risk management tools and features, such as stop-loss and take-profit limits.
- Immediate execution and instant confirmation, so orders can be carried out through their own trading platform.
- Trades can be carried out anonymously without being recorded on the broker’s platform.
Cons
Here are some of the potential downsides that come with using an API instead of using the platform supported by your forex broker:
- API trading requires development time and ongoing maintenance, which can be costly.
- Generally speaking, programming knowledge and skills are required. The extent of this skill requirement will depend on your forex broker.
- Connecting an API can open the door for hackers to attack the application, hampering the security of the site – yet another reason to only use trusted, regulated brokers, even when using APIs for trading. Learn more about how to determine which forex brokers are trustworthy on our Trust Score page.
How do I connect a forex API to a broker?
- Read your forex broker’s API documentation (or, API specifications) to understand the specific API connection requirements. It’s also important to read up on the available software development kits (SDKs) and on any supported programming languages.
- Next, you’ll need to make sure you have a demo or live account registered with your forex broker – you’ll need this to connect programmatically.
- Request API access. Once registered, you'll receive your API key (make sure to keep this safe) – this will allow you to securely connect and access the API.
- Once you’ve successfully connected to the API, you’ll likely need to debug and/or troubleshoot your code (or the third-party program you are connecting).
- After handling any necessary troubleshooting, you can start using basic commands, such as accessing account balances and viewing live market data. Then, move on to more complex operations such as order and trade management.
keyDon't lose your (API) keys
Connecting with a third-party program will require that you enter your API keys. API keys are passwords that let you access your account, much like the username and password required to log into your forex broker’s software. Make sure to keep your API keys as secure and protected as you would any password(s) for your brokerage account.
What is algorithmic trading?
Algorithmic trading involves using advanced computer algorithms, commonly referred to as "algos," to automate a trading strategy. Instead of manually executing trades, these algos do the heavy lifting by translating your strategy into code that your broker’s platform or API can understand and execute. When switched on, the algorithm autonomously handles tasks like adjusting trade sizes, setting take-profit levels, and managing risk, among other trading decisions that would otherwise require constant attention.
In my experience, even simple algos can be effective additions to your trading strategy. For example, a basic algorithm might be set to open a position whenever the price of a currency crosses above a defined moving average, and close it when the price dips below.
The complexity of your algorithm depends largely on the strategy you want to automate, the coding language you’re using, and the capabilities of your broker’s platform or API. I've worked on everything from basic strategies on TradingView using Pine Script, which is beginner-friendly, to more complex projects involving Python and deploying them through a FIX API. Learn more by reading my algo trading guide.
Our testing
Why you should trust us
Steven Hatzakis is a well-known finance writer, with 25+ years of experience in the foreign exchange and financial markets. He is the Global Director of Online Broker Research for Reink Media Group, leading research efforts for ForexBrokers.com since 2016. Steven is an expert writer and researcher who has published over 1,000 articles covering the foreign exchange markets and cryptocurrency industries. He has served as a registered commodity futures representative for domestic and internationally-regulated brokerages. Steven holds a Series III license in the US as a Commodity Trading Advisor (CTA).
All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry.
Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Click here to learn more about how we test.
How we tested
At ForexBrokers.com, our online broker reviews are based on our collected quantitative data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).
Mobile testing is conducted on modern devices that run the most up-to-date operating systems available:
- For Apple, we use MacBook Pro laptops running macOS 14.5, and the iPhone XS running iOS 17.6.
- For Android, we use the Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android OS 14.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser.
Our researchers thoroughly test a wide range of key features, such as the availability and quality of watch lists, mobile charting, real-time and streaming quotes, and educational resources – among other important variables. We also evaluate the overall design of the mobile experience, and look for a fluid user experience moving between mobile and desktop platforms.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.
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