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      Get great rates on majors like EUR/USD, plus minors and exotics

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      Enjoy 24-hour pricing on the UK100, US30 and more

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      Trade on metals, energies & softs, with oil spreads from 2 cents

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    • ETFs
    • Currency indices
    • Dividends for index CFDs
    • Dividends for share CFDs
    • CFD forwards
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      Trade through the world-famous supercharts with great pricing

    • MetaTrader 5

      Explore the apex in trading automation with our execution tech

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    • CopyTrading
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      Latest news and analysis from our experts

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      Your regular round-up of key events

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      Pepperstone was born from the dream of making trading better

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Beginner

What should you look for in a good EA?

We all have our own preferences for which EA they would like to trial and put to use, but there are a few things to consider. 

  1. Past performance: how has the EA performed in the past? Over what time period is the performance shown? (longer the better) And what level of risk and return has it exhibited?
  2. What is the maximum drawdown on the EA? This is very important, as you need to determine if higher levels of drawdown suit your risk appetite. Fluctuations of 70-80% of the value of your account can be dangerous.
  3. Cost: if you’re buying an off the shelf EA, it needs to be within your budget. Just like any investment, no EA can guarantee future performance. While past performance may prove an EA’s reliability, you need to consider how quickly the cost of the EA will be recouped given your account size and the EA’s forecasted trading performance.
  4. Developer support: are the contact details of the developer or company easily found, and can you find tutorials or guides on how to troubleshoot issues with the EA? It’s important to find this out, especially for higher priced EAs which could prove costly if they don’t work as intended.
  5. Reviews: does the EA have a very good rating (5 stars obviously the preference) and are there sufficient, legitimate reviews available to determine whether the EA does in fact perform as described?
  6. Trusted platforms: purchasing through the MQL5 marketplace (for MT4 & MT5 EAs) and the cTrader algo marketplace are probably the best options, given the platform providers will monitor them for any suspicious behaviour. While you can purchase EAs outside of these marketplaces, it is best to do rigorous research on the EA you intend to buy, and ask for a free trial where possible so you can conduct your own analysis.
Pepperstone doesn’t represent that the material provided here is accurate, current or complete, and therefore shouldn’t be relied upon as such. The information provided here, whether from a third party or not, isn’t to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product or instrument; or to participate in any particular trading strategy. We advise any readers of this content to seek their own advice. Without the approval of Pepperstone, reproduction or redistribution of this information isn’t permitted.

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Risk Warning:

Margin trading products are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% of retail investor accounts lose money when trading on margin with this provider. You should consider whether you understand how margin trading works and whether you can afford to take the high risk of losing your money. You don't own or have rights in the underlying assets. Past performance is no indication of future performance and tax laws are subject to change. The information on this website is general in nature and doesn't take into account your personal objectives, financial circumstances, or needs. Please read our PSF, RDN and other legal documents and ensure you fully understand the risks before you make any trading decisions. We encourage you to seek independent advice.

The information on this site and the products and services offered are not intended for distribution to any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

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