Forex Robots is a software program designed to assist with trading automation by generating trading signal through the use of algorithms and technical indicators. The guide looks at forex trading robots and suggests some helpful robots to use.
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Learn with our guide if forex robots trading works and the top 5 criteria for choosing the best forex robot. If you are a beginner and want to improve your trading, a forex bot can help you navigate the up and down-swings in the forex market.
Keeping up with the constantly changing market conditions can feel overwhelming. The market conditions can affect the foreign exchange rates fairly rapidly without the possibility to act on these fast-changing prices. The solution to this problem is using trading robots.
The automation of your trading strategy can help forex traders accomplish two things:
Ready-made forex trading robots and expert advisors (EAs) can easily be bought over the internet. However, forex traders should make sure to do their due diligence before purchasing trading robots.
At the most basic level, a forex robot is an automated trading system or a computer program that buys and sells currencies based on pre-defined parameters and without human intervention. Most forex trading robots employ complex mathematical algorithms that search in real-time new trading opportunities.
Note* In the forex world, the “forex bot” and “expert advisor” are another slang term for forex robots trading.
The trading signals generated by a forex robot work by analyzing the forex market based on the input parameters provided by their developer. This means that your forex entry, exit and stop-loss are pre-defined beforehand. The most common technical analysis tools used to develop an automated algorithm include:
How to build a forex robot comes down to following a five-step process:
Note *This is by no means an exhaustive list but it gives you a starting point to automate your forex robot.
Due to its increasing popularity and functionality, the MetaTrader 4 (MT4) trading platform has become the de facto standard in automated trading. You can build an expert advisor (EA) through MQL4 and MQL5 or simply purchase an off-the-shelf forex EA.
Some of the best forex robots are built using the MetaTrader 4 embedded programming language, MQL4.
While forex robot scams are the norm, it’s still possible to find trading robots that perform well and are profitable. Scam forex bots, which is a widespread scam in the forex industry, is a primary reason why you should only use automated trading robots that have backtest results and can be verified through third-party providers such as MyFxBook.
In terms of the legality aspect, there are no regulatory frameworks that restrict the use of forex trading robots. The only restriction comes from the fact that not all forex brokers allow forex trading robots to be used especially forex scalping EAs.
Check out the full list of all forex brokers that allow expert advisors with no restrictions, including scalping HERE.
Not all trading robots and experts advisors should be trusted. If you’re looking for a forex robot, you need to be aware of the tricks online marketers and scammers use to lure in potential clients. The get-rich-quick scheme and misleading claims like “99% profitable trades” or “never lose money again” is the standard modus operandi of robot scams.
The golden rule to avoid a scam is if it sounds too good to be true, it probably is.
Besides the fraudulent claims made by forex scammers, another shady practice used by the developers of FX robots is using auto trading strategies based on curve fitting. A curve fitted strategy is when the PnL of the strategy is manipulated to tell a different story than reality.
90% of Forex Robots Fail Due to Curve Fitting.
The standard modus operandi is to hide the losses by carrying their losses forward as unrealised PnL. To accomplish this, they use small profit targets of 10 pips and very big stop losses of 1,000 pips that have a slim chance of ever being hit.
Study the chart below if you want to learn how to spot curve fitted forex robots so you can avoid them. If an expert advisor or automated forex robot has an equity curve similar to the one in the chart below, you probably want to avoid that system.
Before you buy an off-the-shelf forex robot or an automated trading strategy please consider these 5 criteria which will make sure you won’t end up buying forex robot scams.
The essential 5 things to look for when you’re choosing a forex robot or trading software include:
An important thing to keep in mind is that even if you get your hands on the best forex robot, over time it’s still going to fail because the market conditions are constantly changing. Automated forex trading tends to fail most of the time because forex robots are based on static data while the market dynamics keep changing.
Below are the best forex robots based on popularity, social proof, track record and profitability.
Disclaimer: Our team of experts at Compare Forex Brokers doesn’t endorse any of the names listed below. We recommend research and due diligence before risking any real money with any forex robot regardless of your trading experience.
Forex Robotron is an expert advisor (EA) that works with most MT4 forex brokers. This automated trading system only works:
What is unique about the forex bot is that it only runs between 21:00 – 23:00 GMT. In terms of profitability, Forex Robotron claims to generate a net profit of USD 17,088 in the 2005-2020 time period.
Cost-wise, Forex Robotron is quite expensive. The basic package costs USD 299.00, while for the most expensive package; you need to pay USD 999.
Ganon Forex Robot is a trend-following system that uses an ATR trailing stop loss to lock in profits as the trend develops. We don’t have much information about the trading logic behind this EA, nor on what currency pairs work best or if it works with other asset classes like CFDs or cryptocurrencies.
This algorithm is also capable to detect real-time trend reversals in the market.
It’s worth noting that the Ganon Forex Robot is developed by the same company Forex Robot Trader (FRT) that develops the Odin Forex Robot. Unfortunately, we couldn’t find a MyFxBook link to verify the success rate.
Cost-wise, this MT4 EA is cheaper at only USD 99.00.
GPS Forex Robot is a system that claims to have 98% winning trades and only 2% of the time being wrong. However, the track record verified by a third-party provider like MyFxBook can’t be confirmed.
The system claims a really small drawdown of only 7% trading the EUR/USD pair.
Cost-wise, GPS Forex Robot can be bought for only USD 149.00 and it comes with a 60-day money-back guarantee policy. So, if you’re not satisfied with the performance of this forex bot, you can always ask for a refund.
Happy Frequency EA is another expert advisor that analyses the market based on a complex algorithm that combines multiple trading strategies (trend, grid, hedge, and semi-martingale). This is another scalping EA robot that trades on the 5-minute time frame across 9 different currency pairs.
Happy Frequency EA runs 24/5 from Monday through Friday, thus the developers of this forex robot recommend using a Virtual Private Server (VPS).
The performance of this forex robot can be verified on MyFxBook and FxBlue.
Cost-wise, Happy Frequency EA is priced at USD 299.00 (2 licenses) and USD 499.00 (5 licenses)
1000pip Climber System is an automated analysis system that continuously seeks trading opportunities on multiple time frames (15 minute, 1 hour and 4 hour time frames).
While the EA developer provides a MyFxBook link, please be aware that the track record is based on a demo account. What is unique about this software is the alert system that will notify users visually, audibly, and via email whenever a trade is triggered.
Cost-wise, you have to pay USD 97.00 to get your hands on this EA robot.
Odin Forex Robot is a “reliable grid trading strategy” that seeks trading opportunities within the 5 minutes time frame. A forex grid trading system involves buying and selling currency pairs above and below a pre-defined base price.
The most unique feature of this forex robot is the built-in money management tool which automatically calculates the risk per trade on your behalf. However, it’s safer to take care of the risk management into your own hands especially since we’re dealing with a grid trading system that is riskier.
Cost-wise, Odin Forex Robot is accessible. For only USD 129.00 you’ll get an FX robot that seeks trading opportunities in over 22 currency pairs.
Forex Fury Robot is an expert advisor that is compatible with MT4 and MT5 forex brokers. This automated trading robot is recommended if you’re looking for low but steady monthly returns.
Forex Fury Robot claims to generate 10% – 20% monthly gains and the track record is verified by MyFxBook on a real trading account and as well as on a demo account. What’s unique about this algo is the fact that it only trades 1 hour per day, only one instrument at a time and only during low volatility trading conditions.
On the downside, Forex Fury Robot only works on a limited number of currency pairs (EUR/USD, GBP/USD, USD/JPY, and USD/CHF).
Cost-wise, this forex bot can be bought for USD 229.99 (Gold package), respectively USD 439.99 (Diamond package), which comes with 2 live account licenses.
FX Fornite EA is a fully automated expert advisor that combines trend following strategies with hedging strategies. This forex EA can be configured based on different levels of risk (high, low and medium).
The performance of FX Fornite is verified by FX Blue a web-based service that authenticates your trading results.
What is unique about this forex robot is the fact that it only works on EUR/CHF and on the 1-hour time frame.
Cost-wise, FX Fornite EA comes in three packages. The cheapest version costs USD 149.00 (Bronze package), while the most expensive version costs USD 249.00 (Platinum package). The most expensive package comes with 3 real account licenses and a 30-day money-back guarantee policy.
WallStreet Forex Robot 2.0 Evolution claims to have an 80% winning rate with only a maximum drawdown of 6.24%. The performance of this automated trading system can be verified on MyFxBook.
What is unique about this FX bot is the built-in functionalities that protect you against high spreads and high slippage.
Cost-wise, WallStreet Forex Robot 2.0 Evolution has a price tag of USD 237.00 and comes with a 60-Day 100% money-back guarantee policy.
Cryptohopper is an automated crypto trading bot that specialises in trading the cryptocurrency market. This crypto bot claims to trade on over +100 cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.) and is available 24/7.
The trading signals generated by this cryptocurrency bot are driven by technical factors, that allow it to find opportunities in bull markets, bear markets and sideways markets.
Cryptohopper is free to use however if you want to try its more advanced features you need to pay a monthly subscription fee that starts at USD 19.00.
Sitting back and letting automated trading software do the trading job for you can be an appealing proposition. However, even if you get your hands on the best forex robots out there that use the latest technology, 99% of all trading robots will fail in the end.
A forex bot can be a very convenient way to trade the markets but usually is a type of shortcut lazy traders who don’t want to put in the hard work take. If you prefer the advantages of automated trading, you should try programming your own forex robot. The good news is that you don’t need to be a geek in programming. If you don’t have the skills to code your own forex robot, there is always the option to hire a developer that can turn your trading ideas into an automated trading robot.
One final thought on the benefits of forex robots trading: robots are superior to humans as they don’t have emotions; are 100 times faster; better at recognizing trading signals and last but not least they monitor the market 24/5 without interruptions which a human can’t do.
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.