A robot or an expert advisor is a trading software coded to make consistent gains in the financial markets. These automated software samples handle all the hindrances of manual trading, including risk management, psychology, strategy formulation, etc. Based on the coded information within these robots, open buy or sell positions in the market and manage them. Many of such EAs are built for the popular forex trading platform known as MetaTrader. One should always be wary of the get rich quick schemes set up by the robot sellers by checking verified results and other useful factors. They are available for free; however, some begin at a starting price of 20 up to 20,000+ USD. While most expert advisors are designed to trade automatically, some are made to aid you in your executions by adjusting your stop losses or providing signals that can be manually executed.
Our Top Picks For Best Forex Robots:
- Best Forex Robot Overall: ROFX
- Best Forex Robots Collection: QuivoFX
- Best MT4 EA: Forex Flex EA
- Best Forex EA For Scalping: Agimat Trading System
- Best Arbitrage Trading Robot: AutoArb
- Best Automated Forex Signals: Profit Forex Signals
- Best Forex Indicator: FX Atom Pro
- Best Forex EA Builder: StrategyQuant X
Best Forex Robot Overall: ROFX
Investment Risk: Low
Trader’s Level: Any
ROFX has earned a place in our list as the best overall forex robot by providing the best-automated trading system with zero drawdowns. Their trading structure was developed by professional traders in 2009 and had been delivering results since 2010. A monthly return of nearly 10 percent is provided by the expert advisor, verified by Myfxbook. Different packages are available which offer the same returns but differ in performance costs. Depositing more cash (USD, EUR, and Bitcoin) will allow you to save on those and get more significant profits back home.
ROFX is especially friendly for beginners making their way into the financial world as the company only requires you to make a deposit (Minimum 1000 USD), and their team and EA handle the rest.
Daily profits can be withdrawn via bank transfer or bitcoin with a threshold of at least 1000 USD. The trading system is classified as a no-loss robot as it works with strict risk management and zero leverage. Even in negative performance, the losses are covered by their team, giving you peace of mind.
One can visit ROFX at their head office in London; however, an appointment is necessary beforehand. Their team maintains good transparency as all the associated fees are disclosed.
- Guaranteed profits are ensured by following strict risk management.
- The availability of different packages makes it more customer-friendly.
- Verified results are available on Myfxbook, which means consistent good returns.
- The robot has been around for ten years enough to know that the process is trustworthy.
- The company’s reserve fund compensates for any losses by the robot.
- Requires a minimum deposit of 1,000 USD and has huge performance costs on accounts ranging from 1,000 to 10,000 USD.
- Limited deposit and withdrawal options are available on the website.
Best Forex Robots Collection: QuivoFX
Investment Risk: Medium
Trader’s Level: Intermediate
QuivoFX is a one-person website run by Yannick Deubel, who offers a range of expert advisors, indicators, and a few trading tools on his website that have been around for five years. Individual robots can be tried on the demo accounts with limited features to test out their performance. Buying the full package will grant further access to the expert advisors with a specific strategy related to it that is detailed in more information. Getting the advanced and pro packages available on the site for 99 and 149 CHF, respectively, will provide you with a handful of top robots. However, no results are available or verified, which may raise an eyebrow for some.
Similar to automated software, indicators are also available to test on the demo accounts via strategy tester. There are also a handy set of free options that can be downloaded.
The indicators provide useful insights on market directions, relative strength, volatility, etc. The plan of action is detailed thoroughly. Good knowledge of the market will be handy while formulating a strategy based on these.
MQL programming services are also on offer; however, they are currently not available.
One can use the products on as many accounts as he/she wants. The School section, accompanied by the forums, can educate and answer most of your questions.
- A useful set of robots and indicators are compiled up under one website. It saves you the hassle of manually searching for the best in the market.
- With QuivoFX, you can demo test out the products on your MetaTrader accounts before buying. Free products are also available.
- A detailed section under the heading of ‘School’ is available to educate you on using robots and indicators.
- By combining the various sets of indicators offered by QuivoFX, one can make up a powerful trading strategy.
- Expert advisors are not available for the MetaTrader 5 platform.
- No refunding option.
- As one person handles the website, the support can take up to 10 days to respond.
Best MT4 EA: Flex EA
Investment Risk: High
Trader’s Level: Advanced
With a one time payment, you’ll get your hands on an automated trading system that constantly updates its settings according to the market. The unique expert advisor opens virtual trades in the background to assess the charts and will get in at a razor-sharp entry managing the executions with perfection. Three different strategies are available with the robot:
· H1 DefaultTDI Gain: 804.02%
· New Stoch RSi Close Gain: 377.02%
· Candlestick Pin Gain: 123.94%
Trading records and privileges are verified by Myfxbook, but the strategies used by Flex EA are not detailed profoundly. A 330 USD price tag will set you for a single license on the MT4/5 account, while two can be obtained for 495 USD.
The expert advisor comes with optimized settings for the robot that makes it super simple to use. An unfiltered community forum alongside direct customer support to the coder of EA is provided.
News filter, DD stop loss, and money management allow you to have better risk management, an essential trading component. Other services offered by Flex EA include session filters, indicators, indicator closures, time filters, hedging, hide from the broker, currency filter, etc.
A 30-day money-back guarantee can be claimed if you believe the expert advisor is not the right choice for you.
- The trading robot has lots of useful risk management features.
- A 30-day money-back guarantee gives you peace of mind.
- A 10 USD nano or a 100 USD micro accounts can be used to start trading with the robot. The required amount is super low and is perfect for anyone looking to test the automated trading software.
- The ability to talk directly with the coder of the trading robot is a plus.
- Myfxbook records show a single initial huge monthly profit, which records for more than 95 percent of total gain as indicated by them. In simple words, the average monthly return provided by the EA average around 3 percent.
- The website interface is poorly designed.
Best Forex Robot For Scalping: Agimat Trading System
Investment Risk: Medium
Trader’s Level: Advanced
Agimat FX system is based on the following four components:
|Agimat FX 2018 V2||Agimat FX 2020||Agimat FX Pro Forex EA 2018||Agimat FX Ultra|
|Method||Scalping and binary options||Swing trading and scalping||Scalping||Scalping|
|Time Frame||M5, M15, H1, H4, Daily||H1, H4, Daily||M1||H1, H4, Daily|
Agimat FX expert advisor is fully automated and works entirely on its own while the rest of its family members are semi or manual. The trading robots can be installed and run on MetaTrader 4/5 with ease to trade every instrument, including currency pairs, stocks, futures, CFDs, commodities, metals, and cryptos.
Results of executions are available on the website, which shows an average monthly profit of 5.1% by using the automated trading system. Agimat FX ultra acts as an indicator providing signals executed manually by you. A computerized trade copier is also present, and it copies every position, saving the trouble to do everything yourself. With the help of neural networks, developments are automatically made within the expert advisor that adjusts the stop losses, manages equity, and learns as it trades.
The software engineering company that developed the system of trading robots known as Agimat FX has offices in Spain and Hongkong. It is also registered with USPTO (the United States Patent and Trademark Office).
- Ability to trade every instrument on an MT4/5 account.
- The trading robot is developed specially by software engineers to deliver the best results in the market.
- An excellent mobile trading app is available on both android and iOS platforms that keep you updated.
- A fair amount of tutorials are on the website to help one get started with the automated trading systems.
- A monthly gain of 5 percent may be considered a little bit below average by some.
- The figures about the drawdown from the EA are shown differently at various places.
Best Arbitrage Trading Robot: AutoArb
Investment Risk: High
Trader’s Level: Medium
An automated robot gives in handy profits working on MetaTrader4/5 and options trading platforms. This vendor provides proof of selling the expert advisor on the website that claims to make huge gains in just over a few minutes. LeapFX promises a risk-free guarantee and profits on every single position. The robot can detect even a tiny difference in data feed amongst fast and slow brokers and uses it to its advantage.
The automated trading software will have to be installed on both the delayed and quick brokers’ MetaTrader platforms. A list is provided by AutoArb, saving you from the trouble of searching for such brokerages yourself.
A user guide is included as you purchase the expert advisors with all the information required for setup. The content is described in a clear and straightforward language so that anyone new to trading can grab it quickly. It also comes with full support and recommendations from the developer to make the robot run at its best.
If you are not satisfied with the trading results, a 30-day money-back guarantee will get you a complete refund. The robot will cost you a handful of 497 USD, but the license is provided for a lifetime.
- Arbitrage trading robot offers its trading services on a variety of assets, including forex, CFD’s, crypto, options, etc.
- The robot is very quick to spot the latency between brokers.
- It comes with a bonus auto close software that helps in managing trades on your MT4/5.
- The profits shown in the video on the website are from a demo account, which places a huge question mark on the credibility of EA.
- The price tag of 497 USD is a bit expensive.
- No backtesting is available as AutoArb is an arbitrage trading system.
Best Automated Forex Signals: Profit Forex Signals
Investment Risk: Medium
Trader’s Level: Beginner
One of the unique forex robot services out there shows satisfactory results proven by a verified site such as Myfxbook. The promises offered by profit-forexsignals.com do amaze one to a considerable extent to buy their services.
They follow their name by saying that they make and build profits offering up to 300 percent return on investment per month. 400 to 10,000 pips are guaranteed from the signal service along with the ability to use a mini account to start trading. The number of pips made every month is detailed in a mannerly order alongside an option to check in the executions dating back ten years.
Pearl package has four professional traders who execute the positions at a 90 percent accuracy. Risk management is maintained on the executions on major pairs, for instance, EUR/USD and GBP/USD, with an average stop loss of 35 pips. Exotics and metal like gold are traded sometimes. The trades are sent via SMS, WhatsApp, Telegram, and email, but the best option is to use the trade copier service that does everything automatically.
Packages start from 49 USD for three months, which offer a 50 percent monthly return and go all the way up to 499 USD averaging the previously mentioned 300 percent ROI. Many payment methods are available on the site, with the perfect one being PayPal.
- The trade copier service and free VPS offered by the team make the whole process super easy and automated.
- Huge monthly returns are promised by following their automated signal service.
- Various packages are available that start with as low as 49 USD for three months, enough to try out their service.
- The foundation date mismatches with those found on verified sites such as Inc.com
- An extraordinary claim is made on the website, which states that they don’t lose more than three trades in a row. Their Myfxbook records say otherwise.
- The reviews on Trustpilot are fake and bought from freelancers, and the signals have a substantial negative rating on ForexPeaceArmy.
- For a site that claims to manage millions of dollars, live chat support should be provided 24/7.
Best Forex Indicator: FX Atom Pro
Developer: Karl Dittmann
Investment Risk: Medium
Trader’s Level: Beginner
FX Atom Pro is an indicator that will direct you when to open a buy or sell a currency in the market. The product is taunted to give out consistent profits while minimizing the losses as much as possible. It is super simple to follow as you just need to focus on the buy/sell line and execute your position as it appears.
The charts on fxatompro.net indicate the trades highlighted by FX Atom Pro that turn in a good number of pips. Notifications are also given by the indicator which will alert you to open or close a trade. Three main trading styles are available to follow, which include:
· Conservative Mode. Low Risk with optimal trend reversal detection.
· Medium Mode. Moderate Risk with fast trend reversal detection.
· Aggressive Mode. High Risk with Maximum trend reversal detection.
The indicator works on M15, M30, H1, H4, and daily time frames and in all pairs. Making it work on bigger ones will allow you to swing trade. FX Atom Pro packages have a price tag of 147 USD and include the indicator, step by a step user guide, and 24/7 email support from the provider. A 30-day money-back guarantee gives one peace of mind while getting the product.
- You can use the indicator to your own liking. Place it on lower time frames if you are a scalper or day trader and on big ones if you are more of a swing trader.
- Alerts are available that will inform you when the right time to open/close a position comes.
- Genuine pro trading tips are provided by the maker that informs you on risk management, psychology, and strategy.
- You have to do all the stuff from opening to closing a trade manually.
- No trial is provided before you buy the indicator.
Best Forex EA Builder: StrategyQuant X
Location: Czech Republic
Investment Risk: Low
Trader’s Level: Advanced
StrategyQuant X allows you to create powerful trading robots with complex algorithms from a click of a button. The EA developer is beneficial for those who have no clue about programming and are a novice to the software development industry.
Ebooks, video lessons, and consultations are given via skype to help you get used to the program. One can create automated trading software for any market and time frame. The building process is quite simple and enables one to develop thousands of strategies in builder mode and choose the one that gives the best return in a fully automatic operation.
Executing trades in the market through the help of a robot is advantageous as it eliminates the need to manage psychological states, one of the critical components of trading.
Robot developer also comes with a backtesting engine, as stated, which has live tick data support. The EA can be compiled to run on various platforms that include MetaTrader 4/5 and TradeStation/MultiCharts.
Tons of other different services related to software development for trading can be utilized, including automated, customizable workflow, two types of Monte Carlo tests, walk-forward analysis, 3D optimization charts, advanced filtering, and many more. Starter, professional, and ultimate are the three packages that can be bought by a one-time payment or three-month installments.
- A 14-day free trial is offered to test out their service.
- A vast amount of customization options come along with more than 40 indicators and means to backtest your strategy.
- They provide a sufficient amount of material to get one acquainted with StrategyQuantX 56 video lessons and Skype video consultation.
- The robot can be developed only for a limited number of platforms and excludes important ones like Ninjatrader or cTrader.
- It comes with a hefty price tag.
How To Choose A Forex Robot
Besides looking at every option worthy of consideration, there are certain factors that every person looking for a robot to purchase should keep in mind.
We can’t ignore the importance of managing risk when it comes to trading the financial markets. Unfortunately, most of the robots that show huge returns on small accounts ignore this primary trading component. When utilized in real-time, these EAs turn your account into dust using risky martingale strategies or larger lot sizes.
A successful trading robot has suitable entry/exit points with an adequate win ratio. Risk/reward above 1:1 and a win rate of more than 50 percent is enough to keep you in the game. Drawdowns (absolute, maximal, or relative) are essential when indicating an automated software’s risk factor.
Verified Trading Results and Consistency
Profitable EAs always show great results during live trading or backtesting. Their vendors have verified track records on the noted sites, like Myfxbook, that show the robot’s detailed statistics. Consistency is one of the critical factors determining success in trading, whether it’s manual or automated. Quality robots always maintain a better form no matter what the market conditions are and give good gains.
News Filtering or Fundamentals
A good trading robot will always consider important news events which shift the market direction and cause changed volatility. It is always recommended to close your positions before such releases or bring your stop losses to break. Some EAs have a built-in news filter that exits out of trades, and such robots are therefore more profitable.
A trial version should be available for automated trading software to use and test a real account short-term before proceeding to buy it. Although demo accounts do not reflect real market liquidity or slippage, they are still useful in providing nearly accurate results.
Customer Service by Developer
The trading robots with a reputable approach have an excellent customer service provider by the developers. These include a user manual for the expert advisor and the best settings under which it performs at its peak. Questions asked must be answered quickly, and support should be provided 24/7.
The best EAs are the ones that are fully automatic and handle the complete process from entering to exiting a position. Some robots are semi-automatic and work more like indicators providing signals but not executing the trades themselves. They may require a lot of time from your side to stay glued to the screen.
An expert advisor that has been around for a long time is sure to have some good reviews on noted review websites or forums. Trustpilot, forex peace army, quora, etc., are the right places to look out for posts on trading robots’ efficacy.
The trading robots that made our list have gone through tedious research and scrutiny over several months. Hundreds of hours have been put into backtesting on live/demo accounts, checking the consistency, risk management, and getting in touch with the creators to answer our questions. On collecting all the details about our selected expert advisors, we have compiled everything into this short review along with pros and cons to give you all the brief and relevant information when you’re choosing an automated trading software.