Automated forex robots have become a dominant tool in the Forex Trading Market thanks to the fact they offer a variety of benefits to traders looking to increase potential earnings and optimize their trading performance. Expert Advisors (EA) use of Forex trading signals and can help you develop and test new strategies, conduct long or short-term market analyses, and automatically execute trades on your behalf.
Identifying a good automated trading robot from a bad one can be a costly and time-consuming task. Luckily, our experts have created a list of recommended trading robots for you to choose from.
On this page, you’ll not only discover the pros and cons of some of the best trading robots available but also how these programs can meet your specifics needs and improve your trading experience. Read our detailed analysis of some of the finest EA’s on the market below, then sign up for the one that best matches your trading requirements.
The Best Forex Robots and EAs
The Skilled Trader review
The Skilled Trader is a great choice of robot for practically all traders, as it is designed to work with MT4 and MT5. It’s also perfect if you’re looking for an automated way to diversify your portfolio as, in addition to working with the EUR/USD and GBP/USD currency pairs, it can be used to trade gold. With an accessible pricing plan starting from just $247, The Skilled Trader is an ideal introductory EA.
- Download The Skilled Trader to enjoy hands-off trading today.
Bounce Trader review
Bounce Trader is the ideal automated robot for beginner traders, as it’s easy to use, customizable, and low risk. By only placing one trade at a time and operating with stop-loss and take profit protections, Bounce Trader has a proven track record of success. It also doesn’t hedge trades, making it FIFO compliant and suitable for US traders. Priced at just $347 for one year of use and backed by a 30-day money-back guarantee, this robot is accessible for all budgets.
- Purchase Bounce Trader to start using a robot suitable for all skill levels.
Jet Trader Pro review
If you’re looking for a trading robot designed specifically to trade EUR/USD, look no further than Jet Trader Pro. Sold by LeapFX, this EA allows you to profit from the world’s most liquid market without having to lift a finger. Simply install Jet Trader Pro on MetaTrader 4, set your risk percentage and trading mode, and let the robot do the hard work for you. Jet Trader Pro is available from just $347 and comes with transparent past results and a 30-day money-back policy.
- Try Jet Trader Pro to trade the EUR/USD currency pair with ease.
Forex Gump review
Forex Gump is an automated trading robot that offers micro accounts for the low entry cost of $40, making it an ideal low-budget automated trading solution. It executes trades in 1-minute time frames and comes with many customizable features and settings, allowing for the software to uniquely adapt to individual orders. Full accounts are also available from $4,000.
- Register with Forex Gump to enjoy quality automated trading at affordable prices today.
Forex Diamond review
Forex Diamond is a self-updating algorithmic trading robot with over 19 years of documented success. This EA has an achievable entry price of $297 for their basic package. This license grants access to all of Forex Diamond’s trading features and market analysis tools on a single live account as well as unlimited demo accounts. This offer is also backed by a 60-day money-back guarantee.
- Sign up for Forex Diamond to experience automated trading success.
FX Delta review
FX Delta is the ideal solution for traders looking to automate trades on more than just currency pairs. This EA is also programmed to be compatible with other instruments such as cryptocurrencies, stocks, and commodities. FX Delta uses a pre-set algorithm to scan markets for low-risk, high profitability trends with minimal need for user customization. Lifetime access to this software is available for a one-time payment of $977.
- Try FX Delta and maximize your trading potential.
Forex Cyborg review
Forex Cyborg is an innovative forex trading robot that functions with 18 different currency pairs simultaneously on 15-minute charts. The software functions extremely well in its default setting, requiring very little user input from traders. However, there are some customizable controls such as risk appetite and lot size. Single live account licenses are available for $499.99 while three account licenses are priced at $599.99.
- Purchase Forex Cyborg to discover a superior automated trading robot.
StrategyQuant leads the way when it comes to EA personalization and customization. This trading robot provides full access to the software’s source code, but also comes equipped with a user-friendly interface for traders without coding experience to adjust trading parameters. StrategyQuant is available from $1,290 for its starter pack to $2,900 for its Ultimate Package. StrategyQuant also offers a two-week free trial period.
- Buy StrategyQuant and start trading like a professional today.
Do Forex Robots Really Work?
Although it is probably the most unpopular and least helpful answer that exists, the only possible reply to this question is: it depends. Good Forex robots can help you boost your profits, but you need to manage your expectations. The Forex auto trading is not the get rich quick scheme despite of what many people seem to believe.
The first thing to consider is why would anyone want to use robots in the first place? The thing is, Forex market can be a complicated environment with many variables to keep track of. For most humans, our capacities are too limited to keep up. Computers, on the other hand, don’t get tired, don’t get distracted, and are seldom overloaded.
Best Forex robots are capable of finding patterns and trends even during the most chaotic of times. To a human, it may seem like there is nothing out there to hang onto. Robots, on the other hand, make analyses and use all the available data in such a way as to make sure you are trading following the best trend.
Effectiveness of Automated Forex Trading
Forex robots are what they are and the software usually works the way it is intended to work. However, the real question is how effective is automated Forex trading? How much can you expect to earn if you let the robots do your bidding?
First and foremost, while there are good Forex robots out there, many of them are scams, promising things they cannot deliver. That’s why you need to be extra careful when making your choice and paying for a glorified piece of software. Gather as much information as possible before committing to anything.
Despite all of their sophisticated algorithms all Forex trading robots, even the good ones, lack creativity and ability to think outside of their box. Yes, they will analyze the market trends and try to predict the best moves based on the available information, but they lack the intuition of a human trader. Forex auto trading does not come without its downsides, unfortunately.
Therefore, although they can be very helpful at times, Forex robots can also bring on some undesired side effects.
Dangers of Using Forex Trading Robots
People often fall for grandiose promises made by greedy developers, designed to lure you into buying software that simply won’t cut it. Remember, if something is too good to be true, it probably isn’t and that’s something you should especially keep in mind when dealing with the financial market.
Good Forex robots are hard to come by. Many designers are in it just to make a quick buck before their ruse is uncovered and they don’t care about anything that happens afterwards. The problem is not only the money you’ll pay for a useless product but there is also the danger of robot making insane trades, emptying your account.
If a robot could really make thousands upon thousands every day, it wouldn’t be available at a “discounted price of $99.99,” would it now?
The best thing you can do is stay alert and be realistic with your expectations. Using automated Forex trading systems can be both helpful and profitable, but there is nothing out there that will make you rich overnight. Take your time to read reviews and comments of other users to find out how a particular robot performs before putting your money on the line.
Robots vs. Humans
Since it can be very difficult to locate the best Forex robot out there and you don’t want to use a subpar product, is using robots even worth your time? The truth is, you can probably use good, verified systems and even learn something from them, but don’t let them run unsupervised.
Even if you believe you’ve gotten your hands on the best Forex robot there is, don’t just start it and leave it to its own means. That’s pretty much a sure path to disaster. Check in on it regularly and see what’s going on. If you notice some strange movements and transactions, stop it immediately. Your human intuition is usually one step ahead in complicated situations where a robot can start losing its plot.
Finally, automated Forex trading is not something created for beginners, regardless of what shameless advertising people are trying to tell you. If you have no idea what you are doing and put all your trust in a robot, the odds are, you will end up poorer. The software can be useful to more experienced traders who know how to set it up right and what to look for; those inexperienced will probably not be able to tell when it is time to stop trading.
Conclusion: Good Forex Robots Can Be of Use
As you can conclude from this article, there are certainly merits to Forex robots: they can help you make money and do trades for you when you are not around. However, as it is often the case, marketing and reality don’t really go hand in hand.
Forget about crazy promises about making thousands of dollars a day without having to do anything. If there were such a thing, we would all be rich by now. Forex trading robots are just another tool you can use to navigate the financial market and, if you can locate the good ones, they can make your life easier.
That said, never leave them without control for too long and always keep close tabs on what the robot is doing. They can really go wild sometimes.