Updated 1 October 2020
If you are looking to become a more profitable forex trader, or if you are a beginner in need of guidance, then our review of the best forex robots will help you find the right one for you.
Forex robots use an algorithm to look for profitable trades. You can usually set them to trade automatically (within agreed parameters) or enter a trade manually.
To become an effective trader, you will need to be able to keep up with movements of the currency markets, world economics and news – as well as use historical knowledge and data to predict when the best time to enter and leave a trade will be.
Using a forex robot automates this and takes the emotional bias out of trading. Some of the best robots operate with trade settings that can be as simple or complex as required, and take total control of the trade process, creating a passive income possibility from trading 24/7.
Forex robots do not need you to have extensive knowledge and experience of trading – most are ready to use from installation and offer everything from basic trading functionality to fully programmable settings – so even the most experienced trader can benefit from the automation involved.
In forex trading there are no guarantees of profit – the market can be volatile and even the most sophisticated robots (or the most experienced human forex trader) can lose a lot of money.
If you are looking for a forex robot, watch out for products that claim huge profits and cannot provide real-time examples of how they are performing. User reviews are always a good bet, as are reliable review websites.
Robots should be tested; using historical data to see how they are performing (known as backtesting) will show where they struggle to predict trends and where they perform well.
There are, of course, many scam products available online and avoiding these can seem difficult. Although every care has been taken to ensure the products we are listing are not scams, we can take no responsibility for any financial losses.
At WikiJob, we are not financial advisors and any information provided throughout this article is for educational purposes only. We would always recommend that you conduct your own thorough research and due diligence before making your own personal choice.
There are a few things to think about when choosing a good forex robot, other than avoiding the scam products:
Look out for a low drawdown rate. This is a measure of decline and reduction of capital, and although high drawdowns can mean higher gains, they can also cause an account to go broke.
The best robots are thoroughly tested, against real tick data, variable spreads and real slippage. This backtesting should be available for you to view before you purchase, and real-time data from third party sites like myfxbook can help inform you how the robot is performing today.
Be wary of product reviews from unverified sources. The developers will only want to show positive reviews, and people who have lost money while using a particular robot will be likely to give it a bad review. Compare reviews from genuine users before investing.
Use a demo account. Before deciding to use a robot, try it in a test environment first. This will allow you to see how it performs under test conditions – although, be aware that test conditions can not fully simulate a real trade situation. If the robot you are considering does not offer a demo or test version, it might be too risky to invest capital in it. During the demo, you can see what settings and parameters are used by the robot too, and get used to how it works.
Make sure that you remember all robots will require some supervision. System failures, problems with internet signal and catastrophic loss can happen, so although these robots are designed to work autonomously, you will have to intervene at some point.
The most important thing to remember when choosing a product is that there are no guarantees when it comes to gains from forex and cryptocurrency trading. Products that guarantee financial gains without any form of money-back guarantee should be avoided; many of the most popular robots offer at least 60 days trading and a full refund, which makes them seem less likely to be a scam.
These are some of the robots that we think are the best in the industry for 2020. Suitable for use by beginners and experienced traders, they are available as instant downloads and all work with most brokers.
This robot uses newly developed, innovative technology and algorithms. Constantly monitoring the market in the background, it has 12 selectable trading styles and strategies, so you can choose the one that suits your needs.
Ready to go out of the box, GPS Forex Robot is simple to use. Set to receive automatic updates whenever the programming needs to be tweaked, it is constantly updated – allowing you to take advantage of developments straight away.
Minimum Deposit – $100
Win/Gain Rate – Website shows live, verified gains of 300%+
This robot offers 100% auto-trading almost straight from install, as well as two different ways to protect your losses. The trailing stop feature is similar to other robots, and the Money Management option decreases the lot size if the market conditions are not stable enough.
This robot uses a unique trading algorithm (details are not shared) and works on all currency pairs.
Minimum Deposit – As little as $200 with some brokers
Win/Gain Rate – 80%+ win rate reported
This robot provides forex signals and tells you when to buy and when to sell. It uses an effective trading algorithm to inform you when to move in the trade, and with a user-friendly interface, it is suitable for beginners.
It has three signal modes; conservative, medium and aggressive, and each comes with different levels of risk.
The developers offer 24/7 email support and a 30-day money-back guarantee.
Minimum Deposit – As little as $100 with some brokers, although $250 is more usual.
Win/Gain Rate – No win/loss rates published; Onyx Scalper doesn’t make the trades, just informs when to make them.
This robot trades on forex news, reacting to big spikes in the market triggered by world events. It uses Adaptive Intelligent News Trading Technology and is fully automated. Because the market can move fast when news breaks, this robot has a good risk/reward ratio – meaning the losses are less than the gains.
Minimum Deposit – Undisclosed
Win/Gain Rate – myfxbook shows a trading account that has 3,400% gains
This is a robot that deals with forex and cryptocurrency; you can use it to trade across both.
The software is easy to use, and if you have the knowledge, you can use it as a platform to create your own robot with your preferred settings.
Minimum Deposit – $250
Win/Gain Rate – Reported profit of 297%
This forex robot runs on nine currency pairs and monitors trends, prices and news. You can set your trading preference to high, medium or low risk – and this will affect the outcome of your trades.
It comes with full instructions and support, and even offers a money-back guarantee.
Minimum Deposit – $4,000 regular account, $400 on a nano account
Win/Gain Rate – Some report gains of over 1,000%
This EA features adaptive market analysis, multi-currency trading, money management and volume tracker. The developers claim that it is the most advanced robot on the market.
It boasts 100% hands-free automation that adapts its strategy to suit the market – responding in real time even when the market is moving quickly.
Minimum Deposit – As little as $50 for cent accounts
Win/Gain Rate – myfxbook has a live tracker showing a gain of over 2,000%
This is a forex indicator that, according to the creator, uses algorithms that adjust to real-time market fluctuations.
Indicators can be sent to you via email or even as push notifications on your phone, but as this is just an indicator, you need to be in a position to physically make the trades yourself, unlike some of the automated robots.
Minimum Deposit – $100
Win/Gain Rate – According to reviewers, the risk/reward ratio is 1:3
There are hundreds of forex robots available today. They were developed using the latest technology to ensure that they can look for the most profitable trades, and are created to help both complete novices and experienced traders.
You don’t need to have prior knowledge of forex trading to use these robots – with predefined settings, most can be operated with a simple start/stop button press. For the experienced trader, the robots with adjustable settings allow you to adopt a riskier strategy by adjusting the stop loss to take profit points.
When you are looking for a forex robot to automate your trades, it is worth deciding on a strategy that you prefer before selecting your forex robot. Different robots have different trading styles – and finding the one that will gain you the most while protecting your bottom line is sometimes difficult.
Whether you prefer the security of hedge trading – buying and selling during the same trade to protect your bottom line – or you are interested in a news-based strategy, there is a robot to suit you.
Forex robots can make it simple to trade when you lack experience or time, if you invest in the right product.
WikiJob does not provide tax, investment or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.
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