Best Forex Robots Reviews

Forex robots are great tools to aid traders with their Forex trading ventures. They are great in automated trading matters, as they can assist with multiple Forex trading elements and technical analysis. The greatest advantage of these robots is that they can trade for 24 hours daily, and traders have easy access to them online.

However, if you are new to Forex trading or you didn’t deal with such robots yet, you may not trust them completely. You might be wondering whether they actually work and whether they can be useful in your trading strategy.

If you would like to learn more about these robots and find some quality ones for your Forex strategy, this post is packed with everything you need.

What Are Forex Robots?

A Forex robot represents an automated software program with the ability to create trading signals in various Forex markets.

They were created to get rid of trading’s psychological aspect. Many times, they integrate with certain exchange platforms or Forex brokers online. People also call such a robot a Forex EA (Forex expert advisor) or algorithmic trading system.

It is important to keep in mind that these are not physical robots that trade. They are specialized computer programs, designed to perform various trading tasks.

Forex robots can either be created or purchased, but the latter is a much easier way of getting into the automated trading system. Also, beginners will have a better time with a purchased robot as it can help them learn how the process works and gain some experience. Developing your own robot requires learning MetaQuotes Language (MQL) among other things.

The market is full of Forex robots, with some of them being better than others. While you can find numerous high-quality robots, there are also scams. So, before settling for one, you should make sure you buy from a trustworthy source.

What Are the Forex EA Functions?

You can program a Forex expert advisor to work in multiple ways. EAs generate signals and are able to do trades without requiring any manual sign-off. One’s EA can be programmed to work by searching for the necessary breakouts and trends or by setting it to use a technical indicator selection.

Certain EAs can take control of your Forex account, looking at the account balance you currently have and analyzing how much of it you can risk. Ideally, only 1-2% of the balance in your account should be put at risk. EAs can be great if you want to manage risk.

Forex expert advisors can also check the trades and figure out whether there should be a take-profit, stop-loss, or a trailing stop. The market conditions at the moment will also be taken into consideration by the EAs after they get the information they need. When it comes to opening a certain position, you will also be notified.

How Do Forex Expert Advisors Work?

Forex EAs can be extremely useful for any trader. Very commonly, traders tend to make unproductive trades when they feel too confident or when their emotions take over. EAs can prevent this from happening because they will tell any user when it’s time to open or close a trade based on the changes in the market.

Expert advisors will make sure that you only trade profit while being able to rest. They will use every single technical element necessary for making the best out of all trades. For instance, there are EAs that use chart-related indicators to make sure everything is done right.

EAs also have the power to send trade signals, as well as check the balance of an account before deciding the right risk percentage. On top of that, a Forex EA can also help you choose the right trading strategy for each particular trade, especially if you have issues switching between multiple styles.

Forex Robot Evaluation Criteria

Before you choose a Forex robot, you should make sure it is the right one for you. As mentioned, not all robots you stumble upon will be reliable. There are also scams out there, and the last thing you want is to fall victim to such a scam.

The Forex robots are chosen based on the following criteria:

• Forex Robot Backtests – One of the most important things to check when looking for a Forex robot is whether the robot has been backtested in multiple market conditions. Before determining how reliable a Forex robot is, the developer will perform backtests. The tests will be made with special software and will determine whether it is worth trying out the EA on the actual trading account.
• Real Forex Trading Statistics – Another very important aspect to check out is whether the developer made the real live trading statistics of the EA available or not. The statistics will prove whether the robot actually makes a profit in real-life trading situations or not. You will be able to tell scams from legit robots because scam developers will represent their product as not having any live trading experience, which shows that there were no proper tests done for those robots.
• Forex Robot Trading Period – Analyzing the real-life trading results of the EA is crucial when trying to find the ideal Forex robot. The most important aspect is the real-life account’s trading duration. Ideally, a good robot should have at least one year of real account trading. It should also have no less than 3-4 months. If the duration is extremely low, there is a high possibility of your account being ruined by the EA.
• Money-Back Guarantee – Making sure that people’s money is safe is of utmost importance. Therefore, you should always look for an EA with a money-back guarantee. This offers protection from potential fraud. The top Forex robots will always offer a money-back guarantee.
• Drawdown Analysis – You should also look at the drawdown analysis of the robot, as it shows its monthly profitability compared to the trading account’s maximum drawdown. This way, you will be able to see what risks are involved when trading with that particular robot.

TOP 5 Expert Advisors

If you have a hard time finding quality expert advisors online, you should check out the following ones. Perhaps they could be the ones accompanying you in your trading adventures from now on.

FXStabilizer PRO

FXStabilizer PRO is a great tool. It trades to the profitable logic in the long term. What’s even better is that it has a great stability history. In fact, its trading statistics have been impressive since 2016. With a minimal deposit of $1400, this EA can make your Forex trading dreams come true.

• Price: 739$
• Currency pairs: EURJPY, USDJPY, USDCAD, CHFJPY, EURGBP, GBPCHF, EURUSD & AUDUSD
• Timeframe: H1

FXRapidEA QUATRO

FXRapidEA QUATRO has a minimum deposit of only $460 and up to 4 currency pairs. It has an amazing system that increases the likelihood of making a profit considerably. It can determine the trend direction and then open a trade based on this. When the trend direction changes, the robot will close the open trades, and open new ones based on the new trade so that all previous losses are covered.

• Price: 269$
• Currency pairs: EURUSD, NZDUSD, AUDUSD & USDJPY
• Timeframe: Any

Forex Truck

What makes Forex Truck stand out from the other similar tools is the “two blocks” trading algorithm that it uses for trading. With it, the EA can earn high profits. Even better, it has very reliable statistics since 2020, all thanks to the trading algorithm.

• Price: 329$
• Currency pairs: USDCAD
• Timeframe: Any

FXCipher

With a minimum deposit of only $390, FXCipher truly shines among EAs. It uses the trading tools and algorithms that have been implemented into the system, and because of that, it was able to show high profitability since it started trading. The two built-in presets that one can choose from are also responsible for the high results.

• Price: 295$
• Currency pairs: GBPUSD, EURJPY, AUDUSD, USDCAD & EURUSD
• Timeframe: Any

FXQuasar

FXQuasar’s live statistics are available since 2020, and they show the great results of the trading robot. It uses a unique algorithm when trading, which is useful when it comes to bringing profit constantly while trading. The system has 6 independent sessions, and they all help figure out how the trading will be done. The minimal deposit of the EA is $600.

• Price: 279$
• Currency pairs: AUDUSD
• Timeframe: Any

What Do You Need to Know Before Running Forex EA?

There are a few things that you should know before you run a Forex expert advisor.

For instance, you should always know how to allocate funds based on the performance of the EA. How much you allocate to it will determine if you will be able to reach your goals or not. Therefore, your trading will not be successful if you do not allocate enough money. Bear in mind that if your EA is a high-performing one, it will need more funds.

Also, if you want your EA to operate all the time, you will need what is known as a virtual private server (VPS). A VPS is an MT4 online version that an external server hosts. It allows the EA to work even if you switch off your computer.

Therefore, you will not have to keep the computer or phone running the MT4 or MT5 platform to have your EA functioning. An instance of your MetaTrader will be hosted on an external server to function, a server that will be on at all times.

If you want to increase profits, you should also trade on a low spread account, because high spread ones decrease profits. With a low spread account, not only will you ensure better profit, but you will also have fewer losing trades, reducing costs.

It is also essential to know about MAE and MFE when you get into trading. Maximum Adverse Excursion (MAE) will allow you to figure out how far your trades will go into negative territory before turning into profit recovery. Meanwhile, Maximum Forward Excursion (MFE) will help you figure out how far your trades can go into profit.

Will Forex Robots Work in 2022?

Automated trading is very convenient – therefore, Forex trading has been growing tremendously in 2021 because of it.

Because they are more accurate and convenient, Forex robots have been chosen a lot by traders. The popularity of Forex robots has increased in 2021, so people will likely keep using them in 2022.

Forex EAs are appreciated for their high predictability level, but also for the fact that they can automatically carry trades. Not to mention that they can also work after you turn off your device if you use a VPS. So, Forex robots will surely work for traders in 2022 and will stay with us for a very long time from now on.

Advantages of Using Forex Expert Advisors

Forex EAs have their pros and cons and knowing them is important before you start trading with them. Let’s start with the advantages of these robots:

• They Are Free of Emotion – Forex robots are great because, unlike humans, they are not influenced by emotions. They can keep going with a strategy without their judgment and decisions being affected by specific emotions like bias regarding data mining, as well as greed, or anything similar. The robots will do what needs to be done.
• Great for Beginners – Because they are easily available and trade automatically, Forex robots are great for people who are just getting started with Forex trades.
• They Will Trade All the Time – With a Forex EA, you will be able to trade 24/7. The robot will trade for you without requiring any break. This way, you will not miss opportunities, even if you are busy with work, family, or anything else.
• They’re More Effective – Forex robots are more effective, and they can work faster. They will analyze the markets and use pre-determined parameters to find the best opportunities and trade, and it only takes seconds for this to happen.

Disadvantages of Using Forex Robots

Just like anything else, Forex robots also come with disadvantages, such as:

• Requiring a Strong Internet Connection – You must have a non-stop Internet connection, and the connection must work perfectly. Otherwise, the trading activity may not be that great.
• Vulnerability to Non-Trending Markets – EAs can find the market’s current trends and trading signals and use them for trading. If the market is trending, things will go great. But if the market changes and becomes sideways, the functionality of the robot will be affected.
• They Aren’t Great at Fundamental Data Reading and Interpretation – While Forex robots are good at technical analysis, they are not great at fundamental analysis. So, if an extreme event affects the market, the trading activity of the robot can also be impacted.

How to Choose a Reliable EA and Not Get a Scam Product

Not all Forex robot manufacturers are honest – therefore, not all EAs will be reliable. Some products are scams. Here is how you can make sure you choose a reliable product:

• Check the Rating – Forex robots will be reviewed on various websites, and every review talking about the EAs’ time frames and performance should be considered. Every positive and/or negative review will tell you more about the EAs’ reliability.
• Use Real Statistics – Platforms like FXBlue and MyFXBook can detect trading patterns and record the real trading statistics of developers’ trading accounts. You should use them when choosing an EA.
• Look at the Trading Duration – Another thing you should consider is the EAs trading duration. If it has less than 3 months of statistics for real performance, it may not be reliable.

Are Forex Expert Advisors Tested on Real Accounts?

Many Forex expert advisors are tested with a real account. Usually, to make sure that the robot works as intended, it is tested with real accounts on multiple sites. This will show how the robot performs and whether it needs upgrades.

One can also choose between live / demo account to test an EA.

Are Forex Robots Expensive?

Forex robots may be expensive in some cases, but it all depends on the particular tool you choose. All EAs are priced differently. Some EAs are free, while others are for sale, and you may have to pay between $100 and $1,000 for them.

Is It Worth Using Free Forex EA?

A free Forex EA can be good when you are just getting started, as it allows you to test the tool. Once you know how to set up and run a robot, you can switch to a paid one.

How to Install the Forex Expert Advisor

If you found an EA you want to use, here is how you can install it:

1. Download or create an EA and remember where you saved it. Select the EA file you want to install and copy it.
2. Now, find the MetaTrader folder.
3. Paste your files into the Experts folder, and when you see the admin permission request window, click “Continue”.
4. Launch MetaTrader.
5. Find the Expert Advisors section under Navigator, then click on the Plus sign. The available EAs will be there.
6. Select the EA you wish to install and drag it onto one of the platform’s charts.
7. You will get a pop-up box showing the robot settings.
8. Click OK once you ensure all the alerts and settings are correct.

Are There Forex Robots for Mobile Devices?

You can also use a Forex robot on mobile devices. Since MetaTrader applications can be downloaded on Android and iOS devices, you can use an EA from your phone too, allowing you to trade on the go.

How to Choose a Broker to Trade with the Forex EA?

You must select a broker that allows you to use the type of trades offered by your EA. You should also find a broker that supports MT4 and MT5.

Furthermore, pay attention to the trading cost and make sure you find a broker with convenient fees. Ideally, the broker should have a great execution speed too.

Conclusion

There are many EAs to choose from, but you should make sure to pick the right Forex robot for your trading style and goals. Choose one from the list in this post, or use the criteria offered to find the perfect one. In the end, all that matters is to find the best robot for your trading adventures.