In page navigation
- 1. Compare the 6 best forex robots & expert advisors in 2023
- 2. Best forex robots in 2023
- 3. Where can I find the best forex robots?
- 4. Top forex robots, reviewed
- 5. What are forex robots?
- 6. How do forex robots work?
- 7. How do I install a forex trading bot?
- 8. How to choose the best forex EA
- 9. Quick answers to key questions
- 10. What are the advantages of using automated forex traders?
- 11. Should I use a forex robot?
- 12. Methodology: How we chose the best forex robots
- 13. FAQs
Compare the 6 best forex robots & expert advisors in 2023
Forex robots are a great way to find and make currency trades automatically. Our panel of forex experts regularly test the top automated forex trading bots to provide a ranking of the six best platforms.
This guide identifies the best forex trading robot that offers a combination of top-tier security, transparency, and value for money.
Best forex robots in 2023Copy link to section
- Perceptrader AI: Most advanced EA that uses the power of AI
- Waka Waka: The most profitable EA on the planet
- Golden Pickaxe: The best way to trade gold
- Evening Scalper Pro: Best night scalper on the market
- Night Hunter Pro: Best for long term growth with low drawdowns
- 1000pip Climber System: Best fully automated forex trading system
Where can I find the best forex robots?Copy link to section
We’ve carefully selected and reviewed a list of the best forex trading bots available on the market. Scan the different parameters and choose the one that fits your forex trading needs.
Top forex robots, reviewedCopy link to section
1. Perceptrader AI. Most advanced EA that uses the power of AI.
Pros & Cons
We love Perceptrader AI because it combines the skills and expertise of pro forex traders with the futuristic power of AI. Built by Valeriia Mishchenko, the developer behind the hugely successful Waka Waka EA, it uses deep-learning algorithms and Artificial Neural Networks (ANN) to analyse vast amounts of data and identify winning trades.
The Perceptrader AI algorithm means the bot can work at high speed to pick out potential trades, while the underlying strategy is built upon what has driven Waka Waka to consistent success over many years. The forex bot integrates with ChatGPT and Google’s Bard to provide the most accurate forecasts, which hands you the power to benefit from intelligent decision-making capabilities.
The fees: A lifetime subscription costs $2200, a one-off cost that grants you access through up to 10 MT4 or MT5 accounts and free updates. The forex robot also comes with an installation guide, personal support from the developer, and access to a unique Telegram group.
2. Waka Waka. The most profitable EA on the planet
Pros & Cons
We love Waka Waka because it’s a forex robot built to make you money over the long term. Waka Waka is an EA designed by Valeriia Mishchenko, whose systems boast 60+ consecutive months in profit, recorded and verified through MyFXBook.
The Waka Waka EA is a forex robot that’s designed to continue making money month over month, instead of taking undue risks by chasing short term results. Waka Waka offers the chance at making 80+% profit per year with a drawdown of less than 30%.
The fees: $2000 one-off cost for a lifetime license. A lifetime license gives you 10 MT4 or MT5 accounts, free updates to the forex bot, and access to an exclusive Telegram group, along with 3 trading sets, a strategy guide, and more.
3. Golden Pickaxe. The best way to trade gold
Pros & Cons
We love Golden Pickaxe because it’s the EA with the best gold trading system on the market. Led by acclaimed EA developer, Valeriia Mishchenko, Golden Pickaxe is a grid trading bot that gives you the chance to make as much as 25%+ profit per month in a sustainable way.
The Golden Pickaxe forex bot comes with five different risk settings so you can tailor the EA to your appetite, maintaining control over your money while also benefitting from the same trading principles that drove 60+ consecutive months in profit in another of Valery Trading’s EAs.
The fees: A one off fee of $1850 gives you a lifetime license and entitles you to five different trading sets, a strategy guide, and access to a Telegram group. You also get 1-to-1 support from a developer and free updates for the duration of the license.
4. Evening Scalper Pro. Best night scalper on the market
Pros & Cons
We love Evening Scalper Pro because it uses a unique trading system to trade the late evening forex markets. A mean-reversion scalping strategy has produced consistent profits over more than two years, all double verified on MyFXbook.
Since 2021 it has a trade success rate of 68% at a drawdown of just 15%. The average monthly growth rate is just over 5% and the lifetime growth rate is well over 100% so far.
The fees: A lifetime subscription costs $2200 and discounts are sometimes available. The license grants you access from 10 MT4/5 accounts, free lifetime updates and lots of different trading sets.
5. Night Hunter Pro. Best for long term growth with low drawdowns.
Pros & Cons
We love Night Hunter Pro because it’s an advanced scalping system that delivers verifiable long term growth. Designed to trade during periods of low volatility, it uses smart algorithms to find safe entry and exit points on leading currency pairs.
Night Hunter Pro has delivered lifetime account growth of more than 200% since 2020, which you can verify in MyFXbook. That works out to a win rate of more than 70% and almost 90% of months are in profit.
The fees: $2200 for a lifetime subscription. That gives you three trading sets, a strategy guide, free updates, and a lot more besides, including access to an exclusive Telegram group that contains expert traders.
6. 1000pip Climber System. Best fully automated forex trading system.
Pros & Cons
We love 1000pip Climber System because it’s a 100% rules based forex robot that uses algorithms to find the best forex trades. With verifiable returns of more than 20,000 pips over the last three years with minimal drawdown, it offers high rewards for minimal effort on your part.
The robot uses software to scour the market and provides you with trade details, including an entry point and stop-loss and take-profit exit points. You remain in control of your own account, but the bot does all the research for you.
The fees: A one off fee of $299 gets you a lifetime license. There are regular discounts available, so that you can often get the lifetime license for less than $100.
What are forex robots?Copy link to section
Forex robots are automatic trading systems that use a computer program to make decisions about which currencies to trade, based on market cycles, news events, and technical analysis. They are essentially human written scripts that follow a set of rules.
A forex trading robot (often referred to as an ‘Expert Advisor’ or an EA) monitors the markets round the clock and performs technical analysis based on their algorithms. It identifies currency pairs, then decides the best entry and exit points according to the strategy it’s programmed to use.
Forex trading bots are not the same as forex signals providers, which are pro traders offering their alerts for a fee, although there is often crossover between the two. Some forex robots are designed by professional traders who use their experience to create an algorithm that follows their own trading strategy.
What types of forex robot are there?Copy link to section
There are two main types of forex robot. The best forex EAs come as either fully automated or semi-automated software.
- Fully automated forex robots are programmes that carry out the entire trading process for you. They identify positions and place trades automatically.
- Semi-automated forex bots do the research automatically to identify trading opportunities, but then send you the recommended entry and exit points so that you place the trades yourself.
The semi-automated option gives you more control over your money, but if you don’t follow every trade you may not get all the benefits of the forex trading system. It also takes more time to manage the trades yourself with this type of forex EA.
How do forex robots work?Copy link to section
A forex robot works by following a set of custom rules to execute trades on your behalf automatically, via your forex broker account. To do this, they use an array of technical indicators and continuously scan the market in order to detect trading signals and act on them. They perform market analysis and make trades without emotion.
They can also support the trading strategies of more experienced traders. Users can access commonly available technical indicators to build rules for automated forex traders to follow. For example, a user could input the condition for a long position trade to be executed when the 50-day average for the currency pairs exceeds the 100-day average on a 20 minute chart period.
By inputting such conditions, the trade is automatically carried out, without the need for the trader to input it manually.
Every robot for trading forex allows you to set your own custom indicators. As soon as a trade order is executed, any protective mechanisms (stop loss or trailing orders) that is subsequently triggered will be executed in accordance with your instructions.
How do I install a forex trading bot?Copy link to section
When you sign up for your forex trading software you’ll be given a link to a file to download. Make sure you have MetaTrader 4 downloaded to your desktop as well, then follow these steps.
Step 1. Download any files from your Expert AdvisorCopy link to section
Download the file that contains your forex trading software and save it to the ‘Experts’ folder within the MT4 folder on your desktop.
Step 2. Open MT4 and go to the ‘Navigator’ panelCopy link to section
Within the panel there will be an ‘Expert Advisors’ section. If you have downloaded the file correctly, you should find your new forex robot there.
Step 3. Drag your forex robot to one of your chart windowsCopy link to section
Now you can start using the forex EA! You should be able to manage the robot from MT4, where you can adjust the strategy and tweak your trading preferences.
How to choose the best forex EACopy link to section
Our experts used a series of factors to narrow down this list of the best forex trading robots. You can find them below. Use this guidance to help you choose your own forex Expert Advisor by focusing on which ones are most important to you.
- Back testing & verifiable results. Good robots allow you to back test your present trading idea or strategy against historical data. They should also provide a verifiable track record on a site like MyFXbook. Only use robots with results you can check and trust.
- Live trade results. It’s common for service providers to display the winning ratio for forex Expert Advisors using simulated results rather than live results. It is a manipulative practice that showcases the robot’s winning outcomes at a much higher rate. Try to ensure you evaluate a robot’s live trading results rather than stimulated results.
- Fees and cost. Analyse and study the fee structure of several auto trading forex robots before you sign up. The best forex EA might offer a monthly subscription for a period of 1 month, 3 months, 6 months and so on. Other robots require you to pay a one-time subscription payment. You’ll also find that robots have differing minimum investment amounts.
- Drawdown. Drawdown refers to how much your trading account is down from its highest point. It measures the volatility of a trading system: a high drawdown (measured as a percentage) means the system is volatile and you might have to absorb lots of losses between successes. Each trader operates in their own style with varying percentages of drawdown. Look for low drawdowns – 25% or lower is a good guide – when choosing a forex robot.
- Multiple payment methods. Most automated forex traders offer common payment methods, including wire transfer, credit card and PayPal. In addition to the traditional methods, many software providers have also started offering Bitcoin and other cryptocurrencies as payment options if you would prefer to use that way.
- Deposit and withdrawal limits. Deposit limits vary between service providers. Robots require you to fund your account with a minimum investment, which can be as low as $100 but can be significantly more. This should factor into your final decision, as a high minimum investment might not be something you can afford at first.
- Good reputation. Before picking your forex EA (Expert Advisor), take a close look at any online testimonials you can find and verify that customers are completely satisfied. We also offer genuine reviews that should help you to make a well-informed decision.
- Security. The software program will be installed on your computer or laptop hard drive. It will be privy to your private financial history and personal information. You need to check if the service provider is offering encryption and keeps your trading history hidden.
- Design and ease of use. The user-interface should be fairly simple and easy to navigate. Sign up for a demo account on the software platform and get acquainted with the program before you start trading with real money.
Quick answers to key questionsCopy link to section
Are trading robots legit? Will they make me money?Copy link to section
Yes, many popular robots are entirely legitimate and designed to maximise trading potential. However, as with almost any market, scams are not uncommon, so a sensible degree of caution is advisable when finding the forex trading EA for you.
Unlike humans, robots can monitor markets 24/7 and are devoid of any emotional or psychological factors. They can also process data at a much higher speed. These advantages can give forex auto trading robots an edge.
Of course, utilising a robot doesn’t necessarily mean forgoing all human input. Traders can set their own custom indicators and work alongside the robot. While trading robots offer better analysis and add efficiency to your trading, they don’t come with a guarantee of profits. Ultimately, that remains your responsibility.
Are automated forex traders safe and secure?Copy link to section
Yes, most autotrading robots are safe, but there are some scammers out there. Here are some tips to help you avoid fake forex scams.
- Be sceptical of unbelievable claims. Many scam Expert Advisors promise huge and immediate success. Don’t believe everything you read and only trust those forex robots where you can verify recent performance through a reliable third-party platform, like MyFXBook.
- Don’t trust unverified reviews. Customer reviews are a great way to learn more about the platform, but that doesn’t mean you should trust them blindly. Be careful if there’s no way to check that the people behind the reviews are real.
- Look for demo accounts. A platform that’s confident and comfortable enough to let you test the automated forex trading software before you pay is one that you can trust. Be sceptical if you have to put down a large minimum deposit before accessing anything, especially if you can’t verify the robots’ past results.
- Supervise the robot. While forex robots are designed for automated trading, you should still spend time checking trades and tweaking the settings to adjust your preferred risk or the size of each position. That way you maintain control over your account even as you benefit from the trading software.
- Prioritise robots with a quick and easy setup. Expert Advisors should be easy to set up. In most cases you can simply add one to your MT4 or MT5 platform. If there is something to download, then make sure you trust the source in order to avoid letting a virus or a piece of malware onto your computer.
How much does a forex robot cost?Copy link to section
Some forex robots charge a monthly subscription fee, which can start from $10-15 per month. Others charge a one-off fee for a lifetime subscription, which may be $100 or more.
The cost varies dramatically across forex bots and you should look beyond the absolute amount to assess value for money. Some forex bots offer multiple different trading strategies as part of the one-off cost, others have strategies that are adapted for multiple currencies.
You should also be patient and look for discounts. Many forex trading bots offer regular discounts on their services, so if you’re prepared to wait you can save hundreds of pounds.
Will I also need an online broker account to use a forex trading bot?Copy link to section
Yes, you need a trading account that is both live and funded in order to start auto trading forex. Forex robots or expert advisors usually require you to have an account with a CFD broker, because it works by sending automated signals about when to start trading CFDs.
The best forex trading bots might include a broker as part of their platform, or you may have to set up your own account.
How often does a forex bot need updating?Copy link to section
You shouldn’t have to update the robot very often, and when you do the process should be more or less automatic. If you sign up for a lifetime license, then free updates to the Expert Advisor (EA) to tweak the forex trading strategy should be included.
How do I get a free forex robot?Copy link to section
You normally have to pay to use a forex trading robot, but you may be able to test one out for free using a demo account. The best forex EA will offer a demo account, which allows you to try out automated forex trading robots before paying anything.
With automated trading software, it’s generally better to pay for a good one rather than try to get a poor one for free. Free forex robots that advertise incredible results are often scams, and you should be particularly cautious about anything that sounds too good to be true.
What are the advantages of using automated forex traders?Copy link to section
Before you decide whether to use a robot for forex trading, here are some of the reasons why signing up for one might be for you:
- Eliminate emotions. One of the primary advantages of using an automatic forex trader or a forex EA is that it can help to keep emotions in check. Auto trading software automatically carries out trades according to a set of specified instructions. It isn’t influenced by emotions like fatigue or stress.
- Accessibility. For a beginner, the forex market can seem complex. Forex trading robots offer a route in that’s simple to understand and easy to follow for new user. This is particularly useful as a way to learn more about the forex market and how it works.
- Backtesting. The best forex EAs provide you with the tools to backtest a trading strategy or an idea. By backtesting an idea based on historical data, a trader can fine-tune their strategy.
- Discipline. Every successful trader knows the value of discipline and forex markets are especially volatile so maintaining a controlled approach is imperative. Forex robot trading enables you to set the ground rules and stick to them.
- Entry speed. The volatility of forex markets means that it’s possible to make a huge loss very quickly. An automatic forex trader can react much faster than a human. It can place trades with enhanced speed and enter and exit a trade with precise timing.
What are the risks of automated forex trading?Copy link to section
There are always risks to financial trading. Here are some of the potential pitfalls of using a robot for forex trading.
- Technological discrepancies. Forex robot software programs need a continuous internet connection to function effectively. A lost internet connection can result in negative outcomes, including mis-sent trade orders, the placing of hypothetical trade orders, etc.
- Monitoring requirements. Although they conduct automatic forex trading, a certain level of human intervention and monitoring is required. This helps to identify and prevent any mechanical faults in the expert advisor, or simple mistakes that can arise from using forex trading bots
- Over-optimisation. Over-optimisation of trades can result in negative results. Even automated forex traders that offer tools like backtesting don’t guarantee success. Live trade results can turn out to be very different to trade outcomes displayed while backtesting.
Should I use a forex robot?Copy link to section
It’s up to you to weigh up the benefits of forex trading robots. There’s no doubt that a good automatic forex trader has the potential to seriously upgrade your trading capabilities, but It’s important to keep in mind that robots don’t guarantee profits.
While forex robots can clearly add speed, accuracy and discipline to your trading, you should regard them as tools to be deployed intelligently rather than fix-all solutions.
Methodology: How we chose the best forex robotsCopy link to section
Helping people make better financial decisions is at the heart of our mission at Invezz.
We periodically test more than 63 forex trading platforms to provide our users with clear, accessible guidance on the investing options available. All testing is carried out by our panel of forex experts, analysts, and active traders who sign up to each broker, conduct research, and score each service.
Our tests are designed to find foreign exchange robots that offer a beginner-friendly, secure trading experience at a fair price. To supplement our practical testing and experience, we research each service to gather any further relevant information. We read online customer reviews, app reviews on the Play Store and App Store, and conduct user surveys to get feedback from real people about what works, and what doesn’t.
Each forex robot is awarded a final score based on 130+ data points across 8 ranking categories: cost, reliability, user experience, deposit & withdrawals, investing options, range of products/markets, research & analysis tools, and the availability of educational & learning resources.
We work closely with individual Expert Advisors to ensure all factual information displayed here is accurate. All data is then fact-checked by an independent reviewer. You can learn more about our expert panel and how we test, rate, and review platforms in our review process.
FAQsCopy link to section
This is completely dependent on your trading ability. If you are an experienced trader, forex robot trading software can be a useful tool to sharpen your skills. Equally, if you’re just starting out, a the best EA/forex robot can provide a platform to help you improve your trading skills. But do keep in mind that robots don’t guarantee profits.
Yes, similar tools have also been developed for other forms of trading. For instance, cryptocurrency traders can also find crypto trading robots that enable automation in the crypto market.
Yes, most of the forex trading bots are pretty simple to use. You should be able to check out the user-interface by signing up for a demo account on a platform that interests you.
Forex trading robots are a computer program that can be installed in a few simple steps. Usually, download > install > connect to your broker account.
You can install forex robot trading software on your desktop. In some cases you can use on your mobile device; but this is very much a desktop application.
It depends on the service provider you choose. The best forex trading bots should offer backtesting so you can test the platform, and forex traders often use backtesting to see if a platform is likely to be successful. But note that even good backtesting results doesn’t always translate into a profitable strategy.
Yes, it is completely legal to trade FX using online forex trading robots in the UK. However, regulations pertaining to forex and robots may vary in other countries.
Most of the popular forex robots do not allow you to trade anonymously and it isn’t advisable to conduct anonymous trades.
Your trading history is accessible from the online broker platform. Some auto trading providers offer it within the forex robot, but not always.
Yes. This depends on the profits you generate over the course of a year. For example, in the UK, if you make a significant amount in profits (£11,700) you are liable to pay capital tax gains that range anywhere between 10-28% of that amount. You are not accounted to pay income tax returns on the generated profits. Tax liability varies according to the jurisdictional laws of your country.
Yes, in the UK, CFD platforms and robots are regulated by the FCA. If you’re not from the UK, please check the regulatory status in your home country.
Yes, for instance, Bitcoin robots are heavily sought after. However, these robots are still in their infancy and you should exercise caution before signing up.
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >