Compare the 5 best AI trading robots in 2024

Our experts review the best AI trading bots so that you can find a bot that offers consistent, secure returns at a great price.
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Updated: Mar 11, 2024
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The rise of artificial intelligence (AI) has brought in a new era of trading possibilities in the financial markets. Our comprehensive guide will help you find the best AI trading robots, carefully tested and evaluated by our expert team.

After investigating dozens of AI traders, we have compiled a shortlist of the most promising bots. These AI robots underwent extensive testing, including live trading simulations, backtesting across various market conditions, and an in-depth analysis of their algorithmic trading software and AI capabilities. 

Our evaluation process focused on reviewing factors such as performance consistency, risk management strategies, adaptability to market dynamics, and overall profitability potential.

Here we bring you a list of the best AI trading bots that have proven their ability to invest your money in the financial markets. 

Best AI trading bots overall for 2024

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  1. Perceptrader AI: Most advanced EA that uses the power of AI
  2. Waka Waka: The most profitable EA on the planet
  3. Golden Pickaxe: The best way to trade gold
  4. Evening Scalper Pro: Best night scalper on the market
  5. Night Hunter Pro: Best for long term growth with low drawdowns

What are the best AI trading robots?

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You can find the best trading robots listed below. These are our experts’ recommendations and you can get started in just a few minutes by clicking any of the links. If you want to learn more, keep scrolling for our trading robots reviews.

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Top 5 AI bots for trading, reviewed

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1. Perceptrader AI. Most advanced EA that uses the power of AI.

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Perceptraider ai logo

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Fees

...

Minimum deposit

50

No. assets

Yes

Demo/virtual account

Pros & Cons

Verified track record via myfxbook Integrates with ChatGPT and Google Bard Free VPS included in subscription Free volatility indicator
Limited to a few currencies only Uses a risky grid trading strategy

Overview

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.

Highlights

Visit Perceptrader AI Perceptrader AI Review

2. Waka Waka. The most profitable EA on the planet

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waka waka logo

...

Fees

...

Minimum deposit

50

No. assets

Yes

Demo/virtual account

Pros & Cons

Fully customisable forex trading EA Verified track record (6600%+ over five years) Can be integrated with MT4 and MT5 Active developer and good customer service
It uses a martingale strategy for risk Waka Waka is more expensive than other bots

Overview

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.

Highlights

Visit Waka Waka Waka Waka Review

3. Golden Pickaxe. The best way to trade gold

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golden pickaxe logo

...

Fees

...

Minimum deposit

...

No. assets

Yes

Demo/virtual account

Pros & Cons

Automatically trade the gold market Verified results on a live account Created by a highly regarded developer
It's more expensive than other bots Only available on one market

Overview

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.

Highlights

Visit Golden Pickaxe Golden Pickaxe Review

4. Evening Scalper Pro. Best night scalper on the market

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evening scalper logo

...

Fees

...

Minimum deposit

50

No. assets

No

Demo/virtual account

Pros & Cons

Scalp the forex market automatically Verified results Long period of back testing Mean reversion strategy
Spreads and commission could eat into profits Slippage should be considered

Overview

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.

Highlights

Visit Evening Scalper Pro Evening Scalper Pro Review

5. Night Hunter Pro. Best for long term growth with low drawdowns.

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night hunter logo

...

Fees

...

Minimum deposit

50

No. assets

Yes

Demo/virtual account

Pros & Cons

Automatic scalping system Verified results on a live account Built for stability Easy to set up and use
Limited to currencies only

Overview

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.

Highlights

Visit Night Hunter Pro Night Hunter Pro Review

What is AI trading software?

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It’s a software program that automatically finds and executes stock market trades on your behalf. AI investing software is commonly referred to as a trading bot or a trading robot, because of the fact it uses automation rather than relying on a human to place trades.

Most AI trading robot software uses stock trading algorithms or data analysis techniques to research stock markets to identify profitable trading opportunities. When it has found a potentially winning trade, the trading bot automatically opens a position and sets stop-loss limits according to predefined rules set by the trader. 

Automated trading robots can be used on all markets, including stocks, forex, crypto, and commodities. Top forex robots are used to trade the currency market, while the best crypto trading bots are designed to trade cryptocurrencies such as Bitcoin or Ethereum. As the name suggests, stock robots use A.I trading software to analyse the stock market, while commodity robots are intended for assets like gold and oil. 

The best AI trading robots are highly customisable to suit individual trading strategies. If you have coding skills, it is even possible to design your own AI for stock trading. A range of trading bots are available that work on many platforms, including MetaTrader 4 robots, TradeStation robots, and TradingView robots. 

How does an AI trading robot work?

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A trading robot uses pre-programmed rules to analyse market information and automatically execute trades. There are many types of automated trading bots; some use artificial intelligence to predict market moves, while others identify trade ideas based around a set of rules set by a human operator. 

The most common type of trading robot is one that’s pre-programmed to trade according to fixed rules. These day trading bots generally use advanced analysis techniques to look for certain indicators on price charts before buying and selling an asset. AI trading bots that are entirely automated are the new kid on the block, these are services that use artificial intelligence and machine learning to predict future movements. 

Using a trading robot is easy; only a few minutes is required to set one up. To use a trading bot, you need to connect it to your favourite stock trading platform via an API. Once a connection has been established between the AI investing software and your broker, you can set the rules and parameters, such as how much you’re willing to risk per trade.

Once those rules have been set, the stock trading bot software will start to continuously monitor the market and the automated AI trading can start.

Types of AI Trading Platforms

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There are lots of AI trading platforms available today, catering to different trading needs and strategies. Here’s an overview of the various categories:

  • AI portfolio management. These platforms use AI to analyse market data, risk profiles, and investment goals to create and manage diversified investment portfolios. Some of the best AI portfolio management services include Wealthfront and Betterment, which use algorithms for dollar cost averaging.
  • AI trading robots. These AI-powered systems are designed to execute trades automatically based on predefined rules and algorithms. Use our comparison list above to find the best AI bots which can analyse market trends, historical data, and technical indicators to identify trading opportunities and execute profitable trades.
  • AI signals. Signals platforms offer AI-generated trading signals by analysing vast amounts of market data and identifying potential entry and exit points. These signals can be integrated into trading platforms or used by human traders and experienced traders.
  • AI strategy builders. Tools like Strikes.AI allow traders to build and backtest their own AI-based trading strategies using historical market data. These platforms often provide access to a wide range of AI models, indicators, and backtesting capabilities.
  • AI financial advisors. You can use an AI financial advisor or robo advisor for AI-driven portfolio management with access to human financial advisors. These hybrid models offer personalised advice and guidance from certified advisors while leveraging AI for tasks like risk management.

Key questions about AI trading bots, answered

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Do any AI trading bots work?

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Yes. While any trader – whether human or automated – is bound to go through ebbs and flows, the best AI trading bots have been proven to outperform the average trader over a long period of time.

The crucial point is to manage your expectations. AI trading robots aren’t a get-rich-quick scheme, but a way to improve your trading and generate long term returns. Be wary of anything, stock trading bot or otherwise, that promises that it can double or treble your money in no time.

We only recommend AI bots that we believe meet a high standard of performance that can be verified by a third-party platform like MyFXBook.

What is the success rate of an AI trading bot?

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It varies, but a good rule of thumb is a monthly return of around 10%. Lots of things can affect this final figure: if you’re willing to take more risk it could be higher, while stock bots can be programmed to be more safety conscious, which may lead to lower returns of 2-5%.

The literal gains are only one thing to consider when you choose an AI for stock trading. The other important number to thing about is the drawdown. Drawdown refers to the loss in your capital after a run of losing trades (even the best AI trading bots still lose some trades!) and is usually expressed as a percentage.

Look for an AI trading bot that can provide a drawdown of 10-20%. Any higher than 20% is a considerable loss of capital, so it’s generally recommended that you keep your drawdown below this level. But again, it depends on your personal risk tolerance, some more conservative investors might want to keep the drawdown below 10%.

Can you make a living off automated trading bots?

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Realistically no, unless you have a significant amount of starting capital to begin with. It’s not recommended to put all your eggs in one basket and rely on an AI stock trading bot for all your income.

If you do have a large starting sum, it’s theoretically possible to make enough from artificial intelligence trading tools that generate regular returns of 5-10% a month to sustain your lifestyle. In reality, however, the returns from AI trading software is not consistent and you might go through spells of losing money.

How much does an AI trading bot cost?

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It ranges from a regular monthly subscription of $30+ up to a single one-off payment of $1000 or more. It really depends on the service. The one-off payment can seem very expensive, but you need to weigh that against increased returns from your trading and the fact the costs of a regular subscription can mount up over a period of years.

Can you get free AI trading bots?

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It’s possible, but not recommended as free AI bots offering high returns is a classic indication of a scam robot. Generally, the best way to get free stock trading bots is to sign up for A.I. trading software that offers a demo account.

A free stock bot demo allows you to trial the service before committing to the subscription cost. A demo is likely to restrict some of the features of the AI investing software that would be available to full paying members, but it should give you an indication about what the full package is like.

Can automated trading bots fail?

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Yes, even AI stock bots using automated trading strategies get some things wrong and you will lose some trades. It’s also possible for the API link between your broker and the AI trading software to fail or get interrupted, which can mean you miss trade ideas and affect your bottom line.

You can reduce the risks of using an AI trading bot by keeping regular tabs on it, constantly reviewing the AI trading systems and checking that there are no issues. Even though the trading itself is automated when you use an AI stock trading bot, that shouldn’t mean you go on autopilot.

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Yes, AI trading bot platforms are entirely legal. They are just pieces of AI trading software that help you improve your trading. Most of the time, these services operate on a subscription basis, so you can cancel at any time, or revoke the bot’s access to your trading account.

Obviously, like any industry, there are some scam AI bots, but you can spot these by following the steps below and only passing money to reputable vendors that have a verifiable track record of success and a history of positive customer reviews.

How should I choose an AI trading bot?

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When it comes to choosing the best trading robot, there are many things you need to consider. Finding the top AI stock trading bots can be challenging, but you can follow the tips below to help find the right one for you. 

Find a trading bot platform that sends the right trade ideas

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There are a many different ways to automate trading strategies. Look for stock trading bots that align with your trading style. For example, if you prefer scalping, then using a high-frequency trading robot may be best. 

Evaluate the AI bot’s performance

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The most important factor when it comes to choosing the best trading robot is results. It is important you take the time to backtest results. Most reputable trading signals providers offer some way to do this easily enough, either by providing a link to a verified third party platform or by publishing the results of previous months themselves.

You may even want to consider forward testing, where you run the ai trading systems on a free virtual account to verify its performance. 

Look for a reputable vendor

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There are many trading robot vendors, and finding a reputable one can be challenging. You can look at online reviews from other users to learn more about the reliability and effectiveness of the robot. You can find more information on many forums and online review sites. 

Consider how customisable the trading bot is

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The best trading robots offer a good degree of customisation that lets you set your own parameters and tailor it to fit your preference. The most important parameter you’ll want to adjust is the risk setting, so make sure you find a trading bot which lets you. 

Check for compatibility with your trading platform

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To use a trading bot, you’ll need to connect it to your trading platform. The most common trading platforms are MT4, TradingView, and TradeStation. The best forex platform for trading robots is MetaTrader 4 or 5, so if you want an FX EA, make sure you can connect it. 

Use an AI trading robot that fits your budget

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Algorithmic trading can be expensive in terms of the up-front cost. Think about whether you can afford to pay hundreds of pounds for a lifetime subscription, or whether you’re better off finding an AI trading platform with a more affordable monthly subscription cost.

Is buying a trading bot worth it?

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Whether or not you should use an AI trading bot depends on your goals, preferences, and what you’ll use one for. If you already have a profitable trading strategy, you may want to use an auto trader to save time. Many experienced traders use them as a way to code in a successful trading strategy or to create their own stock analysis software. You could also use a trading bot to remove emotions from your trading. 

If you’re a beginner, auto trading software could help you earn profits while you’re learning, to teach you how to find new trade ideas, or to perform technical analysis. Though it’s important to remember that not all stock trading bots are profitable. It’s best to use a trading robot alongside your manual trading strategies. 

How risky are trading bots?

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The key risk of using an automated trading platform is losing money. This could happen due to the robot not performing well, losing connection, and a host of other reasons. Below, we’ve included a few pros and cons of using a algorithmic trading robot to help you decide if its right for you. 

Pros

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  • Automated trading robots execute trades on your behalf
  • You can eliminate emotions when using a trading bot
  • The best trading robots work on a range of markets
  • Trading bots work around the clock, constantly performing technical analysis on stock markets
  • The best trading bots can be used on mobile devices

Cons

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Can I create a ChatGPT trading bot?

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No, right now it is not possible to create a fully functional ChatGPT trading strategy bot. ChatGPT can be a valuable tool in the process of developing and testing trading strategies for other platforms.

You can use ChatGPT to analyse and compare historical market data, economic indicators, and other relevant information. By providing ChatGPT with this data, you can ask it to identify patterns, trends, and potential trading opportunities based on specific criteria or rules. This analysis can then be used as a starting point for developing a trading strategy or algorithm.

ChatGPT can assist in the coding process by helping you write and troubleshoot scripts or algorithms for your trading strategy. While ChatGPT cannot directly execute trades or interact with trading platforms, it can guide coding logic, risk management techniques, and backtesting methodologies. This can be useful for traders who want to create custom indicators, strategies, or automated trading bots on platforms that support scripting or integration with external applications.

Methodology: How we chose the best AI trading robots

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Helping people make better financial decisions is at the heart of our mission at Invezz. 

We periodically test more than 63 AI trading platforms to provide our users with clear, accessible guidance on the automated trading options available. All testing is carried out by our panel of stock market experts, analysts, and active traders who sign up to each piece of AI software, conduct research, and score each trading robot.

Our tests are designed to find AI trading apps that offer a beginner-friendly, secure automated investing experience at a fair price. To supplement our practical testing and experience, we research each AI trading bot 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 trading 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 brands 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.

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Prash Raval
Financial Writer
Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he has traded spot FX full time while... read more.