Forex eas.
Oh man , finding the best forex EAs or robots is really hard. I don’t even know where to begin. I literally searched everywhere to find them but the more I searched the more I figured out that this area of forex is FULL OF CRAP.
Half of the EAs out there for sale that had websites, or at least a one-page site, one day; let their domains expire and don’t have a site anymore, let’s say they’re so-called out of business.
They’re the good ones though. Some others seem up but when you dig deeper and read the stuff on their one-page sites, you’ll notice that they haven’t updated that for months or years.
For instance, there’s a result from a third-party website such as Myfxbook (see this section), which is actually a positive sign; however, the results are different from what‘s written about them.
That’s kind of funny though.
For example one says, this strategy has gained 500% and when you take a look at the graph on Myfxbook, you see it took a nosedive and when you look into the results, you’ll figure out that there are lots of trades that had been kept open for a long time (floating loss) and when the EA closed them, the account blew up.
Anyway, I checked out hundreds of expert advisers or forex robots and examined some worth looking into and found some of the best EAs in 2023.
First, let’s become familiar with these best forex robots and then I’ll show you how you can choose the best EAs and what factors we should look at when choosing forex robots.
You'll See in This Article:
Best Forex EAs (Forex Robots) in 2023.
After spending several days looking into lots of forex EAs, I finally found a handful of them that you can put in the category of the best forex robots or expert advisors.
Here’s a list of the best forex EAs or robots in 2023:
1- Flex EA.
The oldest trading result that I found about Flex EA gets back to 2022, so I assume that this product has been around since then.
There are lots of features in the package of this EA that I like including excellent support, private forum for clients, transparent and verified results and stats on Myfxbook, and constant free updates to name a few.
Results.
The EA has several settings that you can choose from, however, you can pick the best one either by listening to the suggestion of the creator or by finding that through the private forum where users disclose their experiences and offer the best settings they’ve found and the one that’s brought them the most profit.
There are several results of different settings on the Flex website from the past to the present.
SRV1/SRV2 is the setting that I like better and it has interesting results.
The account shown on Flex site as the result of SRV1SRV2 has a 14-month history with 869 closed trades. A drawdown of 17.55% and the profit factor of 2.48. It has gained 194.26% within the 14-month time frame.
It’s an ideal result that a forex robot holder or buyer can think of. It’s not too risky (rather low drawdown), has a reliable profit factor, and has generated very good profit.
There are 3 other settings related to 2021 but I think they are risky. They seem too aggressive and as a result, we can see higher drawdowns in their stats. Having said that, if you have an aggressive risk appetite or just want to risk more on a portion of your money, there’s a high potential for profit in those settings.
As you can see from their Gain, although you risk more you can potentially gain twice the first setting, SRV1/SRV2.
Note that they are not the only profitable settings. As you can see in the next section, there is a forum where you can ask other buyers the best settings they’ve found and used so that you do the same.
Support.
Other than a 24/7 support that you receive through ticket and email, there’s a private forum where you can be in touch with other people who’ve bought the Flex EA and are using it so you can share your experience with each other.
The forum is active and has thousands of posts and hundreds of thousands of views so you can ask your questions and get answers from one of the members who have been using the EA for a while.
People also share their experience and ask for a good strategy or more profitable settings and learn a lot from other users.
The discussions are only available for the clients of Flex so if you want to see what’s going on there, you need to purchase the product first.
Price and refund policy.
Flex EA has three types of plans: Flex EA x1 MT4,Flex EA x1 MT5, and Flex EA x2 MT4 + MT5.
There is no difference between EA x1 and EA x1 MT5 except for their trading platform, MT4 and MT5.
But there are 4 differences between those two and Flex EA x2:
Number of live accounts Price A hedging EA in Flex EA x2 Number of trading platform.
You are allowed to run Flex EA x1 on one live account but you can have 2 live accounts if you buy the x2 plan. Plus you can have both MT4 and MT5 versions of the EA in the x2 bundle. The price of Flex EA x1 is $399.96 while it’s $594 for the x2 plan and you receive a hedging EA if you buy it.
Flex EA has a 30-day money back guarantee if you are not happy.
2- News Action Trader.
News Action Trader is one of the EAs of LeapFX which is one of the famous forex robots developers in the industry and has been around since 2012.
As the name implies, this EA trade on the news events and tries to catch sudden volatile movements generated by the release of important news events.
Results.
The EA is backed by fully verified results on Myfxbook and FXBlue. It’s been tested for more than 2 years on a real account and has gained a profit of 229.56% within that timeframe.
The drawdown of the account is 20.07% and a profit factor of 1.34.
The result is not bad in general; however, there are some things that I don’t like about this EA.
First off, the recovery times of drawdowns are not interesting although it’s not terrible. In some cases, it took 4 months that the EA could recover a drawdown but if we consider trading a long term investment, it’s not a big deal; all in all, I prefer shorter times.
The second thing is that there’s a big gap between gain and abs gain on the Myfxbook stats. When you see something like that, most of the times it means the person is injecting money to the account in order to decrease drawdown, therefore, the actual drawdown of this EA is probably more than 20.07%.
And third, the profit factor is not what I get excited about.
With all that said, I’ve placed this EA on the list of the best forex EA because the overall condition of this EA is acceptable for me plus it has a confirmed track record of more than 2 years with 1111 closed trades.
I definitely put it on my portfolio as a long term news trading EA.
Support.
You can have access to the creator of this EA by email, Skype, or Telegram and ask your questions. You will also receive a lifetime update for the EA whenever the developer releases one.
Price and Refund Policy.
There are two plans available for purchasing News Action Trader EA: 2 monthly and one-time payment.
All the features between them are similar except for the price. 2 monthly plan costs you $247 per month or $494 for 2 months, which is billed monthly, but you pay $397 onetime payment if you buy the other plan.
News action trader EA has a 30 day money back guarantee and the developer claims that he’s willingly take your money back if you are not satisfied with the EA for any reasons.
3- NCM Signal.
NCM Signal like ROFX is not a forex robot for sale but it provides a copy trading service in which you can invest, however, there are some differences between NCM Signal service and ROFX.
For example, here you open an account in the only broker that they accept, which is IC Markets, and then connect it to the NCM Service. After that, the trades are copied automatically onto your account.
You can choose the level of risk and drawdown you are comfortable with, in the first place so you don’t risk more than your tolerance level.
Secondly, you don’t share your profit with the service. Instead, you pay a subscription fee which makes this service more favorable when you have a larger investment.
Results.
The results of this EA is really impressive. It has a fully verified account on myfxbook which is more than 2 years old with 791 trades at the time of writing this article.
A max drawdown of 12% and profit factor of 1.88. It’s gained 213.09% until now and there’s no hidden drawdown or extra deposit to disguise Drawdown.
I’ve written a complete review about this service that you can find it here.
How to Choose the Best Forex EA or Robot.
There are lots of measurements that you can take to remove a bunch of scams and eliminate many unprofitable forex robots.
Some of them are external factors which means they are not related to the strategies that EAs are built based on such as transparency of vendors and some are internal metrics connected to the stats of forex EAs which we’ll talk about later on this article.
You don’t need to necessarily be an expert to figure out many of these factors and even if you are a complete newbie and haven’t used forex EAs so far, you can detect a lot of them after this article.
So let’s find out more about them…
For choosing the best forex robots or expert advisors you should consider these factors:
1- Look for Transparency in Results.
As I mentioned early on, this part of Forex is cluttered with scams who try to tamper with the results of their EA even on a third-party website such as Myfxbook, FXBlue, or FXStat.
Those are the websites that you can connect your manual strategy or automated ones such as EAs to them, and they provide various statistics about your strategy, however, you can choose not to show some info or hide something that might interpret as the flaws of your trading strategy or expert advisor.
You see some people demonstrating a hand-picked section of their robots’ results which has performed well in a specific condition of the market to show the profitability of the EA that is not actually profitable.
Some present a one-month performance which is worth nothing and others go even beyond that and only depict a photo of their so-called results.
That’s yet the bright side and there are some vendors who don’t bother presenting any real results. They either refer to a demo account on those third-party websites or just put a bunch of histories and statements and say THEY ARE MY REAL RESULTS, BELIEVE ME.
Most of the time, the cheaper a forex robot the less transparent and you’ll be given fewer and less reliable information.
Anyway, having a real account connected to the one of those third-party websites can be the first positive sign although it’s not enough.
The most reliable third-party website is Myfxbook because it takes some measurements to verify accounts.
They have two levels of verification, track record, and trading privilege. Those confirmations indicate that the stats of an account are correct and whether they are coming from a demo account or live one.
When you see green ticks for those items, it means that the account is fully verified by Myfxbook and the results are real to a great extent.
Although those verifications remove 90% of misinformation, there are still some tricks people do to show better results.
For example, when you see there’s a gap between Gain and Abs. Gain, it can be the result of money injection to the account in order to decrease drawdown and convince others that an EA or strategy has low risk.
All in all, make sure that the forex EA you want to choose has been tested or is being tested on one of the third party websites that is mentioned early on — the more recent results the better.
2- Check out the Reviews of EAs.
The condition of the websites reviewing forex EAs is not better than EA sellers’ community and they promote whoever that pays them the most.
It turned out even one of them that I thought he’s trustworthy to some extent isn’t really true to his words when it comes to promoting his own products.
For instance, he keeps saying in his reviews that he can’t rely on the result of this or that forex robot because they are not backed by a third party website but he’s all blind while reviewing his favorite EA, or his EA to be exact, and doesn’t mention about the EA’s unconfirmed stats.
Read those kinds of websites but use your common sense to distinguish right from wrong.
There are other review sites where you can see the reviews of some people who either have bought EAs or claim to be a buyer.
You shouldn’t give these kinds of reviews the benefit of the doubts either because there are various reasons that their arguments can be incorrect or their claims may be false.
First of all, almost all people lodge a complaint when they believe they’re scammed but a few people go to a review website and thank for a product that they’ve bought.
Secondly, it’s kind of weird but some companies try to besmirch the reputation of their competitors by writing defamatory comments on review websites.
Again, you need to apply your common sense to see which one is legit and who’s fake, however, if you see a majority of people are not satisfied with their purchases, you should be very cautious about that product.
You can also ask some questions to see if the reviewers are telling the truth or just nagging unreasonably or slandering intentionally.
3- Check out Customer Service and Support.
Being supported by the creator of forex EAs after your purchase is very important and sometimes vital because something may go wrong and you might not be able to fix it even if you are somehow experienced let alone being fresh to automated trading.
Moreover, a reliable support can help you find the best settings of an EA after changing the conditions of the market which can be against the strategy of the EA by releasing new updates and informing you asap.
The last thing you want is a vendor who wants to just sell his/her product and then disappears or tries to upsell by not giving you all the available settings in the first place.
For example, let’s assume you pay $200 for an EA and after 6 months you see the EA is not doing well. Then you contact the seller and he tries to charge you for an update.
If there’s such a fee, you should know that in the first place before buying the product.
Some of the best expert advisors not only offer those kinds of supports but they also have additional services such as private forums where buyers can take advantage of the experience of one another.
4- Check for Refund Policy.
The vendors who are confident about their products provide you with a guaranteed money-back plan and hold on to their promise if you are not satisfied with their service or products.
Make sure to understand the conditions of their refund policy. It’s not always like they pay all your money back. Sometimes a refund policy is bound by some conditions.
For example, you can take your money back if the EA suffers a 25% drawdown, simply put, if you lose 25% of your account.
So first see if there’s a refund and if so, what the conditions are.
5- Examine the Statistics of EAs.
This part is the technical side of choosing the best Forex EAs, however, we are not going deep and check out the formulae or where they come from, there’s a link in each section that you can find out more about them.
Instead, we look for the numbers to see how profitable a forex robot is or it could be in the future.
Obviously, there’s no guarantee that what has happened so far will repeat in the future. In other words, past performance is not necessarily indicative of future results.
Having said that, the following metrics can shed light on the path of finding the best forex robots or EAs and can help us to eliminate some of the EAs that are too risky and have the potential that wipe out our account easily.
Account Age and Number of Trades.
Anybody who can write a few lines of MQL codes (the programming language of Metatrader) can create an Expert Advisor that is profitable for a few weeks by over optimizing it.
But creating an EA that is profitable for months and years is not something that every EA coder can pull off and needs a ton of experience.
As an account gets older, it’s exposed to the different conditions of the market and is tested by the many waves of the market so it becomes more reliable if it can pass all those exams.
Now the question is how old is sufficient for a forex robot to be considered reliable.
Actually, there’s no unique answer to that question but in general:
The older the better.
6 months is the least I can think of, however, one year is the period that makes me take an EA seriously.
The same goes for the number of positions or traders taken by an EA; I mean the more the better.
An EA with only 50 trades is not acceptable even if it’s one year old or more.
300 trades is the minimum number that can shows something and make me confident in using a forex robot to some extent.
Maximum Drawdown.
For MAX drawdown, or drawdown in Myfxbook, I look for the forex EAs with less than 30%. Max drawdown basically indicates how risky a forex robot is. The higher the riskier.
In simple words, that number tells you how much money a robot is prone to lose before it starts gaining money.
Let’s say you have an EA that has shown 100% profitability within last year with a drawdown of 80%. Are you willing to take that risk and lose 80% of your money before getting 100% profit which may not even happen?
Robots with high drawdowns trade too aggressively and have the potential to raze your account to the ground with high probabilities.
Drawdown Recovery Time.
The time that an EA can recover from a drawdown is also important when we are dealing with drawdown.
Let’s say an EA has suffered a drawdown of 30% in one month. What if it takes 4, 5, or even a larger time period for it to recover the loss and break-even?
Basically we don’t earn any money for several months and worse than that, it reveals that recovering from losses is very hard for the EA.
You can simply look at the graph of an EA and see how long it took that it came out of its drawdowns.
Floating Profit/Loss (P/L) or Current Drawdown.
This one is another important metric that we need to pay attention to. It’s one of the factors that disclose some hidden facts about a strategy.
It’s basically the difference between balance and equity. The results of gain, drawdown, or other stats are calculated when trades are closed but what if a forex robot keeps the losing trades open.
Well, you can’t see the real numbers for different metrics and you need to look at either floating P/L, current drawdown, or the difference between equity and balance — different websites may provide you different names or metrics so one of them do the trick.
If you see the stats of a forex EA shows, for example, $1000 as balance and $500 as equity, it means there’s a $500 floating loss or 50% drawdown so the account might be on the verge of blowing up.
Profit Factor.
Profit factor means the amount of profit an EA makes to the amount of loss it suffers. The more profits a forex robot gains and the less loss it suffers the more reliable it is.
I look for the EAs with the profit factor of 1.5 or higher — the larger the better.
Imagine an EA has a profit factor of 3. It means for every $4 that the EA trades it generates $3 as profit and loses $1 on average.
It tells us if something goes south and the EA starts losing money, there’s plenty of space for that to turn from a winner to an unprofitable robot.
You should provide ideal conditions for an EA to see its best performance so make sure to read best forex brokers for EAs and VPS articles.
Conclusion.
The best forex robot or EA is the one that has results confirmed by an unbiased third-party website. It doesn’t hide its metrics or at least shows most of them.
It doesn’t have terrible reviews all over the net and has an acceptable level of satisfaction among its users.
The level of support that we receive after purchasing the EA is up to par and we can have access to the seller via various options.
It has a fair refund policy so if we are not satisfied with the EA, we can give back our money without going through big hassles.
We prefer an EA with a MAX drawdown of less than 30%, not a gaping time for recovering from its drawdowns, more than 1 year old, at least 300 trades, No large floating loss, and last but not least a profit factor of larger than 1.5.
David.
I hope you enjoyed this post. My name is David and I've been in Forex Market since 2006. I created this site to convey my experience and try to help forex traders to make better decisions. Share this post if you liked it and let me know what you think about it in the comment section.
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This Post Has 14 Comments.
Derrick 4 Sep 2021 Reply.
You’ve mentionned “The account shown on Flex site as the result of SRV1SRV2 has a 14-month history with 869 closed trades and a drawdown of 17.55%” as you’ve shown on the screenshot,yet looking at myfxbook,Flex SRV1/SRV2 account shows 7.29 drawdown. How do you explain these differences in these figures? I’m strict while looking at the EA,once it has not less than 10% drawdown it’s not meeting my criteria. Help me to understand this,please! Regards, Derrick.
David 4 Sep 2021 Reply.
Hey Derrick, That must be a bug in myfxbook because I checked its history, nothing has been added after they closed that account and withdraw their profits. Plus, the account is fully verified and the broker, trader’s way, as I know them, they don’t tamper with results. Even if it were a fishy broker they could’ve done something like that when the EA was running on the account not 2 years later. I think that’s just a bug on myfxbook. After all it’s a free service and you can’t expect everything works like clockwork. What I’ve understood from Flex EA after looking into many accounts and hearing from people who’ve bought it is that you can change its risk factor. You can pick a setup that gives you 100% drawdown and you can also change the setup to have drawdowns below 10% however your profit can drop as you decrease risk.
Igor 4 Jul 2021 Reply.
Hi David, there is something suspicious about NCM signal, myfxbook reports max floating p/L about 8% on the dd graph, but on the review they report 18%. However NCM themselves report max equity usage 35% and that’s what was also reported on forexpeacearmy…. unfortunately monthly avg. gain looks the same, around 4% ( on myfxbook and 8%/15% dd as well as on forexpeacearmy 35% dd ). Moreover, it seems in the last year avg monthly profit was only 2 and something %. Still better then nothing, but…
David 10 Jul 2021 Reply.
Hi Igor, well nothing fishy in terms of what you’ve mentioned. Regarding DD on myfxbook, it’s how it works and a bit confusing. The DD reported on the graph part is MAX dd and the one on the stat is the floating P/L or current dd which is around 17% now, it’s different from MAX dd which is calculated in relationship with your initial balance which is around 8%. Regarding different DD and gain in different accounts (or different analytical services such as myfxbook, FPA, etc) that’s possible since you can set the level of your risk when you register with NCM, it’s on their website. If you risk more you have a larger DD but you can gain more as well. That’s why you see different results in different accounts.