Best Forex Robots.
Fully automated foreign exchange (forex) trading software, popularly known as forex robots, has increased in both popularity and sophistication in the past few years. Many people interested in forex trading might wonder what the best forex robots are and how well they work. Along with whether they would be a viable way to trade the currency market profitably.
Quick look: Best Forex Robots.
Best for Unique Features: Forex Fury Best for Expert Adviser Software: GPS Forex Robot Best for State of the Art Algorithm: 1000pip Climber System Best for Fully Automated Crypto Trading: Coinrule Best Virtual Private Server: ForexVPS.
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Table of Contents [ Show ]
The 5 Best Forex Robots You Can Buy How Do Forex Robots Work? Advantages of Using Forex Robots Drawbacks of Using a Forex Robot Who Should Try Forex Robot Trading? Frequently Asked Questions.
The 5 Best Forex Robots You Can Buy.
Almost all forex robot software programs employ technical analysis methods to generate buy and sell signals that then trigger automatic trading activity. The software might also have parameters you can adjust based on your trading preferences. Benzinga has reviewed the field of forex robots you can purchase to find the best among them. In addition to reviews of two of the best forex robots currently available, a review of a crypto trading robot and a forex virtual private server (VPS) to run your trading robot on are also included below.
1. Forex Fury.
Forex Fury is a good place to go when you need help making wise decisions as an investor. You can clearly make the most of your forex investments by allowing Forex Fury to do most of the work.
The Forex Fury robot ensures that you get the best service with several unique features.
Pros:
Robots are compatible with NFA, FIFO, MT4 and MT5 Build 600+ New SET Files are always in development Strategies for every investor ECN Support Sustainable growth options Trade pairs, indices or crypto Compatible with MT4/MT5 Use filters to avoid poor market conditions Set up in 5 minutes Lots of information and insights.
Cons:
Cost:
Gold $229.99.
Fully licensed for a single user Unlimited demos Free updates for Life.
Diamond $439.99.
Everything offered by the Gold plan 2 account licenses.
More Details.
MT4 and MT5 Traders.
Overall Rating.
Get Started securely through ForexFury's website.
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2. GPS Forex Robot.
GPS Forex Robot consists of expert adviser software written for the MetaTrader platform that you can use to trade the forex market automatically without human intervention. The program was originally written in 2010 and has produced mixed results throughout its long history.
Pros :
Long history showing profits Full refund 60-day guarantee MetaTrader4 compatible.
Cons:
Mixed results reported by users.
Cost:
One-time payment of $149.
According to some user reviews, the robot performs quite well in normal market conditions and tends to make relatively few trades. The main controversy surrounding this expert adviser is its inclusion of a sizeable “reversal trade” that is automatically entered after a losing trade has been closed out. Some users of this forex robot software claim this element of its strategy has made them incur considerable losses.
3. 1000pip Climber System.
This forex signal robot uses a state-of-the-art algorithm to continually analyze the forex market without human intervention. While the robot does not actually trade for you, it provides clear and precise easy-to-follow trading signals that include entry, stop-loss and take-profit levels for each trade.
The 1000pip Climber System is simple to set up and is designed to be followed 100% mechanically, which completely eliminates any guesswork. Using this forex system to generate signals is one of the easiest ways to follow and trade the forex market.
Pros :
Easy to use One-time payment Audio and visual alerts and email signal notification.
Con s:
Cost:
One-time payment of $97.
Rather than entering and executing orders automatically for you, this software gives you clear entry, stop-loss and take-profit signals so you can review any orders before their execution. The system also generates alarms whenever there is a signal and gives you a clear visual message that details the direction of the trade, entry price, stop-loss and take-profit levels. You can also get MetaTrader4 Push notifications.
The system is not customizable, but its performance has been independently reviewed and verified by MyFXBook, which shows impressive results. If you want a true plug-and-play signal generating system that does all the hard work of watching the market and identifying forex trading opportunities, then the 1000pip Climber system might be for you.
More Details.
Overall Rating.
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4. Coinrule.
Coinrule is a fully automated cryptocurrency trading robot that lets you either create your own automated trading rules without having to know how to code or choose from over 150 trading rules provided by the platform to automatically trade cryptos. This bot also seeks the most effective market indicators and lets you automatically allocate your funds to the most profitable cryptocurrency markets.
Some examples of the rules you can implement with Coinrule for single or multiple coins include Stop Loss, Price Based Accumulation and Trend-Following Rebalancing. Coinrule’s web-based trading bot works across several exchanges, including some of the larger exchanges like Coinbase Pro, Binance and BitMex.
Pros:
Works on multiple crypto exchange platforms Free account option Intuitive interface.
Cons:
High subscription costs No mobile app.
Cost:
Starter account.
No charge Trades up to a $3,000 monthly trade volume.
Pro account.
$449.99 per month or $5,399 annually No trade volume limit.
Each account type lets you connect with one or more exchanges and trade with live rules, demo rules and template strategies. Depending on the account type you select, you may be able to access leverage strategies, get live Telegram notifications, access the trader community for free, get one-on-one training sessions, integrate with TradingView and use advanced indicators and operators. The Pro account also gives you ultra-fast executions and a dedicated server. Coinrule currently has a summer promotion with discounts of up to 25% on annual plans.
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Free - $449.99/month.
Overall Rating.
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5. ForexVPS.
While not a forex robot or signal generator, ForexVPS provides a virtual private server (VPS) service specifically geared toward automated trading. The ForexVPS servers are on and maintained 24/7, with no downtime, which makes them ideal for traders running any other forex robot, including automated expert adviser software in MetaTrader 4 or 5.
Pros:
Ultra-low latency with 1-millisecond execution speed Host servers are located in data centers worldwide 24/7 technical support 14-day money-back guarantee on all VPS plan purchases.
Cons:
Monthly subscription cost.
Cost:
ForexVPS has three plans with different costs and services that vary in price from $30 per month for the basic service to $59 per month for the high-frequency service. The range of services includes random access memory (RAM), central processing unit (CPU) usage, solid state drive (SSD) disc space, Windows servers and a dedicated IP address.
How Do Forex Robots Work?
In general, forex robots consist of algorithmic or algo trading software that can fully automate the trading process. This sort of automated trading software first scans the market to find forex trade setups that meet certain criteria usually based on technical analysis. The program then automatically executes orders in the currency market in a connected trading account typically via an online forex broker.
Some forex robots can also be used to identify high-probability trade setups without actually executing the trades for you automatically. Rather than always running on autopilot, these robots can instead generate trading signals that might boost your chances of making profitable trades.
While trading profits are never guaranteed, forex robots can seem especially helpful if you lack the experience to generate good trade ideas yourself. Read on to find out more about forex robots, which marketed robots have the best track record and offer good value for money and how using a forex robot might improve your success as a currency trader.
Advantages of Using Forex Robots.
Forex robots offer many advantages for traders. A list of some of the more compelling reasons to use forex robots appears below.
Learning tool: Novice traders can use forex robots as a tool to inform and improve their trading. Quick and easy setup: You can get started trading currencies with a forex robot in just minutes and still have a decent chance of being profitable. Make and execute fast trading decisions: Robots can determine ideal market entry and exit points, calculate the best position size and then execute the trade quickly. Scanning tool: Forex robots can be used to scan multiple currency pairs and other markets for potentially profitable trading opportunities. Trade multiple strategies and pairs: You can implement multiple trading strategies for multiple currency pairs at the same time using one or more forex robots. Robots never sleep: Forex robots can be watching and trading the market for you around the clock. Avoid emotional involvement: Forex robots lack the human emotions that often interfere with successful trading practices. Programmability: You can program your forex robots to implement your trading strategy automatically.
Drawbacks of Using a Forex Robot.
Forex robots may sound like the easy way to make lots of money fast, especially if you read their developers’ marketing material, but the reality is often considerably more sobering. Keep in mind that trading is typically a human activity so the currency markets move based on human psychology that forex robots cannot fully grasp.
Forex robots have a number of other serious drawbacks you should be aware of before putting real money at risk buying or using them. Some of them are summarized below.
Unaware of fundamental factors: Trading robots based on technical analysis generally do not take into account current economic, geopolitical and financial news events that can move markets substantially. Profits not guaranteed: While forex robots might increase your response speed and the number of pairs and markets you can scan for opportunities, the end result will depend on how well it trades. Market conditions change: Forex robots can trade like champs for a while, but they can then give back much of their profits when market conditions shift. Governments disapprove: Trading using forex robots is often unreliable, so some governments consider many of them to be scams guilty of false advertising. Doesn’t filter price spikes: Forex robots will usually respond to false price spikes that an experienced trader would typically filter out, and that can result in some poor trades.
Keep in mind that if trading profitably was as easy as getting a forex robot and setting it loose to trade in your account, then virtually anyone with a computer and some risk capital could be making a bundle of money, which is not the case.
Even professional traders who run complex and sophisticated trading algorithms on high-powered computers watch their automated trading software carefully because they understand the importance of the human element in market behavior.
Who Should Try Forex Robot Trading?
Automated trading has evolved considerably in recent years. While they remain imperfect, forex trading robots have improved to the point where they can start to play a significant role in the online forex trading world, and using them may benefit certain traders.
A growing portion of daily forex trading is done automatically using different algorithms, so you might benefit from a forex robot, even if you only use the signal generation component it offers.
If you are new to forex trading or you’ve been trading the forex market with poor results, you might consider using a forex robot to fully automate your trades or help you make trading decisions by generating signals.
Forex robot trading might be especially helpful for the following types of trader:
New forex traders: Those unfamiliar with the forex market and how to identify potentially profitable trading opportunities can use a forex robot to get them started while they increase their knowledge base. Unsuccessful forex traders: Those who have been trading the forex market with poor results might consider using a forex robot to fully automate their trades or help them make better trading decisions by generating signals. Busy forex traders: If you lack the time needed to make sound forex trading decisions and/or watch the market closely, a forex robot can help you free up some valuable time. Traders with complicated trade plans: Forex robots can quickly scan various markets and make complicated calculations to speed up your responsiveness as a trader. Traders involved in many markets: If you need to keep track of the market in many currency pairs, a forex robot might be useful to identify more potentially profitable trade opportunities.