Forex robots

Forex Robots Trading.

Forex Robots is a software program designed to assist with trading automation by generating trading signal through the use of algorithms and technical indicators. The guide looks at forex trading robots and suggests some helpful robots to use.

Written by Justin Grossbard.

Written by Justin Grossbard Co Founder.

With over 20 years of investing experience and 10 years of trading, Justin co-founded Compare Forex Brokers in 2014. He has worked within the foreign exchange trading industry for several years and for several of the largest banks globally. Justin achieved Honours in Commerce and has a Master's degree from Monash University. He also owns Innovate Online offering digital marketing services with over 20 employees.

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Table of Contents.

How to Develop Your Own Forex Robot Are Forex Robots Legit or Scams? How to Avoid Forex Robots Trading Scams How to Choose the Best Forex Robot? Best Forex Robot List of 2023 Closing Thoughts.

Best Forex Robots Trading In 2023.

Learn with our guide if forex robots trading works and the top 5 criteria for choosing the best forex robot. If you are a beginner or want to start trading and want to improve your trading, a forex bot can help you navigate the up and down-swings in the forex market.

Keeping up with the constantly changing market conditions can feel overwhelming. The market conditions can affect the foreign exchange rates fairly rapidly without the possibility to act on these fast-changing prices. The solution to this problem is using trading robots.

The automation of your trading strategy can help forex traders accomplish two things:

First, will help you to take advantage of the fast-moving markets 24/5 from Monday through Friday Secondly, it will remove the number one enemy of every forex trader, which is yourself or better said your psychology. Trading psychology can have destructive effects on your overall performance.

Ready-made forex trading robots and expert advisors (EAs) can easily be bought over the internet. However, forex traders should make sure to do their due diligence before purchasing trading robots because there is still a degree of high-risk activity involved.

What Is A Forex Trading Robot?

At the most basic level, a forex robot is an automated trading system or a computer program that buys and sells currencies based on pre-defined parameters and without human intervention. Most forex trading robots employ complex mathematical algorithms that search in real-time new trading opportunities. There are a number of free forex robots available on the market that have been pre-programmed, but there are also some paid ones too.

Note* In the forex world, the “forex bot” and “expert advisor” are another slang term for forex robots trading.

How Do Forex Trading Robots Work?

The trading signals generated by a forex robot work by analysing the forex market based on the input parameters provided by their developer. This means that your forex entry, exit and stop-loss are pre-defined beforehand. The most common technical analysis tools used to develop an automated algorithm include:

Historical data provided by the forex broker Technical indicators (moving averages, MACD, Stochastic, RSI, etc.) Market sentiment Tick data Forex pattern recognition and machine learning Anything that can provide a trading edge in the forex market.

As a trader, you can set your automated robot to look for forex signals like a breakout or price action movements based on a trading algorithm so it can make trading decisions for you. The top forex robots have a very high win rate because they are based around a forex system that works for the user.

There is a large choice of programming languages experienced traders can use for the automation of their trading system. The most popular 6 programming languages for forex robots trading are MetaQuotes Language 4 (MQL4) Python, Java, JavaScript, C++, and EasyLanguage.

How To Develop Your Own Forex Robot.

How to build a forex robot comes down to following a five-step process:

You first need a trading system with definitive buy and sell trading rules that later is going to be coded using an automated trading software Choose the type of your trading strategy – trend-following, swing trading, day trading or scalping Decide which currency pairs you want to trade Define the risk management parameters of your forex bot. Backtest your forex robot to verify if you have an edge before you put any of your money at risk.

Note *This is by no means an exhaustive list but it gives you a starting point to automate your forex robot.

Due to its increasing popularity and functionality, the MetaTrader 4 (MT4) trading platform has become the de facto standard in automated trading. You can build an expert advisor (EA) through MQL4 and MQL5 or simply purchase an off-the-shelf forex EA.

Some of the best forex robots are built using the MetaTrader 4 embedded programming language, MQL4.

Are Forex Robots Legit Or Scams?

While forex robot scams are the norm, it’s still possible to find trading robots that perform well and are profitable. Scam forex bots, which is a widespread scam in the forex industry, is a primary reason why you should only use automated trading robots that have backtest results and can be verified through third-party providers such as MyFxBook.

In terms of the legality aspect, there are no regulatory frameworks that restrict the use of forex trading robots. The only restriction comes from the fact that not all forex brokers allow forex trading robots to be used especially forex scalping EAs.

Check out the full list of all forex brokers that allow expert advisors with no restrictions, including scalping HERE.

How To Avoid Forex Robots Trading Scams.

Not all trading robots and experts advisors should be trusted. If you’re looking for a forex robot, you need to be aware of the tricks online marketers and scammers use to lure in potential clients. The get-rich-quick scheme and misleading claims like “99% profitable trades” or “never lose money again” is the standard modus operandi of robot scams.

The golden rule to avoid a scam is if it sounds too good to be true, it probably is.

Besides the fraudulent claims made by forex scammers, another shady practice used by the developers of FX robots is using auto trading strategies based on curve fitting. A curve fitted strategy is when the PnL of the strategy is manipulated to tell a different story than reality.

90% of Forex Robots Fail Due to Curve Fitting.

The standard modus operandi is to hide the losses by carrying their losses forward as unrealised PnL. To accomplish this, they use small profit targets of 10 pips and very big stop losses of 1,000 pips that have a slim chance of ever being hit.

Study the chart below if you want to learn how to spot curve fitted forex robots so you can avoid them. If an expert advisor or automated forex robot has an equity curve similar to the one in the chart below, you probably want to avoid that system.

How To Choose The Best Forex Robot?

Before you buy an off-the-shelf forex robot or an automated trading strategy please consider these 5 criteria which will make sure you won’t end up buying forex robot scams.

The essential 5 things to look for when you’re choosing a forex robot or trading software include:

Verified backtesting results – a track record of 1 – 3 years is considered a solid metric to analyse the accuracy and profitability of a forex robot. Third-party providers such as MyFxBook are a great tool to verify the accuracy of any claims about a forex robot. Drawdown – look for low drawdown forex robots to ensure capital protection. Discard all forex robots and expert advisors that have a maximum drawdown of bigger than 30%. We don’t want to expose our capital to too much risk. Real Money – make sure the forex robot has been tested on a live account, not a demo account. If a trading robot can’t be trusted with real money, it’s not worth investing your capital. Forex robot needs to come with a 60-day money-back guarantee – if you’re not satisfied with the performance and profitability of a forex robot, you should be able to request a refund. If a forex robot seller offers a 60-day guarantee policy, it shows that they are confident enough to sell you a product that will actually perform as they say. Social proof – you need to be able to find a community of traders that have used the forex robot successfully. Make sure you look after independent reviews from genuine users who actually use the forex robot.

An important thing to keep in mind is that even if you get your hands on the best forex robot, over time it’s still going to fail because the market conditions are constantly changing. Automated forex trading tends to fail most of the time because forex robots are based on static data while the market dynamics keep changing.

Best Forex Robot List Of 2023.

Below are the best forex robots based on popularity, social proof, track record and profitability.

Disclaimer: Our team of experts at Compare Forex Brokers doesn’t endorse any of the names listed below. We recommend research and due diligence before risking any real money with any forex robot regardless of your trading experience.

Forex Robotron.

Forex Robotron is an expert advisor (EA) that works with most MT4 forex brokers. This automated trading system only works:

With 5 EUR cross currency pairs (EURAUD, EURCAD, EURCHF, EURGBP, and EURUSD) Trades based on the 5 minutes time frame Take approximately 500 trades per year.

What is unique about the forex bot is that it only runs between 21:00 – 23:00 GMT. In terms of profitability, Forex Robotron claims to generate a net profit of USD 17,088 in the 2005-2022 time period.

Cost-wise, Forex Robotron is quite expensive. The basic package costs USD 299.00, while for the most expensive package; you need to pay USD 999.

Verified Track Record Time Frame Recommended Deposit EA MT4 Compatibility Price Forex Robotron ✘ 5 minutes $5,000 ✔ $299 - $999.

Ganon Forex Robot.

Ganon Forex Robot is a trend-following system that uses an ATR trailing stop loss to lock in profits as the trend develops. We don’t have much information about the trading logic behind this EA, nor on what currency pairs work best or if it works with other asset classes like CFDs or cryptocurrencies.

This algorithm is also capable to detect real-time trend reversals in the market.

It’s worth noting that the Ganon Forex Robot is developed by the same company Forex Robot Trader (FRT) that develops the Odin Forex Robot. Unfortunately, we couldn’t find a MyFxBook link to verify the success rate.

Cost-wise, this MT4 EA is cheaper at only USD 99.00.

Verified Track Record Time Frame Recommended Deposit EA MT4 Compatibility Price Ganon Forex Robot ✘ Higher TF Undisclosed ✔ $99.

GPS Forex Robot.

GPS Forex Robot is a system that claims to have 98% winning trades and only 2% of the time being wrong. However, the track record verified by a third-party provider like MyFxBook can’t be confirmed.

The system claims a really small drawdown of only 7% trading the EUR/USD pair.

Cost-wise, GPS Forex Robot can be bought for only USD 149.00 and it comes with a 60-day money-back guarantee policy. So, if you’re not satisfied with the performance of this forex bot, you can always ask for a refund.

Verified Track Record Time Frame Currency Pair Recommended Deposit EA MT4 Compatibility Price GPS Forex Robot ✘ 1-hour TF EUR/USD $100 ✔ $149.

Happy Frequency.

Happy Frequency EA is another expert advisor that analyses the market based on a complex algorithm that combines multiple trading strategies (trend, grid, hedge, and semi-martingale). This is another scalping EA robot that trades on the 5-minute time frame across 9 different currency pairs.

Happy Frequency EA runs 24/5 from Monday through Friday, thus the developers of this forex robot recommend using a Virtual Private Server (VPS).

The performance of this forex robot can be verified on MyFxBook and FxBlue.

Cost-wise, Happy Frequency EA is priced at USD 299.00 (2 licenses) and USD 499.00 (5 licenses)

Verified Track Record Time Frame Currency Pair Recommended Deposit EA MT4 Compatibility Price Happy Frequency MyFxBook & FX Blue 5 minutes 9 currency pairs $4000 ✔ $299 - $499.

1000pip Climber System.

1000pip Climber System is an automated analysis system that continuously seeks trading opportunities on multiple time frames (15 minute, 1 hour and 4 hour time frames).

While the EA developer provides a MyFxBook link, please be aware that the track record is based on a demo account. What is unique about this software is the alert system that will notify users visually, audibly, and via email whenever a trade is triggered.

Cost-wise, you have to pay USD 97.00 to get your hands on this EA robot.

Verified Track Record Time Frame Recommended Deposit EA MT4 Compatibility Price 1000pip Climber System MyFxBook demo account 15 minutes, 1-hour and 4-hour Undisclosed ✔ $97.

Odin Forex Robot.

Odin Forex Robot is a “reliable grid trading strategy” that seeks trading opportunities within the 5 minutes time frame. A forex grid trading system involves buying and selling currency pairs above and below a pre-defined base price.

The most unique feature of this forex robot is the built-in money management tool which automatically calculates the risk per trade on your behalf. However, it’s safer to take care of the risk management into your own hands especially since we’re dealing with a grid trading system that is riskier.

Cost-wise, Odin Forex Robot is accessible. For only USD 129.00 you’ll get an FX robot that seeks trading opportunities in over 22 currency pairs.

Verified Track Record Time Frame Recommended Deposit EA MT4 Compatibility Price Odin Forex Robot ✘ Undisclosed Undisclosed ✔ $129.

Forex Fury Robot.

Forex Fury Robot is an expert advisor that is compatible with MT4 and MT5 forex brokers. This automated trading robot is recommended if you’re looking for low but steady monthly returns.

Forex Fury Robot claims to generate 10% – 20% monthly gains and the track record is verified by MyFxBook on a real trading account and as well as on a demo account. What’s unique about this algo is the fact that it only trades 1 hour per day, only one instrument at a time and only during low volatility trading conditions.

On the downside, Forex Fury Robot only works on a limited number of currency pairs (EUR/USD, GBP/USD, USD/JPY, and USD/CHF).

Cost-wise, this forex bot can be bought for USD 229.99 (Gold package), respectively USD 439.99 (Diamond package), which comes with 2 live account licenses.

Verified Track Record Time Frame Recommended Deposit EA MT4 Compatibility Price Forex Fury Robot MyFxBook 1-hour TF $100 ✔ $229.99 - $439.99.

FX Fornite EA.

FX Fornite EA is a fully automated expert advisor that combines trend following strategies with hedging strategies. This forex EA can be configured based on different levels of risk (high, low and medium).

The performance of FX Fornite is verified by FX Blue a web-based service that authenticates your trading results.

What is unique about this forex robot is the fact that it only works on EUR/CHF and on the 1-hour time frame.

Cost-wise, FX Fornite EA comes in three packages. The cheapest version costs USD 149.00 (Bronze package), while the most expensive version costs USD 249.00 (Platinum package). The most expensive package comes with 3 real account licenses and a 30-day money-back guarantee policy.

Verified Track Record Time Frame Currency Pair Recommended Deposit EA MT4 Compatibility Price FX Fornite EA FX Blue 1-hour TF EUR/CHF $1000 ✔ $149 - $249.

WallStreet Forex Robot 2.0 Evolution.

WallStreet Forex Robot 2.0 Evolution claims to have an 80% winning rate with only a maximum drawdown of 6.24%. The performance of this automated trading system can be verified on MyFxBook.

What is unique about this FX bot is the built-in functionalities that protect you against high spreads and high slippage.

Cost-wise, WallStreet Forex Robot 2.0 Evolution has a price tag of USD 237.00 and comes with a 60-Day 100% money-back guarantee policy.

Verified Track Record Time Frame Currency Pairs Recommended Deposit EA MT4 Compatibility Price WallStreet Forex Robot 2.0 Evolution MyFxBook 15 minutes 8 FX pairs $1000 - $5000 ✔ $237.


Cryptohopper is an automated crypto trading bot that specialises in trading the cryptocurrency market. This crypto bot claims to trade on over +100 cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.) and is available 24/7.

The trading signals generated by this cryptocurrency bot are driven by technical factors, that allow it to find opportunities in bull markets, bear markets and sideways markets.

Cryptohopper is free to use however if you want to try its more advanced features you need to pay a monthly subscription fee that starts at USD 19.00.

Verified Track Record Cryptocurrency Recommended Deposit EA MT4 Compatibility Price Cryptohopper ✘ +100 pairs $250 ✘ $19 - $99/month.

Closing Thoughts.

Sitting back and letting automated trading software do the trading job for you can be an appealing proposition. However, even if you get your hands on the best forex robots out there that use the latest technology, 99% of all trading robots will fail in the end.

A forex bot can be a very convenient way to trade the markets but usually is a type of shortcut lazy traders who don’t want to put in the hard work take. If you prefer the advantages of automated trading, you should try programming your own forex robot. The good news is that you don’t need to be a geek in programming. If you don’t have the skills to code your own forex robot, there is always the option to hire a developer that can turn your trading ideas into an automated trading robot.

One final thought on the benefits of forex robots trading: robots are superior to humans as they don’t have emotions; are 100 times faster; better at recognising trading signals and last but not least they monitor the market 24/5 without interruptions which a human can’t do.

About the author: Justin Grossbard.

With over 20 years of investing experience and 10 years of trading, Justin co-founded Compare Forex Brokers in 2014. He has worked within the foreign exchange trading industry for several years and for several of the largest banks globally. Justin achieved Honours in Commerce and has a Master's degree from Monash University. He also owns Innovate Online offering digital marketing services with over 20 employees.