If you are looking for the best forex robots, you have come to the right place!
Here you will find a hand-picked selection of the best forex robots based on over 15 years of researching and testing every forex robot that you could imagine.
What is a Forex Robot?
Forex robots will scan the forex market for trading signals based on complex algorithms that they incorporate. When they find a valid trading signal, they will enter trades and manage them on behalf of the user. This makes them fully automated forex strategies suitable for traders of all experience levels.
Forex robots are also commonly known as Forex Expert Advisors or Forex EAs for short. This is because the majority of them run in the popular and free to download MetaTrader platform, which refers to automated forex systems as Forex Expert Advisors.
Whilst there are many forex robots that you can purchase, some of them are better than others. Here we will take a look at some of the best forex robots and what you can look for when deciding which is the best forex robot for your own individual needs. We will also cover in detail how to setup and use a forex EA on a trading account.
Now without further ado, let’s get right into it!
Top 30 Forex Robots
This table displays verified trading accounts of the best forex EAs so that you can compare forex robots performance and statistics to help you decide which is the best forex EA for you. The table also includes links to my forex robot reviews and the official website of each forex robot for your convenience.
| Forex Robot Ranking | Forex Robot | Forex Robot Review | Deposit | Balance | Gain | Monthly | Daily | Drawdown | PF | Days | Chart | Account |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  | Forex Robotron Review | $100.00 | $23,939.21 | +23,839.21% | 312.11% | 0.26% | 30.10% | $23,839.21 | 19631 |  | Real |
| 2 |  | POW RedAlert EA Review | $100,000.00 | $124,795.99 | +27.4% | 117.1% | 3.76% | 4.4% | 2.06 | 13 |  | Demo |
| 3 |  | Forex Flex EA Review | $19,378.40 | $30,011.20 | +717.39% | 54.93% | 0.45% | 62.78% | $10,632.80 | 19631 |  | Real |
| 4 |  | Golden Pickaxe EA Review | $50.00 | $535.37 | +970.75% | 37.71% | 0.71% | 65.59% | $485.37 | 19631 |  | Real |
| 5 |  | POW Banker EA Review | $100,000.00 | $576,741.35 | +476.74% | 30.95% | 0.90% | 12.82% | $476,741.35 | 19631 |  | Demo |
| 6 | | Forex Flex EA Review | $10,000.00 | $145,280.04 | +1,352.80% | 27.10% | 0.10% | 66.05% | $135,280.04 | 19631 |  | Real |
| 7 | | POW RedAlert EA Review | $100,000.00 | $108,057.65 | +8.1% | 26.2% | 1.11% | 32.30 | 10 | | Demo | |
| 8 | | Forex Robotron Review | +2,922.96% | 24.13% | 0.14% | 13.05% | 19631 |  | Real | |||
| 9 |  | Perceptrader AI Review | $400.00 | $960.68 | +140.17% | 23.03% | 0.69% | 31.91% | $560.68 | 19631 |  | Real |
| 10 |  | Forex Flex EA Review | $24,642.34 | $41,635.66 | +687.95% | 22.93% | 0.54% | 92.67% | $16,993.32 | 19631 |  | Real |
| 11 | | Perceptrader AI Review | $300.00 | $659.46 | +119.82% | 21.49% | 0.64% | 56.93% | $359.46 | 19631 |  | Real |
| 12 | | POW Banker EA Review | $188,992.52 | $257,710.02 | +279.86% | 21.27% | 0.58% | 25.22% | $418,717.50 | 19631 |  | Demo |
| 13 | | POW Banker EA Review | $100,000.00 | $405,008.30 | +304.90% | 17.90% | 0.55% | 83.22% | $305,008.30 | 19631 |  | Demo |
| 14 | | Forex Flex EA Review | $10,375.46 | $6,934.18 | +789.02% | 15.44% | 0.48% | 13.42% | $10967.67 | 19631 |  | Real |
| 15 | | Forex Flex EA Review | $300.02 | $464.85 | +458.48% | 15.00% | 0.44% | 41.49% | $214.25 | 19631 |  | Real |
| 16 | | Forex Flex EA Review | $15,850.24 | $42,159.88 | +517.36% | 14.62% | 0.40% | 61.94% | $26,309.64 | 19631 |  | Real |
| 17 | | POW RedAlert EA Review | $100,000.00 | $112,931.89 | +12.9% | 14.4% | 0.64% | 12.42 | 30 | | Demo | |
| 18 |  | Forex Scalping EA Review | $50,000.00 | $10,317,176.17 | +20,534.35% | 12.03% | 0.38% | 24.54% | $10,267,176.17 | 19631 |  | Demo |
| 19 | | Forex Flex EA Review | $3,013.61 | $6,943.16 | +130.39% | 7.24% | 0.23% | 55.76% | $3,929.55 | 19631 |  | Real |
| 20 | | Forex Flex EA Review | $4,223.78 | $10,821.14 | +156.19% | 7.15% | 0.21% | 32.61% | $6,597.36 | 19631 |  | Real |
| 21 |  | Waka Waka EA Review | $500.00 | $6,580.99 | +7,306.60% | 6.91% | 0.22% | 26.70% | $10,433.40 | 19631 |  | Real |
| 22 |  | Forex Robotron Review | A$12,745.10 | A$0.00 | +208.94% | 5.42% | 0.07% | 23.19% | A$9,669.33 | 19631 |  | Real |
| 23 |  | Forex Cyborg Review | +45.80% | 4.40% | 0.02% | 10.68% | 19631 |  | Real | |||
| 24 | | Forex Flex EA Review | $3,000.00 | $444,154.71 | +14,705.16% | 4.20% | 0.14% | 36.89% | $441,154.71 | 19631 |  | Real |
| 25 |  | Evening Scalper Pro EA Review | A$150.00 | A$233.35 | +141.87% | 4.18% | 0.14% | 15.62% | A$83.35 | 19631 |  | Real |
| 26 | | Forex Flex EA Review | $45,103.30 | $72,011.86 | +384.35% | 4.01% | 0.13% | 44.27% | $26,908.56 | 19631 |  | Real |
| 27 |  | Night Hunter Pro EA Review | A$285.02 | A$428.88 | +206.01% | 3.15% | 0.10% | 15.58% | A$216.88 | 19631 |  | Real |
| 28 | | Perceptrader AI Review | $5,000.00 | $8,166.22 | +229.64% | 2.38% | 0.08% | 21.96% | $11,166.22 | 19631 |  | Real |
| 29 |  | Forex Cyborg Review | €2,210.44 | €1,108.67 | +190.79% | 2.27% | 0.05% | 19.88% | €4,073.90 | 19631 |  | Real |
| 30 | | Forex Robotron Review | A$3,206.56 | A$1,749.72 | +227.99% | 2.21% | 0.07% | 60.41% | A$2,543.16 | 19631 |  | Real |
| 31 | | Forex Robotron Review | A$23,914.89 | A$2,555.87 | +188.34% | 2.11% | 0.07% | 36.40% | A$4,865.02 | 19631 |  | Real |
| 32 | | Forex Cyborg Review | €15,942.61 | €1,326.18 | +313.35% | 1.89% | 0.06% | 34.36% | €11,249.88 | 19631 |  | Real |
| 33 | | Forex Cyborg Review | +78.88% | 0.77% | 0.03% | 24.77% | 19631 |  | Real |
| Forex Robot Ranking | 1 |
| |
| Forex Robot Review | Forex Robotron Review |
| Deposit | $100.00 |
| Balance | $23,939.21 |
| Gain | +23,839.21% |
| Monthly | 312.11% |
| Daily | 0.26% |
| Drawdown | 30.10% |
| PF | $23,839.21 |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 2 |
| |
| Forex Robot Review | POW RedAlert EA Review |
| Deposit | $100,000.00 |
| Balance | $124,795.99 |
| Gain | +27.4% |
| Monthly | 117.1% |
| Daily | 3.76% |
| Drawdown | 4.4% |
| PF | 2.06 |
| Days | 13 |
| Chart | |
| Account | Demo |
| Forex Robot Ranking | 3 |
| |
| Forex Robot Review | Forex Flex EA Review |
| Deposit | $19,378.40 |
| Balance | $30,011.20 |
| Gain | +717.39% |
| Monthly | 54.93% |
| Daily | 0.45% |
| Drawdown | 62.78% |
| PF | $10,632.80 |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 4 |
| |
| Forex Robot Review | Golden Pickaxe EA Review |
| Deposit | $50.00 |
| Balance | $535.37 |
| Gain | +970.75% |
| Monthly | 37.71% |
| Daily | 0.71% |
| Drawdown | 65.59% |
| PF | $485.37 |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 5 |
| |
| Forex Robot Review | POW Banker EA Review |
| Deposit | $100,000.00 |
| Balance | $576,741.35 |
| Gain | +476.74% |
| Monthly | 30.95% |
| Daily | 0.90% |
| Drawdown | 12.82% |
| PF | $476,741.35 |
| Days | 19631 |
| Chart | |
| Account | Demo |
| Forex Robot Ranking | 6 |
| |
| Forex Robot Review | Forex Flex EA Review |
| Deposit | $10,000.00 |
| Balance | $145,280.04 |
| Gain | +1,352.80% |
| Monthly | 27.10% |
| Daily | 0.10% |
| Drawdown | 66.05% |
| PF | $135,280.04 |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 7 |
| |
| Forex Robot Review | POW RedAlert EA Review |
| Deposit | $100,000.00 |
| Balance | $108,057.65 |
| Gain | +8.1% |
| Monthly | 26.2% |
| Daily | 1.11% |
| Drawdown | |
| PF | 32.30 |
| Days | 10 |
| Chart | |
| Account | Demo |
| Forex Robot Ranking | 8 |
| |
| Forex Robot Review | Forex Robotron Review |
| Deposit | |
| Balance | |
| Gain | +2,922.96% |
| Monthly | 24.13% |
| Daily | 0.14% |
| Drawdown | 13.05% |
| PF | |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 9 |
| |
| Forex Robot Review | Perceptrader AI Review |
| Deposit | $400.00 |
| Balance | $960.68 |
| Gain | +140.17% |
| Monthly | 23.03% |
| Daily | 0.69% |
| Drawdown | 31.91% |
| PF | $560.68 |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 10 |
| |
| Forex Robot Review | Forex Flex EA Review |
| Deposit | $24,642.34 |
| Balance | $41,635.66 |
| Gain | +687.95% |
| Monthly | 22.93% |
| Daily | 0.54% |
| Drawdown | 92.67% |
| PF | $16,993.32 |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 11 |
| |
| Forex Robot Review | Perceptrader AI Review |
| Deposit | $300.00 |
| Balance | $659.46 |
| Gain | +119.82% |
| Monthly | 21.49% |
| Daily | 0.64% |
| Drawdown | 56.93% |
| PF | $359.46 |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 12 |
| |
| Forex Robot Review | POW Banker EA Review |
| Deposit | $188,992.52 |
| Balance | $257,710.02 |
| Gain | +279.86% |
| Monthly | 21.27% |
| Daily | 0.58% |
| Drawdown | 25.22% |
| PF | $418,717.50 |
| Days | 19631 |
| Chart | |
| Account | Demo |
| Forex Robot Ranking | 13 |
| |
| Forex Robot Review | POW Banker EA Review |
| Deposit | $100,000.00 |
| Balance | $405,008.30 |
| Gain | +304.90% |
| Monthly | 17.90% |
| Daily | 0.55% |
| Drawdown | 83.22% |
| PF | $305,008.30 |
| Days | 19631 |
| Chart | |
| Account | Demo |
| Forex Robot Ranking | 14 |
| |
| Forex Robot Review | Forex Flex EA Review |
| Deposit | $10,375.46 |
| Balance | $6,934.18 |
| Gain | +789.02% |
| Monthly | 15.44% |
| Daily | 0.48% |
| Drawdown | 13.42% |
| PF | $10967.67 |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 15 |
| |
| Forex Robot Review | Forex Flex EA Review |
| Deposit | $300.02 |
| Balance | $464.85 |
| Gain | +458.48% |
| Monthly | 15.00% |
| Daily | 0.44% |
| Drawdown | 41.49% |
| PF | $214.25 |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 16 |
| |
| Forex Robot Review | Forex Flex EA Review |
| Deposit | $15,850.24 |
| Balance | $42,159.88 |
| Gain | +517.36% |
| Monthly | 14.62% |
| Daily | 0.40% |
| Drawdown | 61.94% |
| PF | $26,309.64 |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 17 |
| |
| Forex Robot Review | POW RedAlert EA Review |
| Deposit | $100,000.00 |
| Balance | $112,931.89 |
| Gain | +12.9% |
| Monthly | 14.4% |
| Daily | 0.64% |
| Drawdown | |
| PF | 12.42 |
| Days | 30 |
| Chart | |
| Account | Demo |
| Forex Robot Ranking | 18 |
| |
| Forex Robot Review | Forex Scalping EA Review |
| Deposit | $50,000.00 |
| Balance | $10,317,176.17 |
| Gain | +20,534.35% |
| Monthly | 12.03% |
| Daily | 0.38% |
| Drawdown | 24.54% |
| PF | $10,267,176.17 |
| Days | 19631 |
| Chart | |
| Account | Demo |
| Forex Robot Ranking | 19 |
| |
| Forex Robot Review | Forex Flex EA Review |
| Deposit | $3,013.61 |
| Balance | $6,943.16 |
| Gain | +130.39% |
| Monthly | 7.24% |
| Daily | 0.23% |
| Drawdown | 55.76% |
| PF | $3,929.55 |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 20 |
| |
| Forex Robot Review | Forex Flex EA Review |
| Deposit | $4,223.78 |
| Balance | $10,821.14 |
| Gain | +156.19% |
| Monthly | 7.15% |
| Daily | 0.21% |
| Drawdown | 32.61% |
| PF | $6,597.36 |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 21 |
| |
| Forex Robot Review | Waka Waka EA Review |
| Deposit | $500.00 |
| Balance | $6,580.99 |
| Gain | +7,306.60% |
| Monthly | 6.91% |
| Daily | 0.22% |
| Drawdown | 26.70% |
| PF | $10,433.40 |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 22 |
| |
| Forex Robot Review | Forex Robotron Review |
| Deposit | A$12,745.10 |
| Balance | A$0.00 |
| Gain | +208.94% |
| Monthly | 5.42% |
| Daily | 0.07% |
| Drawdown | 23.19% |
| PF | A$9,669.33 |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 23 |
| |
| Forex Robot Review | Forex Cyborg Review |
| Deposit | |
| Balance | |
| Gain | +45.80% |
| Monthly | 4.40% |
| Daily | 0.02% |
| Drawdown | 10.68% |
| PF | |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 24 |
| |
| Forex Robot Review | Forex Flex EA Review |
| Deposit | $3,000.00 |
| Balance | $444,154.71 |
| Gain | +14,705.16% |
| Monthly | 4.20% |
| Daily | 0.14% |
| Drawdown | 36.89% |
| PF | $441,154.71 |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 25 |
| |
| Forex Robot Review | Evening Scalper Pro EA Review |
| Deposit | A$150.00 |
| Balance | A$233.35 |
| Gain | +141.87% |
| Monthly | 4.18% |
| Daily | 0.14% |
| Drawdown | 15.62% |
| PF | A$83.35 |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 26 |
| |
| Forex Robot Review | Forex Flex EA Review |
| Deposit | $45,103.30 |
| Balance | $72,011.86 |
| Gain | +384.35% |
| Monthly | 4.01% |
| Daily | 0.13% |
| Drawdown | 44.27% |
| PF | $26,908.56 |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 27 |
| |
| Forex Robot Review | Night Hunter Pro EA Review |
| Deposit | A$285.02 |
| Balance | A$428.88 |
| Gain | +206.01% |
| Monthly | 3.15% |
| Daily | 0.10% |
| Drawdown | 15.58% |
| PF | A$216.88 |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 28 |
| |
| Forex Robot Review | Perceptrader AI Review |
| Deposit | $5,000.00 |
| Balance | $8,166.22 |
| Gain | +229.64% |
| Monthly | 2.38% |
| Daily | 0.08% |
| Drawdown | 21.96% |
| PF | $11,166.22 |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 29 |
| |
| Forex Robot Review | Forex Cyborg Review |
| Deposit | €2,210.44 |
| Balance | €1,108.67 |
| Gain | +190.79% |
| Monthly | 2.27% |
| Daily | 0.05% |
| Drawdown | 19.88% |
| PF | €4,073.90 |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 30 |
| |
| Forex Robot Review | Forex Robotron Review |
| Deposit | A$3,206.56 |
| Balance | A$1,749.72 |
| Gain | +227.99% |
| Monthly | 2.21% |
| Daily | 0.07% |
| Drawdown | 60.41% |
| PF | A$2,543.16 |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 31 |
| |
| Forex Robot Review | Forex Robotron Review |
| Deposit | A$23,914.89 |
| Balance | A$2,555.87 |
| Gain | +188.34% |
| Monthly | 2.11% |
| Daily | 0.07% |
| Drawdown | 36.40% |
| PF | A$4,865.02 |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 32 |
| |
| Forex Robot Review | Forex Cyborg Review |
| Deposit | €15,942.61 |
| Balance | €1,326.18 |
| Gain | +313.35% |
| Monthly | 1.89% |
| Daily | 0.06% |
| Drawdown | 34.36% |
| PF | €11,249.88 |
| Days | 19631 |
| Chart | |
| Account | Real |
| Forex Robot Ranking | 33 |
| |
| Forex Robot Review | Forex Cyborg Review |
| Deposit | |
| Balance | |
| Gain | +78.88% |
| Monthly | 0.77% |
| Daily | 0.03% |
| Drawdown | 24.77% |
| PF | |
| Days | 19631 |
| Chart | |
| Account | Real |
Forex Robot Rankings Explained
All of the results in the table are from real and demo trading account results provided by the forex robot developer. The robot results are verified by third party forex trading account verification services including MyFxBook & FX Blue.
You can use the table filters to only display the forex expert advisors that match your criteria and to sort them by different ranking factors such as drawdown, total gain, deposit, days running and account type.
The majority of the best forex eas have been running on trading accounts for at least a few months if not years and having the trading robot results all in one place makes it easier to compare forex ea performance.
New forex robots will be added when they are released and results are updated daily, so make sure to bookmark this page and check back for the best forex trading bots!
Following on from the list of the best forex robots, we will take a look at what each of the fields within the table mean. Hopefully this can help you decide which is the best forex robot for your own individual needs.
Details
The name and logo of the forex trading ea. You can click this table heading to sort the table of forex robots alphabetically.
Review
Link to my detailed review of the forex robot. You can click this table heading to sort the table of forex robots reviews alphabetically.
Deposit
Initial trading account deposit when the forex robot commenced trading on the account. You can click this table heading to sort the table of forex robots by the trading account deposit.
Balance
Current trading account statement balance. running the forex robot. You can click this table heading to rank the table of forex robots by the trading account balance. This will help you to see what forex robots are performing the best in terms of monetary gain.
Gain
Total percentage gain or loss on the forex robot trading account statement since it started trading on the account. You can click this table heading to rank the table of forex robots by the total percentage gain to see what are the best forex robots overall based on total percentage gains.
Monthly Gains
Average monthly percentage gain or loss on the forex robot trading account statement since it started trading on the account. You can click this table heading to rank the table of forex robots by the monthly percentage gain to see what are the best forex expert advisors overall based on monthly percentage gains.
Daily Gains
Average daily percentage gain or loss on the forex robot trading account statement since it started trading on the account. You can click this table heading to rank the table of forex robots by the daily percentage gain to see what are the best forex robots overall based on daily percentage gains.
Drawdown
Maximum drawdown on the forex robots trading account statement, listed in the table as a percentage. Drawdown is a percentage of the account which has been lost when there was a run of losing trades. It is a measure of the largest loss that the trading account had at any given moment or period of time. The period of time in the table is since the forex robot started trading on the account. You can click this table heading to rank the table of forex robots by the drawdown to see what are the best forex robots with the least drawdowns.
PF (Profit Factor)
Profit factor on the forex robot trading account statement. Profit factor is the gross profit / gross loss. E.g Profit of $6000 and a loss of $3000 would give a profit factor of 2.0. This means that for every $1 risked, you can expect a return of $2. If a forex robot has a profit factor less than 1, eg profit factor of 0.7, this means that for every $1 you can expect $0.70 back (the forex robot is a losing one!). If a forex robot has a high profit factor, it is a good one – eg profit factor of 6.0 ($6 gained for every $1 risked). You can click this table heading to rank the table of forex robots by the profit factor to see what are the best forex robots with the highest profit factor.
Days
How many days the forex robot trading account statement has been running. You can click this table heading to rank the table of forex robots by the amount of days trading which will help you to see which is the best forex trading expert advisor that has been performing for a good amount of time.
Equity Chart
Equity chart which makes it visually easier to see the forex robot performance alongside the statistics within the forex robots table.
Account Type
Type of forex trading account the forex robot is trading on – thus telling you if the forex robot listed within the table of results has a demo trading account statement or real trading account statement. Demo forex trading accounts can give different result to real forex trading accounts because of factors such as different broker spreads and brokers slippage. Usually the liquidity on a demo account would be artificial and thus the trades will usually be executed faster, this can also mean smaller spreads on demo accounts. However, demo accounts can still give a good idea on what to expect from a forex robots performance. It is usually recommended to use a true ECN forex broker with plenty of liquidity to ensure low spreads, low slippage and thus the best possible forex robot trading conditions. This can save you trading costs and improve trading performance.
Blank Field
If any of the fields in the table are empty it is because those forex robot trading account statistics have been made private and therefore are not displayed within the table.
What is the best forex robot?
Please see a selection of my personal top forex robots based on many years of testing thousands of robots.
1. Forex Robotron
Forex Robotron is by far one of the best forex robots that is commercially available. It has been running on multiple real live trading accounts that are verified by Myfxbook for many years now. In addition to the proven performance, it has 99% modelling quality back tests showing excellent historical performance over a 15+ year period on multiple currency pairs. All pairs used the same settings which emphasises the quality of the robot’s algorithm – it is not over optimized as a lot of forex robots are. The Robotron support is also excellent, with plenty of customer testimonials on the official Forex Robotron website showing many happy users. You can see my Forex Robotron Review for more information. In my opinion, this is certainly worth consideration as the best forex expert advisor.
2. Forex Flex EA
Forex Flex EA is another forex ea (expert advisor) that has stood the test of time. It also has a range of real live verified by Myfxbook accounts showing the ea’s performance over a sustained period of time. One of the unique features that separates the Forex Flex EA from the rest is the fact it places virtual trades in order to analyse the markets behaviour until it finds an entry point to place an actual market entry trade. This feature along with the impressive 12 strategies implemented, ensures that the Forex Flex EA can adjust to varying market conditions. It also has a developer who is dedicated to keeping the software up to date and offers around the clock support. You can see my Forex Flex EA Review for more information.
3. Forex Scalping EA
As the name suggests, the Forex Scalping EA is a scalping EA that targets a few pips on each trade. There is a very impressive Myfxbook account on the Forex Scalping EA website that shows it has performed extremely well over the years. As with the other forex robots listed above, the Forex Scalping EA has a good range of back tests that shows how it performed in the long term on historical data. It trades multiple currency pairs before the Asian trading session opens. From my testing, this particular EA performs better with fixed tight spreads. This is usually the case with any Forex scalping system. You can see my Forex Scalping EA Review for more information.
4. Forex Cyborg
Forex Cyborg is a very innovative EA that trades an impressive and diverse range of currency pairs. It has a unique automated trading algorithm that has historical picked trades with a high success rate. There are real long term verified by Myfxbook accounts on the Forex Cyborg website that shows how it has performed over recent years. There are also plenty of 99% modelling quality back tests on the robot’s website which shows great historical performance over historical tick data on multiple currency pairs for more than 10 years. This forex bot trades primarily in the evening GMT time and has excellent customer support. You can see my Forex Cyborg Review for more information.
Ultimate Forex Robots Guide
What are forex robots?
A forex robot is a fully automated trading system that will scan the markets on behalf of the user. If the forex robot finds a trading signal based on its built-in algorithm, it can place a trade automatically for you. The forex robot can also manage the trade by placing a stop loss and take profit. Some forex robots will even have a trailing stop loss, break even and other money management features.
How to use forex robots?
Forex robots are mostly developed to run in the popular MetaTrader 4 (MT4) platform which is free to download from most forex brokers across the globe. Please feel free to take a look at my best forex brokers for some inspiration. Interestingly, the MT4 platform refers to forex trading robots as expert advisors. You will notice the term forex expert advisor or forex ea frequently interchanged with forex robot. At the end of the day, they are effectively describing the same thing.
In order to start using a forex expert advisor, you just need to download the MT4 platform from a forex broker such as IC Markets. You can then choose from the hundreds of forex robots to use on your trading account. I would personally always start on a demo trading account to begin with. This allows me to familiarise myself with how a forex robot works.
What forex robot should I use?
You will find free forex robots on various websites and also commercial robots. The paid forex robots should include full support and be frequently updated to keep up to date with the ever-changing market conditions. You can see my table of the best forex robots on this page to get an idea of how they have performed historically. Of course, this is no guarantee of future results but can help to give you an inclination into which is the best forex robot for your own needs. You can check out my free forex robot download if you like!
Do I need experience to use forex robots?
The best forex robots will usually have already been optimised by the robot developer and come provided with default settings. There should be instructions that will explain how you can setup the forex ea on your charts, including the currency pairs and chart timeframes that the ea has specifically been designed for. Therefore, they are ready to use for traders of any experience level. If you get stuck at any point, you could always reach out to the robot developer and they should be happy to help you get setup.
How is a forex expert advisor developed?
Forex robots are developed by computer programmers who code the forex robot to analyse charts based on a combination of technical analysis, fundamental analysis and price action analysis. These forex robot developers will often spend many hours testing forex robots with different combinations and settings in order to find something that produces good results.
How do you back test forex expert advisors?
Forex robots are tested over historical data to see how they would have performed in the past. This is a process known as back testing. Whilst back testing can give you a rough idea of how a forex bot would have performed historically, it also has some limitations. This is because forex back testing cannot account with 100% accuracy for historical tick data, spreads, slippage and commissions. However, back testing can be a good way to see if a forex robot strategy has some potential and also to see what currency pairs and timeframes it produces the best trading results on. I would always try to look for long term historical results when searching for the best forex trading ea.
How do you optimize a forex ea?
If I am testing a forex robot in the MT4 strategy tester, I will be sure to optimize it across a wide range of currency pairs and timeframes. For me personally, it is imperative that all back testing is conducted using real tick data, variable spreads, commissions and slippage. As mentioned above, we can never be 100% sure with historical back test results, but using a specialist back testing software such as Birts Tick Data Suite (TDS), we can get 99% modelling quality tests in the MT4 strategy tester. These are the best forex robot tests possible and I would only consider purchasing a forex robot that has these readily available or at least some real verified results.
In fact, I have optimized forex robots in the past and actually managed to find settings that performed better historically than those provided by the developer! Sometimes the developer has missed a certain currency pair or timeframe that was actually worth considering. On the other hand, I have tested forex robots with 99% modelling quality and realised that the results are far worse than those presented by the developer on the forex robot website.
Regardless, you should be aware of the logic behind the algorithm implemented within the forex ea and make sure you are happy with the statistics that are available to you. For example, if you use a grid forex ea or martingale forex ea, do not be surprised if your account eventually blows up. Whilst some developers release poor forex robots, there are those who have good intentions but that does not mean you are going to get good results as anything can happen in trading. Just make sure you do plenty of research when choosing the best forex trading robot for your needs.
How much money do I need to start trading with a forex robot?
Most forex expert advisors will run with any account balance. If there is a minimum required then that should be specified by the developer. Either way, it is important to only trade with a forex robot using an amount that you feel comfortable with. I don’t believe that there is a one size fits all when it comes to minimum account size. What may seem small to one trader could actually be a significant investment for another. In saying that, most forex brokers will let you make a deposit into your trading account of just $1. You could even use a demo trading account to begin with until you have the funds and feel confident enough to trade on a live account. I always like to test new automated forex bots on a demo account to get a feel for how they trade.
How much can I make using forex eas?
We can refer to verified trading results and forex expert advisor backtests in order to get an idea of its historical performance. You can view statistics such as overall gain, drawdown, days running, profit factor, currency pairs traded, timeframes, etc. Whilst there are legitimate forex robots which have shown a good performance over many years, there are no guarantees in trading such is the nature of the markets. You should of course make sure the robot is running with a risk or lot size that you feel comfortable with and never ever trade more than you can afford to lose.
What is the best forex robot broker to use?
As mentioned above, the majority of forex robots run in the MetaTrader 4 platform, also known as MT4. You can choose from any MT4 forex broker depending on your specific needs such as minimum deposit, location, regulation, spreads, commission, account deposit/withdrawal options, customer support, trading instruments, etc. That being said, I find that ECN/STP brokers with low spreads and commissions, tend to perform better with forex robots. This is because of the liquidity providers they use which enable them to offer rapid trade execution speeds at the best possible prices. This can be a very important factor when trading with forex robots.
Which forex robot is the most profitable?
There are many profitable forex robots out there, it is just about sifting through the good and bad to find one that meets your own trading style as everyone is different in that respect. Some forex traders may prefer scalping robots and others may want a forex robot that holds trades for a longer period of time. Then you have those who do not mind taking the extra risks involved with martingale trading robots and forex grid trading bots. You can see how the demo and real account profit made so far by a selection of the best forex robots via the table on this page to help you decide which is the best forex robot for you.
How to choose the Best Forex Robot?
Here we will take a look at some of the most important things to consider if you are looking for a forex robot.
Demo or Real account
Real trading account trading statement is better as demo accounts can have unrealistic spreads/slippage.
Drawdown
The lower the drawdown the better. This means that the forex robot is less risky.
Trading Days
The longer the forex robot trading account has been running, the more reliable the results. Some forex robots can do well for a few weeks or months due to dangerous money management methods such as a wide stop loss and eventually blow the account. I would personally avoid any forex trading expert advisor that uses such a strategy.
Profit Factor
The higher the better, anything above 1 means that the forex robot is profitable.
Monthly Gain
Rather than overall gain you should consider the forex robots monthly gain because this is more reliable for an overall review of the average gains. Why? Because if you just look at the forex robots total gain, it may have had a freak month that caused a huge gain compared to many other bad months.
Deposit & Balance
Of course, if the forex robot trading account statement has a current balance much greater than the initial deposit size, that means that it has performed well and the account has grown.
Back Tests
You can read my forex robot reviews to see if the forex robot has back tests which will give you a good idea how it performed historically, some of the best forex bots even back test as for as 15+ years! Ideally, you would want back tests to have been done using real tick data and spreads, thus making the forex robot back test results as accurate as possible in the MT4 strategy tester.
Refund
You should also consider if the developer / vendor of the forex robot software is offering a refund guarantee period as most do. This will allow you ample time to test the forex robot and see how it performs for you, just remember in trading, we cannot win every day!
How to setup a Forex Robot?
Now you know what to look for when choosing the best forex bot for your own needs. Here we will look at how you can setup a forex robot on your MetaTrader 4 account. If you are already familiar with MetaTrader and have it installed on your computer, you can skip this section. If not, then please thoroughly read this section for instructions on how to install the Meta Trader trading platform and how to activate a forex robot.
Click here to download the free MetaTrader trading platform which we will use to run a forex robot. You will need to open a demo or live account to gain access to the MetaTrader 4 download.
After you have downloaded MetaTrader 4, followed the setup instructions and the installation is complete, launch Meta Trader 4.
When you launch MetaTrader you can login to your demo or real account. Click file – login and then enter your Meta Trader 4 account details.
In order to attach a Forex Robot to your charts within MetaTrader 4, you will need to place the required files into the correct folder of the MetaTrader 4 installation directory.
This section will describe where you should place the files ready for use. Please ensure you restart MetaTrader 4 after moving the files so that they will appear in the navigator window of the client terminal.
First locate the Forex Robot (ex4) file on your computer. Once located, move the Forex Robot (ex4) file into the “experts” folder of the MetaTrader 4 directory. To find this directory, go to the mt4 terminal and click file from the top left-hand corner and then click “open data folder”. From the data folder that has opened you must navigate to “MQL4”. Move the Forex Robot (ex4) file into the “experts” folder. Restart the mt4 terminal.
You should now see the Forex Robot in the “expert advisors” drop down menu of the navigator window within mt4. If you cannot see the navigator window load it from the main menu in MetaTrader by selecting the “view” drop down menu.
Now click “tools” in the MT4 main menu then “options”. Under the expert advisor’s tab make sure you have ticked only: Allow automated trading and Allow DLL imports.
You now need to open a chart to run the Forex Robot on. Choose any currency symbol and right click it then select “chart window” to open a chart for that currency pair. You can check the forex robot instruction manual to see what currency pairs the developer has tested.
You are now ready to attach the Forex Robot to the chart. Drag and drop the Forex Robot from the navigator window onto the chart. You will be displayed with a window. This window is where you set common expert advisor properties and the unique input settings of the Forex Robot.
In the common tab you need to enable the Forex Bot. To do so, tick the boxes: “enable alerts”, “allow live trading”, “allow DLL imports” and “allow import of external experts”.
If you have set the common setting of expert advisors correctly then a smiley face will appear in the right-hand corner which means that the Forex Robot is active on that chart. If you have clicked “ok” and have a sad face displayed in the top right-hand corner of the chart, this means that expert advisors are not enabled (the Forex Robot will not work).
To enable forex expert advisors, click the “expert advisors” button which is normally located near to the top of the trading platform. You may also need to navigate to “tools” from the mt4 top menu and select “options” then in the expert advisors tab ensure you have only checked the tick box for “allow automated trading” and “allow dll imports”.
Hopefully that will help you get a forex robot up and running on your trading platform!
Best Forex Robots Conclusion
In summary, there are many good forex robots included within the ranking table on this page. You should use the filters and sort the best forex expert advisors in the table to meet your requirements.
Some traders will prefer forex trading robots that have low drawdowns whereas other traders want lots of profit and do not mind the extra risk. Whatever you are looking for, make sure you take your own trading style into account when searching for the best forex trading bots.
Of course, the longer a forex trading robot has been running on an account (trading days in the table) then the more reliable the results are likely to be.
You should also consider if the forex trading bot has a high profit factor, anything higher than a profit factor of 1 is profitable, the higher the profit factor, generally the better.
Finally, forex trading bots that have real verified account statements will tend to be more reliable as demo accounts can be liable to having unrealistic liquidity which means the slippage/spreads on the demo account may differ to the real account and thus this could affect the performance of the
You can read my best forex robot reviews using the links provided in the table for more detailed information on how each of the best forex trading robots work. You can also see my forex robots ratings list of all forex robots and their rating.
Happy trading!
*Results are based on historical data. There is no guarantee of future performance. You should understand the risks involved with trading. Different brokers can produce different results due to spreads and liquidity. Your capital is at risk. Beginner traders should research and learn about trading before using any forex software. Even the best forex ea will have losing trades.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A large percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.