The rise of the MetaTrader electronic trading platform and its capability to easily integrate forex robots developed using its MQL language has resulted in an explosion in expert advisors available to buy.
Automated trading enables a forex trader to set and leave a forex robot to trade continuously according to pre-programmed algorithms taking both emotions and fatigue out of forex trading.
Trading results can be stunning when a well-configured robot is set up on a VPS to trade continually 24/5 to make money.
How do you select a robot with proven long-term performance with so many forex robots on the market?
Here at AxcessFX, our mission is to do the heavy lifting for you. We have undertaken extensive research to provide all the information you need to make informed decisions about buying a forex robot. According to our strict review ranking criteria, we have listed the 20 best forex robots currently on the market.
Reading this guide will help you understand the key elements that make up a successful expert advisor and less desirable elements. Armed with this knowledge, you will fully understand our ranking criteria and why our best forex robot list is robust and will help you avoid buying more inferior quality EAs.
What Is The Ranking Criteria To Make Our Top 20 List?
Following detailed research, we have identified seven criteria that have shown to be significant in analyzing a robot’s performance.
The requirements are listed below, and further on in the guide, they will be explained as part of broader considerations for those looking to buy the best forex EA robot.
|1. Only robots with a verified track record and track privilege on MyFXBook or FX Blue|
|2. We only consider live accounts trading with real money, not demo accounts|
|3. EAs must still be live and operating now|
|4. The EA profit factor must be more than 1.0|
|5. Monthly returns must be more than 1%|
|6. Drawdown must be no more than 50%|
|7. A verified performance of 100 trading days or more|
The 20 Best Forex Robots According to Our Ranking Criteria
Strict criteria have been employed to compile our top 20 forex robots currently on the market. In the table, performance is rounded up or down to make it easier to read. We have also filtered the table to rank by price, profit factor, drawdown, and other valuable indicators relevant to your trading style.
These metrics make up some of the critical considerations when evaluating expert advisors. Our default metric for ranking a robot between 1 and 20 on the list is by the lowest drawdown percentage, a measure of lower strategy risk.
|Rank||Forex Robot ExpertAdvisor||Cost To Buy||Initial Deposit||Total Profit||Total Gain||Month Gain||Draw Down||Profit Factor||Trade Vol||Trade Days||Acct Type||Full Robot Info|
Our full review
|2||Forex Real Profit EA||$199||$1,789||$1,603||437%||1.96%||8%||1.18||7,462||2,580||Real||Visit Website|
|3||Wall Street 2.0|
Our full review
|4||Forex Flex EA|
Our full review
Our full review
|6||EOS Forex EA||$399||$3,295||$2,963||215%||2.13%||17%||1.21||1,463||1,634||Real||Visit Website|
|7||Happy Forex EA||$299||$1,568||$2,410||219%||1.74%||17%||1.95||1,396||2,188||Real||Visit Website|
Our full review
|9||FX Stabilizer||$539||$500||$10,201||2040%||6.08%||21%||2.51||1,829||1,522||Real||Visit Website|
|10||BF Scalper Pro||$117||$10,000||$1,297||12.97%||2.45%||22.67%||1.95||348||150||Real||Visit Website|
Our full review
|12||Grid Master Pro||$117||$10,000||$14,940||149%||7.53%||31%||5.18||347||375||Real||Visit Website|
|13||GPS Forex Robot 3|
Our full review
|14||Powerful Forex||$250||$1,500||$5,500||367%||15.66%||39%||1.76||153||309||Real||Visit Website|
|15||Forex inControl||$270||$1,000||$7,866||787%||7.82%||39%||3.72||121||843||Real||Visit Website|
|16||Funnel Trader||$397||$5,000||$14,175||284%||2.65%||39%||1.26||16,960||830||Real||Visit Website|
|17||Forex Fury||$230||$30,000||$12,780||48%||1.19%||42%||1.25||237||975||Real||Visit Website|
|18||FX Diverse||$235||$10,000||$146,983||1366%||4.18%||47%||1.32||2,201||1965||Real||Visit Website|
|19||Jet Trader ||$347||$500||$1,312||297%||13.87%||49%||1.53||445||310||Real||Visit Website|
|20||Forex Gump||$225||$2,219||$41,486||2019%||13.30%||49%||2.01||11,456||641||Real||Visit Website|
The 10 Most Important Considerations When Choosing an Forex Robot
Our extensive research in pulling together performance data from different data sources has enabled us to provide detailed information to drill down into different elements that make up the quantifiable data to rank expert advisors.
1. Verified real trading accounts
Are forex trading robots profitable? In order to answer this question, third-party account verification services are essential when researching the performance of an expert advisor. Providers of forex verification include FX Blue and MyFXBook. These software tools will connect directly to MetaTrader 4 trading platforms provided by forex brokers, and the robot developer’s trading account to verify trading performance.
Metrics such as profit, current balances, deposits, drawdown are all verified to create an overview to understand a robot’s performance quickly. The performance chart screenshot above from MyFXBook provides a snapshot of data pulled from MetaTrader onto third party software.
MyFXBook and FX Blue verify both demo accounts that simulate trading and real forex accounts that trade the markets live. A simulated account performance does not factor in actual market trading conditions such as slippage, spreads, and liquidity when trading currency pairs like GBPUSD, USDJPY, USDCHF, USDCAD, or EURGBP.
When considering a forex robot’s performance, real accounts with both a verified track record and tracking privileges are the best form of proof. Not only is the performance verified, but it also means it is less likely that an account has undergone manipulation for fraudulent reasons which is easier with a demo account.
2. Trading day count
The more days that an automated strategy has been running live on a verified real account, the more it provides comfort that the system employed by the expert advisor to find forex signals is reliable.
We do not consider robots with a track record of less than 100 live trading days as having sufficient time recorded to sufficiently embed trading strategies. The average number of trading days in our list of the 20 best robots is 1050 days or just under three years.
As well as days traded, we also look to ensure that an Expert Advisor is still live trading right now. Some FX robots have verified trading days on their website from MyFXBook or FX Blue that confirms performance but relates to an account that stopped trading currency pairs three years ago.
3. Robot refunds
The best forex robots are those that employ the services of digital retailers such as Clickbank and Clickbetter to fulfill their customer orders. Digital retailers take care of all the payment processing, payouts, and refunds relating to a robot’s sale.
It allows the robot developer to concentrate on what they do best which is developing, updating, and maintaining their forex robot and not worrying about customer administration.
For buyers of a robot, digital retailers provide comfort by offering a 100% money-back guarantee. The guarantee varies between 30 days and 60 days, meaning if you are not satisfied, you can ask for a refund. It allows a robot to be thoroughly tested on either a demo or a live account, to make sure it is the right EA for you.
4. Low drawdown
Drawdown is a crucial metric in forex trading and essential for gaging the risk level of the strategy coded into an automated forex robot. Our table of the best forex ea robots considers drawdown and is one of our key ranking criteria.
Drawdown is the decrease in the capital on a forex trading account and results from loss-making trades. For example, if on one forex trade, you lost 50% of your trading capital from $1,000 to $500, it will now require a 100% trading gain to get your balance back to $1,000. If the loss is recovered, the difference between the relative peak in the capital and the trough is 50%. The drawdown is therefore 50%.
Such a significant drawdown is avoided by employing a trading strategy with a well-thought-out risk/reward ratio – automated forex robots developed through backtesting historical data, including the past frequency of drawdowns. An automated forex strategy generates profits by reducing drawdowns through the accurate placement of stop-loss and take-profit levels with a consistent set of extensively backtested rules.
A forex robot with a high drawdown percentage can mean higher gains and involves more risk measured by the decline and capital reduction. Our ranking criteria only consider FX robots with a verified drawdown of 50% or below. Drawdown is usually between 20% and 40%. A very high drawdown may mean that there are issues with the algorithm coded into the forex robot.
5. Monthly gains
What is the most effective metric to gauge the performance of a forex robot over time? Many will look at the total gain in percent that a robot has made since it started trading live on the forex market. The green figure called ‘gain’ is at the top of the performance chart we have provided earlier in this guide.
The problem with the ‘gain’ metric is it does not give an insight into how the robot is performing periodically during the period evaluated. For example, an unexpectedly large number of pips profit from a single trade might make up much of the total gain. Conversely, a significant loss may be an influencing factor.
Instead, the monthly gain is a much better barometer of the average benefits you can expect to regularly make with the robot. It eliminates, not being able to read whether a sizeable overall gain might be masking months of losses.
6. Solid backtest results
Backtesting is an essential part of developing a fully automated forex trading robot by reinforcing as much certainty over its strategy’s likely success. Backtesting strategies work because forex trades that have performed profitably in the past will continue to deliver profit.
For forex EAs, it is vital to consider the accuracy of the modeling employed in backtesting. A 99% accuracy compared to live currency market conditions is essential. It is achieved through sophisticated Tick Data tools such as Birt’s Tick Data Suite, which takes real tick data from forex broker sources of historically recorded prices on a tick by tick basis.
When backtesting any forex strategies, a set of specific parameters must be applied to a collection of currency pairs’ historical price data. Analyzing the results forms the base for the strategy by showing performance over a fixed period with the longer the period backtested, the better.
Robot developers that only use MetaTrader Strategy Tester as a base for backtesting their trading system should be open to question.
Below is a screenprint of the Forex Robotron backtest. Testing goes back 15 years and is undertaken with 99% modeling accuracy using actual price ticks.
7. Forex EA Reviews
Reviews are an essential consideration before purchasing a forex robot. Both review sites and forums provide access to the best forex robot reviews. They provide trusted opinions from forex traders using the FX robot or professional reviewers that extensively research a robot to make an informed decision about the best-automated forex trading robot.
One of the best forums is Forex Factory. It has a substantial number of members and active threads on the forum with many focused-on forex trading systems.
Review sites are a useful place to read forex expert advisor reviews. FPA is a well-respected forex EA review site. Here at Access FX, we offer thoroughly researched reviews that include studies of performance, strategy, price, set-up, key features, and customer support levels.
It is best not to take account of user reviews left on a robot developer’s website. It is questionable whether these are objective as it is not in the robot developer’s interest to leave up negative reviews that will impact product sales.
8. The cost – How much is a forex trading robot?
Forex robots are typically offered for purchase with a one-off upfront fee with free lifetime updates and ongoing customer support. It is less common for robots to be provided on a monthly or annual subscription basis, although this does exist.
According to our research of the top 20 robots, all have an upfront purchase price, with the average costing $250. The cheapest robot is the Hi-tech Trader at just $97, and the most expensive robot is the FX stabilizer that retails at $500.
When it comes to price, the cheapest is not necessarily the best forex trading robot. For a developer to maintain and even update the robot software, there are development and ongoing costs. Is the developer who offers a low-cost robot likely to continually test the robot, develop it, and release new versions?
Forex robots may start trading using a profitable strategy, but without periodic recalibration, as market conditions and trading rules evolve, they may become ineffective with a limited shelf life.
As well as releasing new versions to ensure that the robot remains profitable, glitches and bugs are also a problem that can cause downtime from trading. A good programmer needs to continually provide updates to ensure that functionality does not affect profitability.
9. Customer support
When trying to find the best robot for forex trading, the level of help desk assistance is often an overlooked part of a purchase. Consider what happens if you are having problems with the installation process to work with MT4, you have questions about the robot settings, or the robot is not even working. If the robot developers are not responsive in supporting their customers, it will be frustrating.
The best forex robots have a responsive help desk service, available 24/7 often replying to customer queries within an hour, generally via email but sometimes through live chat support. Other developers offer a more limiting 24/5 service, so just providing support during the trading week and not at the weekends.
10. Profit factor
Does a forex robot make money? A real account’s profit factor will answer this question and is a crucial metric when assessing whether to buy a forex robot. The profit factor shows the interaction between profit and risk. The profit factor calculation divides all the winning trades’ profit by the losses on all the losing trades.
For example, if a robot makes a gross profit of $1,000 across all its winning trades and a total loss of $500 across all its losing forex trades, the profit factor is 2.0. The higher the profit factor, the lower the risk. A profit factor above 1.0 means the forex robot is profitable, whereas a robot with a profit factor under 1.0 should not be considered for purchase.
Avoiding Bad Robots: The Number One Red Flag
From our extensive research of forex robots, we would like to share the number one red flag that should be a concern when selecting an Expert Advisor, which is simulated or hypothetical performance.
Forex robots that can only demonstrate profitability through a demo account, also known as a simulated account, is hugely problematic in the EA market. These expert advisors have never been tested in the live currency markets with real trade executions and where market factors such as liquidity, spreads, and slippage can affect performance.
Demo account performance, even from MyFXBook and FX Blue, can be manipulated as actual trades have never taken place. Simulated trading is such a concern that the CFTC themselves forewarn of hypothetical performance presentations. Here is a brief excerpt from the CFTC communication:
‘we warn of the limitations of hypothetical performance results and the dangers of relying upon these results as an indicator of actual performance.’
Effectively, simulated results do not represent actual trading. Our best EA list only uses real trading accounts with a verified performance from live trading.
Considering the Best Forex Robot – Takeaway
Forex robots have received bad press due to robot programmers flooding the market with automated systems claiming outstanding performance without concrete evidence.
There are great robots available, however. Our 20 best forex trading robots all show excellent performance adhering to strict criteria, including low drawdown and a positive profit factor over a long period all within a live trade environment and not simulated.
We hope that our in-depth best forex robot guide has provided you with an understanding of what makes up a robust EA Robot, and provides the necessary review knowledge to apply due diligence and confidently purchase an expert advisor that will work profitably confidently for you. If you also want to find out more general information about EAs including what they are and how they work please read our forex trading robot guide.