If you are looking for the best trading robot then you have come to the right place. Here you will find our top 5 trading robots based on years of research and testing all types of trading robots.
Trading robots use an automated trading algorithm to look for trading signals. You can usually set them to trade automatically in your trading platform with preset parameters or to send you a trading signal via an alert notification if you prefer to enter a trade manually.
If you want to become a successful trader then you will need to spend a lot of time keeping up to date with the latest currency market news and learn how to analyse charts for the best time to enter trades and exit positions.
Using a trading robot automated this process and eliminates some of the negative human emotions such as fear, anger and greed, all which can have an impact on your trading results. The majority of the best trading robots operate with default trade settings that can be customized to be as simple or complex as you require. They take away the manual control of trading process which allows anyone to trade 24/7 without needing to lift a finger.
Trading robots do not require that an individual has an in-depth knowledge of currencies and experience of trading online. This is because most of them are ready to use “straight out of the box” from a quick and easy installation to providing everything from basic trading functions to fully programmable settings. Therefore, even the more experienced trader can potentially benefit from the automation implemented within the algorithm of a robot.
Here are some of the best trading robots in the industry based on our research, analysis and experience with thousands of robots.
They can be used by beginners and experienced traders a like whilst they are available as instant downloads and can work with most brokers.
Forex Robotron is an expert advisor (EA) that runs in the MetaTrader 4 platform on multiple currency pairs and 5-minute charts. It has been around longer them most forex robots with an impressive 15+ years of development and testing being put into the software. Robotron is backed by the 99% modelling quality backtests and verified Robotron Myfxbook accounts.
The Forex Robotron EA implements an innovative forex strategy via its automated trading algorithm. It is primarily a forex scalping robot that trades around the NY close and Asian open on currency pairs including the EUR/USD, EUR/AUD, EUR/CAD, EUR/CHF, EUR/GBP, EUR/JPY, GBP/USD, USD/CAD and USD/CHF.
When it comes to consistency and customer support, it has hard to find a better forex robot than Robotron. The developer has spent years working on the robot to make sure that it remains relevant according to the current market conditions. I think it is safe to say that this is one of the best forex robots.
Forex Flex is an automated forex trading robot developed for the MetaTrader 4 and MetaTrader 5 platforms. The Forex Flex EA strategy uses virtual trades that run in the background to constantly monitor the market. It trades based on a combination of technical and price action analysis. Once it finds a trade setup, it will place and manage trades automatically.
The default settings use 6 virtual trades per currency pair to monitor the current forex market conditions. As the forex market is constantly changing, it is important that trading robots such as Forex Flex are updated on a frequent basis. This is made easy for the user as the Flex software can automatically update itself server side, making sure you have the latest version running at all times.
Forex Flex EA is one of the best trading robots commercially available when you consider how long it has been around and the transparency provided by the developer sharing verified accounts. The software implements innovative technology with an abundance of advanced features and functionalities. It is frequently updated to make sure that it remains relevant to the current market.
The Flex EA includes plenty of trading strategies and set files, whilst you can customise it to your own trading style. The developer is available to offer support and there is a dedicated forum where you can share your experience with other likeminded traders.
The Forex Scalping EA is an expert advisor that scalps the forex market automatically in the MetaTrader 4 platform. It is one of the best forex scalping robots we have come across. It has impressive verified Myfxbook results and the which show excellent historical performance with universal settings across multiple currency pairs over 20+ years of data.
This forex scalping robot users a combination of technical analysis and price action patterns to find entry points in ranging markets with reversal trades during market hours of low volatility. It has a unique dynamic exit strategy that can adapt in real-time to the current market conditions without needing rigid money management. Although, it does use a fixed stop loss to limit losses.
The Scalping EA has been developed for the 5-minute chart timeframe and following currency pairs: AUD/NZD, AUD/USD, CAD/CHF, CHF/JPY, EUR/AUD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/USD, GBP/JPY, GBP/CHF, GBP/USD, USD/CAD, USD/CHF, USD/JPY. You can choose trade one, a few or all pairs if you wish.
Customer support is excellent and around the clock. Furthermore, the trading robot developers are always looking for ways in which they can improve the EA further, with all updates included free of charge for life. The price point is also very reasonable considering how well this trading bot has been performing. I would put this up there with the best trading robots for anyone who is looking for an automated trading system for scalping the forex market.
The Waka Waka EA trades multiple currency pairs and is one of the best performing forex trading robots that has ever been on the popular MQL marketplace. The developer “Valery Trading” is well known for providing top quality trading robots that have undergone intensive development and testing to ensure that they can thrive throughout various market conditions across all brokers.
The Waka Waka EA uses a unique grid trading strategy that combines some of the most widely used technical indicators. This means that it can time entry to ensure it only takes the trades with the highest probability. It implements dynamic money management with risk settings which can be adjusted according to your own preferences.
This powerful trading robots comes with preoptimized settings, so it can be used straight out of the box. Alternatively, you are free to experiment with all of the inputs if you wish. The developer is very helpful and offers excellent support. The Waka Waka EA includes a trial version if you want to give it a try before making any commitment. There is also a refund option if you feel the bot is not for you.
Forex Cyborg scans currency pair charts in the MT4 platform, combining price action and technical analysis when looking for entry and exit signals. The EA trades towards the end of the NY trading session and before the Tokyo open, trying to benefit from the lower volatility around these particular market hours. It has some powerful features to help avoid unfavourable broker conditions and markets, such as filters for high spreads, excessive slippage and too much volatility.
The Forex Cyborg EA strategy runs on the 15-minute chart timeframe and can automatically trade an impressive 18 currency pairs at simultaneously. You can choose the pairs you prefer and also limit open orders. The EA has an innovative correlation feature so that it can avoid placing similar trades on correlated currency pairs.
The Forex Cyborg EA has been considered as one of the best trading robots for many years and is backed by a dedicated development team who are always working on further improving the software along with verified trading account results showing its most recent performance.
GPS Forex Robot was developed by Mark Larsen to forecast short-term market moves aiming for a high degree of certainty. It aims to be 98% accurate in all market conditions with a reverse trading strategy to open a position in the opposite direction when it is wrong.
This GPS Forex Robot is neither a high-frequency trading EA nor a forex scalper. Actually, the trading algorithm itself is kept private to avoid copy cats but they have shared verified accounts where you can see the most recent results. It has been around for a long time and is popular amongst forex traders whilst the developers are constantly looking for ways to improve it. It just about makes it into our best trading bots.
A trading robot is an automated trading software that uses artificial intelligence and a built-in trading algorithm that is used to automatically execute trades directly to the market. They can independently analyse the market to discover entry and exit opportunities based on a combination of technical analysis, fundamental analysis, price action analysis, sentiment analysis and other forms of chart analysis.
Trading robots are especially popular in the MetaTrader 4 and MetaTrader 5 platform where they are known as expert advisors or EAs for short. The MetaTrader platforms are free to download from most online brokers and include thousands of pre-built trading bots, both free and paid. You can also purchase EAs from an independent vendor to use in your MetaTrader platform.
Trading robots work by constantly monitoring the financial markets 24 hours 5 days a week. They have been specifically designed to automatically identify complex technical patterns that provide possible trade opportunities such as breakouts of support or resistance, trend reversals, momentum, volume and trends. When a valid pattern is recognized by the algorithm, trading robots will enter a buy or sell trade position for the user. Some trading robots will also handle the money management such as stop loss, take profit, trailing stop and breakeven.
Once the market movement is complete according to the robots trading strategy, trading robots will automatically exit the position for a profit or loss, depending on the direction that the trade was taken and current price. If the trade went against you, the robot should be using a stop loss to automatically cut short a losing trade.
Trading bots can be compared by similarity to trading signals, with the primary difference between them being that robots trade automatically for you whereas it’s up to you to make a decision on which trading signals to trade and which you would prefer to ignore, automated systems trade on all of the signals that they detect.
Automated trading strategies that have been developed for MetaTrader require a trading broker account. One of the best trading brokers for automated trading is IC Markets. This is because they have some of the lowest commission fees and spreads along with reliable and fast trade execution speeds.
- Rapid financial market analysis and order execution speeds
- Helps to remove the emotional and psychological barriers from a trade
- Can use backtesting on different strategies to decide which is best for you
- Trading robots can simultaneously monitor and trade multiple instruments and trading accounts more effectively than a human could
- A trading robot does not have certain human limitations that can occur such as exhaustion and fatigue
- Provide access to auto trade the financial markets for users of all experience levels
- Trading with a robot could be considered high risk
- There are trading robots which can be rather expensive
- Some trading robots are complicated to understand
- There are lots of scam trading robots
- The robots don’t always perform as expected
- Some robots require the ideal broker conditions to work correctly
- Majority of trading robots require you to be connected to the internet 24/7 in order for trades to be placed and managed (you can use a VPS to overcome this problem)
- Financial instruments and markets traded
- Chart timeframes
- Trade accuracy and win rate
- Drawdowns and risk factors
- Security and safety
- Money management tools
- Risk control
- Subscription costs and any commissions
- Experience of the development team
- Broker dependence
- Ease of use
- Backtesting performance
- Verified real account results
- Unique features
- Real user feedback
Unfortunately, when there is money to be made, there will always be scams. The online trading industry is no different and this includes robots. If a trading bot has a poor performance that doesn’t necessarily make it a scam, it could just be badly designed or over optimised on historical data.
If you are looking for a trading robot, keep an eye out for any products that claim to make huge profits and do not provide any verified real account examples of how they are performing recently. User reviews can help give you an idea whereas reliable robot review websites can also be a good resource.
In addition to user reviews and results shared by the developer, third-party verification website such as Myfxbook and FX Blue can be a good place to see how they have been performing. If a developer hasn’t shared any results then we should question why this is the case.
Robots should also have backtests over historical data so that we can see how they have performed through various market conditions over a sustained period of time. Whilst backtesting does have its limitations, it can give you a rough idea of what to expect. We would always say to first use a trading bot on a demo trading account to see if it works as expected.
There are many scam products online which can be hard to avoid even at the best of time. We have taken care when choosing the products that we have listed to try and make sure they are not scams, but we are not giving any financial advice and are not responsible for any financial loss – you should do your own due diligence and make your own informed decisions when deciding what the best trading bot for you is.
Trading robots should analyse the market using complex algorithms that take into consideration many different types of analysis. This can be a combination of technical indicators and price action patterns. Popular indicators include moving average, MACD, RSI, CCI, Stochastic Oscillator, Bollinger Bands, Envelopes and many more.
The best robots will take this a step further and implement a news calendar to make sure that it is aware of economic news releases as part of a fundamental analysis of the global markets. The algorithm should be tried and tested over years of data to see how it held up over different market conditions. A good automated trading strategy should be consistent across different financial instruments and chart timeframes without needing to be over optimised to curve fit historical data.
The robot should be quick to place orders that have a high probability of being successful. You don’t want a buggy robot that makes mistakes and enters or exits the market at the wrong price points. When it finds a valid signal, it should take the position with minimal fuss. You can set robots to alert you when there is a trade if you wish to maintain some control over you trading activity.
It is important that the robot can effectively manage any open trades with suitable money management that does not put the account at risk. Ideally, it will use a sensible stop loss and reasonable take profit to help ensure a good risk to reward ratio. You might want to avoid risky strategies such as martingale or grids, unless you have experience with them and prefer a more dangerous trading style. Other key trade management features include trailing stops to maximise the potential of a trade and break even to lock in any profits.
There are so many good trading robots to choose from, it can be tough to decide which one will be the best for your needs. We believe that one of the most important things to look out for is consistency. If the top trading robots cannot perform safely for a sustained period of time and throughout various market conditions, you might want to give them a pass.
There are many ways in which you can check the consistency of a trading robot, mainly by looking at results from past performance. Many of the top trading robots will have historical statistics so that you can get the most important information such as win rate, profit or loss, accuracy, drawdowns. Profit factor and more. Reliable trading robots should also have verified real live accounts so you can keep up to date with how they are performing.
Despite how good a trading robot looks in backtesting, this is no guarantee of how well they will trade in the future. Another way you can check how consistent a trading robot is would be to run it on a demo account. This will let you follow the signals in a risk-free environment without needing to use real money trades on your account. If you like how it works, you may then consider switching over to a real account.
Make sure that you see who the trading robot’s development team are. As the financial markets are always changing, it is important that the developers keep up with the latest trends. A good development team with years of experience who are constantly working on improving robots can be helpful to stay in touch of the market.
Truth be told, there are thousands of free and paid trading robots available today, developed to help new and experience traders. There are many that were developed using the latest technology whilst some are out of date and haven’t adapted to the latest market conditions.
You do not need any previous education of trading to use these robots because they come with preset files that you can use. However, it is important to understand the risks involved with using any manual or automated trading system.
You will at least need to change the position size to a level that you feel comfortable with as everyone has a different risk tolerance level. The more experienced traders can experiment with all of the adjustable robot settings to create their own unique set files.
If you have been looking for a trading robot that can automate your trades, you should have decided what type of trading strategy you prefer before choosing your trading bot. Every robot has a different trading style so finding one that works for you whilst not been too risky can be a difficult task.
It doesn’t matter if you like to use a news trading strategy, grid trading system, martingale money management, scalping system or even hedge trading, there is a robot to meet your needs.
Trading robots can make the financial markets more accessible to trade when you are lacking in experience or just don’t have the time, just make sure that you choose the best trading robot for your own situation.
If you want to familiarise yourself with using a trading bot, you can download our free trading robot and practice on a demo account to begin with.