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Best Forex Robots and EA Reviews
Forex expert advisors are great tools for traders who are just starting out, but also for those who want to make the most of their trades. Forex robots make decisions on your behalf – basically, they make automated trading decisions, so a human does not need to monitor the software all the time.
One can find Forex trading robots online – some come for free, while others have paid versions. However, beginner traders might have a hard time making decisions and might not know whether to use these tools or not.
Fortunately, we researched the market for you and found some top expert advisors that you can use to strengthen your Forex strategy. Read on to be able to find your ideal EA.
What Are Forex Robots?
Sometimes, traders gain profit by coming up with a good Forex strategy that involves selling and buying currency pairs. They do this manually, spending a lot of time trying to achieve their goal.
But other traders decided to rely on programs and software that are automated and that do the operations on their behalf. Some combine the two and perform semi-automated trading.
In order to trade without too much hassle, many traders use Forex robots. A robot or EA is a specialized piece of software that doesn’t have the psychological aspect of trading. Instead, it analyzes the market and operates based on what it finds.
Forex EAs can create trading signals in multiple markets, and they can do various actions to help you with your trades. For example, they can either do the trading according to the way they were programmed by you, or they can tell you when you should place a trade.
You can create your own Forex robot if you want to, or you can look for an existing one if you wish to get into automated trading right away.
Creating your own EA may be great if you have an idea for the perfect system, but if you’re a new Forex trader, you’re better off purchasing one. In order to make your own, you will have to learn things like MetaQuotes Language (MQL) which can take some time.
Do Forex Expert Advisors Work?
Forex robots consist of a special software application that was developed and programmed to have a set of parameters and rules to help with trading. They can operate on the market by initiating trades and liquidating them through electronic trading automation.
A Forex EA can be used by traders if they want to manage risk, as users can program it to search for trends and breakouts. On top of that, you can also set it to use a selection of technical indicators. When using an EA, it will be able to monitor the current account balance and it will even control your Forex account. Furthermore, it will analyze and tell you how much of your balance you can put at risk. Generally, no more than 1% or 2% of your account’s balance should be risked.
Pros and Cons of using Forex EAs
A lot of people who’ve used a Forex robot previously will probably give you a positive review of the particular product that helped them with trading. But while EAs have their pros, they also come with some downsides. You should be aware of them if you are planning to incorporate a Forex robot into your trading strategy.
Here are the pros and cons of Forex robots:
Forex EA Advantages
Beginners Can Take Advantage of Them – Forex trading newcomers usually feel overwhelmed by the number of things they have to do to reach their goal. Well, a forex robot changes everything. Not only does it make trading easier, but it is also readily available.
Emotions Will Not Influence the Trading Process – When they’re trading manually, a lot of people tend to make decisions based on their emotions. Well, forex EAs change the game, as they can keep trading without letting their data-mining process be influenced by emotions.
More Effective for Trading – A forex robot has the power to work much faster and will operate more effectively. The markets will be analyzed carefully, and the EA will look for the best trading opportunities.
You Can Use Them Whenever You Want – Forex EAs are available 24/7, so you can trade whenever you wish. Even better, the robot can operate permanently, so you can focus on other aspects of your business. It will not require any break.
They Can Be Programmed to Work How You Want – You can program a Forex robot to work the way you desire. For example, it can block certain trading strategies for various currency pairs at the same time.
Forex EA Disadvantages
They Are Vulnerable to Non-Trending Markets – Forex robots work by checking for current trends, as well as trading signals. They will then use what they find for trades. Everything will go nicely when the market is trending, but if the market turns sideways, the robot’s functionality will decrease.
You Need a Good Internet Connection – When you’re using a Forex EA, you must have a strong Internet connection. If the connection is bad, then you can expect the robot to not perform the way you expected.
Not All Robots Are Profitable – While a lot of forex robots are available for sale, they are not all profitable. You must spend a lot of time doing the research before selecting one, and if you choose wrong, you may end up losing money.
Not the Best at Reading and Interpreting Fundamental Data – When it comes to technical analysis, forex EAs are amazing, but for fundamental reading and interpretation, they are not that great. In case the market is affected by any major event, the robot’s trading activity will take a blow too.
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Recommended Forex Robot!
TOP 3 Forex Robots
FXStabilizer PRO
- Price: $739
- Gain: 1452.6%
- Monthly: 3.8%
- Running Time: 2168 days
- Start deposit: 3100
- Balance: 47137.7
- Drawdown: 66.8%
Forex Gump EA
- Price: €199
- Gain: 430.1%
- Monthly: 10.8%
- Running Time: 441 days
- Start deposit: 12000
- Balance: 29965.3
- Drawdown: 33%
ForexTruck TURBO
- Price: $539
- Gain: 522.3%
- Monthly: 8%
- Running Time: 697 days
- Start deposit: 1000
- Balance: 6093.8
- Drawdown: 55.2%
Do you want to succeed in Forex trading? The best Forex robot for metatrader 4 is going to help you with that!
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List of the Best Forex robots of 2022
| Rank | Forex EA’S Name | Type | Monthly (%) | Gain (%) | Start | Balance | Days | Drawdown | Details | Comments | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 115 | Broker Profit | LIVE | 90.4 | -5.5 | 1000 | 1130.5 | 396 | 6.4 | Preview | IC Markets’ live account statistic. 15-day money back guarantee. | |
| 100 | Happy News | LIVE | 39.8 | 1126.1 | 1000 | 12261.3 | 328 | 11.1 | Preview | Vendor’s live account statistic. Low drawdown and high profit potential. | |
| 58 | FX Classic Trader | LIVE | 19.5 | 381 | 1531.43 | 3152.68 | 265 | 1.1 | - | Preview | - |
| 113 | XXL Forex Real Profit | LIVE | 13.4 | -18.8 | 1100 | 1414.25 | 931 | 58 | - | Preview | Vendor’s live account statistic. 15-day money back guarantee. Free version available*. |
| 25 | FX PRO Silver Robot | LIVE | 13.4 | 1008.1 | 1183.06 | 2244.96 | 531 | 1.8 | - | Preview | Vendor's live account. |
| 79 | FX PRO Gold Robot | LIVE | 12.5 | 131.1 | 1900 | 5499.06 | 272 | 43.4 | - | Preview | Vendor's live account. |
| 117 | AQUA Forex Trading | LIVE | 11.2 | 19.8 | 1100 | 1338.67 | 931 | 15.7 | Preview | Vendor’s live account statistic. Free version available*. | |
| 11 | Forex Gump EA | TOP LIVE | 10.8 | 430.1 | 12000 | 29965.3 | 441 | 33 | Preview | Vendor’s live account. | |
| 29 | FXQuake | TOP LIVE | 10.7 | 766.7 | 1000 | 8665.27 | 628 | 63.3 | - | Preview | Vendor's live account |
| 45 | FX MultiCore | LIVE | 10.4 | 690.1 | 1100 | 8658.55 | 273 | 81.1 | - | Preview | Vendor's live account. |
| 20 | MyForexPath | LIVE | 9.4 | 957 | 3000 | 31701.9 | 784 | 63.9 | Preview | Vendor's live account. | |
| 21 | Night Forex Bot | TOP LIVE | 9.2 | 936.1 | 2000 | 21787.6 | 797 | 61.8 | Preview | Vendor's live account. | |
| 107 | Happy Gold | LIVE | 8.8 | 3149 | 5000 | 35669 | 1217 | 25.4 | Preview | Vendor’s live account statistic. Trades on XAUUSD. | |
| 17 | Happy Gold Demo | DEMO | 8.2 | 835.9 | 10000 | 93594.7 | 846 | 10.8 | Preview | Test on a demo | |
| 8 | Forex Enigma EA | LIVE | 8.1 | 1438.2 | 3000 | 38055.5 | 1044 | 65.2 | - | Preview | Vendor's live account. |
| 31 | ForexTruck TURBO | TOP LIVE | 8 | 522.3 | 1000 | 6093.8 | 697 | 55.2 | - | Preview | Vendor's live account. |
| 67 | Forex Diamond | DEMO | 7.8 | 218.5 | 1000 | 3184.78 | 734 | 56.8 | - | Preview | Vendor's account. |
| 6 | FXQuasar | TOP LIVE | 7.7 | 1230.1 | 2486 | 26973 | 1554 | 51.3 | Preview | Vendor's live account. | |
| 18 | Happy Power | LIVE | 7.1 | 1151.8 | 37000 | 12438 | 693 | 93 | - | Preview | Vendor's live account. |
| 55 | Happy Breakout Demo | DEMO | 6.8 | 537.5 | 10000 | 63749.9 | 846 | 43.6 | - | Preview | Test on a demo account. |
| 51 | Happy Breakout | LIVE | 6.7 | 346.1 | 10000 | 44607 | 676 | 31.2 | - | Preview | - |
| 41 | Happy Brexit | LIVE | 5.8 | 180 | 2000 | 5599.16 | 875 | 17.2 | - | Preview | Vendor's live account. |
| 30 | Happy Frequency | LIVE | 5.7 | 299.8 | 2000 | 7995.91 | 728 | 30.6 | - | Preview | Vendor’s live account. News filter. |
| 28 | FXHelix | LIVE | 5.5 | 1507.3 | 1000 | 16277.3 | 1540 | 87.7 | Preview | - | |
| 44 | FX Fortnite EA | LIVE | 5.4 | 304.4 | 20917.3 | 11821.3 | 693 | 67 | - | Preview | - |
| 13 | FXTrackPRO | LIVE | 5.1 | 1215.8 | 1000.06 | 13268.5 | 895 | 53.5 | Preview | Vendor's live account | |
| 14 | FXTrackPRO SUPER | LIVE | 5.1 | 1215.8 | 1000.06 | 13268.5 | 895 | 53.5 | Preview | Vendor's live account | |
| 33 | FXGoodWay X2 | LIVE | 4.9 | 1141.1 | 2000.38 | 25498.4 | 1565 | 79.6 | Preview | VENDOR'S LIVE ACCOUNT RESULTS. | |
| 71 | FX Shooter EA | LIVE | 4.7 | 111.3 | 1000 | 2113.3 | 1982 | 30.9 | Preview | Vendor’s live account statistic. Low drawdown and high profit potential. | |
| 10 | Trader's Moon | TOP LIVE | 4.6 | 220.3 | 1539 | 2164.04 | 2118 | 54.6 | Preview | Vendor's live account. | |
| 99 | August Forex Golem | DEMO | 4.5 | 160.8 | 500 | 2555.88 | 1748 | 75.8 | - | Preview | Broker sensitive. Demo results are great so logic is good. But reliable and fast broker required! Big Drawdown 2019.02.13 |
| 23 | FXParabol | TOP LIVE | 4.5 | 445.5 | 2525.91 | 0.86 | 1182 | 87.1 | Preview | Vendor's live account | |
| 5 | ForexTruck | LIVE | 4.4 | 1119.1 | 2000 | 23886.3 | 1727 | 27.4 | Preview | Vendor's live account | |
| 61 | FXTrackPRO Demo | DEMO | 4.4 | 253.8 | 10000 | 35585.7 | 877 | 34.7 | Preview | Test on a demo account | |
| 1 | Happy Market Hours | DEMO | 4.1 | 4549.5 | 45803.8 | 341079 | 4055 | 13.2 | - | Preview | Demo account statistic. |
| 3 | FXCharger Basic | LIVE | 4.1 | 6 | 10000 | 10595.9 | 802 | 1.9 | Preview | Vendor’s live account. | |
| 53 | FXStabilizer PRO | TOP LIVE | 3.8 | 1452.6 | 3100 | 47137.7 | 2168 | 66.8 | Preview | Vendor’s live account statistic. Works with EURUSD and AUDUSD. | |
| 97 | Fx Proud EA | LIVE | 3.8 | 153 | 10000 | 25295.3 | 1751 | 49.2 | - | Preview | Vendor’s live account statistic. Works with 15 currency pairs. |
| 26 | Forex inControl 3.0 | TOP LIVE | 3.7 | 1905.8 | 1000 | 20169.3 | 2430 | 50.3 | Preview | Vendor’s live account statistic. Gains profit on 4 currency pairs. | |
| 116 | Happy Fast Money EA | LIVE | 3.7 | 345.9 | 5000 | 9043.73 | 1205 | 59.8 | Preview | Grid, trades on EURUSD, GBPUSD, EURGBP or AUDUSD, EURCHF, USDCHF. | |
| 43 | Wall Street Evolution | DEMO | 3.5 | 359.4 | 10000 | 45955.5 | 2979 | 43.8 | Preview | VENDOR'S LIVE ACCOUNT RESULTS. MT4 or MT5 !! | |
| 2 | Best Scalper | LIVE | 3.5 | 1520.6 | 200 | 3241.1 | 3681 | 59.7 | Preview | Vendor’s live account statistic. Price: - 25% cupon code: CNNY. | |
| 34 | FxStabilizer AUDUSD | LIVE | 3.3 | 1311.1 | 2000 | 28342.1 | 1645 | 70.1 | Preview | Trades only on AUDUSD. | |
| 85 | FXHelix EA Demo | DEMO | 3.3 | 27.2 | 10000 | 12715.5 | 229 | 14.6 | Preview | Test on a demo account. | |
| 42 | Happy Neuron | LIVE | 3.3 | 272.7 | 33000 | 35793.6 | 747 | 37.6 | - | Preview | Vendor's live account |
| 83 | FXStabilizer EURUSD Demo | DEMO | 3.2 | 182.6 | 10000 | 28575.5 | 998 | 14.3 | Preview | Test on a demo account. | |
| 63 | FXRISEUP | LIVE | 3.2 | 157.7 | 9041.92 | 0 | 403 | 33.4 | - | Preview | Vendor's live account. |
| 92 | Forex inControl Reborn 3.0 Demo | DEMO | 3.1 | 26.5 | 10000 | 12650.9 | 230 | 16.5 | Preview | Demo account statistic. | |
| 32 | Forex Warrior Demo | DEMO | 3.1 | 166.8 | 100000 | 266830 | 2261 | 9.6 | - | Preview | Test on a demo account. |
| 15 | Happy Forex | LIVE | 2.8 | 103.8 | 1000 | 2037.89 | 778 | 22 | Preview | Trades on EURUSD, EURCHF, GBPUSD and AUDUSD. | |
| 36 | News Action Trader | LIVE | 2.8 | 215.6 | 0 | 0 | 2540 | 20.5 | - | Preview | Vendor’s live account statistic. 30-day money back guarantee. |
| 60 | Forex Gump EA Demo | DEMO | 2.7 | 76.1 | 10000 | 21368.6 | 838 | 33.8 | - | Preview | Test on a demo account. |
| 52 | Happy Galaxy | LIVE | 2.7 | 97.3 | 2000 | 3945.65 | 743 | 22.7 | - | Preview | Vendor's live account |
| 86 | FXParabol Demo | DEMO | 2.6 | 65 | 10000 | 17209 | 634 | 44 | Preview | Test on a demo account. | |
| 16 | FxStabilizer EURUSD | LIVE | 2.5 | 1064.4 | 10000.3 | 116441 | 2982 | 46.5 | Preview | Vendor’s live account. | |
| 12 | Forex GOLD Investor | DEMO | 2.4 | 555.2 | 500 | 3275.79 | 3655 | 36.4 | - | Preview | 60-day unconditional money back guarantee. |
| 24 | Funnel Trader | LIVE | 2.3 | 396.1 | 5000 | 24807.2 | 1604 | 60.2 | - | Preview | Vendor's live account. |
| 98 | FXStabilizer AUDUSD Demo | DEMO | 2.3 | 123.9 | 10000 | 23070.9 | 1086 | 36.5 | Preview | Test on a demo account. | |
| 48 | Happy Algorithm PRO | LIVE | 2.2 | 75.2 | 1000 | 1522.45 | 760 | 46.5 | Preview | Trades on EURUSD, EURCHF, GBPUSD and AUDUSD. | |
| 47 | XFXea Demo (Low risk) | LIVE | 2.2 | 82.6 | 10000 | 18807.2 | 864 | 46 | Preview | - | |
| 22 | Trader's Sun | TOP LIVE | 2.1 | 397.7 | 898 | 1652.98 | 3102 | 23.7 | Preview | Vendor’s live account statistics. Not martingale. | |
| 94 | FXSecret Immortal Demo | DEMO | 2 | 141.6 | 10000 | 24397 | 1354 | 84.1 | Preview | Demo account statistic. | |
| 7 | Happy MartiGrid | LIVE | 2 | 124.3 | 3000 | 2285.32 | 1208 | 43.8 | Preview | Caution! No stop loss. | |
| 59 | FXGoodWay X2 Demo (Set 2) | DEMO | 2 | 105.7 | 10000 | 21420.6 | 1141 | 23.2 | - | Preview | Test on a demo account. |
| 70 | FXGoodWay X2 Demo (Set 1) | DEMO | 1.9 | 44.6 | 10000 | 14917.2 | 636 | 10.5 | - | Preview | Test on a demo account. |
| 54 | FXZipper | LIVE | 1.8 | 122.3 | 0 | 423.53 | 648 | 16.2 | Preview | Vendor's live account | |
| 68 | FXQuasar Demo | DEMO | 1.6 | 61.3 | 10000 | 16132.4 | 881 | 20.3 | Preview | Test on a demo account. | |
| 4 | Forex Real Profit EA | LIVE | 1.5 | 479.7 | 2536 | 3538.16 | 1259 | 19.8 | Preview | Vendor's live account. | |
| 56 | Forex Enigma EA Demo | DEMO | 1.5 | 91.5 | 10000 | 19246.8 | 1265 | 65.9 | - | Preview | Test on a demo account. |
| 81 | Happy Neuron Demo | DEMO | 1.5 | -48.8 | 10000 | 15235.5 | 846 | 49.5 | - | Preview | Test on a demo account |
| 87 | FXConstant Demo | DEMO | 1.5 | 37.6 | 10000 | 13763 | 634 | 44.7 | Preview | Test on a demo account. | |
| 73 | Happy Frequency Demo | DEMO | 1.3 | 1.7 | 10000 | 14194.9 | 846 | 17.3 | - | Preview | Test on a demo account. |
| 35 | Exreign Forex EA Demo | DEMO | 1.2 | 47.7 | 10000 | 14765.9 | 2260 | 5 | - | Preview | Test on a demo account. |
| 19 | Forex Combo System | DEMO | 1.1 | 138.6 | 500 | 1193.18 | 3233 | 41.1 | Preview | Vendor's demo account. | |
| 103 | FXStabilizer PRO Demo | DEMO | 1.1 | 31 | 10000 | 13335.5 | 802 | 24.5 | Preview | Test on a demo account. | |
| 69 | Trade Explorer Demo | DEMO | 1.1 | 32 | 10000 | 13694.9 | 879 | 9.3 | Preview | Test on a demo account | |
| 76 | FXStabilizer Ultimate Demo | DEMO | 0.9 | 26.4 | 10000 | 12846.3 | 802 | 27.3 | Preview | - | |
| 82 | Trend Hunter Robot | DEMO | 0.6 | 4.1 | 10000 | 10406.5 | 756 | 12.5 | - | Preview | Test on a demo account. |
| 49 | Trader's Moon Demo | DEMO | 0.4 | 23 | 10000 | 12299.2 | 1821 | 7 | Preview | Test on a demo account. | |
| 72 | The Money Tree | DEMO | 0.3 | 5.4 | 10000 | 10889.3 | 852 | 31 | - | Preview | Test on a demo account. |
| 114 | Wall Street Recovery Pro Demo | DEMO | 0.2 | 0.1 | 10072.4 | 10712.5 | 2227 | 7.3 | Preview | Test on a demo account. | |
| 37 | FXCharger Basic Demo | DEMO | 0.1 | -0.3 | 10000 | 10115.6 | 634 | 36.8 | Preview | Test on a demo account. | |
| 38 | Forex GOLD Investor Demo | DEMO | 0.1 | 4.3 | 10000 | 10427.5 | 2233 | 3.4 | - | Preview | Test on a demo account. |
| 88 | FXCipher Demo | DEMO | 0.1 | -1.8 | 10000 | 10146.8 | 634 | 48.5 | - | Preview | Test on a demo account |
| 65 | Happy Japanese Market | LIVE | 0.1 | 1.6 | 5000 | 3137.28 | 480 | 93.1 | - | Preview | Vendor's live account. |
| 74 | Happy Galaxy Demo | DEMO | 0 | 0 | 0 | 0 | 846 | 0 | - | Preview | Test on a demo account |
| 27 | FXCharger Max Demo | DEMO | -0.1 | -5.8 | 10000 | 9812.36 | 634 | 58.2 | Preview | Test on a demo account. | |
| 91 | FXRapidEA DUE Demo | DEMO | -0.1 | -21.5 | 10000 | 9897.86 | 634 | 72.4 | - | Preview | - |
| 89 | WallStreet 3.0 Domination | DEMO | -0.2 | -4.5 | 10000 | 9549.17 | 864 | 4.7 | Preview | Test on a demo account | |
| 9 | Forex Diamond Demo | DEMO | -0.3 | -22.6 | 10000 | 7739.2 | 2322 | 23.3 | - | Preview | Test on a demo account. |
| 101 | FXAdept Demo | DEMO | -0.4 | -9.3 | 10000 | 9011.29 | 875 | 35.8 | Preview | Test on a demo account | |
| 108 | Trader's Sun Demo | DEMO | -0.4 | -2.8 | 10000 | 9716.05 | 229 | 3.3 | Preview | Test on a demo account. | |
| 62 | ForexTruck Demo | DEMO | -0.4 | -13.4 | 10000 | 8660.29 | 1141 | 73.1 | Preview | - | |
| 90 | FXGoodWay USDCHF Demo | DEMO | -0.6 | -12.1 | 10000 | 8871.21 | 636 | 43.7 | Preview | - | |
| 77 | Happy Power Demo | DEMO | -0.7 | -24.7 | 10000 | 9508.14 | 846 | 35.7 | - | Preview | Test on a demo account. |
| 64 | Automic Trader Demo | DEMO | -0.7 | -22.2 | 10000 | 7776.69 | 1057 | 40.7 | Preview | Test on a demo account | |
| 93 | FXRapidEA QUATTRO Demo | DEMO | -1.2 | -33.1 | 10000 | 7680.23 | 634 | 65.2 | - | Preview | - |
| 75 | Forex Combo System Demo | DEMO | -1.3 | -32.7 | 10000 | 6719.23 | 864 | 34.2 | - | Preview | Test on a demo account. |
| 84 | FX Ekspert Moving Average EA Demo | DEMO | -1.7 | -79.1 | 10000 | 2682.98 | 293 | 83.9 | Preview | Test on a demo account. Website doesn't work. | |
| 78 | Stealth Trader | DEMO | -1.7 | -39.3 | 10000 | 6065.81 | 852 | 41.9 | - | Preview | Test on a demo account. |
| 50 | Tension Trader | LIVE | -1.8 | -26.2 | 3000 | 2214.71 | 2570 | 95.5 | - | Preview | Vendor’s live account statistic. |
| 80 | FXOxygen Demo | DEMO | -3.3 | -62.6 | 10000 | 3742.94 | 864 | 71.8 | Preview | Test on a demo account. | |
| 110 | FXDiverse Demo | DEMO | -3.4 | -22.6 | 10000 | 7738.31 | 229 | 33.9 | Preview | - | |
| 39 | QuickScalp Trader Demo | DEMO | -4.2 | -78.8 | 10000 | 2120.14 | 2281 | 79.2 | - | Preview | Test on a demo account. |
| 109 | GoldUxe | DEMO | -5.3 | -37 | 10000 | 6296.86 | 252 | 69.3 | - | Preview | Vendor's live account. |
| 104 | Night Forex Bot Demo | DEMO | -5.7 | -52.9 | 10000 | 4712.54 | 376 | 70.4 | - | Preview | Test on a demo account. |
| 111 | FXZipper Demo | DEMO | -6.7 | -41.9 | 10000 | 5807.54 | 229 | 44.1 | Preview | - | |
| 96 | ForexExtract Demo | DEMO | -7.6 | -83 | 10000 | 1796.01 | 636 | 88.2 | - | Preview | Test on a demo account. |
| 112 | FXQuake Demo | DEMO | -7.9 | -47 | 10000 | 5297.52 | 229 | 65.6 | - | Preview | Test on a demo account. |
| 102 | FX Shooter Demo | DEMO | -9.5 | -67.5 | 10000 | 3246.31 | 1874 | 90.7 | Preview | Test on a demo account. | |
| 40 | FXAdept | LIVE | -9.7 | -99.6 | 1000 | 4 | 2517 | 99.9 | Preview | Vendor’s live account statistic. Not martingale. | |
| 57 | Yeti Forex Robot Demo | DEMO | -13.6 | -96.7 | 10000 | 331.9 | 1451 | 97.6 | - | Preview | - |
| 46 | ForexExtract | LIVE | -17.2 | -99.8 | 1500 | 2.55 | 1055 | 100 | Preview | Vendor's live account. | |
| 106 | DAX Day Trader | DEMO | -23.7 | -361.8 | 10000 | 4336.07 | 679 | 100 | - | Preview | Test on a demo account. |
| 95 | MyForexPath Demo | DEMO | -29.7 | -80 | 10000 | 2002.66 | 634 | 82.7 | - | Preview | Test on a demo account. |
| 105 | FXTrackPRO SUPER Demo | DEMO | -52.4 | -100 | 10000 | 0.66 | 420 | 100 | Preview | Test on a demo account | |
| 66 | PowerfulForex | LIVE | -100 | -103.4 | 1500 | 6.05 | 1869 | 99.9 | Preview | Vendor’s live account statistic. Profitable and powerful Expert Advisor. |
Criteria Used for Evaluating Forex Robots
In order to select the best Forex robots on the market, specific criteria are used. The criteria can compare features possessed by the EAs and determine their quality and trustworthiness. So, let’s see what criteria determine the reliability and quality of a Forex EA:
- Forex Expert Advisor Money-Back Guarantee – Everyone wants to avoid fraud, and this is why a money-back guarantee should be offered by any reliable EA. The guarantee makes the buying process safer, decreasing the fraud risk.
- Forex Robot Backtesting – It is necessary to choose a robot with a lot of backtests available. The manufacturers must have backtested the EA in several market conditions to see how reliable it is. They will use special software when testing the robots, and this will help them find out if the EA should be tried out on a real trading account.
- Forex EA Drawdown Analysis – Another criterion used when selecting top Forex robots is the EAs drawdown analysis. It will reveal the profitability of the product every month compared to the maximum drawdown of the trading account. It can be very useful in determining the risks taken when using that specific EA for trading.
- Trading Period of the Forex Robot – The real-life trading results shouldn’t be overlooked when evaluating a Forex EA. The trading duration of the real-life account is one of the most crucial aspects to pay attention to. A reliable EA should generally have at least 3-4 months of operation – otherwise, it’s not to be trusted.
- Real Forex Trading Statistics – A criterion used to evaluate a Forex EA is also the real live trading statistics of the robot. It is essential to see if the developer made these available. This can show whether the EA is legit or a scam. This also proves that tests were not made for the EAs. Furthermore, it will tell if the EA makes a profit or not.
TOP 10 Expert Advisors
Are you looking for a good forex robot yet don’t know how to pick one yourself? Here are the top 10 expert advisors with a great trading system that you should check out:
FXStabilizer PRO
FXStabilizer Pro offers various currency pairs, and it has a minimum deposit of $1,400. Its trading statistics show a good track record since 2016. It is a very stable and amazing system, and it trades while keeping long-term profitability in mind.
Pros:
- Very profitable
- It has live results from 2016
- Accelerator mode
- Very easy to use
- Its reliability was proven
Cons:
- Its drawdowns are large
FXRapidEA QUATRO
FXRapidEA QUATTRO trades rapidly, so it doesn’t have protracted trades. This way, trades don’t spend over 1-2 days in the Market. The EA uses special algorithms to determine the trend direction. It is compatible with a lot of brokers too. The tool is easy to install and set up.
Pros:
- It trades very rapidly
- Doesn’t trade against the trend
- Compatibility with MT4/MT5 brokers
- Very profitable
Cons:
- It has high drawdowns
- Trend trading is usually quite risky
Forex Truck
ForexTruck has live statistics since 2020 and a minimum deposit of $290-$970. It uses the “two blocks” trading algorithm and it is fully automated, being able to obtain high profits.
Pros:
- It doesn’t have long unprofitable periods
- Regular trading
- Low minimum deposit
- 24/7 technical support
Cons:
- Not the best for people who do not expect the multiplication of the lot size
FXCipher
FXCipher comes with a minimum deposit of $390 and live statistics from 2020. It has very high profitability, all thanks to the great trading algorithms. It also has two built-in presets that you can pick from.
Pros:
- It has good reviews
- 2 set modes
- The website is professional
- Lower price
Cons:
- The vendor is not transparent
- The drawdown is high
FXQuasar
FXQuasar uses a unique algorithm to trade. 6 independent sessions are used in order to define how to carry out the trading process. Its live statistics are available since 2020, and the robot has a minimum deposit of $600, with AUD/USD being its currency pair.
Pros:
- It has a great win rate
- MT4 and MT5 versions are available
- Strategy insight
- Very profitable
Cons:
- Lack of transparency
- High price
FXConstant
With live statistics since 2019, the FXConstant robot has a unique built-in trading strategy. It has a market analysis tool and a 20-pattern trading algorithm that can help you achieve great results in trades. The minimum deposit is $200.
Pros:
- Affordable EA
- Real-account trading results
- Refund policy
- Strategy insight
Cons:
- No transparency
- Infrequent trades
FXTrackPRO SUPER
The FXTrackPRO SUPER EA was made to boost profits. It has 6 currency pairs and an MT4 and MT5 version. It has an in-built risk control system that protects the account from losses. The traders can also have low risk when using this EA.
Pros:
- The website is professional
- Highly profitable
- Money-back guarantee
- Live trading and backtesting results
Cons:
- High price
- High drawdown
FXZipper
FXZipper has a very low minimum deposit of only $80, and it has live statistics from 2019. It is a strong scalping EA that has 8 currency pairs and can trade with any Forex broker.
Pros:
- It shows trading results
- Backtesting reports
- Unique technology
- Broker-friendly
Cons:
- Lack of feedback
- Risk advice not offered
Forex inControl Reborn
Forex inControl Reborn comes with the EUR/GBP and AUD/USD currency pairs and it has been around since 2016. It’s easy to set up and has an Acceleration mode. It’s fully automated as well.
Pros:
- Multiple backtests
- Money-back guarantee
- Medium price
- Highly profitable
Cons:
- Risky strategies
- Lack of transparency
FXParabol
FXParabol has a minimum deposit of $400 and is a newer tool. It uses specific algorithms and trend indicators to generate profit and has more than 18 months of live trading.
Pros:
- Refund offer
- It is fully automated
- Very profitable
- Live trading results
Cons:
- A bit expensive
- Vague strategy explanation
Things You Should Know Before Running a Forex EA
Before you jump into the world of Forex expert advisors, you should be aware of a few things. After all, you want to have a good experience using them from the get-go.
One of the things you should know is that you can use a virtual private server or VPS with an EA if you want it to run permanently. Virtual private servers are online versions of the MT4 platform hosted by an external server.
This way, you can turn off your computer, and the MT4 or MT5 platform and still have peace of mind that the robot is working. In order to run all the time, a MetaTrader instance will be hosted on an external server.
Trading on a low spread account is also something you should consider if you aim to increase profits. Profits are decreased with high spread accounts. Low spread accounts will decrease the likelihood of lost trades and will also boost your profit while reducing costs.
When you start trading, you should also know some things about Maximum Forward Excursion (MFE) and Maximum Adverse Excursion (MAE). MFE can help you discover how far the trades you make can go into profit, whereas MAE will allow you to see how far trades can get on the negative side before they turn into a recovery of profits.
Will Forex Robots Work in 2022?
The use of automated trading has skyrocketed in 2021, and this is all due to how beneficial it can be. In the absence of human intervention and emotions, it can make good trading decisions that increase the likelihood of making a profit. So, a large number of traders have been using Forex robots, and even more are probably going to do so in the future.
With EAs having so much popularity and praise in 2021, it appears that 2022 will also be a good year in the world of Forex robots. Their popularity will increase, and traders will use them more and more frequently.
How to Pick a Legit Forex Expert Advisor and Not a Scam?
Many scams are circulating out there, advertising themselves as life changing EAs. It’s important to stay away from them and protect your funds and information. Here are some tips that will help you choose a reliable tool and stay away from scams:
- Check Real Statistics – One way to stay away from scams is by looking at the real statistics of the manufacturer's trading accounts. To do this quickly and easily, you can use platforms that can detect trading patterns, such as FXBlue and MyFXBook.
- Don’t Ignore the Ratings and Reviews – Most Forex EAs will have reviews from users. Some will be positive, while others negative. It is important to look at the number of positive reviews versus the negative ones and read what people are praising and complaining about. This can help you avoid scams. Read reviews regarding performance, time frames, and other things about the EA.
- Make Sure It Has Over 3 Months of Statistics – The trading duration of the tool should not be overlooked. Ideally, the robot should have more than 3 months of statistics available.
Should You Use Free Forex EAs?
A lot of individuals may be happy to see that some EAs are also available for free. When you are a beginner, free Forex EAs are worth using, especially if you want to test the waters.
But as you advance and learn how Forex robots work, you should consider using a paid EA instead because it’s more stable and trustworthy.
Conclusion
Picking a Forex expert advisor can be difficult. Luckily, we’ve come to your aid with 10 amazing tools. You can choose the one that fits your needs or use the guidelines to find your own. All you have to do is open a live/demo account and get into trading.
BEST 3 live account results
ForexTruck
- Price: $349
- Gain: 1119.1%
- Monthly: 4.4%
- Running Time: 1727 days
- Start deposit: 2000
- Balance: 23886.3
- Drawdown: 27.4%
FX MultiCore
- Price: $339
- Gain: 690.1%
- Monthly: 10.4%
- Running Time: 273 days
- Start deposit: 1100
- Balance: 8658.55
- Drawdown: 81.1%
FXQuasar
- Price: $279
- Gain: 1230.1%
- Monthly: 7.7%
- Running Time: 1554 days
- Start deposit: 2486
- Balance: 26973
- Drawdown: 51.3%