Gone are the days when Forex trading was a realm only the technically proficient traders dared to enter. With the advent of expert advisors and robots, even novice traders can create a passive source of income. You might have noticed some famous personalities endorsing these systems, and even the social media platforms are flooded with advertisements from various vendors.
Seeing the rising popularity of EAs, many unscrupulous vendors are trying to sell their unproven systems just to earn a bit of cash. These robots may be supported by quality backtesting data, but they often fail in the real-time market, leading to substantial losses.
That is why you should always do your research before investing in an EA. Here, we have compiled a list of software that will help you find the best Forex EA that suits your trading objectives and budget.
Table of Contents
- Top 5 Best Forex Robots In 2021
- What are Forex EAs?
- How do Forex expert advisors work?
- Why use any of the best Forex EAs?
- How to choose the best Forex EA?
- What Are The Best Forex EAs?
- Best Forex EA FAQs
Top 5 Best Forex Robots In 2021
The Forex robots listed below are trusted by traders worldwide. You can find user reviews on third-party websites that talk about their reliability and profitability. While there are many other trustworthy systems on the market, these 5 stand out because of their consistency and the way they treat their customers.
What are Forex EAs?
A Forex EA is a system that can open and close trades on its own, without manual intervention. These robots scan the Forex market with the help of instructions that are coded into them beforehand by the developer and trader. You can also use the best EA Forex to test the performance of a strategy that you have developed.
If you wish to trade manually, you need to know how to perform fundamental and technical analysis. You need to make a schedule for following all relevant news related to the Forex market and constantly be present in front of your computer to observe the live charts for different currency pairs.
This can be a tiring job, and eventually, you might give up on it, thus missing out on some profitable opportunities. But when you have the best EA Forex robot, you can relax and go on about your daily life as the system does all the work.
A human being has limited capabilities when it comes to data processing, and they are prone to making the occasional mistake. This is not true for expert advisors that are able to process a large amount of information in a short span of time.
How do Forex expert advisors work?
Most of them work on trading platforms like MetaTrader 4 and MetaTrader 5. If you have the required technical know-how, you can build software of your own, or you can spend some money on a system developed by a reputable company.
Usually, developers use the MQL language for building these automated trading systems. When you have an EA installed on your trading platform, you will receive a notification when there is a lucrative trading occasion. You can also program the EA to open a trade automatically without waiting for your confirmation. After it opens a position, it might employ some risk management measures like take profits and stop losses.
There are some individuals in the trading community who are opposed to letting the EAs place trades on their behalf, so they just use them to scan the market conditions. The best Forex EA should have an in-built strategy that has been tested on historical data. Thus, when a system has decent backtesting performance, you know it can deal with sharp price shifts in the market.
While some of them are plug-and-play, others might require the trader to enter some input parameters prior to entering the trades. This largely depends on the person who programmed it.
Why use any of the best Forex EAs?
Now you might be wondering about the various advantages offered by the best Forex EA. Let us look at each benefit individually. Hopefully, after going through these, there won’t remain a shred of doubt in your mind that expert advisors give you a serious edge over manual traders.
Benefit from experience
We talked about how manual trading can be a grueling affair, and how it requires you to study a lot of technical information and decipher them. If you have a day job, you certainly won’t be able to invest so much time into learning the ins and outs of forex trading, and it might take you several months before you can get the hang of it. With an expert advisor, it is not necessary to know how indicators and charts work.
As a human being, you cannot possibly stay alert 24/7 to look for trading opportunities. Unlike you, the best forex EA does not need to rest, can function throughout the day without pause. If you are a regular trader, you need to spend at least six hours daily observing the market and an additional three hours taking decisions based on your research. But an automated system can do this throughout the day, thus capitalizing on more opportunities.
Avoid emotions involvement
Often, while trading, human traders tend to get affected by emotions. A large win might make you overconfident and you may take huge risks with your future trades. Conversely, a losing trade can cause you to get discouraged and give up any hopes of making large profits. The best EA Forex robot runs on a predefined logic, so it can make decisions without getting influenced by emotions.
Decisions made after researching
Since these systems do not need a resting period, they can scan the Forex market and conduct extensive research without requiring any input from your end. Of course, it is wise to concentrate only on the pairs that you wish to trade. If you wish to earn consistent profits, you shouldn’t try to gather information on all the available pairs on the market. Most EAs have the required processing capacity to monitor various markets simultaneously.
How to choose the best Forex EA?
Choosing the best forex EA is not as simple as it sounds and it requires some independent research. Alternatively, you can pay a developer to build a system according to your instructions. These days, you will find many vendors making unrealistic promises like an above 90% win rate. You need to know a thing or two about the Forex market to spot these scams immediately.
It is important to carry out a background check for the vendor you are planning to buy from. Some of them are quite reluctant to reveal important details about their system, so the lack of transparency is something you should look out for. There are several online forums where you find real users submitting reviews on different EAs, so you should check them out.
It always helps to know about the experiences of real users, because they tell you what you can expect from the system. When there are many positive reviews for a particular EA, you know it will yield satisfactory results.
While some vendors publish the trading results on third-party websites, it is wise to test the system yourself. You can try the demo version of the software first to see how it performs.
What Are The Best Forex EAs?
Below we have a list of reliable forex EAs. While there is no system that suits all, after going through the list, you can hopefully find the best Forex EA based on our profit outlook and budget. Remember, the Forex market is unpredictable, and none of these systems can help you get rich overnight.
Forex Flex EA: 12 Different Strategies
This is a FIFO and NFA compatible system that works on both MT4 and MT5 platforms. You can use this system to trade in all currency pairs, and the vendor also provides regular free updates. Many traders consider it the best EA Forex because it can trade in any style.
With this EA, there are 12 different strategies to choose from. It also has a money management feature that protects your account from losses in case the market conditions change. There is a community forum for this EA where you can discuss trading strategies, and the vendor offers a money-back guarantee as well.
- The vendor provides customer support on a 24*7 basis
- Verified live trading account on Myfxbook that has been active since 2017
- Optimized set files provided, which eliminates the need for any further adjustments
- Fitted with a news filter that allows you to avoid high impact news
- Hedging option available
- Allows you to filter currencies as well as trading sessions
- Positive user reviews on third-party websites
- One-time payment
- Not much information is available on the parent company or the team members
- Trading strategies are not clearly explained
- High drawdown can be seen in the live trading results
- Backtesting results are not shared in the proper format
- A bit on the expensive side
Happy Frequency EA: Get 10 other EAs absolutely free
This is the best EA Forex robot launched by the Germany-based Happy Forex team. When you purchase it, you get the EAs Happy Forex Full Pack containing 10 robots. Happy Frequency can run on all types of accounts and is compatible with ECN brokers. It is also able to perform auto-quote detection of 4 or 5 digits.
The vendor provides a complete user guide in English for this robot and also assists with the installation. With this EA, you can get started with as little as $15. It has proven performance verified by Myfxbook and a win rate of 81%, which is quite impressive.
- 30-days no-questions-asked money-back guarantee offered by the vendor
- Verified track record on multiple third-party websites
- Currently available at a discount of 30%
- Combines different trading strategies like semi-martingale, hedge, grid, and trend
- Works on 9 different currency pairs
- You can run it on Windows, Linux, as well as Mac OS
- Can be used with micro, mini, standard, and ECN accounts
- Unlimited number of demo accounts and 2 licenses for real accounts
- High drawdown for the live trading account
- Limited information on the parent company and its service history
- Trading strategy not explained clearly
- Lack of customer reviews on trusted third-party websites
- Results for historical tests are not available
- Not too many advanced features compared to other systems
Forex Truck EA: Advanced Risk Control Features
Without a doubt, this is the best Forex EA for the USD/CAD pair. It supports two trading styles, namely aggressive and normal, and the vendor has provided backtesting results for both styles, so you can see the performance for yourself. For its live trading account, it has a win rate of 58% and a low drawdown of 16.79%.
This EA uses stop losses and monitors the order statuses live. If the market conditions turn unfavorable, the orders are forcibly closed to minimize the loss. In case there is a loss, it opens additional orders with increased lot sizes to compensate.
- Works with all kinds of brokers
- Compatible with Metatrader 4 and Metatrader 5
- 6 years’ worth of backtesting results with 90% modeling quality
- Live trading account has low drawdown and high profits
- Detailed user manual provided with the EA
- Friendly customer service team available on a 24*7 basis
- Account number can be changed without any restrictions whatsoever
- Vendor provides a 30-day money-back guarantee for this product
- Priced at $329, which is a bit on the expensive side
- EA only works on the USD/CAD currency pair
- No Dealing Desk (NDD) not available
- Technical details of trading strategy not revealed
- Not possible to make mini deposits with this EA
- Limited information on vendor
Forex Gump EA: Trade win rate above 80%
This is a scalping bot that places a large number of trades on a daily basis, trying to take advantage of the minor price differences in the Forex market. Its risk-to-reward ratio is pretty impressive and it also has a money management feature that protects your account against unpredictable market movements.
If you are interested in high-frequency trading, then this is the best Forex EA for you. It has a win rate of 88% for a verified live trading account and it can trade in 9 different currency pairs. For just $199, you can get access to a single live trading account.
- Reasonably priced compared to other services
- Can be used with a Cent account
- High-frequency trading strategy suitable for short-term traders
- Advanced money management functionalities
- Backed by high-quality backtests carried out over several years
- 30-day money-back guarantee offered
- Support team available 24*7 to offer assistance
- Can identify trends with high accuracy
- Works on M1 charts, so you won’t miss any profitable trading occasions
- Works with all MT4 brokers
- Suitable for 100:1 or higher leverage, which may not be suitable for all
- Scalping strategy not suitable for long-term traders
- No information on technical analysis performed by the EA
- Lack of information about the vendor and the parent company
- Live trading results only available for demo account
WallStreet Forex Robot 2.0 Evolution: 3 Bonus Robots Available
This is the best EA Forex in the market in terms of consistent performance. It has a long record of trading successfully on a live trading account that has a win rate of 79%. It is a product from the FXautoamter team that has been manufacturing Forex EAs for more than 15 years or so.
WallStreet Forex Robot 2.0 Evolution has a unique broker spy module that protects your funds from unscrupulous brokers who might try to cheat you. This EA follows a low-risk scalping scheme that follows short and medium-term trends in the market. Another great feature of this system is the drawdown-compensating algorithm.
- Automatic adjustment of lot size based on risk percentage
- Strategy backtested for 20 years with satisfactory results
- High percentage of winning trades
- You get 4 Forex robots while only paying for one
- Works with MT4, MT5, as well as cTrader
- Is compatible with all NFA-regulated brokers
- In-built profit protection system
- Sends mobile push and email notifications
- Time and money management functionalities
- Developed by experienced professionals
- More than 20% drawdown, indicating a risky strategy
- A little too expensive
- Novice traders might have trouble making sense of the slippage protection system
- Large number of options and menus can be a little confusing
- Suffers from a lack of vendor transparency
- Entry and exit rules not explained clearly
Best Forex EA FAQs
After going through the above list, it will be easier for you to choose the best Forex EA. Now, let us look at some of the commonly asked questions related to these software products. Hopefully, they will help you understand better how EAs work.
Forex EAs are available over a wide price range, so if you are a novice trader looking for an automated trading system, you might be a little confused at first. In case you have never used such a system before, it would be wise to begin trading with a free robot first or one that offers a demo account. You can find reliable EAs between $100 and $1000.
Not all of them are safe to use, and some can drain your account after a few trades. This is why it is important to conduct your own research on the system, checking the live trading results, backtests, as well as customer reviews. You should look for a vendor that has a long track record of building reliable EAs.
Yes, it is possible to use more than one EA on the same account on your trading platform. You can use more than one chart for a currency pair, but each chart should be used with a single EA only, otherwise one might interfere with the trades of the other.
Yes, most Forex EAs have minimum deposit requirements. This depends on the type of trading account you are using. Some EAs allow for cent and mini accounts that let you trade with small deposits. Standard accounts typically have larger deposit requirements.