Best Trading Robots 2024 – Top 12 Forex Bots For Automated Trading

If you are looking to become a more profitable forex trader, or if you are a beginner in need of guidance, then our review of the best forex robots will help you find the right one for you.

Forex robots use an algorithm to look for profitable trades. You can usually set them to trade automatically (within agreed parameters) or enter a trade manually.

To become an effective trader, you will need to be able to keep up with movements of the currency markets, world economics and news – as well as use historical knowledge and data to predict when the best time to enter and leave a trade will be.

Using a forex robot automates this and takes the emotional bias out of trading. Some of the best robots operate with trade settings that can be as simple or complex as required, and take total control of the trade process, creating a passive income possibility from trading 24/7.

Forex robots do not need you to have extensive knowledge and experience of trading – most are ready to use from installation and offer everything from basic trading functionality to fully programmable settings – so even the most experienced trader can benefit from the automation involved.

12 Best Forex Trading Bots for October 2024

1. Forex Fury – Best Trading Robot for MT4
2. Pepperstone - Best for Advanced Technical Analysis
3. 1000pip Climber System – Best Forex Robot for Beginners
4. GPS Forex Robot – One of the Best AI Forex Trading Bots
5. Coinrule – Best Automated Crypto Trading Platform
6. Forex Gump – One of the Best Forex Trading Robots with Demo Account
7. ForexVPS – Among the Best Forex Robots with High Execution Speed
8. IG – One of the Best Automated Forex Trading Robots
9. Centobot – Top Trading Robot with Low Minimum Deposit
10. NYCServers – Top forex VPS provider for trading robots
11. Forex Trendy – Top Trading Bot with User-Friendly Interface
12. EA Builder – Best Expert Advisor for MT5

Comparison Chart for the Best Forex Trading Bots for October 2024

Description of the Best Forex Robots for October 2024

These are some of the Forex trading robots that we think are the best in the industry for 2024.

Suitable for use by beginners and experienced traders, they are available as instant downloads and all work with most brokers.

Forex Fury is our #1 pick for Forex robots. This EA’s been on the market over 8 years, and is one of the only trading systems with live verified Myfxbook trading accounts.

The key advantages of the Forex Fury robot are the free updates, settings files, and ease of use.

Unlike most vendors that only show demo trading accounts, the Fury team test their robot in live conditions, on accounts as large as $50,000 or as small as $100.

The service is run by Patrick Ryan (Trade with Pat), owner of Forex Robot Nation, a robot review website that’s been actively serving the community for 14 years. There is now a full team of experts working on the robot on a daily basis.

The system utilizes moving averages, and proprietary trading software to strategically place trades in a client’s MT4 or MT5 account. Traders have the ability to adjust many different settings, like take profit, stop loss, news filters, range filters and much more.

For a lifetime membership, trader’s can sign up for $229.99. This gives traders access to the software, the members area, the guides, the settings, and free updates for life.

Pepperstone is a well-regarded forex and CFD broker known for offering a variety of trading platforms and tools that cater to both novice and experienced traders.

When it comes to trading robots and automated trading, Pepperstone stands out due to its comprehensive suite of tools and integrations.

One of the key features for automated trading at Pepperstone is cTrader Automate (formerly known as cAlgo). This platform allows traders to develop, backtest, and optimize automated trading strategies using the C# programming language.

The cTrader API is highly functional and supports a wide range of trading operations, making it an excellent choice for those who want to build custom trading robots and indicators.

Additionally, Pepperstone supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5), both of which are popular among traders for their robust algorithmic trading capabilities.

MT4 is known for its extensive range of available expert advisors (EAs) and custom indicators, while MT5 offers advanced features like improved charting tools and a greater variety of order types.

Both platforms have a large marketplace where traders can purchase or download free trading robots and tools.

For traders looking for advanced charting and community features, TradingView integrated with Pepperstone provides an excellent option.

TradingView is renowned for its sophisticated charting tools and a large social trading community, allowing traders to share strategies and insights.

Pepperstone offers free TradingView subscriptions for its customers.

Pepperstone also offers additional tools like Autochartist, which helps traders identify trading opportunities by scanning the markets for patterns and trends, and Smart Trader Tools for MetaTrader, providing various expert advisors and indicators to enhance trading strategies.

75.3% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

The 1000pip Climber forex system is one of the best FX robots available. What makes this robot stand out is the impressive combination of an extremely advanced trading algorithm in a very easy to use package.

The historical test performance has been outstanding and most importantly the performance has been independently verified by MyFXBook. This provides an added layer of confidence in the quality of the algorithm.

The robot is particularly well suited to inexperienced traders because the robot is very easy to install and use. Unlike many other robots all complexity is kept internal and there are almost no settings for the user to adjust. The interface has been kept clear and simple so that even beginners would find it easy to use. Another key advantage of this system is the 24/7 support and free updates for life.

The 1000pip Climber system is a great option for traders who want a high performance robot that is simple to install and use. If you join now you will be able to take advantage of the current flash sale – the system is reduced from $297 to only $97.

This robot uses newly developed, innovative technology and algorithms. Constantly monitoring the market in the background, it has 12 selectable trading styles and strategies, so you can choose the one that suits your needs.

Ready to go out of the box, GPS Forex Robot is simple to use. Set to receive automatic updates whenever the programming needs to be tweaked, it is constantly updated – allowing you to take advantage of developments straight away.

Minimum Deposit – $100
Win/Gain Rate – Website shows live, verified gains of 300%+

Fee: Free with a starter account or from $29.99 per month

With its simple, intuitive design, Coinrule is a good choice for those who are new to trading as well as more advanced traders.

Users don’t need to know any code to set their trading rules.

Coinrule is web-based and works across several cryptocurrencies as well as supporting some of the most widely-used exchanges, such as BitMex.

This forex robot runs on nine currency pairs and monitors trends, prices and news.

You can set your trading preference to high, medium or low risk – and this will affect the outcome of your trades.

It comes with full instructions and support, and even offers a money-back guarantee.

Minimum Deposit – $4,000 regular account, $40 on a micro(cent) account
Win/Gain Rate – Some report gains of over 1,000%

ForexVPS is a company that provides servers specifically for trading. A Virtual Private Server (VPS) is on all the time, with no downtime – making it ideal for those who are running Expert Advisors on platforms like MT4 or 5.

To work correctly, an EA needs to be on all the time, so if there are any problems with the internet connection or the terminal goes offline, you could lose opportunities and money.

Offering ultra-low latency, as little as 1 millisecond, with no sharing of resources and a 100% uptime guarantee. There are datacentres across the world that you can access through a Remote Desktop – you just need internet connection.

There are three pricing points for this service, and the only real difference is the amount of RAM and SSD that you get for your money. Starting from just £26.31 per month for 1 GB RAM, 1 CPU (Core) and 80 GB SSD, this is a service that can ensure the best performance of your robots and algorithms.

There is a way to get the mid-level package for free – through your broker. All you need to do is deposit at least the minimum and trade the monthly required volume – and there is no cost for your VPS. If you aren’t making the monthly volume, then you will only pay for the missing amount.

The ForexVPS also has a checker that you can use to test the latency of your broker.

IG is authorised and regulated by the FCA and provides traders access to over 18,000 markets. IG offers more 24-hour indices than any other provider, and extended hours on over 70 key US stocks 

For those who prefer to own the underlying asset, IG offers access to over 13,000 global shares and ETFs, or a wealth portfolio managed by one of their experts. 

Benefits:

• Advanced platform and charting – L2 dealer, ProRealTime and MT4 Advanced platform and charting – L2 dealer, ProRealTime and MT4
• Demo account
• Extended trading hours
• Extensive range of products
• Daily expert analysis & educational resources
• Round-the-clock customer service
• Negative balance protection for retail clients

Based on revenue (published financial statements, October 2022). 24/7 excludes the hours from 10 pm Friday to 8 am Saturday (UK time), and 20 minutes just before the weekday market opens on Sunday night. 

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of IG retail investor accounts lose money when trading spread bets and CFDs with IG. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

This is a robot that deals with forex and cryptocurrency; you can use it to trade across both.

The software is easy to use, and if you have the knowledge, you can use it as a platform to create your own robot with your preferred settings.

Minimum Deposit – $250
Win/Gain Rate – Reported profit of 297%

NYCServers is recognized as a leading provider of forex Virtual Private Servers (VPS) and dedicated servers designed specifically to cater to the needs of traders using automated trading robots.

This service ensures that traders can maintain operations with optimal efficiency and speed.

NYCServers distinguishes itself by offering instant setup of its forex VPS, allowing traders to get their trading robots operational immediately after purchase. This feature is particularly beneficial in the fast-paced forex market where time is critical.

The platform boasts an impressive trade execution time of 1 millisecond or less. Such rapid execution capabilities are essential for traders who rely on speed to capitalize on market movements, helping to improve the accuracy of trades and potential profitability.

Reliability is a key feature of NYCServers, underscored by their 100% uptime guarantee. This ensures that trading robots remain active around the clock, crucial for traders who need to operate continuously without interruptions, even when local systems are offline.

NYCServers operates multiple datacenters across the globe, which facilitates low-latency connections to various forex brokers. This global infrastructure enables traders from any location to experience enhanced trade execution speeds.

The service offers a range of pricing plans starting at $25 per month, accommodating up to three trading accounts. More comprehensive plans are available for advanced traders who operate multiple robots, providing the scalability necessary to grow with the trader’s needs. Additionally, NYCServers has formed partnerships with several reputable forex brokers, potentially allowing traders to access VPS services at no additional cost.

Potential users should note that NYCServers operates on a subscription basis. While this provides continuous access to their services, it does require a recurring financial commitment.

Forex trading carries a high level of risk. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with forex trading before using our service. NewYorkCityServers does not guarantee the profitability of using our service. Furthermore we can not be held liable for any money made or lost using our service under any circumstances.

This expert advisor is an automated analysis system that helps users avoid trading during any uncertain trading times.

It is capable of looking at charts on 34 Forex pairs, from minutes to monthly, and is a browser-based EA which means there is nothing to download or install.

Although it will not place the trade for you, it will advise when the best time to buy or sell would be.

Minimum Deposit – $250
Win/Gain Rate – The creator claims 90% accuracy if trades are made as directed

The EA Builder allows every trader to create their own indicators and strategies without any programming knowledge.

It has a simple interface that establishes rules and algorithms so you can trade anything with several features in just a few clicks.

This web-based program does not need any installation and works effectively with MetaTrader 4 + 5, as well as TradeStation.

Minimum Deposit – Depends on platform
Win/Gain Rate – Depends on strategy used

What Is a Trading Robot?

A trading robot, also known as a forex robot or an expert advisor (EA), is a computer program designed to automatically execute trades in the foreign exchange (forex) market.

Trading robots use algorithms and other technical analysis tools to make decisions about when to enter or exit trades.

Forex bots can be programmed to follow specific trading strategies and can analyze market data in real-time, allowing for quicker decision-making than a human trader.

Trading robots can be used by both experienced and novice traders and can be installed on popular trading platforms like MetaTrader 4 or 5.

Who Should Try Forex Trading Robots?

Trading bots for Forex can be a suitable option for many types of traders.

Traders Who Want to Automate Their Trading Strategies

Forex trading robots can help traders who want to automate their trading strategies by allowing them to program specific buy and sell rules into the software.

This means that when the market meets those criteria, the software will automatically execute trades without the need for human intervention.

The use of trading robots can help to eliminate the need for manual execution, which can be time-consuming and prone to human error.

Traders Who Want to Eliminate Emotional Bias

Emotional bias is when traders let their emotions, such as fear or greed, influence their trading decisions, leading to poor results.

Forex robots are programmed to execute trades based on pre-determined rules and algorithms, which means they make decisions based on data and market trends rather than emotions.

By eliminating emotional bias, forex robots can help traders stick to their trading plan and avoid making impulsive decisions that could result in losses.

This can be especially helpful for novice traders who may be more prone to emotional trading, as well as experienced traders who want to improve their consistency and discipline in trading.

Overall, robot trading can be a useful tool for anyone who wants to take a more systematic and disciplined approach to trading, and who wants to remove the influence of emotions from their decision-making process.

Traders Who Lack the Time or Experience to Analyze Market Trends

A forex robot can constantly monitor the markets and make trades based on pre-set parameters without the trader needing to spend hours analyzing charts and data.

This means that traders who are busy with other commitments can still participate in the forex market and potentially make profits.

Additionally, forex robots can use complex algorithms to analyze market trends and make informed trading decisions, which can be beneficial for traders who may lack the experience or knowledge to do so themselves.

Traders Who Want to Diversify Their Portfolios

Forex trading robots can help traders diversify their portfolios by enabling them to trade in multiple markets simultaneously.

With the use of automated trading systems, traders can access various financial instruments and markets, such as Forex, commodities and stocks.

This helps to spread out the risks associated with investing in a single market, which can help to reduce potential losses.

Additionally, trading robots can also help traders diversify their portfolios by allowing them to trade with different strategies and approaches.

This means that traders can use multiple trading systems, each designed to take advantage of different market conditions and trends, in order to generate returns across a range of markets and investment vehicles.

Pros and Cons of Using Forex Robots

While there are advantages to using forex robots, such as the ability to execute trades 24/7 and the removal of emotional trading decisions, there are also drawbacks to be aware of.

Here, we will explore both the advantages and drawbacks of using forex robots.

Advantages of Using Forex Robots

• Time-Saving – Forex robots can monitor the market 24/7 and execute trades automatically, saving traders a significant amount of time and effort.
• Elimination of Human Emotions – Forex robots can execute trades based on predetermined parameters without being influenced by human emotions such as fear, greed, or anxiety.
• Increased Efficiency – Forex robots can analyze market conditions and make trading decisions much faster than humans, increasing the efficiency of the trading process.
• Backtesting – Forex robots can be backtested on historical data to evaluate their performance and refine their strategies.
• Diversification – Forex robots can trade multiple currency pairs simultaneously, allowing traders to diversify their portfolio and reduce risk.

Drawbacks of Using a Forex Robot

• Lack of Flexibility – Forex robots are programmed to follow specific rules and parameters, which can limit their ability to adapt to changing market conditions.
• No Guarantee of Success – While forex robots can increase the efficiency of the trading process, there is no guarantee of success or profit.
• Risk of Malfunction – Technical glitches or errors in programming can lead to unexpected losses or missed opportunities.
• Dependence on Technology – Forex robots rely on technology, which can be vulnerable to cyber threats or system failures.
• Cost – Forex robots can be expensive to purchase or lease, and ongoing maintenance and support costs may also be significant.

Using forex trading bots can be a convenient way to automate certain aspects of your trading strategy.

However, it's important to note that while trading bots can offer advantages, they also come with risks.

Here's a step-by-step guide on how to use forex trading bots effectively:

In forex trading there are no guarantees of profit – the market can be volatile and even the most sophisticated robots (or the most experienced human forex trader) can lose a lot of money.

Here are our top tips for avoiding scam products:

There are, of course, many scam products available online and avoiding these can seem difficult. Although every care has been taken to ensure the products we are listing are not scams, we can take no responsibility for any financial losses.

At WikiJob, we are not financial advisors and any information provided throughout this article is for educational purposes only. We would always recommend that you conduct your own thorough research and due diligence before making your own personal choice.

Things to Consider When Choosing Your Forex Robot

There are a few things to think about when choosing a good forex robot, other than avoiding the scam products:

• Look out for a low drawdown rate. This is a measure of decline and reduction of capital, and although high drawdowns can mean higher gains, they can also cause an account to go broke.

• The best Forex robots are thoroughly tested, against real tick data, variable spreads and real slippage. This backtesting should be available for you to view before you purchase, and real-time data from third party sites like myfxbook can help inform you how the robot is performing today.

• Be wary of product reviews from unverified sources. The developers will only want to show positive reviews, and people who have lost money while using a particular robot will be likely to give it a bad review. Compare reviews from genuine users before investing.

• Use a demo account. Before deciding to use a Forex robot, try it in a test environment first. This will allow you to see how it performs under test conditions – although, be aware that test conditions can not fully simulate a real trade situation. If the robot you are considering does not offer a demo or test version, it might be too risky to invest capital in it. During the demo, you can see what settings and parameters are used by the robot too, and get used to how it works.

• Make sure that you remember all Forex robots will require some supervision. System failures, problems with internet signal and catastrophic loss can happen, so although these robots are designed to work autonomously, you will have to intervene at some point.

The most important thing to remember when choosing a Forex trading bot is that there are no guarantees when it comes to gains from forex and cryptocurrency trading. Products that guarantee financial gains without any form of money-back guarantee should be avoided; many of the most popular robots offer at least 60 days trading and a full refund, which makes them seem less likely to be a scam.

Tips for Using Forex Trading Bots

Choose a Reliable and Reputable Forex Robot

Not all forex robots are created equal, so it's important to do your research and choose a bot that has a proven track record of success.

Look for reviews and feedback from other traders before making a decision.

Here are a few examples of reliable and reputable forex robots:

• Forex Fury – Tested and verified by third-party websites and has a proven track record of generating consistent profits. It also comes with a user-friendly interface and multiple trading strategies.
• Forex Steam – In the market for over 10 years and has been regularly updated to adapt to the changing market conditions. It uses a unique trading algorithm that has shown to be effective in generating profits.
• Odin Forex Robot – Developed by a team of experienced traders and programmers and has shown to be effective in generating profits in various market conditions. It also comes with advanced risk management features to minimize losses.
• Wallstreet Forex Robot – In the market for over a decade and has a proven track record of generating consistent profits. It uses a unique trading strategy that takes advantage of the volatility of the market to generate profits.
• Forex Diamond – Uses multiple trading strategies to generate profits in different market conditions. It also comes with a built-in money management system that minimizes the risk of loss.

Understand How the Trading Bot Works

Take the time to understand how the forex trading bot works and what strategies it uses.

This will help you to set realistic expectations for its performance and make any necessary adjustments.

For example, if you're using a trend-following forex robot, it's important to understand how the bot determines trends and when it enters and exits trades.

This will help you evaluate whether the bot's strategy is effective and whether you're comfortable with the level of risk involved.

Additionally, understanding the bot's settings and parameters can help you adjust them to better suit your trading preferences and goals.

Start Automated Forex Trading with a Small Investment

When using a forex robot, it's essential to start with a small investment to minimize risk.

This approach will allow you to test the waters and evaluate the effectiveness of the Forex robot before committing more significant capital.

Additionally, starting small helps prevent over-leveraging, which can lead to substantial losses.

For instance, if you plan to invest $5,000, consider starting with $500 or $1,000 to test the robot's performance. If you're satisfied with the results, you can gradually increase your investment.

Monitor the Bot’s Performance

Monitoring the performance of your forex robot is crucial to ensure its effectiveness and profitability.

You should regularly check the performance metrics of your trading bot and keep an eye on any changes in its performance.

This can help you detect any issues early and take appropriate measures to fix them.

For example, if you notice that the bot is losing more trades than it is winning, you may need to adjust its settings or stop using it altogether. On the other hand, if the bot is performing well, you may consider increasing your investment in it.

Additionally, it's important to track the performance of your forex robot over time to evaluate its long-term effectiveness. This will help you make informed decisions about whether to continue using the bot or explore other options.

Use Risk Management Tools

Risk management tools help to minimize losses and protect your capital.

One of the popular risk management tools is a stop-loss order, which allows you to set a specific price point at which the bot will automatically exit the trade to limit potential losses.

Another tool is the take-profit order, which enables the bot to automatically exit the trade when the profit target is reached.

Traders can also use trailing stop-loss orders to lock in profits as the market moves in their favor.

It is crucial to set appropriate risk parameters and avoid overtrading, which can lead to significant losses. It is also essential to adjust risk management tools as market conditions change to ensure that the bot continues to operate optimally.

Regularly Review and Update Your Automated Forex Trading Strategies

Market conditions are constantly changing, and what worked in the past may not work in the present.

As such, it is important to regularly assess the performance of the bot and make any necessary adjustments to the strategies being used.

Regularly reviewing and updating your strategies also allows you to take advantage of new market trends and adjust to any changes in the forex market.

By keeping up with market conditions and updating your strategies accordingly, you can stay ahead of the curve and ensure the best possible returns on your investment.

Don’t Rely Solely on the Forex Bot

While a forex trading bot can be a useful tool, it's important not to rely solely on it for your trading decisions.

Use the bot as part of a broader trading strategy that includes your own analysis and decision-making.

Frequently Asked Questions

Final Thoughts

There are hundreds of forex robots available today. They were developed using the latest technology to ensure that they can look for the most profitable trades, and are created to help both complete novices and experienced traders.

You don’t need to have prior knowledge of forex trading to use these robots – with predefined settings, most can be operated with a simple start/stop button press. For the experienced trader, the robots with adjustable settings allow you to adopt a riskier strategy by adjusting the stop loss to take profit points.

When you are looking for a forex robot to automate your trades, it is worth deciding on a strategy that you prefer before selecting your forex robot. Different robots have different trading styles – and finding the one that will gain you the most while protecting your bottom line is sometimes difficult.

Whether you prefer the security of hedge trading – buying and selling during the same trade to protect your bottom line – or you are interested in a news-based strategy, there is a robot to suit you.

Forex robots can make it simple to trade when you lack experience or time, if you invest in the right product.

WikiJob does not provide tax, investment or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.