Thanks to the advent of new technologies in recent years, the commercial world has become more open to beginners. Many programs are designed to help beginners become more accustomed to the field and make money through Forex robots. Thus, investors interested in currency pairs can turn to Forex robots.
In the first part of this Forex robot comparison, we have presented the top best-automated trading programs currently available on the market. Next, we give you a complete tutorial on how to use the most interesting ones. Then, together, you will learn more about this commercial software, including how it works or its advantages and disadvantages. Finally, I’ll give you some good advice to help you find the robot you need before completion.
Forex Robots: Our List
Here are the best forex robots on the market right now.
- Admiral Markets
- MetaTrader 4 & 5
- Forex Fury
- FX Master Bot
These options are reliable and some of the best on the market. However, in our opinion, we consider the eToro Forex robot to be the best choice due to its characteristics and quality of service.
Best Forex Trading Robot the UK
In this part, we will provide details about the aforementioned platforms.
eToro is one of the best trading robots in the market. Founded in 2006, the company has quickly captured the attention of merchants of all levels with its exciting and comprehensive offerings. It currently has over 10 million users and operates in over 140 countries worldwide.
The online broker eToro offers its trading platform. It allows clients to invest in over 1,000 financial assets including stocks, CFDs, cryptocurrencies, futures trading, commodities, and foreign exchange.
This broker also caters to traders of all skill levels. However, due to the possibilities of social trading, it offers special advantages for beginners. This feature allows you to automatically copy deals from the best sellers on your site to achieve the same result. Educational content is provided to users. Both beginners and experienced can advance at their own pace.
Finally, you can join the eToro club to take advantage of additional features such as debit cards, webcast access, or attending several live events. The benefits offered to depend on the tier selected: Silver, Gold, Platinum, Platinum +, and Diamond.
Admiral Markets or Admiral is an online broker established in 2001. Although one of the best Forex Brokers in the world, it offers a wide range of assets to international users.It is regulated and approved by internationally recognized financial authorities such as FCA and CySec to ensure secure services.
As mentioned above, Admiral offers a wide range of financial products. Although specialized in the Forex market, this broker makes other assets such as CFDs on stocks, commodities, or bonds available to its clients. This online broker also caters to users of all skill levels from all over the world. A variety of educational content is provided on the platform so that beginners can take their first steps into the financial world and develop effectively. Programs suitable for advanced traders are also available so that experienced traders can deepen their knowledge.
Admiral customers can also create and use a demo account. In this way, they can immerse themselves in the world of trading and gain experience without risking their money. Finally, iOS and Android compatible commercial applications can be downloaded for free from Admiral Markets in their respective stores.
Learn2Trade is a Forex Signals provider based in London, UK. It currently has over 520,000 members worldwide. Learn2Trade is a rewarding platform where you can easily learn to trade. It offers a lot of educational content aimed at beginners, but there are also experienced investors who want to deepen their knowledge. You will also find reviews of the best brokers and many guides.
Rather than being an online broker, the site provides its clients with the latest news on financial markets, enabling them to make the right decisions to optimize their profits. It provides forex signals to currency pair followers so they don’t miss an opportunity. Learn2Trade customer service is available via chat, email, and phone. The platform claims that customers are served by human agents.
MetaTrader 4 and 5
MetaTrader 4 and MetaTrader 5 are trading platforms developed by MetaQuotes Ltd. Many well-known online brokers also offer them. The MT4 and MT5 trading platforms give you access to thousands of markets around the world, including currency pairs and stocks. It is generally suitable for users of all skill levels due to its intuitive and ergonomic interface.
These platforms offer several features including advanced technical analysis or social trading for Forex. Signal services allow new users to optimize their return on investment and gain experience by following the most experienced traders. The MT4 and MT5 are available in multiple versions to suit all media – PC, Mac, Android, iOS, and even Huawei. However, not all trades are available through online brokers that offer these trading platforms.
Forex Fury is also a very good trading platform. First of all, this robot has a 93% trading success rate with a verified Myfxbook account using a low-risk trading strategy with a reduction of less than 20%. This robot is compatible with various platforms including MT4, MT5 NFA, etc.
Forex Fury is also super easy to get started in just 5 minutes with a full installation guide and video. Diamond is priced at $439.99 and comes with an additional physical account license.
FX Master Bot
FX Master Bot is an online platform that provides automated web-based trading services. This means you don’t need to install or download any software on your device. Everything is possible with the FX Master Bot platform. Regarding how it works, the underlying algorithm scans thousands of currency and cryptocurrency markets throughout the trading day.
When the algorithm detects a potential business opportunity you will be notified immediately. The FX Master Bot allows you to react autonomously to these results. This means you can choose to automatically issue the required entry and exit orders whenever a new signal appears. In addition to the 17 major currency pairs, the bot also covers 5 cryptocurrencies. When the minimum deposit of $250 is reached, the bot is activated. This means you can set up your bets and then see if the amount the bot is comfortable trading with.
FX Signals is an industry leader in in-depth market analysis and calculation of profitable Forex signals. The brand has built a strong reputation for reliability over the years by consistently providing highly accurate Forex signals that can be used for both manual and automated trading. This reputation is strengthened by focusing on proper risk management practices, along with advice on each Forex signal that FX Signal sends to its subscriber list.
This is reflected in the fact that all trading signals target the best trade entry and exit prices, as well as strong risk management features such as Stop Loss and Profit levels, and minimum recommended investment. Forex signal service providers also continuously monitor the market for declines and, if they detect a market downturn during the opening of trade, send an emergency alert requesting the liquidation of that trade.
Forex trading with robots: Complete Tutorial
You can trade currency pairs with a forex robot in 4 steps.
- Open an account
- Account Verification
- Deposit the funds
- Start trading automatically on eToro
In our opinion, the eToro Forex robot is a practical and reliable option. This part provides details on the steps you need to follow to access the forex trading robot powered by eToro.
Step 1: Open an account as an eToro broker
Step 2: Verify the account
You now have an eToro account. For security reasons, you must create a profile and verify your identity. You will then need to answer some rather lengthy questions so that the platform can learn more about you. You can create a reseller profile and offer products and features that match your level. The platform then provides educational tools and informational documents about the risks. You must read and confirm your safety before you can proceed. After this step, all you need to do is verify your identity. To do this, click “Done Verification”.
Next, you must provide a valid phone number. Fill in the appropriate fields and confirm. Please upload both sides of your identification card (ID or passport).
Step 3: Deposit the funds
Now you have to feed it to invest in Forex. To do this, press the “Deposit” button in the menu. Then, simply fill out the form, specify the amount to be paid, and select the currency and payment method. You can make the payment in several modes including wire transfer, bank transfer, debit/credit card, and e-wallets.
Step 4: Start Trading Automatically
As already mentioned, eToro offers Copy Trading based on machine learning. Corridor’s team of data scientists put the power of machine learning and artificial intelligence into action. One of the following 2 Copy Portfolios allows you to replicate the investment of professional traders on the platform.
- OutSmartNSDQ – Creates a Nasdaq100 portfolio based on sentiments from leading eToro traders. The goal is to outperform the exponent.
- AITrader50 – Build your portfolio among the top 50 eToro traders who are most likely to make positive returns in the next month.
Once you have selected the Copy Portfolio that suits you best, simply enter the desired investment amount. Then click on Invest and an automatic portfolio will be created. However, the past performance of Copy Portfolio does not always imply guaranteed future results.
What is Forex Robot?
Forex robots are computer programs that can analyze markets and can automatically open and close positions intended to trade currency pairs. This means you can manage all or part of your asset portfolio after the previous setup steps.
How does a Forex Robot Works?
Forex trading robots are based on accurate historical data. On the one hand, the evolution of assets in the market is taken into account to perform analysis and calculations. On the other hand, consider the setting to open or close positions. The next step depends on the type of algorithm you choose.
- Active Forex Robot- Some robots completely manage investments in currency pairs without user intervention. So, it makes all the decisions for the user and executes the transaction without the user’s permission according to the configuration. For example, how eToro’s Forex robots work. Enter a Stop Loss or Take Profit amount and the software closes the position at the appropriate time.
- Manual forex robot- The robot simply analyzes the market and alerts you when opportunities arise. It is always based on the data entered during setup. You can then open or close positions. For example, many of these indicators are compatible with MT4 or MT5 Forex robots. You can find them for free or for a fee in the “Market” area of these trading platforms.
What currency pairs to trade with the forex robot?
The currency pairs supported by the Forex automated trading robot depend primarily on the algorithm. However, forex can be divided into several categories.
Major Currency Pairs
These are the most traded currency pairs on the market. 7 Forex falls into this category.
- USDJPY (US Dollars/Japanese Yen)
- USDCAD (US Dollars/Canadian Dollars)
- USDCHF (US Dollar/Swiss Franc)
- AUDUSD (Australian Dollar/Canadian Dollar)
- GBPUSD (British Pound / US Dollar)
- EURUSD (Euro/US Dollar)
- NZDUSAD (New Zealand Dollar/US Dollar)
So what we see is that the US dollar is the benchmark of the trading world. Therefore, this type of investment is suitable for intrepid investors and scalping enthusiasts who are willing to expose themselves to high risk. Capital gains can be significant, but losses can also be large.
Minor Currency Pairs
The minor currency pairs are usually the largest in the world, such as the Euro, US Dollar, Japanese Yen, or Swiss Franc. Although less volatile than major currencies, it does not always generate significant returns. These types of assets are suitable for investors looking for long-term returns.
Here are some examples of minor currency pairs:
- EURCHF (Euro/Swiss Franc)
- CADJPY (Canadian Dollar/Japanese Yen)
- GBPCHF (British Pound/Swiss Franc)
- AUDJPY (Australian Dollar/Japanese Yen)
- EURNZD (Euro/New Zealand Dollar)
Exotic Currency Pairs
Exotic currency pairs are currencies that are little known or come from emerging countries. It includes Mexican pesos, South African rands, Czech crowns, and Polish zlotys. Currencies in this category are the most volatile and the volatile nature makes them unsuitable for conservative or average investors.
- USDSGD (US Dollar/Singapore Dollar)
- USDNOK (US Dollar / Norwegian Krone)
- USDHUF (US Dollar/Hungarian Forint)
- GBPMXN (British Pound/Mexican Peso)
Which currency pair should you choose?
Major and exotic currency pairs are best for robot scalping forex trading. Minor coins on the other hand are more suitable for investors looking for long-term results. Nevertheless, it is always good to know which assets to invest your money in even if you choose to trade automatically.
In this way, future developments of the equipment can be evaluated more accurately. It also makes it easier to determine parameter values. It is your responsibility to research your assets before you start and determine if they are a profitable investment for a set period. If you’re new to the financial industry, it’s a good idea to hire a professional to do this job.
Advantages of Forex Trading Robots
This is the biggest advantage of trading Forex automatically.
Forex trading robots are more suitable for beginners
Online brokers do not always offer social trading features like eToro. Beginners will be penalized and may be hesitant to start for fear of losing. Especially since Forex is a highly volatile market. Therefore, a forex trading robot is a practical and interesting option for beginners with no field experience. They fund the account, decide how much to invest in the selected currency pair, and wait for a return. You don’t have to make a decision, but you can get used to it by following the robot’s trades.
The analysis is always objective
Sometimes we make hasty decisions out of surprise or fear. Others argue that vacancies should be maintained if the circumstances are unfavorable. However, all of this can result in significant losses or minimize profits. Therefore, the forex robot does a more objective analysis because it does not take into account human factors such as emotions.
Never miss an investment opportunity
We saw earlier that currency pairs are highly volatile assets. Since one hour can change everything, you need to constantly monitor your development so you don’t miss an opportunity. But for human beings, this is impossible. You have your daily chores, your job and you have to take care of yourself. This is the advantage of choosing a forex trading robot. It monitors and analyzes the market 24 hours a day for you.
Few tips for choosing Forex Trading Robot
There are many forex trading robots on the market today. Traders need to keep few things in mind while choosing the broker. It presents criteria to be considered.
Analysis of supported currency pairs
Online brokers or trading platforms do not always offer all available currency pairs in the market. Therefore, it is recommended to read about robot-assisted forex to avoid unpleasant surprises. Major League Baseball fans will be able to find their fortune on eToro. Those more interested in exotic currencies should also contact an MT4 broker.
Analyze the costs
“Free Forex Robot” doesn’t usually mean “Free Trade”. You can sometimes use and download it for free, as in the case of eToro or MT4 or MT5, but it always costs money. For example, there are fees for spreads, reinvestments, or trades. Therefore, it is a good idea to research and compare the offers in the market to find the one that fits your budget and needs.
Pay attention to available features and options
First, you need to determine which parameters you want to configure. Forex Expert Advisors do not always offer the option to define Stop Loss or Take Profit as eToro. In this case, you need to find the revenue factor to see if it can help you make a profit. It is also important to know the success rate of automated trading robots. You also need to understand the various factors that go into a transaction and determine if it is sufficient. Also, it is always better for forex robots to have 2 management modes: automatic (active) and semi-automatic (manual).
Check the security and reliability
We recommend that you prefer licensed and regulated service providers. They are more reliable and safer. I recommend reading reviews of FX robots on the internet about the effectiveness of their functions. Well-received, popular and world-renowned programs are often interesting. But beware of the growing number of false testimony. An objective view of the situation is always necessary.
Forex robots can be a great option if you are new to trading. This type of program is also useful for advanced investors who do not want to miss out on great opportunities. We have discussed several robots here. They are reliable, efficient, and safe. However, currency pairs are highly volatile assets. So, even if you use Forex Robot Trader, the risk of losing a lot of money is still high.
They work differently, but if you opt for fully automated management, the program offered by eToro seems to be your best option. All you need to do is define your Stop Loss and Take Profit amounts and your leverage. You can also choose a trailing stop-loss mode so that the value moves according to the performance of the asset, also look for value investment for better returns.
Therefore, diversification is recommended. Invest in commodities, stocks, or other financial products such as ETFs so you don’t lose all your capital if something goes wrong. This is the eToro advantage. This online broker offers over 1,000 products.
Frequently Asked Questions
What is Scalping?
Scalping is a trading system that allows you to sell or repurchase acquired assets in minutes or seconds. This method is particularly advantageous for highly volatile instruments.
Are major currency pairs suitable for beginners?
Major currency pairs are the most widely offered by online brokers. As we have already seen they are very unstable. Therefore, it is suitable for the intrepid investor regardless of level.
Are Forex Robots 100% Effective?
Forex robots are useful. Conduct objective analysis without considering human factors. But they are not perfect. So, keep in mind that even if you choose to trade automatically, there is still a chance of loss.
At what age can I start trading currency pairs on eToro?
You must be of legal age to trade currency pairs with eToro and most online brokers.
Is the eToro Forex robot available in a mobile application?
One mobile application is eToro, which can be downloaded for free from the Google Play Store and AppStore. It is still possible to define Stop Loss and Take Profit amounts with this version.