rtmark
LearnBonds.com

Best Forex Robot 2020 – Top 10 Trading Bot Providers for Beginners

We compare top 10 forex trading robot providers for beginners in 2020 and reveal the best forex broker right now.
Avatar
Author: Edith Muthoni

Last Updated: October 13, 2020
Social Trading explained - The best social trading sites for beginners explained | Learnbonds
Social Trading explained - The best social trading sites for beginners explained | Learnbonds

A Forex Robot is a type computer program, designed to follow a specific set of trade signals and settings in determining the best prices at which you can buy or sell a currency pair. Forex robots were meant to help eliminate emotional and psychological biases when trading and also automate the forex industry.

Most of these are developed to work on the MetaTrader 4 platform as expert advisors where they use complex mathematical algorithms to monitor the markets, major news and announcements as well as price actions in determining the best points at which to enter or exit the market.

Ideally, they were meant to help both beginners and experienced international currency traders maximize their returns on investments and automate their trades fully or partially. But regardless of your level of exposure to the forex trade, you need to fully familiarize yourself with the type of forex robot and how it works before forking out cash for its acquisition or subscription.

The Best Forex Robots Rated by Experts

You can continue reading this guide for an in-depth look at the top forex robots, but if you don’t have time for that, here’s a look at the top robots in 2020.

  1. Learn2Trade
  2. FX Master Bot
  3. Algo Signals 
  4. eToro
  5. CryptoRocket
  6. BinBotPro
  7. Premium FX Signals
  8. Centobot 
  9. Big Breakout EA
  10. Hamster Scalping
Note: A forex robot is only as good as its developers. Take time to research the different aspects of the robot-like the expertise of its development team, past performance, and its reliability in relation to acquisition costs.

On this Page:

    What is a Forex Robot?

    A forex robot is a computer software – often referred to as an artificially intelligent trading algorithm – that is used to automatically execute forex trades. It independently analyses the forex markets, monitors all the economic news outlets and assesses the impact they all have on different currencies before using this information to determine the best trade entry and exit points.

    What are the Pros and Cons of Using a Forex Robot?

    Pros

    • Speedy market analysis and order processing
    • Helps you eliminate emotional and psychological biases from a trade
    • Can be used to backtest different strategies before deciding on the best
    • Forex robots can monitor and trade multiple currency pairs and trading accounts simultaneously more effectively
    • A forex robot is immune to such human limitations as exhaustion and fatigue

    Cons

    • Some forex robots can be quite expensive to acquire and too complicated to configure the most optimal settings
    • High incidences of scams make it hard to identify the best bot
    • Most forex robots run on your local machine and require it to be on and connected to the internet 24/7 for trade execution

    Criteria Used to Compare the Best FX Robots for 2020

    • Order execution speeds
    • Number of currencies traded
    • Security and reliability
    • Risk management tools employed
    • Trade accuracy
    • Acquisition/subscription costs
    • Reliability and expertise of its development team

    Best Forex Robots for 2020 Revealed

    1. Learn2trade - Overall Best Forex Robot

    Learn2trade, a London-based trading education Company, is one of the leading forex trading signal providers in the world whose signals have a success rate of between 89.54 – 93%. The company provides forex trading signals, online day trading courses, and support to independent financial traders of all kinds.

    Lear2trade emphasize the importance of responsible risk management practices and the satisfaction of its clients. The company offers a 30 day, 100% money-back guarantee should traders feel that their automated system did not help them make any money. The team reports a success rate of 92% for a total of 2860 active members.

    How to join Learn2trade

    Step 1: Choose a package

    Choose a package – Learn2trade offers three packages;

    The 1-month package which costs $25 offering 3 premium signals per day with 89% success rate live messaging service, clear SL and TL also takes 30 seconds to sign up.

    The 3-month package costs $55 and offers the same functionalities as the 1-month package.

    The 6-month subscription package for $85. Limited slots are available and the cost is effective by saving $65 if done monthly. It offers 3 premium signals per day with an 89% success rate, live messaging service, clear SL and TL.

    Step 2: Checkout

    Once you chose your package, you will be transferred to the cart page. Click on the proceed to checkout button.

    Step 3: Fill in your details

    Fill in the registration form: billing details, phone, address, and your chosen payment method. You can complete your payment with a credit card, PayPal or cryptocurrencies.

    Our Rating

    • Proven success rate of between 89.54 – 93%
    • Has been in operation for over 12 years
    • Signal delivery via Telegram
    • No CFD or forex trading service
    • Does not provide trading signals on other markets

    2. FX Master Bot – Best Forex Robot for Web-Based Automated Trading

    FX Master Bot is an online platform that offers web-based automated trading services. In Layman's terms, this means that there is no requirement to install or download any software to your device. On the contrary, everything can be executed via the FX Master Bot platform. In terms of how it works, the underlying algorithm will scan thousands of forex and cryptocurrency markets throughout the trading day.

    When the algorithm spots a potential trading opportunity, you will be notified instantly. With that said, FX Master Bot allows you to act on these findings autonomously. That is to say, you can elect to automatically place the required entry and exit orders every time a new signal comes to fruition. On top of 17 major currency pairs, the bot also covers 5 cryptocurrencies. Once you meet the minimum deposit amount of $250, the bot is activated. This means that you can then set your own stakes, subsequently ensuring that the bot trades with amounts you are comfortable with.

    Here is our short guide to joining FX Master Bot

    Step 1: Sign up to the platform

    • You'll need to visit the FX Master Bot homepage and open an account

    Step 2: Deposit at least $250 to activate the bot

    • You will then need to meet a $250 minimum deposit amount to activate the bot
    • Once you do, you then need to decide whether you want to engage in automated or manual trading
    • If opting for the former, all signals will be placed automatically

    Step 3: Withdraw profits at any time

    • Although FX Master Bot is best suited for long-term investment goals, you can withdraw your balance out at any time

    Our Rating

    • Good track record since established in 2017
    • Automatically place orders when new signal arise
    • Withdraw your balance at any time
    • No demo trading facility
    No guarantee that you will make a profit with this provider

    3. Algo Signals – Best Forex Robot for High-Grade Signals

    As the name suggests, Algo Signals is an online service that provides forex and cryptocurrency signals. The platform claims to make an average daily return of 2%, which is huge. What we really like about these bold claims is that the provider allows you to test-drive its signals via its demo account facility. This allows you to validate the integrity of the trading suggestions prior to risking your own capital.

    In terms of getting your trades on, Algo Signals has partnered with a select number of licensed brokers. This ensures that you are able to act on the signals in a safe and secure environment. Crucially, when you receive a real-time trading signal from the platform, you will be provided with all of the necessary entry and exit points. This includes that all-important stop-loss order price, meaning you will always be in a position to mitigate your potential losses.

    Here is our short guide to joining Algo Signals

    Step 1: Sign up to the platform

    • Head over to the Algo Signals website and elect to open an account

    Step 2: Choose your plan and deposit funds

    • Algo Signals offer three plans
    • The novice plan gives you access to 3 currency pairs (minimum deposit $250)
    • The expert plan gives you access to 9 currency pairs (minimum deposit $500)
    • The VIP plan gives you access to all currency pairs (minimum deposit $1,000)
    • Once you've selected a plan, make a deposit

    Step 3: Act on signals

    • Algo Signals will send you trading suggestions throughout the day
    • When you receive one, you will then need to act on the suggestion by placing a trade
    • Be sure to install the recommended stop-loss and take-profit orders

    Our Rating

    • Claims to make average daily profits of 2%
    • Various plans to suit most budget levels
    • Excellent reviews in the public domain
    • Not suitable for those that want to start off with really small amounts
    No guarantee that you will make a profit with this provider

    4. eToro – Best for copy trading

    eToro is placed as one of the world’s best social trading platforms. The reason it makes it into our list, is that in a similar way to forex robots where the system makes trades based upon statistical analysis, with eToro you get to track the trades of experienced professionals. This system is likely to guard against the over-running a trend in the same way a purely automated forex robot might be exposed to. This platform is available for junior and advanced investors, and has the right functions and features to help most investors improve their trading yields.

    In order for traders on the platform to become recognized as an experienced professional, eToro has the Pro Trader qualification. This helps to confirm that copy trades are from genuine pro traders who know what they are doing. In addition to copying the trades of individual traders, you can also track the best performing pooled fund/ trading portfolios.

    eToro is regulated for forex, stocks, CFDs and more across much of Europe, while in the US is the market leader in the crypto-trading.

    Here is our short guide to joining eToro

    Step 1: Sign up to the platform

    • Create your eToro fee of charge by providing your personal details
    • Provide the usual KYC detail such as telephone number, proof of address and identification
    • Answer questions to help the platform understand your level experience trading

    Step 2: Deposit Funds

    • To start trading with eToro you will need to deposit $200, which is the lowest operating balance

    Step 3: Start Trading

    • Start by practicing trades with the complementary demo account to get the hang of the system
    • Then start placing your own trades, and see what gains you potential make

    Our Rating

    • Hosts numerous social trading features that extend beyond copying a traders portfolios
    • Maintains a highly transparent fee and price structure
    • Low minimum operating balance of $200 and a reasonable 20% profit share
    • Their customer support team that can only be accessed via email
    Disclaimer eToro: CFDs are complex financial instruments and 75% of retail investor accounts lose money when trading CFDs.

    5. CryptoRocket - Best Forex Robot for private crypto and forex CFD trading

    CryptoRocket is crypto, forex and CFD broker based in St. Vincent and the Grenadine. The broker uses Straight Through Processing (STP) execution which removes the conflict of interest between the broker and traders.

    CryptoRocket offers a variety of currency pairs, stocks, indices, and cryptocurrencies for its clients to trade on through MetaTrader4, the most popular trading platform in the market. The broker stands out from other competitors in the industry due to its high leverage ratio of up to 1:500, the ability to deposit and withdrawal funds with Bitcoin, and its encrypted crypto wallet.

    How to join CryptRocket:

    Step 1:

    Fill in the registration details on the CryptRocket home page. You will need to fill in your email address, and password in order to open a new trading account.

    Step 2:

    Choose one of the trading platforms: MetaTrader4 or MT4 WebTrader which does not require installation and it is a web-based trading platform.

    Step 3:

    Click on the ‘Make a Deposit’ button on the left side-menu and transfer funds through one of the payment methods: bitcoin, wire transfer or credit card.

    Our Rating

    • CryptoRocker uses Straight Through Processing (STP) execution
    • Offers an encrypted wallet and a secured trading platform
    • CryptRocket provides traders to deposit and withdraw funds with bitcoin
    • The broker does not provide commodities trading

    6. BinBotPro – Best Forex Robot for binary options investors

    BinBot is a highly progressive and artificially intelligent trading algorithm, specially designed for binary options investors. The tool automates every aspect of forex trading starting with conducting market research, reading through graphs and charts trying to map and predict market movement as well as monitoring market trends to determine the ideal time to trade. With its relatively advanced analysis technology, BinBot Pro is optimized to gather market insights and metrics that can be used to project market movements. Today, the robot trader is already helping binary options investors achieve commendable accuracy and generate a continuous stream of profit, as much as 125%+ on invested amounts depending on the preferred individual bot trader.

    How does it work?

    BinBot sets itself apart from the competition because of its highly diversified mode of operation and support for several other indictor-specific mini-bots. Unlike when dealing with most other single forex robots whose settings and indicators you can keep adjusting, BinBot plays host to more than ten other bots that you can choose from during signup. Most of these can trade more than one currency pair while others are specially designed to only trade specific pairs. We are particularly drawn to this forex robot given that despite its full automation, you still have absolute control over such aspects of its operation as when it trades, the number of trades it can engage in simultaneously, and the amount of capital committed to every trade session

    How to choose a BinBot mini-robot

    Your choice of a forex trading robot should be influenced by such factors as the best trading sphere as well as your desired income level. Going through the BinBot list of forex robots, you will notice that they all display their potential returns on investment with some reporting as much as 125% return on investments. It can also be informed by your experience and previous exposure to forex trading. With this regard, you have the option of scrutinizing the trade settings and indicators for the different bots and vetting their viability or choosing to custom build your own trading robot using the tools availed by BinBot.

    How to acquire BinBot forex robot:

    Step 1:

    Enter your registration details on the BinBot forex robot website – you only need the name and email address. It is also at this point that you choose your preferred trading robot and binary options trader.

    *Note:BitBot and its wide range of forex trading mini-bots are available free of charge

    Step 2:

    Fund your account with a minimum of $250. While the forex trading robot is free, the binary options investment brokers you chose to work with require an initial deposit amount of $250 to activate the robot.

    Step 3:

    Launch the trading bot. Ideally, the bot goes live as soon you fund the account but you still have the option to turn it on and off and also decide of the number of trades it can execute simultaneously. By depositing these funds, regardless of the binary options broker of your choice, you unlock the dashboard from whence you can access all the forex robots activities such as the amount of capital to commit to a specific trade.

    Our Rating

    • Highly affordable investments plan that start from $0.1 per trade
    • Attractive returns on investments of up to 200%
    • Quite versatile by giving you control over trades and amounts traded
    • Only available to binary options investors
    • Limited communication platforms as you can only contact them via email

    7. Premium FX Signals - Best Forex Robot for reliability

    FX Signals is an industry leader when it comes to thorough market analysis and computation of winning forex signals. The brand has over the years built a solid reputation of reliability through the consistent delivery of highly accurate forex signals that can be used for both manual and automated trading. This repute is further fueled by FX Signals emphasis on proper risk management practices with tips accompanying every forex signal they send to their subscriber list.

    This is reflected on the fact that all their trading signals will be indicative of not just the best trade entry and exit prices but also solid risk management features as the stop loss and take profit levels as well as the recommended minimum investment amounts. The Forex signal service provider is also constantly monitoring the markets for drawdowns and will send out emergency alerts calling for the liquidation of these trades should they sense a market downturn mid open trade.

    How to join FX Signals:

    Step 1:

    Fill in the registration details on the FX Signals home page. You will need to fill in your name and address, email address, valid phone number, and password for your new account with the signal service provider.

    Step 2:

    Decide on your preferred forex broker

    Step 3:

    Decide on how you would like to receive the signals – via email or text messages. (The text message service is only available to United States residents)

    Our Rating

    • Protects your investments by laying emphasis on different risk management practices
    • Highly accurate forex trading signals
    • Signals are easy to interpret and can be used for both manual or automated forex trades
    • Doesn’t offer brokerage services implying that you will still have to trade these signals with a third party – forex broker

    8. Centobot - Best Forex Robot for profitability

    Centobot is an automated trading system and a collective term given to a wide range of automated crypto trading robots. Essentially Centobot comprises of over ten. automated trading robots that you can choose from based on such factors as your desired returns on investments as well as their native indicators used in analyzing the cryptocurrency markets.

    Here, trading robots can report returns as high as 300% of the invested amounts. You also have the option of settling with a specialist crypto trading robot that will only trade a specific altcoin or a general trader that can handle multiple cryptocoin pairs simultaneously. It is important that this cryptocurrency trading robot is only compatible with binary options brokers.

    How to join Centobot:

    Step 1:

    On Centobot’s website homepage start by choosing your preferred crypto trading bot and filling in the simplistic registration form therein before deciding on your preferred binary options trading platform. It only requires your name and email address.

    Step 2:

    Fund your preferred broker’s trading account to activate the trading robot

    Step 3:

    Access the user interface and adjust the robot’s trading settings

    Our Rating

    • Full trade automation makes it beginner friendly
    • Presents with a wide selection of equally effective cryptocurrency trading robots
    • Attractive returns on investments
    • The crypto trading robot is only compatible with binary options traders

    9. Big Breakout EA – Best Forex Robot for MT4 platform

    Big Breakout EA is a highly adaptive and dynamic forex robot that doesn’t rely on indicators to determine the price behavior of commodities. Instead, it employs a highly advanced and adaptive algorithm that will only monitor the price behavior in determining the most effective position entry and exit points. Ideally, this forex robot works by monitoring the order book activity as well as the support and resistance levels to make an informed decision on the most appropriate course of the price action. It achieves this with the help of the A.P.L.D algorithm that monitors the support and resistance levels.

    Price and risk management

    The lifetime license for the Big Breakout goes for $365 and doesn’t support demo accounts. But its developers have made it possible to rent their algorithm for 1 or 3 months for $79 and $213 respectively. In addition to the acquisition price, you will also require an initial minimum deposit of $100 with your preferred broker’s trading account, keeping in mind that it will only work with a MetaTrader 4 account.

    How to acquire Big Breakout EA:

    Step 1:

    Fill in your registration details and billing information on Big Breakout distributor website after deciding on your preferred subscription plan

    Step 2:

    Click on the link sent to your email after payment verification to download the robots premium version

    Step 3:

    Add it to our MT4 platform and use it to generate the trading platform and integrate it with your forex brokerage trading accounts.

    Our Rating

    • Adheres to such strict risk management features as hard and trailing stop-loss orders
    • Can trade multiple currency pair
    • Works with all lot sizes
    • No independently verifiable trading history on myfxbook or fxblue

    10. Hamster Scalping – Best Forex Robot for USD/EUR

    Hamster Scalping is a fully automated forex root that uses RSI indicator and night scalping technology to determine the best trade entry and exit points. It doesn’t use such overly risky trading strategies as Martingale and even protects your invested amounts by introducing a stop loss feature in every trade. And while its settings can be figured to trade other currency pairs, Hamster Scalping EA’s default trade settings and updates are ideally meant for the EUR/USD currency pair. The bot is available for sale and currently costs $30 while packed with a free demo account. You will, however, be required to fund your brokerage account with a minimum initial deposit of $100 to activate the expert adviser.

    How to start working with Hamster Scalping

    Step 1:

    Head over to the Mechanic Forex site and select Hamster Scalping robot. You will also need to fill your registration details like your name and email address

    Step 2:

    The system emails you the link to the forex robot’s download site

    Step 3:

    Head over to the MT4 platform and click on the ‘Add an expert advisor’ icon and launch it on any trading account that maintains a balance of over $100

    Our Rating

    • Automates forex trade making you a reliable passive income generator
    • Relatively affordable
    • Embraces such risk management features as stop-loss order
    • Unquantifiable information about the EA’s developer/development team

    What are the Basic Functions of a Forex Robot?

    • Order placement:

    Timely trade entry and exit plays a key role in influencing the profitability of your trades. Your preferred forex trader should be accurate enough to identify the lowest price at which to enter a trade as well as the highest point at which to liquidate a position before the market tips. When deciding on a forex robot, always confirm its reliability and order execution speeds as these play a key role in determining its profitability.

    • Trade recognition:

    Using a wave of complex or simplistic and clearly defined market analysis criteria to identify the most ideal trade entry or exit points. In most cases, such a robot employs a series of technical analysis tools and indicators like support and resistance levels, order flow, and RSI or MACD indicators in identifying the best trade points. It, therefore, pays to work with an algo trading forex robot that uses more than one indicator as this often reflects in the accuracy of its trades.

    • Position management:

    A forex robot will also be hard coded and equipped with several features that assist with the prompt management of open trades. These include such risk management tools as the hard stop loss, trailing stop loss, and take profit features that either protect your bottom line or ensure maximal profitability. Traders, especially the experienced forex enthusiasts are therefore better off keeping away from robots that don’t guarantee the effectiveness of their position management tools.

    Benefits of the Best Forex Robots

    i) Passive incomes through trade automation:

    Forex robots are fully automated and this translates to passive income generating streams. Some of the most sophisticated forex robots currently available will assume total control of the entire trading process, right from market analysis to exiting a position ensuring that you profit from the currency price actions 24/7. Alternatively, if you want to maintain some control over your day trading, you can choose a semi-automated robot that only provides the best forex signals which you then act on.

    ii) Beginner friendly:

    You don’t need prior forex trading experience to succeed with a forex robot. When working with most of these fully automated trading robots, you only need to familiarize yourself with such basics as to how to lunch and stop the forex bot.

    iii) Helps perfect your trading strategy:

    Winning forex strategies are developed over time by constantly evaluating your trade history and improving your areas of weakness as well as mastering your strengths. Most of these forex robots also give you access to their trading history and its analyses can help you improve on your strategies.

    iv) More profitable

    There are several factors that make a forex robot more profitable than an average trader. Key among them is their fast data processing and analysis that helps them score higher on accuracy than most traders. Secondly, the forex robot is faster in order execution – both trade entry and exit – ensuring that trades aren’t affected by tipping markets and currency pairs. More importantly, these robots can trade 24/7 ensuring that they take advantage of all the key price action in all the forex markets consistently. Not to mention that they help in keeping emotions in check.

    Bottom Line

    The internet and the forex industry is awash with numerous forex robots that are all aimed at helping you automate the trading process. Some like BinBot will give you near absolute control over its operations by letting you decide on the amount to allocate to each trade, how many currency pairs it can monitor and trade simultaneously and how often it executes trades. This ensures that you only trade in the most viable market conditions by avoiding highly volatile markets like immediately after major news and announcements.

    The choice of your bot should nonetheless be guided not just by its assumed win rates and accuracy in executing trades but also by the amount of risk to which it exposes your investments. Importantly, ensure that your preferred forex robot doesn’t use such highly risky trading strategies as martingale and that it either has built-in risk management features or supports those initiated by your forex broker.

    Learn2Trade: Best Forex Robot 2020

    Our Rating

    Learn2Trade
    • 89.54%-93% success rate
    • 30 day 100% money-back guarantee
    • Online day trading courses
    Learn2Trade
    There is no guarantee you will make money with this provider.

    Glossary Trading Terms

    Depiction of percentage growth rate of funds depicting Fed Rate percentage changes | Learnbonds
    Platform Fee

    The trading platform fee refers to the amount a trader pays to use the platform and access its integrated platform features and tools. It can be a one –time fee paid for the acquisition of the trading platform, a subscription fee paid monthly or annually. Others will charge on a per-trade basis with a specific fee per trade.

    chart and graph depiction of market performance illustrating capital gains | Learnbonds
    Cost per trade

    Cost per trade is also referred to as the base trade fee and refers to the fee that a broker or trading platform charges you every time you place a trade. Some brokers offer volume discounts and charge a lower cost per trade for voluminous trades.

    A illustration of justice scale showing authosity a Custodian holds to custodial Account | Learnbonds
    Margin

    Margin is the money needed in your account to maintain a trade with leverage.

    Illustration of an interlink depicting P2P lending | Learnbonds
    Social trading

    Social trading is a form of trading that allows for the interaction and exchange of trade ideas, signals and trade settings between the different classes of traders.

    Equity Release image with a house atop stacks of coins
    Copy Trading

    Copy trading, also known as mirror trading is a form of online trading that lets traders copy trade settings from one another. In most cases, it is the newbies and part-time traders that copy the positions of pro traders. The copiers -in most cases - are then required to surrender a share of the profits made from copied trades – averaging 20% - with the pro traders.

    A pink bond not with green dollar sign
    Financial instruments

    A Financial instrument ideally refers to the proof of ownership of financial commodities of monetary contracts between two parties. In the money markets, financial instruments refer to such elements as shares, stocks, bonds, Forex and crypto CFDs and other contractual obligations between different parties.

    Depiction of ETF performance |ETFs Learnbonds
    Index

    An index is an indicator that tracks and measures the performance of a security such as a stock or bond.

    Dollar sack and potted plant depicting how assets grow in a Fund | Learnbonds
    Commodities

    Commodities refer to raw materials used in the production and manufacturing of other products or agricultural products. Some of the most popular commodities traded on the exchange markets include energy and gases like oil, agricultural products like corn and coffee, and precious metals like gold and silver.

    Depiction of grrowing stacks of coins illustrating fixed income rates | Learnbonds
    Exchange-Traded Funds (ETFs)

    An ETF is a fund that can be traded on an exchange. The fund is a basket containing multiple securities such as stocks, bonds or even commodities. ETFs allow you to trade the basket without having to buy each security individually.

    Depiction of an uptrending index fund | Learnbonds
    Contract for difference (CFD)

    CFDs are a form of contractual trading that involves speculating on the performance of a particular trade in the market. CFD’s will basically allow you to speculate on the future value of securities such as stocks, currencies and commodities without owning the underlying securities.

    Dollar sack and potted plant depicting how assets grow in a Fund | Learnbonds
    Minimum investment

    The minimum investment simply refers to the lowest amount of capital injection you can deposit into a brokerage or a trading platform. Different brokers demand varied minimum investment amounts from their clients either when registering or opening trade positions.

    Depiction of coins and growth curve illustrating mutual funds | Learnbonds
    Daily trading limit

    A daily trading limit is the lowest and highest amount that a security is allowed to fluctuate, in one trading session, at the exchange where it’s traded. Once a limit is reached, trading for that particular security is suspended until the next trading session. Daily trading limits are imposed by exchanges to protect investors from extreme price volatilities.

    Depictio of man thinking of money and risks illustrating a Registered Investment Advisor | Learnbonds
    Day traders

    A day trader is a term used to describe a trader who is constantly opening trades and closing them within a day. It is a common term used to refer to forex traders who open trade and only hold onto it for a few minutes or hours before disposing and having to leave no open trades at the time the trading day closes.

    FAQs

    💸 Who needs a forex robot?

    Virtually every forex market operative can use a forex robot, from beginners to the most experienced forex investors. Beginners often rely on robots to earn them regular incomes as they learn how to trade while experienced traders use the robots trading history to perfect their already effective trading strategies.

    💸 How much do I need to start trading with a forex robot?

    This depends on such factors as the mode of acquisition and the acquisition price. It also depends on your broker's terms of use. For instance, if you decided to settle for the freely available BinBot, you will be required to fund your broker trading account with $250 to activate the EA. The $30 Hamster Scalping bot, on the other hand, requires you to fund your broker account with $100. The minimum investment amount for a currency trade pair, however, stands at $0.1.

    💸 Do I need forex trading experience to start using a forex robot?

    No, most of these forex robots are quite straightforward. You don’t need prior trading experience or exposure to other forex robots. They come accompanied by elaborate user manuals to guide you through the installation process. Plus the customer support team is also on standby either on the phone, social media, Skype, and email to walk you through the installation and settings configuration process.

    💸 How does a forex robot protect my forex investments?

    They come equipped with several risk management features and will also support the broker initiated procedures. Some of the most common features included here include the stop-loss order, a limit to the number of trades you can execute, the limit to the number of currency pairs the robot can trade simultaneously, and the capital allocation per trade.

    💸 How much can I make using a forex expert adviser?

    Most legitimate forex robots are highly effective and have the potential of outperforming an average forex trader. And while there is no guarantee to how much you can make with a specific robot, the return on investments is to a large extent dependent on your trade settings. For maximum profitability, you are advised to stick to the recommended default settings.

    array(0) { }
    Users should remember that all trading carries risks and users should only invest in regulated firms. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
    Avatar

    Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, commodities, forex, indices, bonds, and cryptocurrency investments. She holds a Masters degree in Economics with years of experience as a banker-cum-investment analyst. She is currently the chief editor, learnbonds.com where she specializes in spotting investment opportunities in the emerging financial technology scene and coming up with practical strategies for their exploitation. She also helps her clients identify and take advantage of investment opportunities in the disruptive Fintech world.