Forex trading bots are the best way to reduce the hard work in forex trading. From current market trends, world economics, and global news to historical knowledge, there is a lot that you have to keep up with apart from data to make the perfect trade.
Meaning manual trading is a lot of work and time-consuming — Not to mention that all it takes to make a mistake is missing one single signal.
However, now with trading bots, you don’t have to shed sweat and tears staring at multiple screens for trading. You can just automate the process and sit back and relax.
Although it won’t make trading effort-free, a good forex trading bot can make your life way easier, automating the analysis process.
If you are a well-seasoned trader, this can save you a lot of time while improving your profits. This also will help you try out all your advanced strategies without making any complications.
However, we think new traders benefit from forex trading bots the most, as it enables them to trade without much knowledge or practice as the bot can do all the heavy lifting for them.
On the other hand, many traders swear by their forex trading bot. So in this article, we review the best forex bots in 2022.
Table of Contents
What is a forex trading bot?
Predicting the price movement of a forex pair is not something that you can do on your own with constant good results. To tackle this issue, developers have come up with a solution as forex robots.
Forex trading bots are a form of algorithmic trading that uses forex market signals to determine the price movement of a forex pair. This allows traders to decide whether they should buy or sell a forex pair depending on the provided signals.
These forex bots are automated and are compatible with most forex brokers.
Forex trading bots use the signals and trading patterns to generate their own signals to aid new and experienced traders alike with their trades. This helps to reduce the time spent on trading and also removes emotional elements reducing the chances of any mistakes.
The way forex trading bots work is more suited toward short-term trades rather than long-term ones. There are countless trading bots available for traders, and each comes with different features.
Pros and cons of forex trading bots
Like most things, trading bots also have both benefits and drawbacks. Let’s take a look at what are the pros and cons of a forex trading bot.
- More efficient: Trading bots are more efficient and will help to complete trades faster. This can help traders to get better signals while saving more time.
- 24/7 functionality: These bots can work 24/7 without any human input. This allows bots to analyze the price movements that happen throughout the day and generate better signals for the trader.
- No emotionally charged actions: Trading actions charged with emotions are a common mistake that many traders make. An automated bot can help negate this by eliminating emotional factors and making better trading decisions.
- Monitor multiple currency pairs at once: Keeping an eye on the market movement of multiple pairs can be tricky. However, to make a decent profit off of forex, you will have to trade more than one forex pair. This is where forex trading bots can help the trader by monitoring the status of multiple pairs.
- Availability of back-testing: Back-testing is a great feature available with forex trading bots that allow traders to get experts’ opinions to make sure that they make a profit.
- The algorithm of the bot might get outdated: The forex market and the prices of the pairs are things that are constantly changing. Since bots are created according to a certain state of the market, the way it looks at the market can be outdated.
- Can get expensive: While there are some forex trading bots available for free, the more advanced ones will cost you money. If you don’t have much trading and coding experience, these costs can get even higher.
- Requires programming knowledge: Even though it’s not very hard, integrating a trading bot requires some programming knowledge – So is to instruct the bot with your requirement.
- Less educated traders: While automating the trading process is easy, it reduces the trading knowledge required to get into forex trading. This ultimately will lead to a bunch of traders making trades without any prior forex trading knowledge.
- Bots need constant updates: As we know, the forex market is a highly volatile place that goes under constant changes. Due to this, automated bots need their codes reoptimized to suit the constantly changing market.
Best forex trading bots
With a large number of available trading bots, it’s up to you to make the right decision by selecting the bot that suits you the most. However, we took the liberty of crafting a list of the best forex trading bots so that you can make a better decision much easier.
1000pip Climber System – Best Forex Trading Bot
Many consider 1000pip Climber to be the best forex trading bot because it’s a pure forex trading signal provider.
Sites like MyFXBook have the approval of the 1000pip Climber, and the results are independently verified. There is no minimum account size, and the signals of the bot are also available via telegram, SMS, and email.
Traders can expect around 2-7 signals per day while using this forex trading bot which covers all four forex sessions.
If you are thinking about subscribing to this service, it will cost you $97 per month. There is also a 3 months subscription plan which is $227, and an annual plan which will cost you $397.
- Signals available from SMS, email, and Telegram
- Got a strong positive reception from users
- Provide 2-7 signals per day
- No minimum account size
- Only forex signals are available
- No free trial is available
If you are a trader looking to build your own bot, RoboForex is the perfect choice for you. This allows the trader to build a unique bot without the need for any programming knowledge. You can teach the bot new strategies or implement older strategies to get the most out of it.
There is also a web terminal that uses real-time market data allowing traders to test out their created bot. This is a very user-friendly platform, and it makes the automation of a bot a simple task, even if you are new to the field of programming.
The prices of the platform vary according to the type of account you have, and they also provide demo accounts. The minimum deposit to open an account can range from $10 to $100, depending on the account type you choose. What’s better than crafting your own bot if you are having a hard time choosing one?
- High order execution speed
- Flexible customization options to suit your strategies
- Very user-friendly interface
- Low minimum deposit.
- Steep learning curve
Fortnite – forex trading bot
This is a forex trading bot that suits the speedy forex markets. This platform uses a combination of trends and hedges with high/middle/low-risk settings to give the best trading experience. Fortnite also supports MT4/MT5 integration as well.
Great attention towards back-testing with expert insights can be seen here. It is very easy to set up and use this bot due to its ease of use. Furthermore, Fortnite has verification by FX Blue.
It also offers a one-time purchase lifetime license with a 30-day money-back guarantee and an unlimited number of demo accounts. These packages start from $149 and go up to $249 on the platinum accounts.
- Availability of Hedge/Trend strategy
- 24/7 online support
- Verified by FXBlue
- Lack of vendor transparency
Forex Trendy – forex trading bot
Reducing unnecessary losses and increasing the odds of making profits is the main goal of Forex Trendy. This forex trading bot scans all the available currency pairs and finds the best trend suited to you. Although Forex Trendy won’t place any trades, it advises the best time to buy and sell.
This Forex bot offers audible and email alerts to notify you while using chart trends to find the optimal trading times. It also comes with a very user-friendly interface and allows users to customize it to suit the needs of the trader.
If you want to start using Forex Trendy, you will have to put down a minimum deposit of $250 and make quarterly payments to maintain access.
- Availability of chart pattern recognition
- Comes with a 60-day money-back guarantee
- highly user-friendly interface
- No educational resources
- Not suitable for beginners
ForexVPS – forex trading bot
If virtual private servers (VPS) are what you are looking for, ForexVPS is ideal for you. This Forex Bot provides VPSs with no downtime and 24/7 technical support with MT4/MT5 compatibility to its users. In addition, data centers spread around the world allow ForexVPS to offer ultra-low latency with 100% guaranteed uptime.
ForexVPS offers packages starting from $30. Traders can pay additional to get hosts with more computing power and enjoy better forex outcomes. After the initial payment, traders will have to pay a monthly subscription to keep the service live.
- Easy setup
- Global server network availability
- 100% uptime guarantee with ultra-low latency
- Below average support
- Limited allocated resources
EA Builder – forex trading bot
This is another platform that allows you to create your own forex trading bot without any prior programming knowledge. It comes with a simple interface that eases the creation process. The platform also provides video tutorials and is compatible with MT4/MT5, and TradeStation.
A lifetime access package is available for $97, and it even has free versions to suit the needs of the trader. One downside to EA builder is that it offers no live customer support to help traders with issues that they might come across.
- Availability of free and paid options
- Comes with cash management and built-in alerts
- MT4/MT5, and TradeStation compatibility
- It will take some time to get used to it
- The paid version can be too pricey
Alfa Scalper – forex trading bot
Traders who utilize forex scalping are the people who can benefit the most from Alfa Scalper. This forex trading bot is best suited for forex scalping and short-term trades. Furthermore, Alfa scalper offers a number of a great many qualities like confident results, profitable winning trades, scalping strategies, trend analysis, and prediction formulas.
This forex trading bot comes with a price tag of a $147 one-time fee to give access to one of the most profitable forex bots. If you are thinking about using an Alfa scalper, you will need to have a solid internet connection and must undergo a steep learning curve.
- Best for forex scalpers
- inbuilt accurate trend analysis and prediction formula.
- A heavy price tag of $147
Forex Gump – forex trading bot
For those who are in the market for a forex trading bot that can handle multi-currency strategies, Forex Gump is the ideal choice to consider. This bot comes with features like easy customization and a user-friendly interface with the ability to set your trading preferences. In addition, Forex Gump monitors the trends, news, and prices of nine currency pairs.
Creating a Forex Gump account includes $200 and upwards, depending on your selection. What limits Forex Gump mostly is the nine-currency pair limitation.
- It will help to streamline your trading operation
- 24/7 support
- Easy customization
- Supports only nine currency pairs
- The trading strategy is not explained
Coinrule – forex trading bot
Cryptocurrency Forex is a section of the forex market that is seeing a massive rise in popularity in recent times. Coinrule is the perfect choice for crypto forex trading. It offers great customization, back-testing, a simple interface, and over 150 templates.
What’s great about Coin Rule is that it also offers a free starter plan, while the purchasable accounts range from $29.99 to $449.99 per month. This is not the best bot for non-crypto forex traders, and it also does not come with a mobile app.
- Great backtesting features
- Availability of free and paid accounts
- Over 150 templates are available
- Has no mobile version
- Limited exchange support
Forex Diamond – forex trading bot
This is a forex trading bot that combines three independent trading systems to offer a self-updating algorithm. When using Forex Diamond, traders will have the ability to run Trend Retrace, Counter Trend, or Counter Trend Scalping. In addition, these can be done independently or in combination.
Forex Diamond has a minimum deposit of $1000 when using its services and needs a $267 one-time payment to access it. The downside to this bot is that it only has support for four forex currency pairs.
- Dynamic trading logic
- MT4/MT5 compatible
- Self-updating algorithm
- A high price tag of $267
- Supports only four currency pairs
How to choose a forex trading bot?
Finding the perfect forex trading bot for you has become quite tricky with the oversaturated nature of the forex bot market. In addition, some of the bots available for usage are outright scams that can lead to you losing money.
To reduce the chance of you making a mistake, make sure to do thorough research and testing before integrating one into your trades. After doing the necessary research and choosing a bot, create a demo account on a forex broker and test out the bot in question to see if it actually works as intended.
Any reliable and functioning trading bot will record its statistics on a website so anyone can check its performance. Evaluating the statistics to see the efficiency of the bots is something every trader who intends to use bots must do.
Another way to select a good bot is by checking the reviews it has and the rating it gets on websites that rate bots. This will allow you to see what other traders experience with the bot in question and how useful it can be for your situation.
Always make a shortlist of the best bots and compare their ratings, statistics, and pros and cons of them to select the best possible bot. If done correctly, you will be able to integrate a forex trading bot that can help you in forex trading.
Frequently Asked Questions
The answer to that depends on what you need. With that in mind, 1000pip Climber System is the overall most popular and highly rated forex trading bot.
Yes, there are a few free trading bots. RoboFlex and Forex Fireball are two great examples.
Yes, you need to at least have a basic understanding of programming to use most of the bots. However, there are some forex trading bots that you can use without any programming knowledge, like RoboFlex.
Forex trading bots are a great tool invented in the forex trading world that makes the trader’s job much easier. However, finding a good bot can be tricky as there are a large number of available forex trading bots.
Correct implementation of a good forex trading bot can help you to maximize your profits. New and seasoned traders can benefit from such bots alike and improve their profit. However, if you are a trader with limited funds, forex trading bots might not be for you, as many of the reliable and advanced bots come with a heavy price tag. But if you can afford one, they can cut down your workload in half while finding better trades for you.
When selecting a bot, you can consider one from our Forex bot list here. However, we advise you to do your own research as well before making a decision.