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The Best Forex Robots 2020 – Your Ultimate Guide to Forex Auto Trading

The best forex robots have come a long way since public automatic trading systems were released in 2008. With technological advancements and competitive research driving the market forward, a lot has changed. Combined with new platforms, new brokers, and new strategy methods, finding the right forex robot for your trading requirements can seem like a difficult task.

This page highlights what the best forex auto trading robots are, how to select the best forex EAs, and explains everything you need to know about forex robots too. Read on to learn:

  • Our criteria for selecting the best forex EAs
  • How to optimize a forex EA
  • What the best forex bot is for your account type
  • Pricing information

How we find the best forex auto trading robots

The best forex EAs listed above were all handpicked by our trading experts after rigorous testing under pre-set performance metrics. Only those that passed our high standards are featured on this page. We do this so that you can trust our best forex robots for 2020 reviews to be unbiased and honest.

Below you can learn about all of the criteria we consider for our list of the best forex auto trading robots. This will not only help you to choose the right robot for you, but it’ll also help you to avoid making simple mistakes when utilizing trading robots.

Each robot on our list has performed well in the following categories:

  • Backtesting – Backtesting is a process where the forex robot is subjected to historical price data and market conditions to see how well it would have stood up to previous trade scenarios. The first step towards knowing if the automated forex-trading robot has a chance of being successful is by subjecting it to backtests. We’ve listed only those robots that have undergone the best forex bot backtests available in the market today. Therefore, you can be sure that you are looking at forex robots which would have performed well over time.
  • Live trading results – Forward tests involve testing out the best forex auto trading robots on the present market conditions. This allows them to replicate in real-time what the backtests have shown they could do historically. Forward tests involve introducing these forex robots to live accounts with real money, as well as virtual accounts that feature simulated trades. Simulated trades in a demo account offer controlled conditions for forex EA use. Real-time trading allows the robots to work on a live account in real market conditions. While there is capital risk associated with this type of testing, it is the ultimate test to see if an automated trading system can function in live environments. A mantra of the forex market is that past results are not always indicative of future performance. Therefore, future performance with a live account is a relevant part of the robot testing process.
  • Drawdown – The drawdown is the difference between the highest value of your trading account and the next lowest point the trading capital gets to. The essence of measuring the drawdown of a forex robot is to know whether it subjects the account to too much risk in its quest to achieve its profit goals. On a per-trade basis, a properly functioning forex robot should not place a position that forces an account to go too negative before the market turns and puts a trade back in profit. If a trader’s account size is too small to handle such wide dip-recovery cycles, then losses could occur. Trades could end up being closed prematurely as there is no capital to give the trades room to recover. Consecutive drawdowns negate the principles of lesser risk, greater reward. The risk-reward ratio (RRR) for every trade should ideally start from 1:3. This translates to 1 pip risked for a reward of 3 pips. At this ratio, it takes 3 losing trades to wipe off profits from a winning trade. The best forex robots should be able to enter trades only when the minimum RRR is met. If consecutive drawdowns are huge, then this target will not be met, and the trader’s account will suffer. In our table, only robots with the lowest drawdowns find their way into this list.
  • Limitations on order size – Some robots out there only work well with certain order sizes. We believe that a forex robot should be able to reproduce the same outcomes no matter the order size. However, the approach we use is to ensure that a robot has proper position sizing algorithms within it. Should a forex trading robot not be able to handle a variety of order sizes, it will not make it to our recommendation list.
  • Reputation and reviews – Every robot listed here undergoes a background check. These checks involve getting reviews from verified users. We check things like how long it has been on the market, user experiences, and other information about the robot. We also check the originality of the product to ensure it is not a remake of a decompiled robot.
  • Trading strategy – A good trading robot will either come equipped with a pre-programmed trading strategy or allow you to custom input a strategy based on your trading requirements. In terms of strategy, we further check to see how many strategies can be employed, which platforms the forex robot is compatible with and how many assets it can trade. We also check to see if the robot incorporates hedging or scalping strategies. The trading systems should be adaptive, being able to utilize studies or signal-finding data and be adaptive with charting packages in combination with other indicators. You should also be able to set stop loss and take profit parameters in combination with the default settings.
  • Risk settings – We also check the risk settings of every forex robot. The best forex robots typically have risk classifications: conservative, balanced or aggressive. Every robot has a spectrum of operation and we check to see where each robot is on the available risk spectrum.
  • Price and refund policy – A robot’s performance cannot be truly assessed by the cost of the software. An expensive robot is not necessarily a good one. We check to see if the price offered by the robot’s vendors provide value for the purchasing cost. We also check to see if a free trial is offered and if there is a refund policy in place for unsatisfied customers.

How we test forex robots

All robots are tested fairly and objectively without preference for one or the other. The same testing conditions are used as much as possible to make our rankings reliable and transparent. We un tests using a VPS on different platforms for at least 30 days for each forex EA. Some of the best forex brokers offer a free forex VPS for live account holders.

What will the best forex robots do for you?

Forex robots work by placing trades automatically without human input. They can be programmed to set the lot size, stop loss and take profit parameters. They can also be made to work on a forex account round-the-clock when they are attached to a forex VPS. Here is a list of what you can expect from the best forex EAs in terms of function.

  • Initiate trades
  • Manage positions
  • Exit trades
  • Generate signals for trade signals services
  • Generate and replicate signals from master to slave accounts as part of a copy trade service.
  • Be attached to a forex VPS for 24/5 trading.

Learn more about forex robot functions

Now that we’ve covered the basics, let’s look at what the best forex trading robots do when trading on an account.

  • Order placement – Pre-set parameters will allow the automatic trading system to place orders based on user input. The forex robot will then select a trade size, set a stop loss and take profit target, and execute a trade on the instrument chart that the robot has been enabled. A good forex robot should have a built-in algorithm that enables the forex EA to have a rapid execution speed with ultra-low latency and be able to weigh the RRR before it takes on a trade.
  • Analysis and indicators – A trading strategy is what is encoded into a forex robot’s algorithm to define the basis for setting entries and exits. The analytical tools are not random; they must be clearly defined. For instance, a forex robot can be programmed to spot divergences between price and an oscillator such as the RSI. Robots can also be given the ability to use a candlestick pattern to define the precise entry price and use the recent highs and lows to set a stop loss or a take profit parameter. Some advanced robots can even be made to analyze news articles to make trading decisions. The best forex auto trading robots should be adaptive and be capable of using a variety of tools to execute several strategies.
  • Position and risk management – The protection of your bottom line using the correct position size and risk-reward ratio is integral to the success of any trading venture. A forex robot must be programmed with the ability to deliver on these mandates. Not more than 3% of an account should be risked on total exposure in the market, especially if you have a small account. As an account grows, a forex robot should be able to detect this growth and scale up (or scale down) the position size according to the risk profile of the trader. Conservative traders may want a robot to scale down on the position sizes as their accounts grow, while those with risk appetite may want to scale up with a growth in the account. When selecting a robot, you should select one which matches your risk profile as a trader. Backtesting is a good way to see how a robot will react in account growth scenarios.

Why should you use a forex robot?

The best forex trading robots provide you with several benefits. Some of these include removing emotional stress from trading decisions, improved time management from reduced monitoring of trades, and the ability to explore multiple asset classes at the same time. With such a wide range of trading robots on the market, there are suitable options for everyone regardless of your trading requirements or experience. Below you will find a list of some additional advantages you will gain by using an fx trading robot.

  • The chances of missing trading opportunities due to physically being indisposed are eliminated. This is especially true when using a VPS.
  • The robot does all the analysis, which saves you the stress and time of doing it yourself.
  • A robot can interact with large amounts of data within a short period. If the coding is done correctly your auto trading system can do some truly amazing things.
  • If you want to run a copy trade service, a forex robot is indispensable to the entire arrangement.
  • A well-programmed trading robot can execute trades based on nanosecond information, creating profit opportunities that might otherwise be impossible.

Are there any downsides to using forex robots?

Naturally, there are downsides to using an automated forex trading robot. Here are some common disadvantages you might experience when using one.

  • Usage can be expensive. The expense comes with the cost of acquiring a robot and maintaining a forex VPS connection.
  • They require a 24/7 internet connection. This can be offset by a VPS.
  • Forex robots still require some monitoring. Lesser quality software or poorly coded algorithms could fail unexpectedly.
  • There is always the risk that changing market conditions can alter the performance of a forex robot. The standard market conditions of one day may be completely different from another day. This can be offset by continuous testing and re-testing to optimize performance metrics.
  • If programmed improperly, the automatic trading system may not function as intended and could lead to losses.

One glaring concern with utilizing an automatic trading system is that there are a lot of forex robot scams out there. Vendors of such robots claim a 100% success rate or tout their products as being “no-risk” robots. Claims such as these should be taken with caution as they could often be an indication of fraudulent services.

This is why we have taken the time to present reviews of each forex robot listed on our table so you know exactly what each one can give you and what each cannot provide. Be sure to read our reviews and our recommendations to see what the best forex robots have to offer you.

Do forex robots actually work?

Forex robots work. Institutional traders and hedge funds use advanced algorithmic software to execute some of the most profitable trades on the market daily. Qualified professionals have dedicated years of research to perfect the functions of trading robots, and the results speak for themselves.

We use a combination of academic research, expert testimonials, and real user feedback to provide you with a reliable and trustworthy source for the best forex auto trading robots. Our selection process is rigorous and built to screen out the bad products while bringing the best software to the spotlight. We do not do a one-time investigation process: we always screen and re-screen the forex robots on our list to ensure that only the most impressive forex robots are displayed at any given time.

No forex trading strategy or robot can promise 100% success. Due to the ever-changing nature of forex markets, there are always risks associated with trading. Therefore, we’ve dedicated our time to finding the most adaptive forex robots available. Whether being capable of utilizing multiple trading strategies, functioning with several trading platforms, or being subject to frequent updates, our recommendations represent the best auto trading robots on the market.

Visit the table at the top of this page and enhance your trading performance today by using one of our recommended trading robots.

The Best Cryptocurrency Trading Bots in 2020

The world of cryptocurrency moves fast. If you want to join the ranks of successful traders, you need to stay on top of all the news. Here is an update on the most relevant information regarding the best trading bots. Some prices have changed, and some features have been added.

Also, we are extending our list to include some other useful bots available on the market – so keep on reading.

We should mention that since the time of this posting, the Tradewave bot has been discontinued. Also, USI was banned in the United States and Canada after a cease-and-desist order against the company.

Trading cryptocurrencies isn’t easy. This is because unlike stock markets, cryptocurrency markets don’t close, and this presents a very stressful scenario for both casual investors and seasoned traders in the industry.

The cryptocurrency market is also very volatile. If you’re a crypto investor, you’re probably familiar with the (sinking or pleasant) feeling of waking up to massive losses or large gains in your portfolio.

To retain control of trading even in your sleep and to counter the volatility of the cryptocurrency market, traders are increasingly relying on trading bots.

The pricing for most bots included in the original list has slightly changed. Here are the updated prices for different trading bot packages:

  • 3commas – The starter package costs from $22/month ($252 for a billing year), the advanced pack is $37/month ($432/year), and the pro version is $75/month ($888/year). All plans include a free Binance trader subscription
  • Gunbot – The service is currently offering a 50% discount: 0.02 BTC for a starter edition, 0.05 BTC for the standard one, 0.075 BTC for the pro version, and 0.125 BTC for the Gunbot ultimate
  • CryptoHopper – Users are charged $16.58, $41.58 and $83.25 monthly for explorer, adventurer, and hero trader packages respectively
  • CryptoTrader – The pricing plans for these bots range from 0.0020 BTC to 0.0237 BTC for a month’s use.

What’s a crypto trading bot?

A trading bot is a piece of software that’s designed to analyze cryptocurrency trading data and to place sell or buy orders on a trader’s behalf.

Cryptocurrency trading bots act based on pre-programmed and predefined rules. Their decision making is hinged on the price movements in the market – they typically analyze market actions like price, volume, time, and orders. Once you’ve acquired a bot, you can customize it to suit your trading preferences.

Why are crypto trading bots useful?

Crypto trading bots remove fear and emotions from the trading equation by allowing investors to execute trades based on a predesigned strategy.

The bots also enable you to run your trading plan 24/7. If you’re a part-time cryptocurrency trader or if you’re unable to stay on top of the market at all times, the bots allow you to trade efficiently without you having to dedicate huge amounts of time to market analysis.

How do you choose the best trading bot?

  • Reliability

You can easily miss out on golden trading opportunities if your bot goes offline for some time. Reliability is, therefore, a key when acquiring a crypto trading bot.

But how can you be sure about a particular bot’s reliability? To be certain about a bot’s reliability, you need to review its users’ sentiments. Go for a bot that has a long trail of contented clients who testify of its reliability and level of service.

Your trading bot has access to your currency. This can be risky, especially if you’re using a sketchy bot. Whereas there is no sure way of telling how secure a given trading bot is, you can limit your risks by opting for a bot that’s widely acknowledged for its security.

Using a trading bot is pointless if it doesn’t deliver the greatest possible returns. You should, therefore, do your homework on a bot’s profitability before you invest your time and money on it.

Transparency is what makes cryptocurrencies stand out from traditional currencies – their whole network is totally transparent which leaves no room for foul play. The best trading bots uphold similar standards.

Go for bots built by reputable developers. Transparency not only helps you settle for a trustworthy bot, but it also enables you to get help whenever you have issues that need to be fixed.

The primary purpose of crypto trading bots is to make cryptocurrency trading easy for everyone. So you should go for bots with an intuitive interface. You should be able to control your bot with only a few clicks.

Pros and cons of using trading bots

    Efficiency

Trading bots can analyze market conditions in multiple cryptocurrencies, simultaneously, and execute trades whenever there is room for making a profit.

Humans, on the other hand, are not good at this kind of multitasking. You can only analyze cryptocurrencies market conditions by going through them one at a time. And as you switch from one cryptocurrency to the other, you can miss on many profitable trades. This ability to multitask makes bots more efficient than humans.

    Emotionless

Cryptocurrency markets are highly volatile. Also, the big players often manipulate the currencies. The emotional tumult that follows these huge price fluctuations can make you erratic which then can lead to you making regrettable orders.

Conversely, trading bots are different. They don’t have human emotions, and they are not attached to money. Markets manipulations and huge price fluctuations, therefore, don’t affect their functioning.

    Increased speed

We often take a long time to execute trades. Unfortunately, in the volatile cryptocurrency market, such delays can be costly as a good trade may lose its value if you take too long in executing it.

Trading bots, on the other hand, place orders instantaneously. This increased speed makes them much more effective than humans.

    Running period

You cannot always stay in front of your computer and monitor your investments. You need sleep and other obligations that demand your attention always pop up. But while you sleep, the cryptocurrency market marches on

The opportunity cost of not being on top of the market 24/7 is that you miss many opportunities to make more profit. Unlike humans though, a trading bot can run 24/7 and thus never misses opportunities.

    Not suitable for inexperienced traders

Cryptocurrency bots can bolster your trading. But this requires that you have some knowledge of what’s happening behind the scenes. While some bots come with great preset trading configurations, they often don’t yield maximum returns.

Changing the settings of a bot’s configuration without knowledge of the technical aspects of trading can lead to massive losses. Bots are therefore not very useful to inexperienced traders.

    Requires monitoring

Crypto trading bots are not very effective during high volatility periods. This is because they are emotionless and not attached to the money and so can trade successive losses which can lead to a massive overall loss.

    Present security concerns

Crypto bots execute trades through integration with application programming interfaces (APIs). This means the two machines work together without manual intervantion.

The centralized nature of exchanges and trading bots poses some risks though.Whereas hackers avoid blockchain systems thanks to their almost impenetrable security, they target systems with central servers (like bots and exchanges). Machines that work independently like bots are especially easier to hack.

Here is what you need to do to protect yourself from hacks:

  • Keep you API keys secret
  • Switch off automated withdrawals
  • Do your home work – bots are complex tools, you need to read about protection measures, preferences, and trading strategies.

Automated Crypto Trading Bots Worth Your Attention

Many traders are facing the difficult task of choosing software for analyzing the cryptocurrency market data. The number of options is growing, so we wanted to simplify this task for you. Below is the continuation of our list of trading bots along with the breakdown of their main features, pricing, pros, and cons.

Top 16 Best Trading Bots

1. 3commas

Recently, 3commas has collaborated with Binance. This partnership ensures convenient trading conditions through Binance’s distinguished asset management and security infrastructure. Under the broker program, you can create a free Binance account and utilize tools from the 3commas platform.

Major 3commas Update (January 2020)

3commas is one of the most popular web-based crypto trading bot. It supports numerous devices and exchanges. Over 70,000 traders currently use the platform and over $60m worth of trades are transacted on it daily.

3commas supports over 12 exchanges and so its users are able to track multiple orders on various exchanges and develop informed trading strategies.

Features

  1. Functionality – 3Commas comes with an intuitive user interface that is packed with detailed analytics and numerous functions. The bot allows you to set up take profits and stop loss targets as well as craft your own trading strategies.
  2. A wide range of tools – In addition to using 3comma’s performance analytics and automated bots, you can also create, analyze and back-test portfolios as well as monitor other user’s best performing portfolios. The bot also allows you to follow and copy successful trader’s strategies.
  3. Simultaneous take profit and stop loss orders: 3 commas enables you to make maximum profit by allowing you to simultaneously establish the price point atwhich you wish to sell to make a profit and the price point at which you wish to sell in order to stop losses. You can do all these within 3 comma’s SmartTrade terminal.
  4. Mobile Apps: The 3commas team has developed mobile apps for both iOS Android.
  5. Advance Order Types: 3commas enables you to set up advanced order types like trailing take-profit and stop-loss orders and contemporary take-profit and stop-loss orders. 3commas also allows you to set up advanced orders even in exchanges that currently don’t support them. If you’re frustrated by the absence of advanced orders on some exchanges, you can easily create advanced orders by linking your account to 3commas.
  6. Trader’s Diary: Do you want to organize all your trades in one place? Some traders use dedicated accounting software or Excel sheets for this. Conversely, 3commas has created a trader’s diary which gathers all your trades across exchanges and organizes them in one convenient location.

3commas Pricing

  1. The Starter Package ($252 per year, $144 for a 6 month period, or $29 per Month)
    • Access to Smart Trading terminal
    • Paper Trading
    • Concurrent Take Profit and Stop Loss
    • Access to all available exchanges
    • Notification for cancellations and errors
  1. The Advanced package ($432 per year, $246 for a 6 month period, or $49 per Month)
    • All Starter Packageplus:
    • TradingView Custom Signals
    • Simple bots
    • Short and Long algorithms
    • View and copy bots
  1. The Pro Package ($888 per year, $504 for a 6 month period, or $99 per Month)
    • All Advanced Packageplus:
    • Margin trading bots
    • Composite bots
    • Bitmex, Binance Futures and ByBit bot
    • GRID bot
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