Forex Robot Reviews

Here are my forex robot reviews containing all of the forex robots that I have reviewed over the years. Each forex robot review includes the key features, trading strategy, back tests, live statistics (where applicable), summary and overall rating.

Best Scalper Forex Robot

best scalper forex robot
$258

MT5 Champion Forex Robot

mt5 champion forex robot
$189

TradeRobo Expert Advisor

traderobo expert advisor
Free Trial - $140

What is a Forex Robot?

For those new to forex robots, they are fully automated trading systems that analyse charts for trading signals based on their built-in algorithm. This is usually comprised of a combination of technical indicators. Once the robot finds a signal, it can place and manage trades on behalf of the user. They are therefore a popular choice amongst users who do not have the time to trade manually.

Most forex robots have been developed to run in the popular and free to download MetaTrader 4 (MT4) trading platform which is available from most online forex brokers. You need to have the MT4 desktop platform running in order for a robot to work. If you cannot always have your computer running then you could use a Forex VPS to run the platform 24/7 without needing your computer switched on.

Forex robots will usually have already been optimised by the developer to find the best settings. The instructions will tell you how to setup the robot and what currency pairs and chart time frames the robot has been designed for. They can therefore be used “out of the box” although you should make sure that it is set with a lot or risk size that is suitable for you.

The more experienced traders can optimise robots in the MT4 strategy tester using historical data to create bespoke settings. I believe that all back tests should be conducted with 99% modelling quality using real tick data, variable spreads, swaps, slippage and commissions. This can be done using add-on software such as Birts Tick Data Suite for as accurate as possible historical results. Even then, these results are not always realistic due to factors that are impossible to duplicate during a back test.

For the best possible trading conditions when using a forex robot, I would personally only use an ECN forex broker with tight spreads, competitive commissions and plenty of liquidity providers (LP’s) for reliable trade execution speeds at the best possible prices. You can see broker ratings and reviews on my best forex brokers page.

You can compare forex robots results on my best forex robots page. Please note that forex robots can change over time and these reviews are based on my own opinion on the date that they are published. Only you can decide which is the best forex robot for your trading style.

It is important to note that there are absolutely no guarantees on how any forex robot will perform and historical results are not an indication of future performance. Forex robots can advertise big profits but you should be aware that many of them are based on back testing and therefore may not perform the same going forward. Furthermore, differences in broker trading conditions such as spreads, slippage, liquidity and commissions, can cause different results from broker to broker.