Best Forex Robot 2024 to Watch

A forex robot can be used by users looking to trade currencies online with the view of making a full-time income with little to no experience. The software in question will place buy and sell orders on your behalf, meaning that you will be able to trade without lifting a finger. In this guide, we review some of the popular forex robots of 2022.

Popular Forex Robots in the UK

We review the UK’s popular forex robots in more detail further down this page, but if you’re just looking for a quick summary, here’s a list of the popular robots available in 2022.

1. Learn 2 Trade
2. WakaWaka
3. 1000pip Climber
4. Coinrule 
5. Forex Fury 
6. BitQT 
7. GPS Robot
8. Algo Signals
9. FX Pattern Pro 
10. Forex Gump
11. EA Builder 

What is a Forex Robot?

Put simply, a forex robot is a piece of automated software that will trade currencies on your behalf. The robot will have been built from the ground-up by an experienced trader.

In most cases, the robot will operate on a ‘what-if’ algorithm, meaning that it will only place trades when certain conditions are met. For example, the forex trading robot might be tasked with scalping GBP/USD during the weekend to take advantage of lower trading volumes.

Similarly, the forex robot might be programmed to purchase EUR/USD when the RSI is above 30. Either way, once you load up your forex robot – there is nothing more to do. That is to say, the end-to-end trading process is completely passive. Not only is this suitable for those of you who do not have any knowledge of currency trading, but also if you are strapped for time.

In theory, the forex robot will operate on a 24/7 basis – always looking for a potential trading opportunity. As you will have given the robot the required permission to act on your behalf, it will strive to generate profits autonomously. This is why forex robots are becoming more and more popular with UK traders of all shapes and sizes.

Popular Forex Robots

In the sections below, we will review and analyse some of the popular forex robots available in the UK to try and get a better understanding of each of these brokerages.

1. Learn 2 Trade 

Admittedly, Learn 2 Trade doesn’t offer a fully automated forex robot. By this, we mean that the technology will not place buy and sell orders on your behalf. Instead, the underlying software will perform in-depth research and then let you know when it discovers a trading opportunity.

In the case of Learn 2 Trade, you will be receiving a forex signal that comes with a set of trading suggestions. This will include the pair that the signal relates to, whether you should go long or short, and of course – the price that the trade should be executed at. You will also receive the required stop-loss and take-profit prices.

In other words, you have all of the required data points to act on the Learn 2 Trade suggestion in a risk-averse manner. Crucially, you are under no obligation to place a trade once the signal arrives. Instead, you have the opportunity to review the suggestion by taking fundamental analysis into account.

In terms of the provider itself, Learn 2 Trade has been active in the forex scene for several years. The UK-based company also offers free educational resources. You will also find a fully-fledged forex course at the site, which costs just £99. When it comes to the platform’s forex signals, you actually have two options at your disposal. Firstly, you may try Learn 2 Trade out without risking any money, as it offers a free signal service.

This will provide you with 3 signals per week. If you decide that you are happy with the suggestions that Learn 2 Trade has provided, you might then consider upgrading to a premium account. This will then provide you with between 3 and 5 forex signals per day – 5 days per week. This will give you plenty of opportunities to make money in the forex markets via limited input. After all, the underlying software will scan the markets for you. All you need to do is place the required orders with your forex broker.

Sponsored ad. There are no guarantees that you will make money with this forex signal provider

2. WakaWaka

“Waka Waka” Expert Advisor (EA) for trading is a sophisticated tool designed to automate trading strategies and potentially enhance profitability for traders. This EA combines advanced algorithms with risk management techniques to navigate various market conditions, offering traders a streamlined experience.

One of the key strengths of “Waka Waka” EA is its versatility. It can operate across multiple trading instruments, including forex and other assets, adapting its approach to suit the specific characteristics of each market. The EA uses a blend of technical indicators and price action analysis to identify trade opportunities, aiming to optimize entry and exit points for maximum efficiency.

The EA’s user interface is intuitive and easy to navigate, allowing traders to customize settings according to their risk tolerance and trading preferences. The backtesting feature enables users to evaluate the EA’s performance on historical data, helping them fine-tune strategies before deploying them in live markets.

“Waka Waka” EA also prioritizes risk management, offering adjustable stop-loss and take-profit levels to protect traders’ capital. Its compatibility with popular trading platforms ensures seamless integration into existing setups.

Overall, “Waka Waka” Expert Advisor provides traders with a powerful tool to automate and enhance their trading strategies. Its adaptability, comprehensive risk management, and user-friendly design make it a valuable asset for those looking to take advantage of algorithmic trading in today’s markets.

Sponsored ad. There is no guarantee that you will make money with this provider. Proceed at your own risk. 

3. 1000pip Climber

1000pip Climber has achieved nearly 20,000 pips in three years with a limited drawdown. As one of the best forex robots, it uses an innovative algorithm for real-time FX market analysis. Most importantly, you can receive alerts through screen messages, emails, or audio messages.

All trading signals from the system come with the entry price and the take-profit and stop-loss values. It is presented as user-friendly, thanks to the fact that traders designed it. While there is no magic, 1000pips Climber has strong historical results to prove its consistency in providing top-notch trading signals.

You can set up MetaTrader MT4 push notifications for the trading signals. There’s no need to act hurriedly because all signals are for pending orders.

New traders can start with the beginner’s guide, which comes as part of the purchase pack when buying the Forex System. The guide includes detailed instructions on how to use the system. Even so, you can contact customer support to get you through challenging areas.

Previous users have praised the easy installation and consistent results. Speaking of installation, 1000pips Climber comes with a one-time fee of $97. There’s no monthly renewal, and you can use the Forex System for as long as possible.

1000pips Climber has been optimized for six major forex pairs. The signals are clear, with green signaling up and red signaling down. In addition, you can use it for 15-minute, 1-hour, and 4-hour timeframes.

While ideal for short- and long-term trades, the forex system is also usable in trending and ranging markets. 1000pips Climber uses a Forex “Expert Advisor” on MetaTrader MT4. Hence, you’ll receive precise signal specifications through automatic detection.

You can trade on the go with your mobile device without losing a beat. 1000pip Climber sends signals through smartphones to guide your trading decisions. Notwithstanding, you must do your due diligence and exercise patience when using this forex system.

Sponsored ad. There is no guarantee that you will make money with this provider. Proceed at your own risk. 

4. Coinrule

Coinrule is an automated trading platform that provides users with an accessible and customizable approach to managing their cryptocurrency portfolios. Designed for both beginners and experienced traders, Coinrule offers a user-friendly interface that allows users to create and implement trading strategies without requiring coding knowledge.

The platform features a simple rule-based system that enables users to set up trading rules using a straightforward “if-then” logic. This empowers traders to create personalized strategies based on specific market conditions, indicators, and timeframes. Coinrule supports a variety of popular exchanges, including Binance, Kraken, and Coinbase Pro, giving users the flexibility to trade across different platforms.

One of the standout features of Coinrule is its extensive library of pre-built templates for various trading strategies. These templates can serve as a starting point for new traders or provide inspiration for more experienced users. Additionally, the platform offers real-time paper trading, allowing users to test their strategies in a simulated environment before deploying them in live markets.

Coinrule prioritizes security and privacy, using secure API connections to link user accounts with their chosen exchanges. The platform also provides educational resources and tutorials to help users refine their trading skills.

In summary, Coinrule offers a comprehensive and intuitive automated trading solution for cryptocurrency enthusiasts. Its customizable rules, pre-built templates, and focus on user education make it a valuable tool for those looking to optimize their trading strategies.

Sponsored ad. There is no guarantee that you will make money with this provider. Proceed at your own risk. 

5. Forex Fur

Forex Fury is another popular forex trading robot. The software has an accuracy rate of 93%, which you may verify independently through Myfxbook trading records. Over time, the software is constantly improving as the developers continue to update the algorithm,

The software comes with an installation guide to help you get started, and it works with any MetaTrader 4 or 5 brokerage. There are plenty of tutorials to help you learn the ins and outs of the software, too.

With this software, you may trade any forex pair, stock index, or cryptocurrency. That’s a major plus since many other forex robots only help you trade a subset of forex pairs. So, Forex Fury is an option not just for forex traders, but for a wide range of CFD traders. Notably, you may even use Forex Fury with an ECN trading account.

Forex Fury costs $229.99 for a lifetime membership. That price includes one license plus free updates and an unlimited number of demo accounts. If you ever need help, Forex Fury’s customer support team is always available by email and provides very detailed responses to questions.

Sponsored ad. There are no guarantees that you will make money with this forex signal provider

4. BitQT 

BitQT is a popular trading robot that boasts over 75,000 users and over £125,000,000 in total user profits.

This robot is available on desktop, tablet, and mobile, so you may choose the platform that suits you. One of the key things about this robot is that it comes with free lifetime support, so you’ll always be able to get assistance.

BitQT is simple to get started with and allows you to withdraw your money at any time. The initial deposit is just £250.

BitQT claims that its users typically profit a minimum of £1,100 daily when trading 20 minutes a day or less. The software has a claimed 99.4% accuracy.

Sponsored ad. There are no guarantees that you will make money with this forex signal provider

5. GPS Forex Robot 

If your main focus is that of the forex robot’s performance levels, then the GPS Forex Robot may be one to look at. This is because the provider in question claims to have a win rate of 98%. In simple terms, this means that out of every 100 trades, 98 will be successful and just 2 will return a loss.

According to the team at GPS, this translates into a monthly return of 30%, Although these claims are bold, the provider does offer a number of ways for you to independently verify the numbers.

In terms of the specifics, the robot is 100% automated. You simply need to download it and install the file into MT4. You are then advised to adjust the settings on MT4 to mirror that of the provider’s recommended parameters. When it comes to pricing, GPS Forex Robot charges a one-time fee of $149.

Sponsored ad. There are no guarantees that you will make money with this forex signal provider

6. Algo Signals 

Algo Signals is one of the few forex robot providers in the space that offers an in-house testing facility. That is to say, once you open an account and purchase the robot, you may use the Algo Signals website to test-drive the robot before risking your own capital.

This is beneficial for making tweaks to mirror that of your personal trading goals. Much like FX Master Bot, Algo Signals also gives you the option of both semi and fully-automated trading.

Once again, the former comes via real-time trading signals, so you get to decide whether or not you want to act on the suggestions. If you want to sit back and enjoy a fully automated service, Algo Signals will utilize one of its partnered brokers.

 Sponsored ad. There are no guarantees that you will make money with this forex signal provider

Forex Robots Fee Comparison

Now that you know more about the popular forex robots, let’s take a closer look at how they compare on pricing.

How do Forex Robots Work?

Attempting to get your head around how forex robots work can be challenging. In truth, there is no requirement to have an understanding of the underlying fundamentals, as most providers allow you to install the robot at the click of a button. But, you will be risking your hard-earned money – both in terms of purchasing the product and utilizing your forex broker trading capital

Thus, in the sections below we go through the process of how forex robots operate.

‘What-If’ Algorithm

First and foremost, it is important to note that automated forex trading robots do not have the capacity to ‘think’ like a human trader. Instead, the software is instructed to follow a strict set of trading conditions. This is typically based on a ‘what-if’ algorithm.

• The ‘what’ refers to the action that should be taken. This might be placing a buy order on GBP/USD at a stake of £100
• The ‘if’ is the condition that must be met in order for the robot to take the ‘what’ action. This might be GBP/USD breaking a key level of resistance at 1.2750

The underlying technology attached to a forex trading robot is highly advanced. The popular providers in the space will combine cutting-edge technologies like AI and machine learning with technical indicators.

MT4 and Forex Brokers

In order for your forex robot to place purchase and sell orders on your behalf, it needs access to a forex broker. Otherwise, it would not be able to trade with real-world money in real-world market conditions. Furthermore – and perhaps most importantly, the forex broker will need access to a third-party trading platform that supports automated trading.

At the forefront of this is MT4. Other platforms are also compatible with forex robots – such as MT5 and ZuluTrade. However, the vast bulk of forex robot providers will make their software compatible with MT4.

For those unaware, MT4 sits between you and your chosen forex broker. In its most basic form, you will place your buy and sell orders on the MT4 platform (desktop, mobile, or software-based), which will then forward your orders to the broker. Everything goes on behind the scenes, as MT4 will be directly linked to your brokerage account.

Trading

Once you have purchased a forex robot, you will then need to download the respective file to your desktop PC/laptop. Then, you will need to log into MT4 with your brokerage credentials and upload the file into your account. We explain how to do this later on in our guide.

Before your robot begins trading, you will need to set up some trading conditions. This refers to things like stakes, leverage, and stop-loss orders. Once you have done this, you will need to provide authorization confirming that you are happy for the forex robot to place trades on your behalf via MT4. This can be achieved by simply ticking a box.

Then, the forex robot will do its thing. This means that it will remain active in the markets until you decide to switch it off. You have the option to check the performance of your robot at any given time by loading up MT4.

Features of a Forex Robot 

As we have noted throughout our guide thus far, the most difficult part of the process is choosing a forex robot. Thus, we have gone through some of the features to look at while selecting a Forex robot.

Proven Win Rate

One metric that you need to evaluate is with respect to the forex robot’s win rate. Put simply, the win rate refers to the number of individual trades that return a profit, against those that return a loss. It goes without saying that the forex robot must generate more winning trades than losing ones.

In most cases, you will find that forex robot providers will advertise huge win rate percentages. In fact, this is often at least 80% – often pushing towards 95%. It is important to remember that there is a big difference between ‘claims’ and ‘reality’.

Level of Automation

In the vast majority of cases, the popular forex robots are 100% automated. That is to say, once you install the robot into MT4, the robot will place buy and sell orders on your behalf. This is the most popular option with UK traders, as it removes the need to sit at your computer manually entering positions.

With that being said, some traders prefer to have an element of control over the robot. In other words, some people do not feel comfortable allowing a piece of software to access their brokerage account and subsequently make trading decisions.

Strategy

There are hundreds of strategies utilized by seasoned forex traders – some more common than others. Examples include swing trading, day trading, and scalping. The key point here is that no two strategies are the same. As such, you need to have an understanding of how the forex trading robot targets positions.

Tradable Currencies

The forex trading arena is home to dozens of currency pairs. As you likely know, this consists of majors, minors, and exotics. In some cases, the forex robot in question might target all currency categories. If it does, the robot is likely to be active across all trading sessions.

In other cases, the forex robot might target a specific pair like GBP/USD or AUD/NZD. We actually like this, as the robot will have been built exclusively for a single pair. This means that the robot will have a key specialism in one set of pricing trends, as opposed to trying to be a Jack of All Trades.

Forex Robot Reviews

Sure, your chosen automated forex trading robot might have a huge win rate alongside a reasonable price tag. But, this isn’t to say that the automated forex trading robot will meet your expectations. As such, it is crucial that you do some homework on the provider before parting with your money.

One way to do this is to search the internet for forex robot reviews. In doing so, you can gauge the feedback of past and current users of the product.

Free vs Paid Forex Robots

As we discussed just a moment ago, you typically get what you pay for in the world of forex trading robots. As such, you might want to forget about utilizing the services of a free provider. Once again, you need to ask yourself why a team of developers would spend countless hours building a robot to simply give it away for free.

With that being said, there is something that you can do to test the reliability of a free forex robot without risking any money. Put simply, you may download the robot software for free, and then install it into MT4. But, instead of allowing the robot to trade via your real-money brokerage account, you may instruct it to operate with demo funds.

You have the option to then leave the bot running for a number of days or weeks to see how it performs. If it turns out that the free forex robot is worthless, it hasn’t cost you a penny. On the flip side, if the free forex robot actually returned a profit, you might consider deploying it with real funds.

How to Install a Forex Robot in MT4

So now that you know the ins and outs of how forex robots work, we are going to show you how to get set up today. By following the guidelines outlined below, you could have a forex robot trading on your behalf within minutes.

Step 1: Download the Forex Robot to Your Desktop Device

First and foremost, you will need to download your chosen forex robot to your desktop device. Most providers allow you to do this as soon as your payment has been processed. Make sure you save the file in a location that you will be able to easily access.

Step 2: Download MT4 and Log In

If you haven’t already downloaded MT4, you can do this directly from its website. Alternatively, your chosen broker will likely allow you to download the software from its platform.

Once MT4 has been installed, you will need to log in with your brokerage credentials. This is the same username and password that you use to access your forex broker account.

Step 3: Transfer Forex Robot File into MT4 Folder

You will need to import the forex robot file that you previously downloaded.

To do this, copy the file and then locate your MetaTrader 4 folder, Then you simply need to paste the file into the folder.

Step 4: Import Forex Robot File

Once you are logged into MT4, you need to click on ‘Navigator’, followed by ‘Expert Advisors’.

Upon clicking on the ‘+’ sign, you should see the file name for your forex robot. Drag the file into the chart area of MT4.

Step 5: Configure Settings and Authorize

A pop-up box will now appear on your screen. This gives you the opportunity to configure the robot’s settings. Once you are happy with the settings, you will need to tick the box authorizing that the forex robot can trade autonomously.

Conclusion

In the context of forex trading, robots have the capacity to trade on your behalf and can scan the currency markets on a 24/7 basis. This means that once the robot goes live, you can sit back and watch the technology do its thing.

Unfortunately, it really isn’t this simple. After all, the vast bulk of forex robots active in space make claims that they can never truly realize. As such, the most challenging part is finding a forex robot that is able to consistently generate a profit. This is why users should conduct an in-depth analysis and critically review their options before choosing their preferred Forex Robot. 

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