Best Forex Robot 2020 – Automate Your Forex Trading

If you’re looking to trade currencies online with the view of making a full-time income, but have little to no experience – it might be worth considering a forex robot. 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.

However, the forex robot space is dominated by rogue providers that promise unrealistic and unverifiable results. As such, you need to do some in-depth research before parting with your money.

In this guide, we point you in the right direction by discussing the best forex robots of 2020. Not only this, but we also give you some handy background information on how forex robots work, as well as walk you through the process of getting one set up with MT4.

The Top 5 Forex Robots in the UK

We review the UK’s best 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 top robots available in 2020.

  1. Learn 2 Trade – Best overall forex robot
  2. Odin Robot – Top fully-automated robot
  3. GPS Robot – Claimed 98% success rate
  4. FX Master Bot – Semi or fully auto trading
  5. Algo Signals – Demo forex robot provider

What is a Forex Robot?

Forex robotPut 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 buy 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.

The Best Forex Robots of 2020

As appealing as forex trading robots sound, most fail to achieve the hyperbole promises that they make. As a result, you need to dedicate some time researching your chosen provider before parting with your money. After all, you will need to pay a fee to get hold of a proven forex robot.

With this in mind, below we discuss some of the best forex robots currently offering their services in 2020.

1. Learn 2 Trade – Best All-Round UK Forex Robot 2020

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.

Many would argue that this is actually a good option for several reasons. First and foremost, it can be somewhat dangerous to give a forex trading robot access to your trading capital. Sure, it might return a run of good results initially. But, the robot can just as easily blow your entire bankroll in a matter of hours. One of the main reasons for this is that forex robots do not have the capacity to look at the fundamentals. For example, let’s say that a recent report notes that the UK economy is likely to shrink by 3% this year.

Learn 2 Trade forex signals

It is all-but-certain that this would result in GBP going on a downward spiral – at least in the short-term. However, the forex robot wouldn’t know this, as it focuses exclusively on the technicals. 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.

Learn 2 Trade telegram group

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. This is something that cannot be achieved with a fully-automated forex robot, as the technology operates independently.

Learn 2 Trade forex signals

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 to help you become a better trader. 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 can try Learn 2 Trade out without risking any money, as it offers a free signal service.

Premium Plan Subscription Effective Price Per Month
1 Month @ £25£25
3 Months @ £55£18.33
6 Months @ £85£14.16

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.

 

Pros:

  • 3 x free forex signals per week
  • The premium plan offers 3-5 forex signals per day
  • 30-day money-back guarantee
  • The underlying technology scans the forex markets 24/7
  • Receive signals in real-time via Telegram
  • Trade forex without needing to perform any research
  • Great reputation in the UK forex signal space

Cons:

  • You will need to act on the forex signal as soon as it arrives to ensure you do not miss the opportunity

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

 

2. Odin Forex Robot – Best Fully-Automated Forex Robot 

Odin forex robot

If you are looking to obtain a forex trading robot that offers a fully-automated end-to-end service, then you might want to try Odin Forex Robot. In a nutshell, once the robot has been configured with MT4, you don’t need to lift a finger. The robot comes with a range of features and benefits that ensures it stands out from the crowd.

For example, it utilizes a grid trading strategy that has the capacity to identify the most efficient entry and exit prices. To ensure you brokerage account remains safe, the robot comes with a real-time shield. This means that your chosen broker will not have the capacity to trade against you.

In terms of customization, you can set your own trading parameters surrounding stakes and leverage. The Odin Forex Robot monitors the markets 24/5 – so it’s super active. There are no minimum trade requirements to use the robot, and you can even test it out on your MT4 demo account. When it comes to pricing, you will pay just $129. This is a one-time fee, so once it is purchased for you do not need to pay for anything else.

Result-wise, Odin Forex Robot claims to have made over 17,000 pips in 4 of the 5 previous months. These results are huge, albeit, you are best advised to test it out with demo funds before linking it with your real-money brokerage account.

Pros:

  • Claims to have made gains of over 17,000 pips in 4 of the past 5 months
  • One-time payment of just $129
  • Trades over 20 currency pairs
  • 10% automated
  • No prior experience needed
  • Compatible with MT4

Cons:

  • Profit claims are somewhat unrealistic – be sure to test via a demo account first

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

 

3. GPS Forex Robot – Claimed Win Rate of 98% 

GPS forex robot

If your main focus is that of the forex robot’s performance levels, then look no further than GPS Forex Robot. 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. This is something that we would suggest doing to ensure that GPS Forex Robot is legitimate.

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.

Pros:

  • Claimed win rate of 98%
  • This translates into a monthly return on investment of 30%
  • 100% automated
  • Takes minutes to set up with MT4
  • Reasonable one-time fee of $149

Cons:

  • Super-huge claims seem almost too-good to be true

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

4. FX Master Bot – Choose From Automated or Semi-Automated Forex Robot 

FX Master Bot

FX Master Bot is an automated trading provider that was first launched in 2017. The robot will focus on 17 currency pairs across the majors and minors. Additionally, you also have the option of trading cryptocurrencies, if this is something you are interested in.

In terms of the specifics, FX Master Bot allows you to choose from a fully or semi-automated service. If opting for the former, there is nothing else to do once you make an initial deposit of at least $250. This is because the provider will place the respective buy and sell orders through its own brokerage account.

This means that you will benefit from commissions and spreads available only to professional clients. Alternatively, you also have the option of signing up for a semi-automated service.

In doing so, you get to review each trading signal before taking the plunge. If you want to act on what the forex trading robot finds, you can then enter the required buy or sell order directly with your own broker. Either way, there is no need to download or install any software.

Pros:

  • Choose from a fully or semi-automated forex robot service
  • A minimum deposit of just $250
  • 17 forex pairs covered
  • You also have the option of trading up to 5 cryptocurrencies

Cons:

  • Launched as recently as 2017

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

5. Algo Signals – $1,500 In-House Demo Account to Test Forex Robot 

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 can use the Algo Signals website to test-drive the robot before risking your own capital.

This is great 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 suggests. If you want to sit back and enjoy a fully-automated service, Algo Signals will utilize one of its partnered brokers.

Pros:

  • Fully-automated service with a licensed brokerage firm
  • Opt for trading signals to take full control over your trading capital
  • Good reputation in the forex robot space
  • In-house demo testing facility

Cons:

  • Somewhat opague on how the platform makes money

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

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 buying the product and utilizing your forex broker trading capital

As such, we think that you should at least have a firm understanding of the basics before taking the plunge.

‘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 best providers in the space will combine cutting-edge technologies like AI and machine learning with technical indicators. This is the secret sauce that allows the bot to operate in an autonomous manner.

MT4 and Forex Brokers

In order for your forex robot to place buy 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.

MT4 Forex Robot

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 on to the broker. Everything goes on behind the scenes, as MT4 will be directly linked to your brokerage account.

Crucially, this is why you need to choose a forex broker that offers full-support for MT4. You can read our guide on MT4 forex brokers here.

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. As a result, it is hoped that the software will generate profits throughout the trading day. You can check the performance of your robot at any given time by loading up MT4.

How to Pick the Best Forex Robot for You

As we have noted throughout our guide thus far, the most difficult part of the process is choosing a forex robot. How do you find the robot which gives you the best chance to get rich by trading forex? Not only do you need to ensure that the provider is legitimate, but you need to explore whether or not it mirrors your trading objectives.

This is why we think you should make the following considerations before buying a forex robot:

Proven Win Rate

Myfxbook forex robotsThe most important 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%. As great as this looks on paper, it is important to remember that there is a big difference between ‘claims’ and ‘reality’.

This is why you need to find a way to verify the authenticity of the advertised win rate. The most effective way of doing this is to check the provider on third-party platform Myfxbook. The platform in question allows forex robot providers to independently have their results verified. If Myfxbook hasn’t been utilized by the provider, you might want to avoid it.

Level of Automation

In the vast majority of cases, the best 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.

If this sounds like you, it might be worth considering a forex signal service. Learn 2 Trade, in particular, is a UK-based provider that sends out forex trading suggestions throughout the day. Once received, you can then decide whether or not you wish to act on the signal.

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.

For example, does it take a low-risk strategy that seeks to target ultra-small gains, or does it take more of a gung-ho approach for much larger margins?

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.

Price

When it comes to pricing, the biggest mistake you can make is trying to cut costs. That is to say, there is often a trade-off between pricing and quality.

Put it this way – if you spent years building a forex robot algorithm that was able to consistently outperform the market, would you give it away for less than it is worth? Or, would you prefer to get a fair price that mirrors the forex robot’s capabilities?

Crucially, you will often find that the best forex robots active in the space will charge a higher price for their services. At the other end of the spectrum, while you might be able to get a more cost-effective robot elsewhere, what good will it be if the software loses you money?

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.

The best 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. If you find that specific complaints keep coming up, you might want to re-think buying the robot.

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 can 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 can instruct it to operate with demo funds.

You can 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 now 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.

Download MT4

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.

Install forex robot into MT4

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.

Install forex robot into MT4

In our view, you are best advised to run the forex robot through a demo account before entrusting it with your trading capital. In doing so, you can be 100% sure that the robot is able to make you money.

Conclusion

In the context of forex trading, robots are potentially the best things since sliced bread. Not only do they have the capacity to trade on your behalf, but they 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 the 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. The good news for you is that we have done the hard work by separating the wheat from the chaff.

At the forefront of this is Learn 2 Trade – which gives you the best of both worlds. That is to say, the underlying algorithm is constantly looking for forex trading opportunities. When one arises, it will send you a signal in real-time. Then, you have the option of acting on the signal in a matter of seconds, as opposed to giving a robot access to your trading capital!

You can get started with Learn 2 Trade by clicking on the link below.

Learn 2 Trade – Best All-Round UK Forex Robot

 

Learn 2 Trade

 

There is no guarantee that you will make money with this provider.

FAQs

What is the difference between a forex robot and an EA?

Nothing! Automated forex trading robots and forex EAs (expert advisors) are two terms that are used interchangeably. They both allow you to trade without lifting a finger, as everything is facilitated by automated forex EA robot software.

How do you install a forex robot?

You will need to install your chosen forex into a third-party trading platform. The most popular option in this respect is MT4, albeit, some providers opt for MT5 and ZuluTrade. Then, you'll need to link MT4 with your chosen forex broker.

What is the difference between forex robots and forex signals?

The key difference is the level of automation that the product offers you. In the case of forex trading robots, the technology will not only perform research, but also place buy and sell positions on your behalf. On the other hand, forex signals only perform research, meaning that you will be required to manually act on the trading suggestion.

How do I know if a forex robot is legit?

The best way to assess the credibility of an automated forex trading robot is see if it has had its results verified by Myfxbook. Alternatively, you might want to run the forex robot through a demo account to see how it actually performs in live market conditions.

All trading carries risk. 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.
Kane Pepi

About Kane Pepi

Kane Pepi is a British researcher and writer that specializes in finance, financial crime, and blockchain technology. Now based in Malta, Kane writes for a number of platforms in the online domain. In particular, Kane is skilled at explaining complex financial subjects in a user-friendly manner. Academically, Kane holds a Bachelor’s Degree in Finance, a Master’s Degree in Financial Crime, and he is currently engaged in a Doctorate Degree researching the money laundering threats of the blockchain economy. Kane is also behind peer-reviewed publications - which includes an in-depth study into the relationship between money laundering and UK bookmakers. You will also find Kane’s material at websites such as MoneyCheck, the Motley Fool, InsideBitcoins, Blockonomi, Learnbonds, and the Malta Association of Compliance Officers.