As many of you know, the foreign currency markets are open for trading 24/5, which makes it very hard for a human to keep track of everything that’s going on there, especially at nighttime, not to mention making fast decisions when the opportunity presents itself. That’s when the Forex expert advisors come to aid. It’s the special software that can either suggest a trade or perform it on its own accord, thus automating the trading process.
However, with hundreds of EAs being available for purchase on the market today, it’s very easy to get confused or even scammed. That’s why we have selected the top 10 Forex robots that will lend you a helping hand in turning 2021 into the most profitable year of your trading career.
But when using any of the FX advisors listed below, remember to backtest your trading strategy and be very scrupulous when it comes to trading settings.
Forex Flex EA
Flex EA is one of the biggest names on the market of Forex Expert Advisors that has been tested and approved by many reputable foreign currency traders, and also voted the best MT4 EA for eight years straight.
It belongs to the class of mid-term EAs that works best in the trending markets. Speaking of markets, Flexa’s developers claim that their software for automated Forex trading works best when applied to the following pairs: EUR/USD, GBP/USD, GBP/CHF, AUD/USD, NZD/USD, USD/CAD, USD/CHF, and USD/JPY, basically, the most active markets with the largest daily trading volume. According to the provider, the result of backtest of EA with the 99% modeling quality in the GBP/USD market shows gains of 19,400% with the drawdown of 12.71%, which appears to be self-flattering. After carrying out our own backtesting of Flexa EA, we established that this particular trading software offers a yearly yield of 300% with a 12% drawdown, though by far, it has proven to be the top figures across the EA segment.
As most Forex EAs, Flexa is designed specifically for MetaTrader 4 and MetaTrader 5 platforms, offering up to 2 licenses for MT4 and MT5, priced from $330 to $445, which might be a bit steep for a fledgling Forex trader, but the test results clearly show that it’s likely to be money well spent, if the EA is being applied properly.
Apart from that, Flexa is tailor-made for novice traders since it has finely-tuned box settings that allow for trading on Forex from the get-go. And if you don’t want to spend hours tweaking settings - and feel okay with using pre-cooked strategies and trading conditions - Flex offers a plethora of optimized set files for traders to apply. Settings updating is also one of Flexa’s strong suits as it offers consistent updates to all users for free.
But the gist of this Forex EA is “virtual trades” technology that initiates virtual trades in the background with the purpose of determining the entry points with the highest success probability without risking the account balance. Once the point is established, the robot opens a trade and manages it until the profit target is reached. All in all, Flex is a versatile and efficient Forex Expert Advisor that works best with S/R levels, MAs, and momentum oscillators. The recommended brokers for this particular EA are Alpari, Exness, and FxPro.
- Pros: Versatile, highly-efficient, and easy-to-use.
- Cons: Highly priced packages, especially for novice Forex traders.
FX Fortnite EA
While some might confuse it with the popular battle royale online game, FX Fortnite is, in fact, one of the best Forex Expert Advisors around since, over the years, it has proven its efficiency in making profits for those Forex traders who prefer the MetaTrader 4 platform to MetaTrader 5 as this particular advisor is tooled for MT4. Limiting Fortnite to MT4, of course, takes away from the versatility of this Forex expert advisor, especially in comparison to Flex, but this drawdown is compensated by other features that distinguish this software from the competition.
- Firstly, unlike the Forex trading software reviewed above, Fortnite is designed to perform automated trades not only in the direction of a trend but also to perform hedge trading, which mitigates the risk of losses from adverse price movements of a foreign currency. The efficiency of a trend-following strategy is evaluated by employing the lookback straddle method. In addition, Fortnite offers an array of settings that provide means for fine-tuning the EA for high, middle, and low-risk trading styles, which makes FX Fortnite suitable for both conservative and aggressive Forex traders.
- Secondly, Fortnite appears to be best suited for swing trading and day trading as it has proven to showcase the best results (largest yield against smallest drawdowns) on the hourly timeframe. The developers say that this expert advisor for MT4 is most efficient on the EUR/CHF market, but our own research has shown that Fortnite provides for decent yields in other highly active Forex markets, such as EUR/USD. The FX Fortnite strategy test report reveals that when trading on the EUR/CHF market with high-risk settings and the initial deposit of $1000, traders can expect a win rate of 77.62%, with 21.74% losses, and an absolute drawdown of 30%. Our own backtesting showed the yields of 135% per annum with a similar drawdown. It’s important to note that Fortnite strives in highly volatile markets. The allowed lot size is no less than 1000 units per 0.1 of a standard lot ($10 on a cent). The recommended leverage ratio here is 1:100.
In our opinion, Fortnite would be best suited for Forex traders who are only starting out or those who specialize in the abovementioned markets. Another thing that would make Fortnite appealing to novice traders is its package price. There are three packages available: Bronze ($149 for a lifetime license and 1 real account), Gold ($199 - 2 accounts), and Platinum ($249 - 3 accounts). All packages come with free upgrades and around-the-clock support. We recommend using FXTM, FIBO Group, and Admiral Markets as brokers with this particular EA.
- Pros: With FX Fortnite, traders get one of the best Forex EAs at a very reasonable price.
- Cons: Works only on MT4; effective only in a limited number of markets.
FX Classic Trader
The third on our list of the best Forex Expert Advisors for 2021 is FX Classic Trader, another software that is compatible only with MetaTrader 4, which perhaps makes it more fine-tuned and effective on that platform, but also imposes certain limitations. The essence of this expert advisor is that it has an in-build proprietary algorithm that thrives when the price is swinging between the levels of support and resistance. The availability of unique indicators upon which the EA’s trading logic is based also speaks in favor of this robot for Forex. It appears that the team has put a lot of effort into building this EA on the foundation of unique solutions that revolve around the reverse Martingale trading methodology.
As claimed, the trader management system here is capable of cutting losses at the early stages of trend reversal and maximizing profits by holding onto the winning trades. This EA is compliant with the NFA Compliance Rule 2-43b, also known as FIFO rule, which prohibits hedging and limits the scope of application of Classic Trader only to trending market conditions. After spending days backtesting different Forex trading strategies with Classic Trader, and also doing a lot of live trading with this EA, we can confirm that it works best in the EUR/GBP market on the 30-minute timeframe, showcasing the yearly yield of 335%, with the maximum drawdown of 15.73%, which is one of the lowest among the best Forex robots under review.
According to developers’ own estimates, the EA yields a total return of 300% in the EUR/GBP market throughout 271 days, with a profit factor of 1.99 and 67% winning trades. The minimum deposit here is $200, making it a great option for new, as well as cautious, Forex traders, with the offered leverage ratio of 50:1. FX Classic Trader comes in three packages: Basic ($109 per lifetime license that provides for 1 real account and free upgrades), Business ($129 - 2 accounts), and Premium ($149 and 3 real accounts). In our opinion, the most suitable Forex brokers for this EA are Libertex, HotForex, OctaFX, and FXCM.
- Pros: Affordable price; proven efficiency; proprietary algorithm and indicators.
- Cons: Effective on a limited number of markets; no hedge trading.
FX Charger deserves the place on our list of the best Forex robots for 2021 for having a number of interesting trading solutions, and also the fact that unlike the previous two EAs, it’s actually compatible with both MT4 and MT5. It’s a mid-term expert advisor for Forex that follows the trend.
This EA appears to be well suited for day and swing trading styles as its algorithm is designed in a way that the robot tries to close a given trade within a day - 4 days tops, so with FX Charger, traders won’t have to worry about trades running for days without bearing any fruits.
What’s appealing about FX Charger is that it incorporates the smart take-profit technology that always tries to pick the most opportune moment to close a trade at a profit. Another thing that we fancy about FX Charger is its automated stop-loss system that could be indispensable when protecting the deposit against the potential drawdown. The trader can set the specific amount that he can afford to lose on any given trade, which is a splendid solution in itself since many Forex traders struggle with stop-losses or even ignore them at times, which could potentially lead to the decimation of the deposit. What we also like about this stop-loss technology is the fact that it remains active during Internet outages or even when the trading platform is switched off. The EA will open trades on a daily basis and calculate the take-profit area for each trade individually.
There are two types of Forex robots offered by FX Charger. The first one is called Basic - it’s priced at $385 and provides for 1 lifetime license, tons of basic settings that allow you to get engaged in trading immediately after the installation. The EA obtained with this plan is designed strictly for the EUR/USD market. The results of backtesting of the Forex EA that comes with this package are slightly underwhelming: 60% win rate after 564 trades, while it costs significantly more than Classic Trader and Fortnite.
The second package is called the FX Charger Max, and it’s sold at a steep price of $495. It also provides for 1 lifetime license per account, which is again less than that offered by the competitors. Apart from the features included in the Basic package, Max comes with more advanced settings for professional traders and can be applied to a wider range of Forex markets, namely EUR/USD, AUD/USD, and EUR/GBP. The results of a backtest in the EUR/USD pair with the modeling quality of 90% are the following: 62.6% total win rate with 37.4% losses, with the maximal drawdown of 30.5%.
Our own tests, however, show the yearly yields at 77%, while the drawdown amounts to 35%. The minimum deposit here is $1000, whereas the available leverage ratio stands at 1:100. We advise using this Forex expert advisor when trading with such brokers as FXCM, Admiral Markets, Exness, and FxPro.
- Pros: The availability of unique take-profit and stop-loss systems.
- Cons: High price; limited number of markets with Basic package; only slightly higher than average win ratio for such a pricey EA.
Forex Truck is the new kid on the block as it was released by the eponymous Forex software development company only a few months ago. Despite its young age and certain limitations, Forex Truck has already established a foothold among the best Forex robots that promise high yields with relatively small drawdowns.
The first positive characteristic of Forex Truck is that it’s fully compatible with both MetaTrader 4 and MetaTrader 5, which is something that a contemporary Forex trader should be expecting from such software. The expert advisor works in the following way: its primary algorithm, called the First Block, is constantly monitoring the market, looking for an opportune moment for trade initiation. By the way, as of now, Forex Truck performs only in one market: USD/CAD, but we are sure that this list will expand in the near future. Once the position is open, the algo manages the trades and tries to close each one at a profit. If the trend experiences a sharp reversal (Forex Truck is the trend-following EA), the robot tries to close the position even at a minuscule profit. But if the market drives down hard, so that the robot fails to close the trade without a loss, the Second block comes into play and tries to remedy the situation and draw profits from opening additional orders with the gradually increasing lot size, which is reminiscent of a strategy when a Forex trader tries to average down when the market goes in the wrong direction.
And even though it’s considered by many as a risky approach to managing losing trades, numerous backtests and periods of real trading with Forex Truck demonstrate that this expert advisor is actually capable of generating substantial profits when trading both aggressively and judiciously. The percentage of winning trades in the USD/CAD market with normal settings amount to 61%, with the maximal drawdown of 23.4% - significantly less than that of FX Charger. The aggressive trading with Forex Truck has proven to be slightly more profitable as it resulted in a win ratio of 61%. This expert advisor for foreign currency trading has performed well during our tests too, as it produced the yearly yield of 246% with a drawdown being as little as 10.7%.
Forex Truck offers only one account type for $277 that comes with 1 lifetime license and unlimited changes of account number. After purchasing the package, a trader would have to make the initial deposit of no less than $2000, and then trade with 1:100 leverage if he so desires.
- Pros: New Forex robot with good development potential, relatively small drawdown, affordable price.
- Cons: Only one tradable market, high initial deposit.
As the name suggests, Alpha Scalper is designed to serve the needs of those who prefer the in-and-out trading style that is usually practiced on 1M and 5M timeframes and involved tight stop-losses with high win-to-loss ratios in order to profits to cover the fee and the spread.
Alpha Scalper is not a Forex trading robot per se, but rather an in-built short-term indicator that provides timely trading signals with regard to where to make an entry with a suggested stop-loss level and then indicates the most appropriate spot for profit-taking. All that is done with just a couple of arrows that appear on the chart at the opportune moment and a suggested stop-loss line. Basically, it’s so simple, even a child could trade Forex with profit thanks to this solution. But Alpha Scapler generates signals even if the trader isn’t monitoring the market - once the favorable setup is there, the EA will notify him via a pop-up alert, an email, and even a push notification, which is very convenient for those who don’t spend all day at their trading desks. This Forex EA/indicator was developed by Karl Dittman, a prominent trader and the creator of other expert advisors for Forex, such as Forex Resolut and Onyx Scapler.
After running some tests, we’ve concluded that Alpha Scalper is most efficient on the following three markets: EUR/USD, GBP/USD, and GBP/JPY, when trading on the smallest timeframes. What’s also great about this EA is that it never repaints the signals (something that similar EAs are doing constantly); it’s good at detecting the trend and assessing its strength; the indicator can be adapted to many trading styles from very aggressive to conservative.
The aggressive mode implies that trading signals emerge very often, though their reliability leaves much to be desired. There is also a moderate mode, which still offers a high signal frequency, but is far less sensitive in terms of trend detection. Finally, there is a conservative trading mode for those who like to trade on Forex on the safe side without overtrading even on such small timeframes.
Alpha Scalper indeed demonstrates good results on 1M and 5M charts, though its yearly yield hardly surpasses 50%, while the drawdown amounts to 31.6%, according to our tests. The scalping package is sold at a price of $395, though traders can often get it at a discounted price of $147 that provides for a single lifetime account and free updates. The minimum deposit is $100; the offered leverage ratio is 1:50. FIBO Group, FP Markets, Moneta Markets, and XM are the best brokers to use with this Forex expert advisor.
- Pros: Great for scalping; low initial deposit; good variety of markets.
- Cons: Full price is relatively high; average annual yield.
FX Trade Manager
Forex Trade Manager is the trend-based FX expert advisor that is tailored for swing trading and day trading. It was introduced in 2016 by MetaQuotes (the one that developed MetaTrader 4 & 5) and, over the years, established itself among the best Forex EAs on the market. RIght off the bat, we’ll say that Trade Manager isn’t the most profitable Forex robot, but it’s certainly among the most feature-packed ones. It offers a wide array of trade and money management tools, a very precise risk/reward calculator, a tool that quickly determines and points out the exact stop-loss and take-profit levels, and a single panel to manage all trades on the go. The newly updated edition of the expert advisor contains the trailing stop-loss and the break-even functions, which aren’’t available in most other EAs. Other features that come with this advisor include the 1-click stop-loss, multiple trailing stop-losses, and the 3-step profit-taking function.
Forex Trade Manager is available for both MetaTrader 4 and MetaTrader 5, which, given its vast array of features, makes this robot arguably the most versatile and feature-rich among those present on the Forex software market today. This trend-following advisor performs best in the following markets: AUD/USD, USD/JPY, and GBP/USD. For best results, we recommend applying this Forex robot to the 30-minute chart in any of the mentioned markets.
However, the results from backtesting several Forex strategies turned out to be mixed. While the FX Trade Manager showcases a very respectable yearly profit of 65.4%, the potential drawdown is also quite significant as it amounts to 44.1%. But then again, a lot depends on the chosen strategy and trader’s ability to pick the right settings and monitor the trades.
The minimum deposit here is one of the smallest among other expert advisors under review ($100), making it a great choice for rookie traders who want to get their hands on a powerful FX robot but aren’t willing to pay the top buck. This EA works well with the leverage ratio of 1:50. FxPro, Exness, OctaFX, and Admiral Markets should be your go-to brokers when trading with the FX Trade Manager.
- Pros: Affordable; vast variety of trading instruments and accompanying features; available on both MT4 and 5.
- Cons: Average choice of markets; relatively big drawdown on the yearly scale.
XFXea is another anti-Martingale Forex expert advisor that promises to deliver significant profits at negligible losses. It is suited for the latest versions of MT4 and MT5 and comes with a lifetime license and free updates, all for the price of $260. This expert advisor is suited only for two markets: EUR/USD and AUD/USD, being most effective on a 30-minute timeframe.
The developers claim to have incorporated unique algorithms for the lot and risk/reward calculations and transaction management, though they didn’t provide any specifics with regard to these trading solutions, especially the one that involves the recovery after a losing trade. Forex Truck, for instance, admits that the EA tries to average down when the market goes the other way, which is a comprehensible approach, whereas XFXea only implies that its algorithm is unique in some way. This doesn’t imply that XFXea is ineffective. On the contrary, it has probably the lowest annual drawdown among its peers, which barely exceeds 15%. But we would like to see a bit more transparency from the developers. The only thing that they had disclosed is that the EA evaluates certain bar patterns with regard to the price range and picks the best spot for opening a trade.
What’s great about XFXea, though, is the fact that its trading stats are checked and verified by Myfxbook, a great automated analytical tool for Forex trading. According to its estimate of trading efficiency in the AUD/USD market, the expert advisor is capable of generating a profit of 2041%, with a drawdown of 40%, which isn’t bad but far from being impressive. Our own data suggests that with XFXae, traders can count on an annual profit of around 180%, which is substantially lower than that of its competitors.
The package comes with 1 lifetime license, a manual, and free software updates. The minimum deposit is $500; the offered leverage ratio is 1:500, one of the largest among other EAs included in this list. The recommended brokers are Vantage FX, ForexTB, ROInvesting, and Grand Capital.
- Pros: Low drawdown; suitable for MT4 & 5; verified trading stats.
- Cons: Average annual yield.
Don’t let the silly name fool you - Forex Gump is without a doubt one of the best Forex expert advisors around. It took a little over two years for the team to prove that Forex Gump deserves the place among the most profitable EAs for foreign currency trading, thanks to the massive reported annual yield of 2200%, with a drawdown of just 11.4%, which is certainly very impressive.
- This fine Forex trading robot is designed for daily trading and scalping as it has proven to thrive on the 1-minute timeframe. Unlike most of its peers present on this list, Forex Gump has proven its effectiveness across not one or two but nine markets: EUR/USD, AUD/USD, EUR/CHF, EUR/GBP, EUR/JPY, GBP/USD, USD/CAD, USD/CHF, and USD/JPY. This expert advisor can be adjusted through three different types of settings: low, middle, and high risk. The software remains functional even if the trading platform goes offline or crashes.
The tests that had been conducted across all available markets show that the percentage of winning trades initiated by Forex Gump never falls below 70%, with USD/CAD having the highest win rate of 75%. At the same time, the percentage of losing trades always stays below 30%, with AUD/USD being the most “losing” market, though it has only 1% more losers than the other available markets. Forex Gump is affordable too, as it’s priced at only $199. However, the minimal deposit is the highest of all - $4000, though it’s possible to deposit only $40 and trade on a micro-account. FP Markets, XM, NordFX, T1Markets, and HFTTrading are the brokers that suit this Forex expert advisor the most.
- Pros: Highly profitable; wide range of currencies; low drawdown.
- Cons: Very high first deposit.
Last, but certainly not least, is Happy Frequency, arguably the best all-around mid-term Forex robots on the contemporary market. Perhaps the only drawdown here is that Happy Frequency is available only for the MetaTrader 4 platform. None of the above expert advisors offer such a great variety of trading types - Happy Frequency can easily engage in the trend, grid, and hedge trading, using the semi-Martingale system. Also, the EA has a news filter, which allows for trades based on fundamental factors.
Similar to Forex Gump, Happy Frequency offers great results while trading in nine currency pairs: USD/CAD, EUR/USD, EUR/GBP, EUR/JPY, EUR/CHF, GBP/USD, USD/CHF, and USD/JPY. It’s recommended to use this expert advisor on 5-minute charts. Please note that the software has to run around the clock, so it’s recommended to use VPS. The offered leverage ratio, though, doesn’t exceed 1:100. The robot utilizes the proprietary package of indicators called Happy INDIcators PRO that can be purchased separately or obtained with the package that cost $299 during the special offer periods, or if you buy the full pack for $612 that contains 10 Forex EAs and grants as many as 5 lifetime licenses.
Happy Frequency has a proven yearly yield of 1163%, according to our tests, and 1316% over the period of 529 days as claimed by the provider. The annual drawdown showcased by this EA is only 11.3%. We recommend going with LegaceFX, FP Markets, XM, and Moneta Markets as your brokers when trading on Forex with Happy Frequency.
- Pros: Very high profits with small drawdown; large number of pairs; reasonable price.
- Cons: Works only on MT4; the software has to run 24/7.
Author: Alex Paulson for Forex-Ratings.com