You may think that robots are still a thing of the future, but did you know that there are forex robots available to use in this day and age?
Indeed, these are automated trading applications that aim to make forex trading more efficient. But, with many different pieces of software on the market, you may be asking yourself: what are the best forex robots available?
My guide will tell you everything you need to know about forex robots and expert advisors with some of the best ones you can buy.
Also consider: Best Forex Brokers UK
Discover the best forex robots and EAs for 2025
Find out more about the best forex robots and expert advisors in my list below.
Best forex robots and expert advisors (EAs) at a glance
Waka Waka is the #1 ranked Forex Expert Advisor, known for having the current world record of +6450% account growth and 59 consecutive months of profit, as of March 2023.
It was made public in June 2018 by one of the most famous MQL5 developers, Valeriia Mishchenko
Verified track records on live accounts for +4.5 years are publicly available on MyFxBook or MQL5 live signals.
Waka Waka is a powerful grid trading system, that was not designed to fit historical data into the system (like most Expert Advisors), but to exploit existing market inefficiencies
It is not a “hit and miss” system that survives on a grid. It uses market mechanics to its advantage in order to make profits.
Features of Waka Waka EA:
- Supported currency pairs are AUDCAD, NZDCAD, AUDNZD.
- Time frame recommended: M15
- 3 different risk profile settings
- Not sensitive to slippage and spread
- One Chart Setup: To trade all symbols, you only need one chart
- Live performance and solid back-test
Extras:
- 14-day free trials
- Telegram community group with +500 active members
- Easy-to-follow setup guide with images and videos
- Accurate profit calculator
- ForexVPS.net customized server with the EA installed and ready-to-go included for 6 months
- 30-day money-back guarantee
You can download and try Waka Waka for free for 14 days on the ValeryTrading website.
One great forex robot software on offer is the 1000pip Climber System.
Something to keep in mind about the 1000pip Climber System is that it’s a semi-automated forex trading robot.
This means that, while it will still provide precise trading signals that include everything from entries, stop-loss orders and profit margins for each trade, it will not execute trades for you.
Regardless, the system is easy to use whether you’re a novice or experienced trader, and is typically accurate.
When the 1000pip Climber System creates a trading signal, it will send it to your mobile on the Telegram messaging app, though you can pay extra to have the signals sent to your email or via SMS.
Or, if you would rather the trading signal notifications remained on the platform, you can always receive push notifications on the MetaTrader 4 (MT4) platform.
As for its prices, to obtain the 1000pip Climber System, you will be required to pay a one-off payment of $299.
However, one downside of the 1000pip Climber System is that it doesn’t have a free trial. This means that, if you wanted to try out the piece of software before you committed to buying it, you would not be able to do so with this forex robot.
EA Builder is another forex robot that has a relatively simple interface.
In fact, if you are a novice forex trader and are looking for a more beginner-friendly forex robot, then this may be the one for you.
Indeed, the robot offers free video tutorials that help forex traders develop their own indicators and strategies without any prior coding knowledge.
Though, it’s worth keeping in mind that EA Builder does not have any live customer support services.
Similar to the Coinrule forex robot, EA Builder has differing tiers of accounts that will suit different people.
For example, there is a free account that limits access to many of the trading platform’s features, or a paid plan that unlocks all features for only £13.99 a month.
This price is quite low compared to other similar monthly subscription forex robots.
Coinrule is another great option if you’re considering purchasing a forex robot.
Unlike the 1000pip Climber System, Coinrule is completely automated. This means that it won’t just analyse the forex market and send you trading signals, but it will also execute trades for you.
The software allows you to create your own automated rules for trading forex for the robot to follow, or you can choose from over 150 rules provided to you on purchase.
Coinrule is also relatively easy to use as it has an uncomplicated design. In fact, it could be well suited to beginners as well as advanced forex traders.
Aside from forex, Coinrule is also a crypto trading robot, so if you wanted to automate your crypto trading, this could be the software for you.
There are several different subscription tiers available when purchasing Coinrule. These range from a free starter account to a $449.99 monthly professional account, which will obviously be most suitable for professional traders.
However, the starter account is lacking in features, so you may want to look elsewhere if you’re looking for a free forex robot.
What are Expert Advisors (EAs)?
Expert Advisors (EAs) are software programs that run on the MetaTrader 4 (MT4) platform. They help monitor and trade financial markets using algorithms. EAs can identify opportunities based on the parameters you set, and either notify you or open a position automatically. Additionally, EAs can add close conditions to your trades, such as stops, trailing stops, and limits.
EAs are primarily used for forex trading, but they can be used to trade any market available on your MT4 platform. If you’re an IG customer for example, you can use an EA to trade forex, indices, and commodities on an enhanced MT4.
How do I know if a forex robot is right for me?
There is technically no “best forex robot”, as the right robot for you wholly depends on your experience levels and your reasons for investing in the first place.
For example, if you have lots of time on your hands and only wanted to be sent forex signals but still want to act on them yourself, then you may want to consider using a semi-automated trading software, such as the 1000pip Climber System.
Or, if you’re still a beginner, you may want to purchase a robot that offers lots of preloaded trading strategies, such as Coinrule.
Before purchasing a forex robot, you should first compare the features of each to decide which best suits your needs.
How do I install a forex robot?
When you have finally decided which forex robot you want to use and have opened a trading account, the next step is installing it.
First, you should download any files that the robot provider offers you. When these have been downloaded, you need to move them into the “Experts” folder found in the “MetaTrader4” file on your hard drive.
Next, you should see an “Expert Advisors” section under the “Navigator” panel in MetaTrader 4. You should click on the robot you wish to use and drag it onto one of the charts on your trading platform.
Then, you should be able to adjust the setting to fit your investing strategy.
What is a forex robot?
The first thing that likely comes to mind when you think of a forex robot is a bipedal automaton. While forex robots differ greatly from the type of robot you would see in a film, there are some slight similarities.
A forex robot is a term for algorithmic trading software that deals with currency trading on the foreign exchange, known as the “forex”.
Forex robots work by determining whether to buy or sell a currency pair, based on various pieces of information and technical analysis. They are usually completely automated and built into online forex broker trading platforms.
Regardless of how brilliant the human mind is, sometimes this is what holds us back from being successful traders. Psychological elements can result in us fostering biases or other things that are detrimental to our trading, such as panicking when prices move.
Also, a computer is far more suited to scanning through and comparing sets of numbers and data when compared to the human brain.
So, these forex robots take the human element out of trading to generate trading signals which can then be used to build an automated trading strategy.
If you weren’t using a robot, you would typically develop a trading strategy and then follow it manually. Though, when you use a forex robot, you instead develop an automated trading strategy, apply it to your robot, and watch it make the trades for you.
You may commonly see forex robots being referred to as “forex EAs”. These are the same things, except a forex robot is used right across the internet, while forex EA is the terminology used on the MT4 marketplace.
Just because they are commonly referred to as forex robots doesn’t mean they just trade currency pairs.
Indeed, some may support trading CFDs, while others may automate cryptocurrency trading.
How do forex robots work?
A forex robot is built using MQL (MetaQuotes Language) scripts.
This is essentially a coding language that allows you to develop scripts that take particular actions.
And, since most forex trading bots are built using MetaTrader 4, these scripts are developed on this trading platform.
Forex robots don’t just deal with automated trading. They can also analyse currency markets and price movements on the forex market, and make trades depending on the parameters you set.
Of course, there are varying levels of automation when it comes to forex robots. You could have them make trades for you without your input, or they could generate forex signals that inform you when the best time to make a trade is.
Besides purchasing a forex bot, you may also want to think about developing your own forex software.
You should keep in mind that this is fairly complex, though. If you do go ahead and develop your own forex robot, you should make sure to do adequate research beforehand.
What are the benefits of using a forex robot?
Forex trading can get quite complicated at times. Currency pairs are complex instruments, and the forex market can be unpredictable.
This is where a forex robot trading can be especially valuable. Robots typically make it easier to predict trends and price movements on the market by comparing data at speeds that put the human brain to shame.
Forex bots are able to choose advantageous trends that can potentially increase the chance of profit and reduce the risk of loss. Equally, they are likely to be more adept at identifying losing trades.
Also, as mentioned, humans tend to carry biases and are panicky, both of which hamper trading styles. Robots take all the human emotion out of trading and focus on data and figures, rather than hunches and guesswork.
And, as you can imagine, having a robot conduct trading for you is great if you don’t have as much time to trade yourself and monitor price movements.
Are there any risks associated with using a forex robot?
Even though forex trading robots automate trading for you, you shouldn’t wholly rely on them as they do carry risks.
While robots do tend to generate trading profits over the short term, their efficiency and performance tend to falter over the long term.
This is because they are automated and designed to follow particular trends, so a sudden price movement can cause profits to be completely undone in the short term.
Also, it’s essential that you watch for scammers when you’re looking to buy your forex robot.
As mentioned, you can purchase a forex robot over the internet, and this may be preferable to many people since it is quite complicated to develop your own.
Though, sometimes, a company can suddenly appear to sell a forex robot with a money-back guarantee. The company will then disappear soon after, making off with the money people have sent them in exchange for a forex robot.
You should also keep in mind that there is no “foolproof” forex robot that will generate guaranteed money for you without your input. After all, if there was, the developer probably wouldn’t release it to the public!
How much does a forex robot cost?
The cost of a forex robot wholly depends on the provider, though prices tend to vary greatly between the different robots.
For example, Forex Fury has a lifetime subscription fee of $229. Meanwhile, the 1000pip Climber System costs a single payment of $299.
As you can see, forex robots can get quite expensive, so you should ensure that you will use them enough to get value for your money.
Best Forex Robots FAQs
Do forex robots actually work?
Do forex robots actually work? Yes, forex robots such as Coinrule do actually work. They are intended to scan markets and analyse data surrounding multiple currency pairs to predict any potential trends.
You should keep in mind that they aren’t a guaranteed way to turn a profit.
What is the best automated trade robot?
The best automated trade robot all depends on your needs since they come with distinctive features.
For example, if you still wanted to retain some control over your money, you may want to consider a semi-automated robot such as the 1000pip Climber System. Or, if you wanted to outright purchase the software instead of having to pay a monthly subscription for paid forex robots, Forex Fury may better suit your needs.
Please note
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount of trading capital you invested. Past performance is not a reliable indicator of future performance. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances. Your capital is at risk.
CFDs are complex instruments, and more than half of retail investor accounts lose money when trading CFDs. Please make sure that you know these risks before you start trading and that you’re aware there’s a high risk of losing money rapidly on your investment.
Crypto assets are not regulated financial products so please be aware that trading them carries a considerable amount of risk for your capital. Cryptocurrencies are also not covered by existing consumer protection laws.
