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Compare the best forex robots for auto-trading

Wondering if automation can boost your investment profits? This guide compares the best automated forex traders and helps you find the right forex robot.

Harry Atkins

Best forex robots in 2023

1000pip Climber System – best robot for trading forex overall and best for automated trading
The News Spy – best forex robot based on advanced AI technology
Immediate Edge – best automated system for live forex trading
3Commas – best forex robot for beginners
Cryptohopper– best forex robot for trading cryptocurrency

Where can I find the best forex robots?

We’ve carefully selected and reviewed a list of the best forex trading bots available on the market. Scan the different parameters and choose the one that fits your forex trading needs. If you’re not sure how to choose the best bot for you, read on.

Top forex robots

1. 1000pip Climber System: best forex robot and best for finding winning trades

Subscription fee: $299

1000pip Climber System is a simple forex robot that uses a state of the art trading algorithm to analyse the forex market and find trading opportunities. As soon as it does, you receive an alert packed with information that you can use to place a trade.

The $299 subscription fee is a lifetime cost of membership, so there are no recurring annual or monthly fees, as there are with other providers. As soon as you sign up, you gain access to the system and can get push notifications to your MetaTrader4 platform, where you can then place the trade instantly.

While the initial subscription fee is high, if you plan to use it over a long period of time then it is relatively inexpensive compared to other automated forex trading platforms. 1000pip Climber System also often offers discounts so you can subscribe for significantly less if you’re prepared to wait.

Pros

No recurring monthly fees
Set up push notifications to get instant alerts
Can completely automate the process

Cons

Initial $299 subscription fee is high

2. The News Spy – best forex robot for beginners

Subscription fee: $250 minimum deposit

The News Spy is an automated forex trading robot that uses advanced technology to find and make trades on your behalf. Its AI algorithm searches the forex market for trade opportunities and then places trades with a broker when they match your set of criteria.

It’s very easy to sign up with The News Spy and you won’t find any hidden charges or fees. You also only need to pay the $250 minimum deposit to access the trading system, there are no ongoing or recurring fees that you might find with other trading platforms.

The News Spy uses regulated forex brokers to place trades for you. This offers a layer of extra protection, as it means your money is stored on secure platforms and you don’t need to put any money into The News Spy itself.

Pros

One-off minimum deposit, no recurring fees
Works with all financial assets, including forex
Many different ways to deposit money

Cons

Not available in all countries

3. Immediate Edge – best automated system for live forex trading

Subscription fees: $250 minimum deposit

Immediate Edge is another forex trading system that uses AI technology to identify trading opportunities. As soon as you make the minimum deposit you can set up your own trading robot, with a set of criteria so it trades exactly how you like.

While it was originally designed for cryptocurrency, Immediate Edge’s automated technology works with any financial asset. You can adjust the settings to pick out forex trading opportunities from your favourite currency pairs.

There are no ongoing or recurring fees with Immediate Edge. There’s also a free demo account, so you can test the system before you start trading for real.

Pros

No recurring fees
Works with all financial assets
Uses advanced technology to find trades

Cons

High minimum deposit to get started

4. 3Commas – best forex robot for scalping

Subscription fee: $29-$99 per month

3Commas is a simple forex trading robot that offers a basic package to help beginners get started. From just $29 per month you can access its unlimited scalper terminal and make unlimited trades.

The more advanced packages offer more customisation options, so you can set up bots that use different trading strategies simultaneously. That way you can use the bot to trade futures and spot pairs as well.

3Commas also offers a free demo account so you can test the platform before subscribing. This gives you the chance to try out one bot and trading strategy and place one auto trade.

Pros

Free demo account
Different packages to match your level of experience
No commissions and no hidden fees

Cons

Better for traders with high trading volumes

5. Cryptohopper – best forex robot for trading cryptocurrency

Subscription fees: Free – $83.25 per month

Cryptohopper is an automated forex trading bot that offers a huge range of customisation options. You can set up a trading robot that acts exactly as you want it to, trading according to lots of different strategies.

There are four different packages available, ranging from a basic, free starter pack to a Pro version that costs the best part of $85 per month. The ‘Explorer’ package is best for most users, as it offers the option to open 80 positions at once and, as well as access to advanced indicators and portfolio management.

Cryptohopper is generally designed to work with cryptocurrencies, but it can be used to practice strategies and use indicators to trade forex as well.

Pros

Free starter pack is great for beginners
Much more adaptable than most robot platforms
High volume traders can use the robot

Cons

Mainly designed for crypto

What is automated forex trading?

Automated forex trading (or auto-trading) refers to a trading system that uses technical analysis, indicators, and custom rules to determine the best time to buy or sell a currency pair in order to optimise profits. Forex robots use a computer program to make decisions about what to trade based on algorithms that factor in market rates, recent news and price analysis.

What are auto-trading robots?

Forex robots are computer programs that can assist traders by carrying out their trades in an automated manner. They are essentially, human written scripts that follow a set of rules. A forex trading robot monitors the markets round the clock and performs technical analysis based on their algorithms.

A forex bot carries out trading decisions on behalf of traders by finding currency pairs, deciding the best entry and exit points in the market, and keeping your losses to an absolute minimum.

Forex trading bots are not the same as forex signals providers, which are pro-traders offering their alerts for a fee.

How do forex robots work?

A forex robot works by following a set of custom rules to execute trades on your behalf automatically, via your forex broker account. Using a combination of mathematical and programmable skills, a robot is built with the primary purpose of carrying out your trades. To do this, they use an array of technical indicators and continuously scan the market in order to detect trading signals and act on them. They perform market analysis and make trades without emotion.

They can also support the trading strategies of more experienced traders. Users can access commonly available technical indicators to build rules for automated forex traders to follow. For example, a user could input the condition for a long position trade to be executed when the 50-day average for the currency pairs exceeds the 100-day average on a 20 minute chart period. By inputting such conditions, the trade is automatically carried out, without the need for the trader to input it manually.

Every robot for trading forex allows you to set your own custom indicators. As soon as a trade order is executed, any protective mechanisms (stop loss or trailing orders) that is subsequently triggered will be executed in accordance with your instructions.

How to choose the best automated trading software

If you’re a beginner, choosing suitable autotrading software that meets your requirements can be tricky. We’ve compiled a list of factors that should assist you in selecting a robot that suits all your needs.

Back testing – Good robots allow you to back test your present trading idea or strategy against historical data. Back testing allows traders to create an optimum strategy and increases the likelihood of success.
Live trade Results – It’s common for service providers to display the winning ratio for robots using simulated results rather than live results. It is a manipulative practice that showcases the robot’s winning outcomes at a much higher rate. Try to ensure you evaluate a robot’s live trading results rather than stimulated results.
Fees and cost – Analyse and study the fee structure of several auto trading forex robots before you sign up. Some robots offer a monthly subscription for a period of 1 month, 3 months, 6 months and so one. Other robots require you to pay a one-time subscription payment. You’ll also find that robots have differing minimum investment amounts.
Drawdown – Each trader operates in their own style with varying percentages of drawdown. This can range from 25% to more than 50%. Check if the drawdown offered by the trading robot meets your specific needs.
Multiple payment methods – Most automated forex traders offer common payment methods, including wire transfer, credit card and PayPal. In addition to the traditional methods, many software providers have also started offering bitcoin and other cryptocurrencies as payment options.
Deposit and withdrawal limits – Deposit limits may vary between service providers. Robots require you to fund your account with a minimum investment, which can be as low as $100, for Big Breakout FX robot, and as high as $250, for BinBot FX robot.
Good reputation – Before picking your software, take a close look at any online testimonials you can find and verify that customers are completely satisfied. We also offer genuine reviews that should help you to make a well-informed decision.
Security – The software program will be installed on your computer or laptop hard drive. It will be privy to your private financial history and personal information. You need to check if the service provider is offering encryption and keeps your trading history hidden.
Design and ease of use – The user-interface should be fairly simple and easy to navigate. Sign up for a demo account on the software platform and get acquainted with the program before you start trading with real money.

Quick answers to key questions

Are trading robots legit? Will they make me money?

Yes, many popular robots are entirely legitimate and designed to maximise trading potential. However, as with almost any market, scams are not uncommon, so a sensible degree of caution is advisable when finding the software for you.

Unlike humans, robots can monitor markets 24/7 and are devoid of any emotional or psychological factors. They can also process data at a much higher speed. These advantages can give forex auto trading robots an edge.

Of course, utilising a robot doesn’t necessarily mean forgoing all human input. Traders can set their own custom indicators and work alongside the robot. While trading robots offer better analysis and add efficiency to your trading, they don’t come with a guarantee of profits. Ultimately, that remains your responsibility.

Are automated forex traders safe and secure?

Yes, most of the autotrading robots use industry-grade security practices to avoid getting hacked. When trading with robots, a user is vulnerable to displaying their personal information, financial history, investment strategies, and credit or debit card numbers, so caution is definitely advised.

Trustworthy robots offer encryption for user’s passwords and facilitate high-grade security by hiding trading activity from brokers and hackers. At the same time, cyber-attack techniques have grown sophisticated in the last few years. Here are a few key precautions that should help to keep you safe:

Avoid using robots on a public network or public computer.
Install a good antivirus software program on your computer.
Keep your systems and browsers up-to-date with the latest firewalls.
If you’re using a mobile app make sure you have additional security protocols like 2FA in place.

Will I also need an online broker account?

Yes, you need a trading account that is both live and funded in order to start auto trading forex. Forex robots usually require you to have an account with a CFD broker, because it works by sending automated signals about when to start trading CFDs. The best forex trading bots might include a broker as part of their platform, or you may have to set up your own account.

What are the advantages of using automated forex traders?

Before you decide whether to use a robot for forex trading, here are some of the reasons why signing up for one might be for you:

Eliminate emotions – One of the primary advantages of using an automatic forex trader is that it can help to keep emotions in check. Auto trading software automatically carries out trades according to a set of specified instructions. It isn’t influenced by emotions like fatigue or stress.
Accessibility – For a beginner, the forex market can seem complex. Forex trading robots offer a route in that’s simple to understand and easy to follow for new user. This is particularly useful as a way to learn more about the forex market and how it works.
Backtesting – Robots provide you with the tools to backtest a trading strategy or an idea. By backtesting an idea based on historical data, a trader can fine-tune their strategy.
Discipline – Every successful trader knows the value of discipline and forex markets are especially volatile so maintaining a controlled approach is imperative. Forex robot trading enables you to set the ground rules and stick to them.
Entry speed – The volatility of forex markets means that it’s possible to make a huge loss very quickly. An automatic forex trader can react much faster than a human. It can place trades with enhanced speed and enter and exit a trade with precise timing.

What are the risks of automated forex trading?

There are always risks to financial trading. Here are some of the potential pitfalls of using a robot for forex trading.

Technological discrepancies. Forex robot software programs need a continuous internet connection to function effectively. A lost internet connection can result in negative outcomes, including mis-sent trade orders, the placing of hypothetical trade orders, etc.
Monitoring requirements. Although they conduct automatic forex trading, a certain level of human intervention and monitoring is required. This helps to identify and prevent any mechanical faults, or simple mistakes that can arise from using forex trading bots
Over-optimisation. Over-optimisation of trades can result in negative results. Even automated forex traders that offer tools like backtesting don’t guarantee success. Live trade results can turn out to be very different to trade outcomes displayed while backtesting.

Should I use a forex robot?

It’s up to you to weigh up the benefits of forex trading robots. There’s no doubt that a good automatic forex trader has the potential to seriously upgrade your trading capabilities, but It’s important to keep in mind that robots don’t guarantee profits. While forex robots can clearly add speed, accuracy and discipline to your trading, you should regard them as tools to be deployed intelligently rather than fix-all solutions.

Methodology: How we chose the best forex robots

Our ranking of the best forex trading robots was put together by a team of expert forex traders, with vast experience of and within the industry. Each expert signed up to a variety of automated trading services and tried out the free or low cost packages that are designed to target the average casual trader.

They assessed how easy it was to sign up and how seamless it was to connect the robot to your broker service. They also rated the robot in terms of value for money. Once they had done all this, they provided a final ranking of their favourite robot platforms.

We compiled all their results into one master list of the best forex robots. None of the platforms referenced had any influence over their final ranking, but we may earn a small commission if you sign up via any of the links on this page.

FAQs

Will I make money with a robot?

This is completely dependent on your trading ability. If you are an experienced trader, forex robot trading software can be a useful tool to sharpen your skills. Equally, if you’re just starting out, a robot can provide a platform to help you improve your trading skills. But do keep in mind that robots don’t guarantee profits.

Are there robots for other investments too?

Yes, similar tools have also been developed for other forms of trading. For instance, cryptocurrency traders can also find crypto trading robots that enable automation in the crypto market.

Are automated forex traders easy to use?

Yes, most of the forex trading bots are pretty simple to use. You should be able to check out the user-interface by signing up for a demo account on a platform that interests you.

Are robots easy to install?

Forex trading robots are a computer program that can be installed in a few simple steps. Usually, download > install > connect to your broker account.

Can I use robots on my phone or desktop?

You can install forex robot trading software on your desktop. In some cases you can use on your mobile device; but this is very much a desktop application.

Are forex robots backtested?

It depends on the service provider you choose. The best forex trading bots should offer backtesting so you can test the platform, and forex traders often use backtesting to see if a platform is likely to be successful. But note that even good backtesting results doesn’t always translate into a profitable strategy.

Are using online trading robots legal?

Yes, it is completely legal to trade FX using online forex trading robots in the UK. However, regulations pertaining to forex and robots may vary in other countries.

Will my automatic forex trader place trades anonymously for me?

Most of the popular forex robots do not allow you to trade anonymously and it isn’t advisable to conduct anonymous trades.

Where can I access my full trading history?

Your trading history is accessible from the online broker platform. Some auto trading providers offer it within the forex robot, but not always.

Do I have to pay tax on any profits I make?

Yes. This depends on the profits you generate over the course of a year. For example, in the UK, if you make a significant amount in profits (£11,700) you are liable to pay capital tax gains that range anywhere between 10-28% of that amount. You are not accounted to pay income tax returns on the generated profits. Tax liability varies according to the jurisdictional laws of your country.

Are trading robot systems regulated?

Yes, in the UK, CFD platforms and robots are regulated by the FCA. If you’re not from the UK, please check the regulatory status in your home country.

Can you use robots to trade other assets?

Yes, for instance, Bitcoin robots are heavily sought after. However, these robots are still in their infancy and you should exercise caution before signing up.

Sources & references

Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.

https://www.gov.uk/capital-gains-tax

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