Forex robots have emerged as the most popular forex tool for trading, especially with novice traders. With the help of forex signals, they trade on the user’s behalf. The effectiveness of the trading robot depends on a variety of different factors including the developer behind the project, the strategies used and other variables. Acquiring your forex robot from a reputed forex robot provider will increase your chances of choosing the right product which will be suitable for your trading style.
The market is currently filled with a multitude of robot providers. We’ve curated a list of 5 of the best forex robot providers of 2022.
BinBotPro is a forex robot provider which is free of cost. Getting started at BinBotPro is very easy. You first have to pass free registration. Next, you can activate your trading account by depositing an initial capital. Finally, the software goes to work automatically. Based on the robot you choose from their catalogue, your initial investment may be doubled or tripled in one day.
Based out of St. Vincent and the Grenadines, CryptoRocket is actually a forex and CFD broker which also provides a forex robot. It offers trading on currency pairs, stocks, indices, and cryptocurrencies for its clients to trade on through MetaTrader 4. It is easy to sign-up and start enjoying the benefits of its forex robot.
- EA Pros
EA Pros is a forex robot provider which is free for use. It works on the M5 time frame and trades EUR/USD, GBP/USD, USD/CAD, and USD/CHF. Additional features include trailing stop, Equity % Risk. Minimum deposit 1000, leverage 1:500, minimum lots 0.01 and version for MetaTrader4.
- 1000Pip Climber System
1000Pip Climber System is a forex robot provider which produces consistent and accurate results. It is excellent for the long and short-term and trades on the 15-minute, hour, and four-hour timeframes. It just charges a one-time fee for a lifetime license.
How to choose the right forex robot provider?
With the popularity of forex robots at its peak, it’s no surprise that a multitude of developers and providers have entered the market. To make well-informed decisions, traders should thus consider some factors before making the right choice.
- Avoid flashy advertisements
Many fraudulent or scam providers lure gullible traders to their platforms by using flashy advertisements. In maximum instances, they make hefty claims about delivering profit percentages exceeding the thousands. This should be a red flag. The moment you feel that the advertisement is promising something which is not possible, chances are, it really isn’t true.
- Check Developer background
In this age of transparency and accountability, forex providers have to be very clear about what they offer and how their product has been developed. Most reliable providers will have a section in their website dedicated to the developers behind the product, where you can learn about their expertise and experience. In rare cases, you may need to conduct some outside research into the developer of an EA. If you do not find any relevant information about the developer, you should avoid the particular provider.
- Client testimonials
The internet is filled with trading forums dedicated to users who share their reviews, testimonials and experiences. You will get insights into almost all reputed forex robot providers and their products. Look for signs of genuine reviews from multiple sites to form a clearer picture. A lot of providers generate fake positive reviews to entice traders, so you have to look out for them as well.
- Back-testing and trading history
Lastly, always search for some kind of trading history or back-testing results that can give you an idea about the forex robot’s efficiency. Most providers provide screenshots of their account trading results, but these can be manipulated. The best thing would be to check on an authoritative site such as fxblue or myfxbook for accurate and legitimate results.
With various providers in the market, traders have to vigilante while choosing a preferred forex robot provider. To increase their chances of finding the right product, they must conduct thorough research and demo test it, before they invest any real money.
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