Forex robots are software programs that plug-in a trading platform (mostly MetaTrader) and turn your PC into an automated trading machine. Forex robots are usually implementing scalping strategies aiming to achieve small profits of 10-40 pips per trade.

Popular Forex Robots (Expert Advisors) are been reviewed and compared, the EA Builder, the FAP Turbo, and the Forex Diamond.

Forex robots are software programs that plug-in a trading platform (mostly MetaTrader) and turn your PC into an automated trading machine. Forex robots are usually implementing scalping strategies aiming to achieve small profits of 10-40 pips per trade. They can execute tens of daily trades on a 24/5 basis without any human intervention.

Why Forex Traders use Forex Robots?

A Forex robot can eliminate the negative human psychological factor while it doesn’t get tired. Furthermore, it can instantly execute trades without any delays. As in the case of manual trading, Forex robots can place a take-profit and a stop-loss order or even a trailing stop-loss order.

 

1. Build your Own Manual & Automated Trading Systems with EA Builder

Free for creating Indicators, paid for EAsUisng EA Builder you can also build your own trading systems for MT4/MT5/Tradestation for free.

The EA Builder tool offers a full set of trading features including (i) technical analysis, (ii) money management, and (iii) time functions.

You can build:

(i) your own manual trading systems for free

(ii) but if you want to build an automated system (EA), you have to pay a one-time for registration ($97)

EA Builder Features

-No programming skills required

-Free for creating indicators, paid once for automated systems (EA)

-Full set of trading features and tools (via a graphical environment)

-Create indicators and EAs to trade Forex, Stocks, Equities, Commodities, and Bonds

-Supports MetaTrader4, MetaTrader5, and TradeStation

-No installs (100% web-based tool)

-Trades binary options on MT4

-Education Tutorials

» Start here with EA Builder (free for indicators, paid for EAs)

 

2. Comparing Forex Robots

This is a comparison between three of the best solutions for trading with Forex Robots in the market. Each one of them has special features. You can review the two commercial Forex Robots individually, later in this article.

Forex Robot

Supported Platforms

Trading Features

Forex Assets

Cost / License

Home-Page

EA Builder

Free for creating Indicators, paid for EAs

Free for creating Indicators, paid for EAs

 MetaTrader-4

◙ MetaTrader-5

 TradeStation

 Customer Support

◙ Member’s Area

  • No programming skills required
  • Full set of technical analysis via a graphical environment
  • Money Management Control
  • Full set of Trading Orders
  • No installs (100% web-based tool)

 

-Create indicators and EAs to trade Forex, Stocks, Equities, Commodities, and Bonds

-Trades binary options on MT4

-Education Tutorials

 Free for creating Indicators

 $97 for creating EAs

 » Start here with EA Builder

FAP TURBO

FAP Turbo 2 Review

Fully Automated Forex Robot

MetaTrader-4

MetaTrader-5

NFA Compliant (US traders)

24/5 Phone Support

Member’s Area

  • Scalping mainly the Asian Session under any Market Conditions
  • High-Spread Control Filters
  • Targets average profits of 10 pips
  • M1 and M15 timeframes

Scalping 5 Forex Currencies:

EURUSD, EURGBP, EURCHF, GBPCHF, and USDCAD

 

Plus Bitcoin Trading

Onetime 149.00 USD

2 Real Accounts License

Lifetime Updates

Plus the Bitcoin Signals Indicator

 

» FAP Turbo Official Site

FOREX DIAMOND

Forex Diamond is a fully automated Forex Robot that trades 4 currency pairs.

Fully Automated Forex Robot

MetaTrader-4

NFA Compliant (US traders)

Member’s Area

  • M15 Timeframes
  • Spread and Slippage Control

 

Scalping 4 Forex Currencies:

EURUSD, GBPUSD, USDCHF and USDJPY

Onetime 279.00 USD

Unlimited Demo Accounts

1 Real Account

License

Lifetime Updates

 

» Forex Diamond Official Site

 

Reviewing the Two Commercial Forex Robots

Here is more information about the FAP Turbo and the Forex Diamond.

 

FAP Turbo 2 ReviewFAP Turbo 2 Review

FAP Turbo is certainly one of the most popular Forex Robots among Forex Traders. The robot is running on two platforms (MT4 and MT5) and it is designed to trade any market conditions. The new version v.2.0 supports Bitcoin Trading and it includes also High-Spread Control and other filters.

 

Start Trading with the FAP Turbo Robot

The robot is fully automated and requires an account size of minimum $50. Of course, it is better to use the robot with an account of at least $250 in free balance.

Trading Strategy

FAP Turbo is a Forex Robot that scalps mainly the Asian session and targets average profits of 10 pips. Along with the basic scalping strategy, another strategy is running that works only with EURUSD and only in the M1 timeframe. This additional scalping strategy is called ‘Long-Term’.

Trading Timeframe

The basic time frame of the general strategy is the M15 but as concerns the ‘Long-Term’ strategy, the time frame used is the M1.

Trading BitCoins

This is a new feature of the FAP Turbo 2. The new FAP Turbo includes a Bitcoin Indicator.

Forex Trading Assets

The FAP Turbo 2 is mainly trading 5 Forex Currencies:

■ EURUSD, EURGBP, EURCHF, GBPCHF, and USDCAD

■ Plus Bitcoin Trading

Past Performance

The historic performance of the Forex robot is considered one of its key advantages. The FAP Turbo in 11 years of trading has shown a very high total return.

  • Number of trades: 14,000

  • Total Return: 10,607%

Note: The past performance should not be seen by traders as a guarantee for future performance -The market conditions are today evolving in the Foreign Exchange world.

FAP Turbo Features Summary

  1. Easy install on MT4 or MT5 via an installation wizard and an extensive manual

  2. Fully Automated Trading System (24/5 by focusing on the Asian session)

  3. Able to trade any Market Conditions by applying tight money management and High-Spread Control

  4. Stealth Mode allowing not to be tracked by Fx Brokers

  5. Trading 5 major currency pairs plus the Bitcoin

  6. Applies one main strategy for scalping 5 Forex pairs plus an additional strategy (Long-term) exclusively for trading the EURUSD

  7. NFA Compliant (USA)

  8. Can trade with a balance as low as 50 USD

  9. 24/5 Customer Support via Telephone and Member’s Area

FAP Turbo Price

It costs 149 USD (one time) and that amount includes 2 Licenses for Real-Accounts plus lifetime updates.

» Visit the FAP Turbo Official Web

 


Forex Diamond Review

Forex Diamond is a fully automated Forex Robot that trades 4 currency pairs.Forex Diamond is a fully automated Forex Robot that trades 4 currency pairs. It focuses on trading the British Pound against the US Dollar (GBPUSD), but also it trades EURUSD, USDJPY, and USDCHF. The basic time frame is the M15 (15-Minutes). The robot requires an account with a minimum size of $100 but note that the developers of Forex Diamond recommend an account with a free balance of $1,000.

Trading with the Forex Diamond Robot

Forex Diamond is applying many different trading strategies to achieve successful results. On the standard settings, it should execute 2-4 trades on a daily basis. The Forex Robot can optimize its settings without the need of manual configuration.

Forex Diamond Main Algorithm

  1. Can Trade in both Trending and Ranging Market Conditions

  2. Dynamic Stop-Loss / Take Profit

  3. Placing Trailing-Stops

  4. Protects from High-Spread / High Slippage

Actually, there are 3 algorithms operating at the same time

(i) Strong-Trends Trading Algorithm

This algorithm aims to early identify strong trending markets by using a great number of different parameters.

(ii) Countertrend Trading Algorithm

This algorithm is specially designed to identify and to trade price reversals.

(iii) Countertrend Scalping

This Algorithm is operating as a machine for scalping extremely volatile market conditions.

Forex Diamond Performance

The system is new as it was launched in 2013 but according to the developers has shown very good performance via the back-testing method. According to the creators of the program, the robot performs 200 pips for every 5 pips lost. Of course, don’t forget that market conditions change today, therefore the good back-testing results are not certainly a guarantee for future performance.

Forex Diamond Main Features Summary

  1. Can identify and trade Trend / Reversals

  2. Applies multiple Trading Strategies

  3. Focus on 4 Forex pairs and trades them in the M15 timeframe

  4. Tight Money Management with High-Slippage and High-Spread control

  5. Placing Trailing-Stops

  6. Can be self-adjusted (does not require manual optimization by users)

  7. Trades even with $100

Forex Diamond Price

Forex Diamond costs (one time) $279 and that price includes free updates. Note that the Forex Diamond can be used in unlimited demo accounts but in only one real account.

» Forex Diamond Official Web


 

3. Recommended Forex Brokers for Trading with Forex Robots

Nowadays, many online Forex Brokers allowing EAs and Scalping. It is better to choose among ECN/STP brokers offering tight spreads, low slippage, and fast execution. Furthermore, some Forex brokers provide a free VPS hosting service, something that is very useful for Automated Forex Traders.

ECN/STP BROKER

REGULATION

AUTOMATED TRADING / SCALPING

SPREADS

FREE VPS

VISIT

HOTFOREX

 

■ CySEC, MiFID

World Finance Top 100 Company

YES FULLY

CURRENEX / VIP ACCOUNT SPREADS:

-Start as low as 0.4 pip

-Commissions: $6 per full Round-Turn

 

FIXED SPREADS:

EURUSD: 1.4 pip

GBPUSD: 2.3 pips

USDJPY: 1.7 pips

COMMISSIONS ON TRADING: NO

 

YES

(Minimum Account $5,000)

Visit HotForex Web-Site

XM

■ CySEC, MiFID

YES FULLY

FIXED SPREADS:

EURUSD: 1.8 pip

GBPUSD: 2.6 pip

USDJPY: 2.0 pip

COMMISSIONS ON TRADING: NO

ACCOUNT WITH ZERO SPREADS: NO

NO

Visit XM Web-Site

 

Important Tips Traders Using Forex Robots

If you decide to buy a Forex Robot you must take into consideration these important factors:

  1. Make sure that your Forex Broker allows Forex Robots and scalping

  2. Make sure that your Forex Broker offers tight spreads and minimal slippage

  3. Make sure that your internet connection is fast or use an external VPS hosting service (check information at the end of the article)

  4. Use the Robot in a Demo Account before using it to trade Real Money

  5. Don’t confuse the automated trading process with your manual trading (that means use a dedicated trading account, used only for your Robot)


 

Compare Automated Forex Trading Systems (EAs)

Forex-Investors.com