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 into 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 do 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

Uisng EA Builder you can also build your own trading systems for MT4/MT5/Tradestation for free.

The EA Builder offers a full set of trading features that include: (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 registration ($97)

» Visit the EA Builder

EA Builder Features

-No programming skills are 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

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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.

Table: Compare Expert Advisors

Forex Robot	Supported Platforms	Trading Features	Forex Assets	Cost / License	Home-Page
EA Builder 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 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 It 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 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 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 a minimum of $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

 

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Forex Diamond Review

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 for 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 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 good back-testing results are not certainly a guarantee for future performance.

Forex Diamond Main Features Summary

1. Can identify and trade Trends/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

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3. Recommended Forex Brokers for Trading with Forex Robots

Nowadays, many online Forex Brokers allow 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.

What is an ECN broker: An ECN Forex broker allows its clients to execute trading orders directly through an electronic communications network (ECN). This means faster order execution and tighter spreads for Forex traders.

Table: Compare ECN Forex Brokers

COMPANY	SAFETY OF FUNDS	TRADING TERMS	PLATFORMS	ACCOUNTS	INFORMATION
» IC MARKETS TRADING ASSETS: (1) Currency Trading -55+ Currency Pairs (2) CFD Contracts -Equity Markets -Commodities -Precious Metals & Energy -Cryptocurrencies	REGULATED BY: ASIC Australia (335692) SEGREGATED CLIENT BANK ACCOUNTS: YES SWAP-FREE ACCOUNTS: YES EXECUTION TYPE: ECN /STP FOUNDATION: 2007 HEADQUARTERS: Australia	TYPICAL SPREADS: EURUSD: 0.1 pip GBPUSD: 0.4 pip USDJPY: 0.3 pip COMMISSIONS ON TRADING: $7.0/lot LEVERAGE ON CAPITAL: 1:30 ROBOTIC TRADING: FULL PAMM ACCOUNTS: YES   KEY POINTS: Very tight spreads for intraday traders There is a great variety of currency pairs Full-featured cryptocurrency trading Good technology and low slippage Free VPS Hosting	ONLINE PLATFORMS □ MetaTrader-4 □ MetaTrader-5 □ cTrader □ FIX API □ Mobile Traders	$200 Minimum Deposit Amount WELCOME BONUS: (N/A)   FUNDS METHODS: Credit Cards Bank Wire Skrill Neteller Webmoney	Tight spreads and good technology   ► Visit the IC Markets website   ► Review Fx Broker
» ROBOFOREX TRADING ASSETS: (1) Currency Trading (2) CFD Contracts -Equity Markets -Commodities -Precious Metals & Energy -Cryptocurrencies	REGULATED BY: IFSC 60/271/TS SEGREGATED CLIENT BANK ACCOUNTS: YES SWAP-FREE ACCOUNTS: YES EXECUTION TYPE: ECN /STP FOUNDATION: 2009 HEADQUARTERS: Belize	TYPICAL SPREADS: EURUSD: 1.1 pip GBPUSD: 1.4 pip USDJPY: 1.2 pip COMMISSIONS ON TRADING: NO LEVERAGE ON CAPITAL: 1:30 ROBOTIC TRADING: FULL PAMM ACCOUNTS: COPYFX (social trading)   KEY POINTS: Fast order execution (intraday traders) Great variety of currency pairs Good technology and low slippage Free VPS Hosting	ONLINE PLATFORMS □ MetaTrader-4 □ MetaTrader-5 □ cTrader □ FIX API □ Mobile Traders	$10 Minimum Deposit Amount WELCOME BONUS: $30   FUNDS METHODS: Credit Cards Bank Wire Skrill Neteller PerfectMoney AdvCash	Offers cTrader and fast execution   ► Visit the RoboForex website   ► Review Fx Broker

  

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 the 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)

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