Forex robots are software programs designed to integrate with trading platforms (primarily MetaTrader), transforming your PC into an automated trading system. These robots typically use scalping strategies aimed at generating small profits—usually between 10 to 40 pips per trade. They can execute dozens of trades daily on a 24/5 basis, requiring no human intervention.
Why Do Forex Traders Use Robots?
Forex robots help eliminate the psychological pressures of trading and never suffer from fatigue. They can execute trades instantly and efficiently, often more precisely than human traders. Like manual trading, robots can set take-profit and stop-loss levels, including trailing stop-loss orders.
1. Build Your Own Manual & Automated Trading Systems with EA Builder
EA Builder is free for creating indicators, but there’s a one-time fee for building automated systems (Expert Advisors).
With EA Builder, you can create trading systems for MT4, MT5, and TradeStation. It offers a comprehensive feature set, including:
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Technical analysis tools
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Money management functions
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Time-based trading options
You can use EA Builder to:
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Create manual trading systems for free
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Build automated trading systems (EAs) for a one-time registration fee of $97
EA Builder Features
-No programming skills are required
-Free for creating indicators, paid once for automated systems (EAs)
-Full set of trading features and tools (graphical interface)
-Creating MT4/MT5 indicators and EAs to trade Forex, Stocks, Equities, Commodities, and Bonds
-Supporting MetaTrader4, MetaTrader5, and TradeStation
-No installs (100% web-based tool)
-Supporting all financial instruments on MT4/MT5
-Learning Tutorials
2. Comparing Forex Robots
This is a comparison of three of the top solutions for trading with Forex robots currently available on the market. Each one offers unique features and advantages. The two commercial Forex robots will be reviewed individually later in this article.
Table: Expert Advisors Comparison
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Forex Robot |
Supported Platforms |
Trading Features |
Forex Assets |
Cost / License |
Home-Page |
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EA Builder
Free for creating Indicators, paid for EAs |
◙ MetaTrader-4 ◙ MetaTrader-5 ◙ TradeStation ◙ Customer Support ◙ Member’s Area |
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-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 |
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FAP TURBO
Fully Automated Forex Robot |
◙ MetaTrader-4 ◙ MetaTrader-5 ◙ NFA Compliant (US traders) ◙ 24/5 Phone Support ◙ Member’s Area |
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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
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FOREX DIAMOND
Fully Automated Forex Robot |
◙ MetaTrader-4 ◙ NFA Compliant (US traders) ◙ Member’s Area |
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Scalping 4 Forex Currencies: EURUSD, GBPUSD, USDCHF, and USDJPY |
Onetime 279.00 USD ◙ Unlimited Demo Accounts ◙ 1 Real Account License ◙ Lifetime Updates
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Reviewing Commercial Forex Robots
Here is more information about the FAP Turbo and the Forex Diamond.
FAP Turbo 2 Review
FAP Turbo is undoubtedly one of the most popular Forex robots among traders. It operates on both MT4 and MT5 platforms and is designed to adapt to a wide range of market conditions. The latest version, v2.0, supports Bitcoin trading and includes advanced features such as High-Spread Control and additional filtering tools.
Start Trading with FAP Turbo
The robot is fully automated and requires a minimum account size of $50. However, it is recommended to use it with at least $250 in available balance for better performance and flexibility.
Trading Strategy
FAP Turbo primarily uses a scalping strategy during the Asian session, aiming for average profits of around 10 pips per trade. In addition to its main strategy, it includes a secondary strategy designed specifically for EUR/USD on the M1 timeframe, known as the ‘Long-Term’ strategy.
Trading Timeframe
The main strategy runs on the M15 timeframe, while the ‘Long-Term’ scalping strategy for EUR/USD operates on the M1 timeframe.
Bitcoin Trading
One of the key new features in FAP Turbo 2 is Bitcoin trading support, which includes a dedicated Bitcoin indicator.
Forex Trading Assets
FAP Turbo 2 primarily trades five major Forex currency pairs:
■ EURUSD, EURGBP, EURCHF, GBPCHF, and USDCAD
■ Plus Bitcoin Trading
Past Performance
The historical performance of a Forex robot is a key consideration. Over 11 years of trading, FAP Turbo has demonstrated an impressive total return.
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Number of trades: 14,000
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Total return: 10,607%
Note: Past performance is not a guarantee of future results, as market conditions in Forex continue to evolve.
FAP Turbo Features Summary
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Easy installation on MT4 or MT5 via a wizard and detailed manual
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Fully automated trading system operating 24/5, focusing on the Asian session
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Adaptable to all market conditions using tight money management and High-Spread Control
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Stealth Mode to avoid detection by Forex brokers
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Trades 5 major currency pairs plus Bitcoin
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Employs one main scalping strategy for 5 pairs, plus a ‘Long-Term’ strategy exclusive to EUR/USD
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NFA compliant (USA)
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Can trade with a minimum balance of $50
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24/5 customer support via phone and member’s area
FAP Turbo Price
The cost is a one-time fee of $149, which includes two real-account licenses and lifetime updates.
» Visit the FAP Turbo Official Web
Forex Diamond Review
Forex Diamond is a fully automated Forex robot that trades four currency pairs. It primarily focuses on the British Pound versus the US Dollar (GBP/USD) but also trades EUR/USD, USD/JPY, and USD/CHF. The main timeframe used is M15 (15 minutes). The robot requires a minimum account size of $100, although the developers recommend a free balance of $1,000 for optimal performance.
Trading with Forex Diamond
Forex Diamond employs multiple trading strategies to deliver consistent results. On standard settings, it typically executes 2–4 trades per day. The robot can automatically optimize its settings without manual adjustments.
Forex Diamond Main Algorithm
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Capable of trading in both trending and ranging market conditions
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Uses dynamic stop-loss and take-profit levels
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Employs trailing stops to lock in profits
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Protects against high spreads and slippage
Three algorithms operate simultaneously:
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Strong-Trends Trading Algorithm
Designed to detect strong trending markets early, using a wide range of parameters.
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Countertrend Trading Algorithm
Specializes in identifying and trading price reversals.
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Countertrend Scalping Algorithm
Functions as a scalping tool optimized for highly volatile market conditions.
Forex Diamond Performance
Although Forex Diamond is relatively new, having launched in 2013, the developers report strong results based on back-testing. According to them, the robot aims to gain 200 pips for every 5 pips lost. However, keep in mind that market conditions continually change, so past back-testing results are not a guarantee of future performance.
Forex Diamond Main Features Summary
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Identifies and trades both trends and reversals
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Employs multiple trading strategies
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Focuses on four Forex pairs using the M15 timeframe
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Implements tight money management with control for high slippage and high spreads
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Uses trailing stops to protect profits
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Self-adjusting, requiring no manual optimization from users
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Can trade with as little as $100
Forex Diamond Price
Forex Diamond is available for a one-time fee of $279, which includes free updates. It can be used on an unlimited number of demo accounts but only on one real trading account.
3. Recommended Forex Brokers for Trading with Forex Robots
Today, many online Forex brokers support Expert Advisors (EAs) and scalping strategies. It’s best to choose from ECN/STP brokers that offer tight spreads, low slippage, and fast execution speeds. Additionally, some brokers provide free VPS hosting, which is especially beneficial for automated Forex traders.
What is an ECN Broker?
An ECN (Electronic Communication Network) Forex broker allows clients to execute orders directly through an electronic network. This results in faster order execution and tighter spreads for traders.
Table: Compare Forex Brokers
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COMPANY
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SAFETY OF FUNDS
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TRADING TERMS
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PLATFORMS
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ACCOUNTS
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INFORMATION
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TRADING ASSETS: (1) Currency Trading -55+ Currency Pairs (2) CFD Contracts -Equity Markets -Commodities -Precious Metals & Energy -Cryptocurrencies |
REGULATED BY:
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:
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ONLINE PLATFORMS □ MetaTrader-4 □ MetaTrader-5 □ cTrader □ FIX API □ Mobile Traders |
$200 Minimum Deposit Amount WELCOME BONUS: (N/A)
FUNDS METHODS:
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Tight spreads and good technology
► Visit the IC Markets website
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TRADING ASSETS: (1) Currency Trading (2) CFD Contracts -Equity Markets -Commodities -Precious Metals & Energy -Cryptocurrencies |
REGULATED BY:
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:
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ONLINE PLATFORMS □ MetaTrader-4 □ MetaTrader-5 □ cTrader □ FIX API □ Mobile Traders |
$10 Minimum Deposit Amount WELCOME BONUS: $30
FUNDS METHODS:
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Offers cTrader and fast execution
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Important Tips Traders Using Forex Robots
If you decide to purchase a Forex robot, keep these important factors in mind:
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Ensure your Forex broker permits the use of Forex robots and scalping strategies.
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Choose a broker that offers tight spreads and minimal slippage.
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Have a fast and reliable internet connection or use an external VPS hosting service (see details at the end of this article).
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Test the robot thoroughly on a demo account before trading with real money.
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Separate automated trading from manual trading by using a dedicated trading account exclusively for your robot.
■ Compare Automated Forex Trading Systems (EAs)
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