Forex robots, also known as Expert Advisors (EAs), have become integral to modern trading. These automated systems use algorithms to make trading decisions, offering traders a hands-free approach to the forex market. In this article, we’ll explore the six best forex robots and Expert Advisors in 2023, each carefully selected and reviewed for their performance, reliability, and value for money.
Best Forex Robots in 2023
1. Perceptrader AI
2. Waka Waka
3. Golden Pickaxe
4. Evening Scalper Pro
5. Night Hunter Pro
6. 1000pip Climber System
Read- IFX Broker Review
Let’s take a closer look at each of these forex robots:
1. Perceptrader AI
Perceptrader AI is an exceptional forex robot developed by Valeriia Mishchenko, the highly successful Waka Waka EA creator. It leverages deep-learning algorithms and Artificial Neural Networks (ANN) to analyze extensive data and identify winning trades swiftly. This forex bot also integrates with ChatGPT and Google’s Bard, providing accurate forecasts and intelligent decision-making capabilities.
Perceptrader AI offers a lifetime subscription for $2,200, granting access to up to 10 MT4 or MT5 accounts, free updates, installation guidance, personal developer support, and access to a unique Telegram group.
Pros
- Verified track record
- Integration with ChatGPT and Google Bard
- Free VPS (Virtual Private Server)
- Free volatility indicator
Cons
- Limited to a few currencies only
- Uses a grid trading strategy
2. Waka Waka
Waka Waka, developed by Valeriia Mishchenko, boasts a remarkable track record with over 60 consecutive months of profit, validated through MyFXBook. This EA prioritizes long-term profitability and aims to provide consistent returns with a less than 30% drawdown.
Waka offers a lifetime license for $2,000, including access to 10 MT4 or MT5 accounts, free updates, an exclusive Telegram group, 3 trading sets, a strategy guide, and more.
Pros
- Fully customizable forex trading EA
- Verified track record (6600%+ over five years)
- Integration with MT4 and MT5
- Good customer service
Cons
- Uses martingale strategy to reduce risk
- Higher cost compared to other bots
3. Golden Pickaxe
Golden Pickaxe, led by acclaimed EA developer Valeriia Mishchenko, excels in trading the gold market. This grid trading bot offers the potential for sustainable monthly profits of up to 25% or more.
Golden Pickaxe provides a lifetime license for $1,850, including five different trading sets, a strategy guide, access to a Telegram group, and 1-to-1 developer support.
Pros
- Automatic gold market trading
- Verified results on a live account
- Created by a highly regarded developer
Cons
- Higher cost compared to other bots
- Limited to one market
4. Evening Scalper Pro
Evening Scalper Pro specializes in trading late-evening forex markets using a mean-reversion scalping strategy. With consistent profits over more than two years, this robot boasts a trade success rate of 68% and a monthly growth rate of over 5%.
Evening Scalper Pro offers a lifetime subscription for $2,200, with occasional discounts available. The license includes access to 10 MT4/5 accounts, free lifetime updates, and multiple trading sets.
Pros
- Scalps the forex market automatically
- Verified results
- Extensive backtesting period
- Utilizes a mean reversion strategy
Cons
- Spreads and commissions could impact profits
- Consideration for slippage is needed
5. Night Hunter Pro
Night Hunter Pro is an advanced scalping system designed to achieve verifiable long-term growth. It operates during periods of low volatility, using intelligent algorithms to identify safe entry and exit points on major currency pairs.
Night Hunter Pro offers a lifetime subscription for $2,200, including three trading sets, a strategy guide, free updates, and access to an exclusive Telegram group with expert traders.
Pros
- Automatic scalping system
- Verified results on a live account
- Designed for stability
- Easy setup and use
Cons
- Limited to trading currencies only
6. 1000pip Climber System
1000pip Climber System is a 100% rules-based forex robot that uses algorithms to identify optimal forex trades. With verifiable returns of more than 20,000 pips over the last three years and minimal drawdown, it offers a high-reward, low-effort trading solution.
1000pip Climber System offers a lifetime license for a one-time fee of $299, with regular discounts available.
Pros
- Low cost
- Personal customer support
- Simple and easy access to trading signals
- No monthly subscription charges
- Focus on specific forex pairs
Cons
- Outdated information on the website
- No guaranteed success
Read- TP GLOBAL BROKER REVIEW
What Are Forex Robots?
Forex robots, or Expert Advisors (EAs), are automated trading systems that use computer algorithms to make trading decisions in the forex market. These robots continuously monitor the market, analyze data, and execute trades based on predetermined criteria and trading strategies. Forex robots can be fully automated, where they place trades independently, or semi-automated, where they provide trade recommendations for the user to execute.
Types of Forex Robots
1. Fully Automated Forex Robots
These robots execute trades from start to finish without any human intervention. They identify trading opportunities, enter positions, set stop-loss and take-profit orders, and close trades when conditions are met.
2. Semi-Automated Forex Bots
Semi-automated robots provide trade recommendations to the user but require manual execution. They analyze the market, generate signals, and suggest entry and exit points, allowing the trader to make the final decision.
How Do Forex Robots Work?
Forex robots work by following a set of predefined rules and algorithms. They continuously analyze market data.