Forex offers a high (even unlimited) return on investment. It can be started with a relatively small amount of capital, but a trader can buy or sell up to 500 times more funds than he actually has. A trading robot is a software program. Once the program is installed into your trading platform, it can take trades automatically. You can be asleep, working, or spending time with your family and it can take a trade. However, finding the best fx trading robots isn’t that easy. With a myriad of different developers now presents in the market, it can be difficult to comprehend, which one is truly profitable and which ones are elaborately disguised scams. For novice traders, we’ve compiled a list of some of the best forex robots to use in 2022.
1. Forex Earth
Forex Earth is a scalping FX robot that trades the EUR/USD and GBP/USD currency pairs on the M5 timeframe. Both of the currency pairs mentioned above have high liquidity, allowing for favorable low spreads and fast execution. It is compatible with any broker that has 4 or 5 digits price quotes. To begin trading, the user simply has to load the EA onto the chart, after which a settings tab will open. It delivers impressive results producing a yield per annum of 80.9%.
2. BinBot Pro
BinBot Pro is a third party software that allows unlimited customization for traders to use the available trading robots to execute and route trades to affiliated brokers. It trades different pairs which include both USD and EUR. This makes it part of a very small group of forex robots that support almost all major fiat currency pairs. According to the developing team, it can generate almost 90% returns per broker and has a profit rate of up to 313%. The robot also supports several trading strategies and has multiple Reddit threads where users can get insights.
3. Forex Truck
Forex Truck is an FX robot that is compatible with both MetaTrader 4 and MetaTrader 5. It specifically trades the USD/CAD currency pair with leverage of 100:1. Forex Truck has two movable blocks that are responsible for trading. For instance, the first block is responsible for opening orders by finding good entry points and uses a fixed lot. It accompanies each trade and tries to close it in a good profit. On the other hand, the second block is designed to quickly fix everything and close all trades in a total profit.
4. Alfa Scalper
Alfa Scalper, as the name suggests is a scalping FX robot that produces small but consistent profits from trading EUR/USD, GBP/USD, and GBP/JPY currency pairs on M1 and M5 timeframes. Recommended leverage is 50:1. Alfa Scalper can produce annual profitability of 49.36%. By applying a unique adaptive scalping technology, the FX robot detects market conditions and provides 3 different profit-making price points. If the market is trending, the system can deliver 100 pips per day quite easily.
XFXea can produce gains in every market condition. It trades on two currency pairs namely, AUD/USD and EUR/USD and works on the M30 timeframe. The developers have ensured that the system doesn’t use Martingale strategies and doesn’t have many loss periods. The EA calculates an entry point by evaluating a certain number of bars to form an important range. Based on this it finds a suitable entry point. The EA comes with verifiable trading records on an authoritative site such as Myfxbook.
CovertFX is a news trading FX robot that trades on breakouts and only works on Meta Trader 4. It supports ten currency pairs including gold on the M30 timeframe. For a reasonably modest price of $347, traders can get lifetime access to the CovertFX. It produces annual profitability of 42%. While CovertFx does not require a VPS, the results are better if one is using it.
Forex expert advisors have emerged as one of the most profitable trading tools in recent times. However, the market is saturated with a lot of fake and fraudulent applications as well. Investing in the wrong forex robot can be disastrous for a trader’s account. This is why they should always research and evaluate forex robots before outright investing.
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