What Is The Best Forex Trading Robot? Free Download

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Profitable forex trading bots can be free, but note that past results cannot be a guarantee of future results. Check out our top 10 forex robots available for download right now:

    • 1000pip Climber. Monthly: +9.69% (verified by MyFXBook Monitoring)

    • Forex Flex Robot. Monthly: +3.85% (verified by MyFXBook Monitoring)

    • Fortnite. Monthly: +7.1% (verified by FXBlue Monitoring)

    • Dark Moon. Monthly: +10.8% (achieved in MT4 tester)

    • Forex Gump. Monthly: +19.0% (verified by FXBlue Monitoring)

    • Center EA. Monthly: +11.27% (achieved in MT5 tester)

    • Universal Breakout. Monthly: +6.5% (achieved in MT4 tester)

    • Dark Venus. Monthly: +30.5% (achieved in MT4 tester)

    • BotAGI MT4 Trading Bot. Monthly: +9.2% (achieved in MT4 tester)

    • My Grid Scalper. Monthly: +21.9% (achieved in MT4 tester)

Forex trading bots have emerged as game-changers in online trading, especially for MT4 users. These automated systems offer a unique blend of efficiency and accuracy, tackling the inherent complexities of the Forex market.

However, with a plethora of options available, traders often find themselves at a crossroads, unsure of the right path forward. This comprehensive guide aims to demystify Forex trading bots, revealing how they can transform your trading experience on MT4, while offering insights on where to find and how to utilize these powerful tools effectively.

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  • Are Forex robots free?

    Some Forex robots are free, offering traders the opportunity to automate their strategies without initial investment, while others are paid, often providing more features and support.

  • Are bots illegal in Forex?

    No, using bots in Forex trading is not illegal. They are legal tools that can automate trading decisions, but traders should ensure they comply with their broker's terms of service. For more on the legality of Forex robots, refer to Are Forex Robots Legal?

  • Can I trade Forex using bots without knowledge?

    While it's possible to trade with bots without extensive Forex knowledge, some understanding of the market and trading principles is recommended to configure and monitor the bots effectively.

  • Are Forex robots worth it?

    Forex robots can be worth it if they align with your trading strategy and risk management rules, but their effectiveness varies and should be evaluated carefully. For an in-depth analysis of their efficacy, visit our article Do Forex Robots Really Work?

How to use Forex trading bots

Forex trading bots, also known as Expert Advisors (EAs) in MT4, are automated systems designed to execute trades on behalf of the trader. They follow a set of predefined rules and strategies to navigate the Forex market. Understanding the various types of EAs and their use cases is crucial in leveraging their potential.

Here's a breakdown of the common types:

  • News: These bots specialize in trading based on market news. They analyze news releases and execute trades based on the anticipated market impact.

  • Trend: Trend bots are designed to identify and follow market trends. They capitalize on prolonged market movements in a particular direction.

  • Scalping: Scalping bots execute a large number of trades for small profit margins. They thrive in volatile markets, making quick decisions to capture short-term price movements.

  • Level Trading: Level trading bots focus on specific price levels. They buy or sell when the price reaches predetermined support or resistance levels.

  • Martingale: This controversial strategy involves doubling down on losing trades to recover losses. Martingale bots increase the trade size after a loss, aiming for a profitable outcome.

  • Grid: Grid bots place a series of buy or sell orders at regular intervals around a set price. They capitalize on normal market volatility.

  • Arbitrage: These bots exploit price differences across different markets or brokers. They buy low in one market and sell high in another.

  • Hedging: Hedging bots aim to reduce risk by opening multiple positions in opposite directions. They mitigate potential losses in volatile market conditions.

Pros and cons of using Forex robots

👍 Advantages:

Autonomy in Trading: Forex robots are programmed to execute trades autonomously, liberating traders from the need to be glued to their screens. This allows for a trading strategy to unfold consistently without manual intervention.

Time Management: The ability of Forex robots to operate across multiple assets and strategies simultaneously frees up traders to focus on refining their approach rather than the minutiae of execution.

Instantaneous Execution: Forex robots excel at eliminating the lag caused by human hesitation. They are designed to act instantly according to pre-set rules, capitalizing on opportunities the moment they arise.

Emotionless Trading: By removing the emotional element from trading decisions, Forex robots can help reduce the errors often associated with human psychology, like greed or fear.

👎 Disadvantages:

Lack of Fundamental Analysis: Robots primarily rely on technical analysis and may overlook fundamental market shifts caused by economic events or decisions by market makers.

Risk Management: If a trader fails to understand the mechanics of their Forex robot or neglects proper risk management settings, there is a significant risk of substantial financial loss.

Systemic Vulnerability: No system is immune to failure, and Forex robots are no exception. They can suffer from glitches or freezes, potentially leading to loss of trading opportunities or mismanagement of ongoing trades.

Over-Automation: In complex market conditions, a rigid adherence to automation may prove disadvantageous. Sometimes, human traders can perceive nuances that a robot might miss, leading to better decision-making in certain situations.

Fee. When a forex bot has high and proven profitability, you will most likely have to pay for it.

Best Forex brokers

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Where to download a free Forex robot

The search for a reliable Forex robot need not be difficult; there are many ways to find these digital strategists. Here’s a guide to navigating the vast landscape of Forex robot acquisition:

  1. Build it and download: For the trader with a penchant for customization, building a personalized Forex robot aligns with a strategy tailored to individual trading philosophies. Despite being difficult, resources like our in-depth guide, How to Write a Trading Robot, which demystifies the procedure, help with this endeavor.

  2. Download from MQL Market: The MQL Market is a bustling digital marketplace, brimming with plenty of trading bots ready for deployment. By applying the”'Free Filter”, traders can sift through a vast array of options without the burden of expense.

    MQL Market

    MQL Market

    The accompanying image from the MQL Market showcases a selection of these free bots, some of which will be subject to rigorous testing later in this very article.

  3. Use ChatGPT to generate a bot: In a fusion of AI and financial acumen, ChatGPT presents a novel avenue - the generation of a Forex bot. This approach entails generating and downloading the generated code, compiling it, and setting it into motion within the trading environment. An insightful recommendation for those curious about creating a ChatGPT Trading Bot can be found in our guide, AI Trading Bot in ChatGPT.

  4. Read Forex robot reviews such as this article: Lastly, for the discerning trader, reading reviews of Forex robots offers invaluable insights into their performance and suitability. Articles and reviews, much like this one, provide an in-depth examination of various bots, aiding traders in making informed decisions tailored to their trading needs.

Top 10 best Forex robots – free & paid

Navigating the vast sea of Forex robots can be daunting, but a discerning trader seeks the finest navigational tools. To aid in this quest, we present a curated list of the Top 10 Best Forex Robots, a blend of both free and premium models known for their prowess in the trading realm.

  1. 1000pip Climber: A beacon of reliability, the 1000pip Climber is praised for its precise signal generation, guiding traders through the market's ebbs and flows.

  2. Forex Flex Robot: Flexibility is the hallmark of the Forex Flex Robot, offering a plethora of settings to adapt to the trader's strategy with enviable agility.

  3. Fortnite: Not to be mistaken for the game, the Fortnite Forex robot is a contender in the arena of automated trading, known for its robust performance.

  4. Dark Moon: A shadowy figure in the world of Forex bots, Dark Moon offers a strategic approach to trading, thriving under the cloak of market volatility.

  5. Forex Gump: With a nod to the whimsical, Forex Gump combines user-friendliness with a staunch methodology, making it a favorite among traders.

  6. Center EA: Positioned at the core of trading strategies, Center EA stands as a pillar of stability, aiming for consistency in its operations.

  7. Universal Breakout: As the name suggests, this robot specializes in identifying and capitalizing on breakout patterns, a tactic many traders covet.

  8. Dark Venus: Dark Venus emerges as a celestial guide through the Forex universe, offering a distinct approach to navigating the markets.

  9. BotAGI MT4: The BotAGI MT4, with its artificial intelligence backbone, brings a sharp, analytical edge to automated trading strategies.

  10. My Grid Scalper: For those who favor the scalping technique, My Grid Scalper excels at quick trades, aiming for numerous small gains.

Disclaimer

The robots listed are compiled based on market reputation and user feedback. However, their inclusion does not constitute financial advice or affiliation of any kind. Due diligence and careful consideration should precede any decision to integrate these tools into your trading strategy.

1000 pips climber

The 1000 pips Climber EA has earned accolades for its exceptional performance, reflected in a high TrustPilot rating. Tailored for both trending and range-bound markets, this EA impresses with substantial yield potential. Its strategic prowess is evident in MyFxBook accounts, where it has showcased impressive deposit growth, with peaks in monthly returns.

Engineered to target high-volatility instruments, the EA excels with major currency pairs. Its straightforward installation and operation simplify use, making it a favorite among beginners.

1000 pips climber forex bot

1000 pips climber forex bot

The attached image illustrates a 67.18% account growth, highlighting the EA’s capacity for consistent profit generation over time.

Forex Flex Robot

Forex Flex Robot is an adaptable EA that offers a multitude of strategy settings, allowing traders to customize and optimize according to their risk preferences and trading goals. Its performance, particularly in terms of equity growth, exhibits a consistent upward trend with sensible drawdown management.

For traders looking for flexibility and control over their automated trading strategies, the Forex Flex Robot offers a sophisticated and dynamic solution.

Forex Flex Robot

Forex Flex Robot

The chart displays a robust and steady increase in account balance, with the equity line mirroring the balance curve closely. Green bars represent deposits, while the absence of red bars signifies no withdrawals, reflecting the bot's ability to grow the account steadily.

Fortnite

FX Fortnite is an automated Expert Advisor tailored for the MT4/MT5 platforms, renowned for its versatile risk settings that cater to various trading appetites. It's optimized for the EUR/CHF pair on an H1 timeframe, boasting a full automation system that leverages trend and hedge strategies.

With the ability to start trading with as little as $1000 or $10 on a cent account, it promises accessibility and is supported by 24/7 online assistance. Its backtest results for 2020 indicate profitability across high, middle, and low-risk settings.

Fortnite Forex Trading Bot

Fortnite Forex Trading Bot

The two graphs depict a clear, upward trajectory in account equity over time, one for high risk and the other for middle-risk settings, both starting with the same initial deposit. The equity curves indicate consistent performance with periodic drawdowns, reflecting the EA's responsive adjustment to market conditions.

Dark Moon

The Dark Moon EA is a versatile tool for scalping trading on MT4, designed for those who seek a customizable trading experience. It is based on the Dark Absolute Trend indicator and incorporates multiple strategies to manage trades.

The EA can be used with EUR/USD, GBP/USD, NZD/USD and USD/CHF, but it's customizability allows you to tweak the settings for more. It’s recommended to be used on a 5-minute, 15-minute and 1-hour timeframe, promising to be a beneficial addition to a trader's strategy.

Dark Moon Forex Bot Testing

Dark Moon Forex Bot Testing

The image displays the Strategy Tester Report for Dark Moon EA with key statistics, including profit factor and drawdown. The equity curve in the graph is predominantly upward-trending, showing overall growth throughout the tested period.

Forex Gump

Forex Gump EA is recognized for its innovative approach in the Forex market (as well as a funny name), utilizing a trendy candle and news filter to navigate daily trades effectively. The EA is designed to adapt its take-profit strategy to the current market dynamics, ensuring each trade is positioned uniquely for profitability.

It offers various risk settings to suit different trading styles and safeguards investments even during system failures. With a multi-currency strategy covering a range of currency pairs and timeframes, Forex Gump operates continuously to capture trading opportunities.

It's suitable for accounts starting at $40 on a microscale, with a suggested leverage of 1:100 and above.

Forex Gump Trading Bot Monitoring

Forex Gump Trading Bot Monitoring

The “Cumulative profit” graph shows a substantial upward trend in profits over time, suggesting consistent profitability. The “Cumulative banked return” graph also indicates a steady increase in daily returns, reinforcing the EA's effective trading strategy. Both graphs suggest that Forex Gump EA could be a strong performer in generating profits over an extended period.

Center EA

Center EA is crafted for those who aim to master the Forex market with a focus on price action and meticulous market analysis. This EA is praised for its ability to identify and follow trends, providing traders with a strategic advantage.

Center EA boasts an impressive 80%+ success rate in their trades, highlighting its proven profitability. It operates on a price-action-based strategy, enhancing the accuracy of trades and the potential for maximized earnings.

Testimonials from users underscore the transformative impact of Center EA on their trading, with many expressing heightened confidence and impressive results.

The inclusion of a news filter further refines its operation, pausing trading during significant economic announcements to mitigate market volatility risks. Although designed for Forex, Center EA's versatility may extend to other symbols, given appropriate parameter adjustments.

Center EA FX Bot Testing

Center EA FX Bot Testing

The chart demonstrates Center EA's consistent performance, with a clear upward trend in profit, reflecting the robust strategy and successful trade execution the EA offers.

Universal Breakout

Universal Breakout is an Expert Advisor that capitalizes on the classic breakout strategy. It operates by setting a price band over a designated time interval, such as the extremums of the Asian, European, or American sessions, or daily highs and lows.

The EA allows users to define a time range to determine the maximum and minimum price points. At a specified hour, Universal Breakout places BUY STOP and SELL STOP orders at these levels. If the orders remain unexecuted within a set timeframe, they are removed, preparing the EA for the next trading opportunity.

Features like Take Profit, Stop Loss, Breakeven, trailing stop, and early close functions are included to secure profits and minimize losses. The EA's money management settings are user-friendly, and with the GMT parameter, it's easily adaptable across different brokers' terminals.

Universal Breakout Bot Testing Results

Universal Breakout Bot Testing Results

The Strategy Tester Report depicted shows an initial deposit of $10,000 leading to a total net profit of $2,387.26, indicating the EA's potential for significant financial returns. The profit factor of 1.84 and an expected payoff of $7.61 per trade underscore its efficiency, while the maximum drawdown of 13.32% highlights the associated risk level.

Dark Venus

Dark Venus is a distinguished Expert Advisor tailored for scalping trading, renowned for its high-frequency operation. It strategically utilizes Bollinger Bands to manage trades, offering a high rate of successful transactions. This level of efficiency has catapulted Dark Venus into prominence, making it one of the most downloaded robots globally, with over 100k downloads since 2022.

The EA operates with precision, backed by tests performed with nearly perfect accuracy, accounting for real tick data, spread, and slippage factors.

The EA offers extensive customizability through external settings, allowing traders to fine-tune their strategies, whether counter-trend or trend-following.

Dark Venus is adaptable across multiple timeframes and currency pairs, with recommended settings for major pairs like EUR/USD, GBP/USD, AUD/USD, and USD/CAD. Optimal performance is achieved with an ECN broker and a low-latency VPS, with leverage and deposit depending on individual settings.

Dark Venus Testing

Dark Venus Testing

The provided chart exhibits Dark Venus’s trading activity and results. As we can see, the profits shown are more than double the value of the losses. There’s also a snapshot of performance metrics that display total trades, profit factor, short/long positions and many others, reflecting the EA's effectiveness in live market conditions.

BotAGI MT4 Trading Bot

BotAGI MT4 represents a leap in accessible AI-driven trading, positioning itself as a user-friendly, next-generation Forex robot. This basic version of the more advanced BotGPT is tailored for beginners, prioritizing ease of use without compromising on strategic depth.

The EA takes a conservative approach, executing about 20 to 30 trades monthly, emphasizing accuracy over volume. This methodical strategy aims for substantial monthly profits, with a target range between 5 to 10%.

BotAGI's standout features include its simplicity, avoidance of high-risk strategies such as grids or martingales, and the implementation of a stop loss for each trade, enhancing account safety. It's designed to operate with modest capital starting from $300 to $500, making it an appealing option for traders on a budget.

BotAGI MT4

BotAGI MT4

The strategy tester report for BotAGI MT4 displays a chart indicative of the EA's performance, showing overall profitability and trade statistics such as total net profit, profit factor, and maximal and relative drawdown, evidencing the EA's effectiveness and risk management.

My Grid Scalper

My Grid Scalper is a dynamic EA designed for a range of currency pairs and instruments, including major FX pairs like EUR/USD, exotic pairs, and even commodities such as gold and cryptocurrencies like ETH/USD and BTC/USD. It's built to operate across different timeframes, with M5, M15, or H1 being the recommended options, providing flexibility for various trading styles.

My Grid Scalper Testing in MT4

My Grid Scalper Testing in MT4

The strategy tester report for My Grid Scalper showed an upward-trending equity curve, illustrating the EA’s capacity to consistently generate profits over time. Key metrics such as total net profit, profit factor, and absolute drawdown give insight into the EA's performance, with a high modeling quality indicating reliable backtesting results.

How to download and set up a free Forex bot

Setting up a free Forex bot can be a straightforward process if you follow these essential steps:

  1. Open an account with an MT4 broker.
    Choose a reputable broker that supports the MT4 platform. For a reliable broker option, consider RoboForex, known for its user-friendly interface and robust trading environment.

  2. Understand your strategy.
    Before you begin, have a clear trading strategy in mind. Steer clear of risky methods like Martingale, and acquaint yourself with factors like slippage and commissions, which can affect your trades' outcomes.

  3. Download & Install.
    Find a Forex bot that suits your trading style and download it. Installation guides are available and can simplify the setup process. A recommended resource for installation assistance is available in or guide How To Install And Run Forex EA In MetaTrader 4.

  4. Backtest & Optimize.
    Backtesting is crucial to understand how your Forex bot would perform based on historical data. Optimize its settings to align with your trading goals. For backtesting procedures, you can visit our article How to Backtest Forex Expert Advisor in MT4.

  5. Run it on a demo and then on a live account.
    Always start by testing your Forex bot on a demo account to ensure it operates as expected without risking real money. Once satisfied, you can transition to a live account and begin actual trading.

Tips

When venturing into the world of automated trading with Forex bots, here are some valuable tips to keep in mind:

  • Exercise Patience with Free Robots: Free bots can be tempting, but approach them with due diligence. They often require fine-tuning to align with market conditions.

  • Diversify Your Arsenal: Employ a variety of robots. Different market conditions call for different strategies — trend-following bots for active markets and reversal bots when the markets are less volatile.

  • Leverage TradingView: Incorporate TradingView and its powerful Pine Script for custom indicators and strategy testing to complement your automated trading.

  • Stay Updated: Keep your bots updated with the latest versions and strategies.

  • Risk Management: Always prioritize protecting your capital. Set appropriate stop losses and review risk-to-reward ratios.

  • Educate Yourself: Continue learning about market trends, robot adjustments, and economic news that can impact your trading strategies.

  • Demo Test: Always test new strategies or bots on a demo account before going live.

Conclusion

The journey to successful Forex trading with robots is one of continuous learning and adaptation. While the allure of set-and-forget trading bots is strong, remember that there's no substitute for a solid understanding of market dynamics and risk management.

Use the tools and resources available to you for analysis and backtesting, and always stay engaged with your trading strategy. Most importantly, never stop refining your approach. With the right blend of technology and market insight, Forex bots can become a valuable part of your trading repertoire.

Team that worked on the article

Vuk Martin
Contributor

Vuk is a seasoned content writer with a diverse portfolio spanning industries from e-commerce and technology to gaming and finance. An English Language graduate, his journey has taken him from coaching with SayABC Teaching Company to producing written content for various publications. His language mastery combined with investing background has solidified his reputation in the financial niche, crafting articles with precision and market insights.

At Valor Media, he authored compelling press releases, featuring in esteemed platforms like Forbes and CEO Weekly. Merging technical acumen with financial expertise, Vuk is now poised to deliver concise, engaging content in the Forex and finance sector for the Traders Union website, ensuring insightful and accurate narratives for readers.

Dr. BJ Johnson
Dr. BJ Johnson
Developmental English Editor

Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.

The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.

Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.

Tobi Opeyemi Amure
Cryptocurrency and stock expert

Tobi Opeyemi Amure is an editor and expert writer with over 7 years of experience. In 2023, Tobi joined the Traders Union team as an editor and fact checker, making sure to deliver trustworthy and reliable content. The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options.

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