Which Free Forex EAs Are The Best?

Are Forex EAs worth it?

Forex expert advisors, or EAs, can be a valuable tool for traders looking to automate parts of their trading process or to gain access to advanced trading strategies. One of the key benefits of using them is that they can reduce the time and effort required to make trading decisions. This is because EAs are designed to analyze market data and make recommendations based on pre-defined rules and algorithms. This can help traders to identify potential trading opportunities and to make decisions more quickly and efficiently.

Another advantage of using a Forex EA is that it can help to increase the consistency of your trading. Using a pre-defined set of rules and algorithms, an EA can help eliminate the influence of emotions and biases on your trading decisions. This can help reduce the risk of making impulsive or rash decisions and increase the chances of making profitable trades.

Overall, Forex EAs can be a valuable tool for traders looking to automate parts of their trading process or to gain access to advanced trading strategies. While they are not a guarantee of success, they can provide valuable support and insights to help traders make more informed and potentially profitable decisions.

How to choose the best Forex EA?

Choosing the best Forex EA can be challenging, as many different options are available. Here are some expert tips and suggestions to consider when selecting a Forex EA so you can make an informed and profitable decision:

1. Research the provider.

It is important to carefully research the provider of the Forex EA to ensure that they are reputable and trustworthy. Look for reviews and testimonials from other traders, and check for any red flags, such as a lack of transparency or a history of complaints.

2. Understand the risks.

Trading with a Forex EA carries risks, just like any other type of trading. It is imperative to understand these risks and be prepared for the possibility of losses, mainly if you are using leverage or trading with a high risk.

3. Evaluate the performance.

Before choosing a Forex EA, it is essential to carefully evaluate its performance. Look for evidence of real-time trading results, such as verified track records or independent performance audits, as well as win rates. Be wary of EAs that make unrealistic or exaggerated claims about their performance.

4. Consider the cost.

Forex EAs can vary in cost from free to several hundred dollars. Therefore, consider your budget and trading goals when choosing an EA, and be skeptical of EAs that seem too good to be true or that charge excessively high fees.

5. Understand the strategy.

It is essential to understand the underlying trading strategy of the Forex EA you are considering. Look for EAs that use transparent and well-defined strategies, and beware of those that use overly complex or opaque systems that are difficult to understand.

6. Test the EA.

Many Forex EA providers offer a free trial or demo account, which can be a useful way to test the EA and see how it performs in real-time trading conditions. Take advantage of these opportunities to get a sense of EA's capabilities and see how well it aligns with your own trading style and goals.

7. Evaluate customer support.

Choosing a Forex EA provider that offers reliable and responsive customer support can be particularly important if you encounter issues or have questions about using the EA. It is advisable to look for providers that offer multiple support channels, such as email, phone, or live chat.

How to choose the best Forex EA?

Best Forex EAs

1000pip Climber

1000pip Climber EA is the leading Forex robot and the highest rated EA on TrustPilot with a rating of almost 10/10. Users of this EA have been particularly impressed with the very high yield in both trending and range bound markets.

This EA is well suited to beginners because it is easy to use, quick to install, and comes with full support from the developer of the system. In addition, the 1000pip Climber EA has no minimum deposit and you can use any leverage value.

1000pip Climber

Flex

Voted the best MT4 EA for eight years consecutively, the Flex expert advisor has a rating of 9.5 and a yield of 300%. It is a tried and tested expert advisor who works well for trending markets.

Flex requires a deposit of $3000 and offers leverage of 500.

Flex

Fortnite

One of the best EAs there is, Fortnite has a rating of 9.4 and a yield of 135%. Fortnite performs automatic trades, both according to trends and according to hedge trading. You can even modify the settings of Fortnite according to the trading style you want.

Fortnite requires a deposit of $500 and offers leverage of 100.

Fortnite

Alfa Scalper

Alfa Scalper uses the scalping method to get trading opportunities. It has a rating of 8.57 and a yield of 49.36%. Alfa Scalper is very easy to use.

This EA requires a deposit of $100 and gives leverage of 50.

Alfa Scalper

Forex Gump

Many traders consider Forex Gump to be one of the best EAs available. It has a rating of 8.52 and a yield of 2200%. It utilizes daily trading and scalping to make trading decisions.

Forex Gump requires a deposit of $40 and provides leverage of 100.

Forex Gump

FXCharger

FXCharger is a famous expert advisor with a yield of 77.3% and a rating of 8.91. The FXCharger opens trades every day and closes them at the right time, such that the trader earns a profit.

FXCharger requires a deposit of $1000 and a leverage of 100.

FXCharger

Trade Manager

Trade Manager is an expert advisor with a 9.07 rating and a 65.39% yield. With Trade Manager, you can create your own strategies and set your own parameters for the best results.

It requires a deposit of $100 and a leverage of 50.

Convert FX

Convert FX uses a breakout strategy. It has a rating of 7.93 and a yield of 42.1%. Convert FX helps you make a profit by taking advantage of significant movements in the market. With this free forex expert advisor, you can even set your own indicators.

Convert FX requires a deposit of $100 and offers leverage of 50.

Forex Diamond EA

Forex Diamond EA is a very efficient expert advisor. It has a rating of 7.8 and a yield of 63.39%. Forex Diamond EA uses trend and countertrend strategies to make trading decisions. This EA is fast, safe, and precise.

Forex Diamond EA requires a deposit of $1000 and offers a yield of 500.

Forex Diamond EA

How to Effectively use Best Forex EAs

Effectively using the best Forex Expert Advisors (EAs) can significantly enhance your trading experience. Here are seven tips to guide you in making the most of these automated systems:

Best Forex brokers 2024

1

9.4/10

Go to broker

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest.

Minimum deposit:

$50

Bonus for deposit:

0%

Regulation:

CySEC, FCA, ASIC

Review

The eToro broker was founded in 2007. The company promotes itself as a social trading platform working with traders from over 140 countries. The broker has several divisions operating under different jurisdictions and licensed by different regulators. For example, eToro (Europe) is licensed by the Cypriot regulator CySEC (109/10) and eToro (UK) is licensed by the British regulator FCA (583263). The broker also has a representative office in Australia and the USA. eToro Profile Details

Pros/Cons

•the minimum transaction amount for copying is $1;

•handy functionality for passive investing;

•regulated by independent monitors;

•it is possible to purchase contracts for fractional shares (that is, to invest amounts less than the cost of one share);

•it is possible to buy shares at once (not CFDs) on the US stock exchanges.

•high spreads;

•periodic technical failures in order execution;

•lack of the most popular platforms such as MetaTrader 4 and MetaTrader 5 in Europe and the CIS;

•no access to ECN systems, orders are processed only according to the STP (straight-through processing) scheme with access to specific liquidity providers;

•there is a commission for withdrawing funds;

•impolite support staff;

•inconvenient website.

Study Review

2

9.2/10

Go to broker

Your capital is at risk.

Minimum deposit:

No minimum

Bonus for deposit:

0%

Regulation:

FSC (BVI), ASIC, IIROC, FCA, CFTC, NFA

Review

The name OANDA is an acronym for “Olsen & Associates” or “Olsen AND Associates”. It is registered in the United States and provides its clients with a wide range of financial services in most countries of the world. The company was founded in 1996 and is currently regulated in four jurisdictions. The main regulator of the broker is the UK Financial Conduct Authority (FCA). Oanda Canada is licensed by IIROC. The company has several significant awards to its credit, including a victory in the category "Best Forex Trading Technologies" from the UK Forex Awards, "Best Trading Platform" from FX Week, as well as "Best Customer Service" from the US Foreign Exchange Report.

Pros/Cons

•Minimum deposit from 1 dollar.

•A large selection of the most popular trading instruments.

•Several reliable and reputable financial regulators.

•Inconvenient and poorly functioning site.

•Lack of cent accounts.

•Lack of bonus programs.

Study Review

3

9.1/10

Study Review

Minimum deposit:

$1

Bonus for deposit:

0%

Regulation:

FCA, BaFin, ASIC, MAS, CySec, FINMA, BMA, CFTC, NFA

Review

IG Markets has been providing brokerage services for retail traders since 2014. It was established in 1974 in London to work with professional traders. It is a part of the IG Group with representative offices in 17 countries. IG Markets stocks are traded on the London Stock Exchange as a part of the FTSE 250 index. The broker is regulated by FCA (Financial Conduct Authority | the UK), CySec (Cyprus Securities and Exchange Commission), ASIC (Australian Securities and Investments Commission), BaFin (the Federal Financial Supervisory Authority | Germany), FINMA (Swiss Financial Market Supervisory Authority), and NFA (National Futures Association). The IG Group global representative office is supervised by BMA (the Bermuda Monetary Authority). The broker provides services of trading Forex and different CFDs through MetaTrader 4 and its in-house platforms for retail and professional traders.

Pros/Cons

•Regulated activities and participation in compensation funds;

•No minimum deposit requirements when opening an account with the international division;

•Leverage is available for trading currencies and CFDs;

•Wide range of trading assets and markets;

•Fee rebates for new and active existing clients with large trading volumes;

•Floating spreads from 0.6 pips for retail Forex traders;

•Bonuses for new clients and partnership programs for different client categories.

•The broker can reject opening accounts to traders with low capital or insufficient knowledge of derivatives trading;

•Deposits and withdrawals can’t be made with e-wallets, electronic payment systems, or cryptocurrencies;

•Trading conditions differ for various countries, so you have to look for the broker’s website in your country.

Study Review

4

8.9/10

Study Review

Minimum deposit:

$5

Bonus for deposit:

0%

Regulation:

FCA, CFTC, NFA

Review

Trading.com is a UK broker whose full name is Trading Point. Previously, it was called XMUK, but in 2019 it was rebranded and the company began to operate under its new title: Trading.com. The company offers to trade six asset classes such as currency pairs, metals, as well as CFDs on stocks, stock indices, commodity futures, and energy resources. More than 1,250 assets are available in total. The main office is located in London, the broker is regulated by the FCA (Financial Conduct Authority), and its registration number 705428.

Pros/Cons

•Favorable trading conditions - average spreads in major pairs are 0.6 pips.

•No commissions.

•Moderate requirements compared to the size of the minimum deposit. You can start trading when you deposit at least $5 to your account.

•MetaTrader 5 desktop and mobile platforms, as well as a web terminal, are available for trading.

•Reliable FCA regulation.

•The broker only provides services to UK citizens.

•The absence of PAMM and MAM accounts for passive investing.

•The absence of bonuses, training programs.

Study Review

5

8.7/10

Study Review

Minimum deposit:

$1000

Bonus for deposit:

0%

Regulation:

CIMA, FCA, FSA (Japan), NFA, IIROC, ASIC, CFTC

Review

Forex.com is a company owned by GAIN Capital Holdings, Inc. (NYSE: GCAP) and has earned a reputation as a reliable broker in the trading industry for its transparent work and high quality of services. The company cooperates with clients in 140 countries. The broker is registered in the Cayman Islands and supervised by CIMA (Certified Institute for Management Accountants). The license number is 25033. The parent company of the Forex.com broker is registered in England and Wales under the number 1761813 at the UK Companies House. It is licensed by one of the most reputable regulators in the world, FCA (No. 113942).

Pros/Cons

•average rate of order execution is 0.04 ms;

•reliability is controlled by several regulators so customer funds are kept on separate accounts from the company's assets;

•attractive trading conditions are tight spreads on over 90 assets, including currency pairs and metals, and over 4,500 markets, including FX, indices, commodities, stocks, and cryptocurrencies.

•poor quality of site optimization, little specifics in the descriptions of services, tabs at the top of the page do not work. To find the information you have to use a tab called "Sitemap";

•it is difficult to contact the support service due to its high workload;

•large fixed commission for withdrawing funds;

•high initial deposit, it starts from $1,000;

•there are few options for depositing and withdrawing funds, the terms rarely correspond to those stated.

Study Review