Forex Robots, EA, or Trading Bots are different names for one feature. The robots will trade for you if you’re a trader who can’t spend full time on screen. These artificial intelligence operating tools have many pros and cons. The results of EA may vary from trader to trader. It all depends on how compatible is your trading style with your bot.
The good news is that you can download free robots from the MetaTrader Market. In this post, you will learn the names of the best forex robot free downloads and features. Many brokers who offer the Mt4 or Mt5 platforms also offer trading robot facilities for free. Some sell these bots as a third party.
You, as a trader, can also build your own trading bot using MQL scripts.
What is Forex Robot and Its Types
Forex Trading Robots are automated software that operates on pre-set algorithms. These tools use the forex market signal to determine when to buy and sell currency pairs. Such tools work on artificial intelligence. These robots are operated on Mt4 and Mt5 platforms, and many online brokers also offer automated EA services.
Many bots use built with MQL on trading platforms. By using MQL, traders can build their own signals. Traders can also purchase bots online. Be cautious when buying paid bots, as you can get scammed or become a victim of viruses.
Types Of Forex Trading Bots Or Robots
There are hundreds and thousands of trading bots available online. These bots have different features and benefits. Significant types of forex trading bots are listed below
- Expert Advisor
- Scalper Bot
- Adaptive Bot Monitors
Pros Of Forex Trading Robots
- Robots have the ability to trade 24/7, even when a trader is asleep
- Robots are not influenced by human emotions
- Robots make complex decisions quickly
- Backtesting any trading strategy is easier on Robots
Cons Of Forex Trading Robots
- Robots can lead to severe errors in case of low connectivity issue
- Robots neglect fundamental analysis completely
- Robots also neglect the news and sudden trend in the market
5 Best Forex Robot Free Download
Finding the right forex robot is daunting as you may have hundreds of online options. Many forex brokers offer free EA or robots, while few offers paid EA.
If you 5only want a free forex robot, check the list below:
1-Forex Flex EA
Flex EA is a verified forex ea that works by using a newly developed innovative technology involving “virtual trades.” Simply, Flex will open virtual trades in the background, using them to constantly monitor the market to help determine the absolute perfect entry point… Flexill start opening and managing real trades automatically.
Features
- Includes optimization setting
- Compatible with NFA and FIFO
- Best reviewed since 2012
- Free Updates
- Work with MT4 &Mt5 Brokers
2-FX Fortnite EA
If you’re looking for 100% automated free MT4/Mt5 EA, FX Fortnite is the best option. This brokerage combines Trend/Hedge with High/Middle/Low-Risk Setting. This automated EA Works best on pair EURCHF in the H1 timeframe. It’s profitable at every brokerage that offers Metatrader 4/5 (MT4/MT5) accounts. You can use this EA with as small as $10 to as large as a $1000 account:
Features
- Easy to use
- 24/7 automation
- Backtesting
- Variety of packages
- 100% full automation
3-Alpha Scalper EA
It’s perfect for newbies who almost know nothing bout trading but want to make money to pursue dreams. Winning traders can also use it to make even more profit. By using an alpha scalper even a zero-knowledge trader can win trades.
Features
- Simple to use
- Good in 1 and 5-minute time frame
- Fast to make take action
- Three ways to inform you of trade setup
4-Forex Gump EA
Forex grump EA is the best option if you are looking for a Forex Expert Advisor with trendy a candle and News Filter. This Robot trades almost every day. Through this software, the Takeprofit of each order is always unique. The Expert Advisor adjusts it to the current situation in the FX Market.
Features
- Offers four different settings: High, Middle, Low, and Conservative.
- Protects money from loss.
- 9/25 currency pairs from M1 to D1 Timeframe.
5-Bloom EA Free
If you intend for 5%-10% Monthly account growth, use bloom EA. The best thing about this free forex EA is that it’s designed to work under most market conditions. It trades the breakdown of support-resistance levels. It doesn’t open more than 1 to 3 trades a day.
Features
- Does not use dangerous trading methods
- RequiresMinimum of 100$ Account Balance to trade
- Works the same on all timeframes.
List Of Forex Robot Free Download
Some robots offer both free and paid versions. If you are particularly looking for free Forex Robots, the list below can help you out
- Flex Beggar EA FREE Download
- Especulador Scalper EA FREE Download
- Super Hedge Forex Robot FREE Download
- Nas Killer Pro MT4 Forex Robot FREE Download
- MillionTrader MT4 Expert Advisor & Indicator FREE Download
- IS Black FREE Forex Robot Download
- Venom MT4 Robot FREE
5 Best Forex Robot Sellers
It is essential to always consult authentic forex robot providers if you want to avoid scammers. We will also list the names of the best robot providers who offer free and paid versions. Let’s read the list
- Roboforex
- Forex Flex EA
- FX Fortnite EA
- Alpha Scalper
- Forex Gump
FAQ
Is there a free forex robot that works?
Yes, there are many free robots available online. Whether they work or not depends mainly on how you handle them. Most of them are scammers; if you want to check the free robot work, do not backtest it on the demo account.
How can I get a forex robot?
Instead of buying or investing money in forex robots, the best option is to create your own robot. For this, you need to open an account with a broker on the Mt4 or Mt5 platform. You can develop your own MQL script to start building a robot and check its work on a demo account.
Where can I download trading robots?
The best option to download trading robots is to check the MetaTrader market. It is the best place where you can find indicators and other features. You can also pay through this meta trader market if you want to get the paid robot. It has a payment option available.
How much does a forex robot cost?
The forex robot ranges from $20 to $5000. It depends on how many features they offer and how authentic they are. This market is full of scammers. Be careful whenever you are going to make your purchase.
Finally
In the end, Trading robots are exciting features. It does not mean they can control your whole trading journey. You can use them for long-term pending positions as an institutional trader. But for swing traders, you need to update your robots daily. Moreover, this field is full of scammers. If you want to save money, try to develop your own robot free using MQL scripts.
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