The Forex robot space can be a tough space to navigate through. There are of course other forex robots that promise substantial profits, only to disappoint their users in the end. The worst-case scenario is when users use their invested amount altogether in the pursuit of profits using such fraudulent forex robots.
Luckily there’s a wealth of information available online that can point in the right direction. If you are one who is looking for the best forex robot to increase your chances of profitability and passive income generation, you need to select the right trading robot and you need to know how to do it.
Factors to choose to make sure you get the right forex robot
You need to consider the following factors before choosing the right forex robot.
1. Thorough testing: The Expert Advisor or robot you choose has to be tested against variable spreads and real slippage before they can be usable. You should also consider backtesting to get the results. It should be available to you before making the final judgment. In this case, third party data from authoritative sites such as myfxbook can help evaluate these robots.
2. Using a demo account: Testing a robot in a virtual environment before taking it to the real market and risking your money, should be another consideration when selecting robots. You should note that test environments do not always mimic real conditions. Regardless, it still helps you give a measure of what the fx robot has to offer.
3. Drawdown: A low drawdown is always preferable. It refers to the reduction and decline of capital. Conversely, higher drawdowns can mean higher gains, but can also expose an account to unnecessary levels of risk.
Avoiding Scams of Forex Robots
When looking for forex robots, always be aware of products that claim to produce a significant gain or those who cannot provide any real-time based evidence. User reviews are a good source, but you have to make sure that they are genuine. There are many scam products on the market. So you should always lookout for the red flags. These include things like, withdrawal problems once you have deposited, profits not adding up, the robot behaving in a way not advertised, and others.
Luckily there are services such as myfxbook available, which work well to evaluate the effectiveness of forex trading robots. Always go for forex robots from developers you can trust and whose background has been clearly mentioned. Developers should always be transparent with the fees involved, the services offered and past trading results, if they want to win the confidence of their clients.
2021’s Top Forex Robots
Below are some of the best forex robots for 2021.
1. ROFX: Developed by a team of expert developers and forex traders, RoFx has carved a reputation over a decade as being one of the most consistent forex robots in the market. Its main driving force is its artificially driven neural network that adjusts with ease of changing market conditions. Another striking feature of this robot is their compensation plan which is facilitated by the robot’s reserve fund. Its verified myfxbook page of one of their accounts shows a gain of 811.29% with a mere 0.35% drawdown. This suggests that the AI-driven strategy is one of the safest in the market.
Minimum Deposit: $1000
2. GPS Forex Robot 3: GPS Forex Robot is a user-friendly forex robot, with its 3rd version currently in operation. It constantly updates itself to changing market conditions, using innovative algorithms. It allows users to select from twelve different trading styles and strategies, each catering to a specific style or trading level.
Win/Gain Rate: Their website claims that they produce 300% gains, which is backed up by live verified records.
Minimum Deposit: $100
3. WallStreet Forex Robot: The WallStreet Forex Robot is a forex robot that comes with an amazing feature called “Broker Spy Module” which was developed after 2000 hours of testing. The robot also provides a verified myfxbook account which indicates a profit in the region of 155% with a drawdown of 21.17%. Users actually get 4 robots for the price of one, which includes Wall Street 2.0, Asia 2.0, Pro 2.0, and Gold Trader.
Minimum Deposit: $1000
4. Perfect Trend System: The Perfect Trend System is a forex robot that focuses on profiting from trends. The robot first retraces and then rides the continuation of strong trends the system selects. The robot’s myfxbook page indicates a gain of 840.53% and a drawdown of 58.30%, making it one of the highest advertised gains on this list. Since the drawdown is high, the strategy in use may be inherently risky.
Minimum deposit: $1000
5. Forex Cyborg: This is a professionally developed forex robot that allows users to trade on multiple currency pairs with default settings. It also lets them adjust risk per trade and lot size to an amount suitable to their trading style. It is backed up by ten years of historical testing. One of their verified myfxbook accounts shows a gain of 310% with a drawdown of 29.27%.
Minimum deposit: $1000
It should be remembered that no forex robot performs at the same level in different market conditions. Because of the vast availability of forex robots, the number of scams in the market has increased. This means that traders have to be diligent more than ever. They must conduct research using the wealth of information available in the market, as well as based on testimonials and hard evidence from other users. Picking the right forex robot can change the fortune of many traders, especially novice traders and individuals looking for passive income. A good monthly gain of 10 to 15% is an achievable profit level which some good forex robots maintain. But always steer clear of forex robots that promise unachievable gains under all market conditions.