15 Best Trading Robots in 2024

Trading robots are designed to buy and sell currencies, stocks, and other assets autonomously. In other words, trading robots allow you to trade passively 24/7.

In this guide, we reveal the best trading robots for 2024. We review 15 popular trading robots for past performance, risk, pricing, reputation, supported assets, and other important factors.

The Top Trading Robots Reviewed

We’ll now review the 15 best trading robots for 2024. Read on to choose the right robot for your trading financial goals and risk tolerance.

Note: Many of the forex trading robots reviewed below have historical win rates that cannot be independently verified. Any claims made should be taken with a grain of salt.

1. Dash2Trade – Overall Best Trading Bot Platform for 2024

Dash2Trade is a new automated trading platform built for the crypto market. It offers a wide range of tools for building and testing strategies, automated bot trading, market analysis, and more.

Traders excited to dive in and start trading cryptos with bots right away will find 2 robots available. One offers a dollar-cost averaging (DCA) strategy, while the other offers a grid trading strategy. Both bots can trade 400+ cryptocurrencies across 6 centralized crypto exchanges.

Dash2Trade is also in the process of rolling out a new feature that will enable traders to create bots based on their own custom strategies. Traders will be able to build and backtest bots with historical crypto price data, then optimize them and release them onto the market.

This feature is expected in the next few months and we’re very excited about it.

Dash2Trade also offers some unique market insights that traders will be able to incorporate into auto-trading strategies. For example, it uses social media sentiment analysis to identify trending cryptos and technical analysis to find bullish and bearish signals automatically.

You can access a limited version of Dash2Trade for free to try it out. Full access is very affordable at only $102 per year.

2. Waka Waka – Expert Advisor Trading Bot Has Offered 7,500% in Account Gains Since its Inception 

Waka Waka is a record-breaking expert advisor (EA) forex trading bot – that has offered an account gain of more than 7,500% since its origin. Notably, Waka Waka also holds the world record for the most number of consecutive months in profit on a live account – 66 and counting. 

Since its inception in 2018, Waka Waka has verified Myfxbook track records and MQL signals. Offering strong risk management configurations – Waka Waka allows users to trade in accordance with their risk appetite. Through a profit calculator, you can view the potential profits by selecting your risk settings – choosing from Low, Moderate, Significant, or High-risk options. 

By allowing you to access up to 10 MetaTrader 4 & 5 accounts, Waka Waka offers top-quality features such as 100+ customizable trading parameters and access to modern user dashboards. Waka Waka offers 1 on one 1 support on the platform, which is accessible 24/7. Remote desktop assistance can also be accessed. 

A highly trustworthy platform, Waka Waka has 150+ verified 5-star user reviews on Trustpilot. Furthermore, the platform displays more than 30 user testimonials showcasing their Myfxbook and MQL5 results. 

Waka Waka is currently offering access to its EA bot for just $2,160 – a 10% discount from the original price of $2,400. This purchase will give you lifetime access to the trading bot and exclusive access to its Telegram group, consisting of active traders. 

Once the purchase is made, users can access ‘How to Install’ guides, which allows you to start leveraging the bot with ease. All these high-quality features have made Waka Waka an award-winning expert advisor over the last few years. 

3. Perceptrader AI – Algorithmic Trading Software Leveraging ChatGPT to Offer Accurate Trading Solutions 

Perceptrader AI is an algorithmic trading software that leverages artificial intelligence protocols to offer long-term forex trading profits. This trading bot is based on the Waka Waka EA – and shares the same trading logic and strategies. 

However, Perceptrader AI understands the importance of artificial intelligence in trading. Users can configure their ChatGPT and Bard accounts on the expert advisor settings to get advanced trading insights. By using tools such as machine learning, Perceptrader AI allows its expert advisors to study vast amounts of market data to discover trading patterns. 

By conducting mathematical analysis, the EAs predict potential price movements. Another tool being used is artificial neural networks (ANNs), which help EAs learn and improve their trading accuracy over time. Finally, through price prediction models, the platform studies trading volumes, and forex currency rates to anticipate future price movements. 

All these advanced AI features have helped Perceptrader AI to offer continuous monthly profits for 52 months straight. Just like Waka Waka, Perceptrader AI also offers risk management configurations catered to your risk appetite. 

After signing up to the platform, users can access one of the many high-quality tutorial videos – which comes with voiceover. Perceptrader AI also offers a 100+ page PDF guide on risk management and money management principles. 

Interested readers can get lifetime access to the Perceptrader AI machine learning and trading bot for $1,980 – a 10% discount from the usual price of $2,200. Perceptrader AI supports Meta Trader 5 & 4, along with MQL5. 

4. 1000pip Climber System – Top Trading Robot With No Recurring Costs

The 1000pip Climber System is an emerging 100% rule-based Forex trading system. It promises to simplify the complex world of Forex trading by automating the detection of trade entry, stop loss, and take profit values.

At the core of the 1000pip Climber System is a Forex robot, an automated trading algorithm that analyzes the FX market for high-probability trading opportunities. This robot is the system’s standout feature, offering consistency and objectivity that human traders might struggle to achieve.

It offers visual, audio, and email notifications for trading signals, making it accessible even to those new to Forex trading. It also Integrates with MT4 and provides a detailed setup guide, including a video.

The platform has produced almost 20,000 pips over three years with minimal draw down. While past performance does not guarantee future results, these numbers suggest a strong, consistent performance.

Priced at $97 (down from $299), it is an attractive one-time investment, especially considering no recurring fees. This price makes it a cost-effective solution for beginners and experienced traders.

The system is designed to be simple, with a simple installation process. The provision of a beginners’ guide is a thoughtful addition, catering to those who might be taking their first steps in Forex trading.

The system offers highly accurate signals across multiple time frames and currency pairs. This broad scope suggests versatility, but as with any automated system, the reliability of these signals should be assessed continuously.

Moreover, user testimonials reflect a positive experience, highlighting ease of installation, effective signal delivery, and responsive support. The active engagement of the developer, Jim, adds a layer of trust and reliability.

The platform’s emphasis on algorithmic accuracy, ease of use, and a one-time pricing model make it an attractive option in the crowded Forex system market.

5. Golden Pickaxe: A Powerful Grid Trading Bot For Gold

Golden Pickaxe is next on our list of best crypto trading bots. It’s a promising bot that helps you trade gold automatically. The bot is developed by Valeriia Mishchenko, an expert with over 10 years of experience in the Forex and gold market.

The bot uses “grid trading,” which is similar to what Mishchenko’s other successful robot, Waka Waka, does. Waka Waka has been quite successful and has fetched high returns for people for over five years.

Golden Pickaxe will automatically trade gold (XAUUSD) for you, so you don’t have to do anything. It has five different settings that let you choose how much risk you want to take with your money.

Mishchenko wants the bot to help you make money gradually and safely over a long time, not just quickly. Moreover, there’s a specific group on Telegram where you can talk to other people using the bot.

The Golden Pickaxe Trading Bot has been proven to outperform the market while offering a relatively safer way for you to make money by trading gold easily.

You can download it for free and join a big group of traders who are already making a lot of money with it.

6. Forex Gump – Top-Performing Forex Robot Covering 25 Currency Pairs

Forex Gump is a forex trading robot that covers 25 currency pairs. This includes majors like GBP/USD and EUR/USD and plenty of minors. For example, AUD/CAD, EUR/AUD, and CAD/CHF. Forex Gump is compatible with both MT4 and MT5, so it takes less than a minute to get started.

That said, you’ll need to choose your preferred risk setting from conservative, low, middle, and high. Forex Gump doesn’t outline the robot’s methodology, which is a major drawback. However, the robot can trade from the one-minute to the one-day timeframes, so it covers various strategies.

Forex Gump has published historical returns across two of its accounts. First, there’s a 167.5% profit based on a 94-day period. Second, there’s an 89.2% profit over 378 days. Neither of these accounts is linked to MyFXBook, so historical returns should be taken with skepticism. In terms of pricing, Forex Gump charges a one-time fee of €199. Alternatively, €399 gets you three licenses. Both accounts come with a 30-day money-back guarantee.

7. GPS Forex Robot – MT4 Trading Robot Specializing in Major Currency Pairs  

GPS Forex Robot is an established forex trading robot developed by Mark Larsen. It trades major currency pairs autonomously, including EUR/USD, USD/CHF, and EUR/GBP. GPS Forex Robot claims to have a long-term success rate of 98%. The robot is able to minimize losses by entering reverse positions on declining trades.

GPS Forex Robot offers historical trading results across three accounts. These are via MyFXBook, which is a good sign. However, it remains to be seen if these are all of the accounts held by the robot, or if they’ve been individually selected. Moreover, GPS Forex Robot doesn’t offer a free trial, so you won’t be able to test the robot risk-free.

That said, there is a 60-day money-back guarantee on all purchases. There is a one-time fee of $149 to access the robot, payable with debit/credit cards or Bitcoin. The robot is compatible with MT4 and full installation instructions are included with the purchase.

8. Gunbot – Automatically Trade Major Crypto Pairs on Top Exchanges With Stop-Losses

Gunbot is an advanced crypto trading bot that automates trading and helps you maximize opportunities across many different exchanges. It works with many exchanges, including Binance, Coinbase Pro, and Kraken.

Users can choose from several pre-configured profitable strategies or create their own strategies that fit their trading style. The bot also has AI-driven strategy creation, allowing for even more personalized trading approaches.

Security is a top priority for Gunbot. It uses encrypted API keys and two-factor authentication (2FA) and runs only on the user’s local server to secure user data and trades.

The platform’s ‘BitRage’ feature improves arbitrage trading by finding and taking advantage of price differences across different markets. Also, the ‘Market Maker’ function strategically places orders to increase liquidity and profit from spread differences.

The simulator feature lets users improve their strategies using real market data without risking real money. This “paper trading” mode is perfect for testing and fine-tuning strategies before using them with real trades.

Gunbot also offers after-sales support through Gunbot School, which provides interactive courses to help users set up and optimize their bots. The platform also has a strong community and professional support agents available 24/7.

9. Learn2Trade – Emerging Trading Robot With A 79% Win Rate

In our view, Learn2Trade offers the next best trading robot in the market. Its proprietary product – L2T Algo, specializes in the cryptocurrency markets. This includes Bitcoin and some of the best altcoins, with Learn2Trade covering five pairs. This is a fully automated trading robot, so you’ll be able to buy and sell cryptocurrencies without lifting a finger. What’s more, L2T Algo operates 24 hours per day, seven days per week.

The developers behind L2T Algo spent more than two years perfecting the underlying code. It’s been built with over 1,500 code lines and utilizes over 100 technical indicators. This enables the robot to scan the markets effectively, constantly looking for signals and triggers. What’s more, L2T Algo also leverages machine learning. This ensures that it constantly improves and evolves with broader market conditions.

We found that the L2T Algo trades in a risk-averse manner. All positions deploy limit, stop-loss, and take-profit prices. This ensures that unsuccessful trades are closed without losing too much money. And that profits are locked in on successful trades.  When it comes to performance, L2T Algo has a historical win rate of 79%. This means that 79% of its trades are profitable over time. These figures are based on over two years of testing and averaged out across thousands of positions.

However, past performance does not guarantee future returns. Like all trading robots, Learn2Trade enters winning and losing positions. Nonetheless, we should also note that Learn2Trade has a solid reputation. It’s an established crypto and forex signals provider with many years in the industry. In fact, Learn2Trade has over 70,000 members across its Telegram groups.

Unlike most trading robots, L2T Algo is not compatible with MT4 or MT5. Instead, it can trade on two leading crypto exchanges – Binance and ByBit. More exchanges will be added in the near future. That said, you’ll need to connect the L2T Algo with Cornix. This is a popular automated AI trading platform that supports third-party bots like L2T Algo. From start to finish, it takes just 10 minutes to get started and Learn2Trade includes a user-friendly manual.

If you have any issues, Learn2Trade offers customer support via live chat and email. In terms of pricing, you’ll pay £99 per month on a flexible plan. This is reduced to £67 and £58 per month when signing up for a three or six-month plan, respectively. Irrespective of what plan you opt for, it’s important you assess the return on investment (ROI). In other words, you’ll have to make at least the monthly subscription just to break even. Anything above this can be considered profit.

10. XG Gold Robot – Gold Trading Robot With a 76.12% Win Rate 

XG Gold Robot is one of the best trading robots for buying and selling gold. This automated robot covers gold trading against the US dollar and the euro. It utilizes many strategies and indicators, including the SMA Strength, RSI, and Price Action trading. All positions are entered with risk-management tools, including stop-loss orders.

However, the robot is considered risky, as it trades with leverage. That said, this is a trading robot that’s compatible with MT4 and MT5, so you can adjust the robot’s settings. Since the robot was launched in January 2022, it’s produced a win rate of 76.12%. This was achieved with a maximum drawdown of 7.01%.

One of the main drawbacks of XG Gold Robo is its price – you’ll pay $799 to access the software. This is a lifetime license and the developer frequently makes updates. This ensures that the robot is aligned with current market conditions. XG Gold Robot also offers a free demo via the MQL5 marketplace.

Although the robot is expensive, it has superb feedback on MQL5. It’s rated 4.73/5 across 30 reviews. Before using this trading robot, you’ll need to explore the best MT4 brokers. The developers suggest a broker that offers low spreads and high leverage. Moreover, XG Gold Robot suggests running its robot with a virtual private server (VPS) for maximum efficiency.

11. Forex Fury – Popular Forex Trading Robot With a 93% Win Rate

Forex Fury is an established trading robot that specializes in currencies. Its robot is compatible with both MT4 and MT5 and it trades autonomously around the clock. Forex Fury claims to utilize a range of low, medium, and high-risk strategies. However, it doesn’t provide any specific details about what trading systems its robot follows.

That said, all historical trades can be found on MyFXBooks for complete transparency. Some of the commonly traded pairs are USD/JPY, GBP/USD, and USD/CHF. Forex Fury claims that its robot enters between 1-7 trades per day. Since its inception, this trading robot has had a win rate of 93%. Forex Fury aims to grow its accounts by 10-20% per month.

However, there’s no guarantee that past results will be replicated. Unfortunately, Forex Fury doesn’t offer a free trial or a money-back guarantee. Instead, you’ll need to make a one-time payment to access the robot. This costs $229.99 and includes free updates for life. It also comes with installation videos to help you get started. If you need an additional license, Forex Fury charges $439.99.

12. Turbo Scalper – Forex Scalping Robot for EUR/USD – Popular Forex Trading Robot With a 93% Win Rate

One of the best trading robots for scalping strategies is Turbo Scalper. In a nutshell, this robot scalps the EUR/USD currency pair. This means that it enters lots of buy and sell positions throughout the day to capitalize on consolidation zones. In other words, it enters low-risk trades to scalp tiny margins.

Like many robots, Turbo Scalper is compatible with MT4 and MT5. All positions come with a fixed stop-loss and take-profit, so there’s no need to adjust the risk settings. That said, Turbo Scalper does come with some recommended parameters. This includes changing your MT4/5 charts to the 1-hour timeframe and setting the auto lot size to under 0.5%.

Moreover, it’s important to remember that scalping strategies require very competitive fees. With this in mind, Turbo Scalper recommends using an ECN broker so that you get the lowest spreads possible. In terms of performance, Turbo Signal claims to have produced year-to-date growth of 40.91%.

However, this trading robot has a very high maximum drawdown of 41.8%. Another drawback to consider is pricing. If you buy this trading robot outright, you’ll pay $500. Alternatively, you can rent the robot for three months at $250. Turbo Scalper also offers a free demo, which can be accessed via the MQL5 marketplace.

13. EA Builder – Create Your Own Automated Trading Robot Without Any Coding Knowledge   

EA Builder is one of the best trading robots if you’re looking to automate your own strategies. Put simply, its platform allows you to develop an automated bot without needing to have coding knowledge. Instead, you can specify each condition by selecting and adjusting your preferred data points. Many data points are supported, including technical indicators, volume, and volatility.

You can also instruct your bot to enter positions at certain times of the day. For example, the bot can be programmed to buy EUR/USD when the RSI drops below 25, during the New York and London cross-over. The possibilities are endless. That being said, EA Builder won’t be suitable if you’re a complete beginner. After all, you’ll be required to build the bot’s trading strategy yourself.

Nonetheless, once a bot has been developed, it can be installed into MT4, MT5, or TradeStation. EA Builder offers a free plan, but this only allows you to create custom indicators. If you want to buy an automated robot, you’ll need to pay a one-time fee of $97. Finally, EA Builder is not only suitable for forex trading but also stocks and futures.

14. Network AI – AI-Backed Robot  That Trades Real-Time Fundamental News 

Instead of specializing in technical data, Network AI makes trading decisions based on fundamental news. It scans news developments around the clock via artificial intelligence and enters positions accordingly. This could be based on a range of factors, such as interest rate meetings or GDP forecasts. Either way, the robot is completely autonomous.

Compatible with MT5, Network AI focuses on the forex markets. It’s available to buy on the MQL5 marketplace for $149. This is a one-time fee and includes lifetime updates. However, MQL5 only provides trading results for the prior week. Nonetheless, Network AI produced returns of 186% in this timeframe. Do note that you’ll need to specify your stop-loss and take-profit limits, as these are not suggested by the robot.

15. Stock Trader Pro – Stock Trading Robot With 90% Growth Since 2020

Stock Trader Pro is one of the best trading robots for stocks. Unlike other trading robots, Stock Trader Pro specializes in long-term positions. It generally trades large-cap stocks from the US market, such as Amazon, Netflix, Apple, and Microsoft. Although this is a long-term robot, it enters trades based on technical analysis.

Some of its key indicators include the RSI, Stochastic, and Moving Averages. All positions come with a stop-loss and take-profit order, generated by the robot. As such, you won’t be required to adjust the settings. In terms of performance, Stock Trader Pro has returned nearly 90% since May 2020. These results are verified by MQL5. The maximum drawdown of the robot is just 9.1%.

That said, this stock trading bot is a bit pricey at $550. You can also rent the robot for $150 (one month) or $350 (three months). However, this is a long-term robot, so it’s more cost-effective to make a one-time purchase. Stock Trader Pro comes as a robot file for MT5.

What is a Trading Robot? 

Trading robots buy and sell assets automatically, without any human intervention. This means that robots allow you to trade passively, as you won’t be required to research the markets. You won’t need to place trades either, as robots operate autonomously. Each robot will be programmed to follow pre-set conditions.

The robot cannot deviate from these conditions, regardless of how the market is performing. For example, the robot might be instructed to go long on GBP/USD when certain factors are met, such as volume, price action, or volatility. Or, it might go short on EUR/GBP when the RSI surpasses 67. The possibilities are endless.

There are many different types of robots in the market and each will have its own strategy. Some will scalp forex pairs for small gains. While others will implement a long-term strategy on blue-chip stocks. Irrespective of the strategy, the robot does not have the capacity to ‘think’. It merely follows the underlying code, which comes with both pros and cons.

On the one hand, robots can trade 24 hours per day without suffering from emotions or fatigue. Moreover, there are no limits to the number of markets it can analyze at any time. However, robots also come with limitations. For example, if a robot trades on technical data, it won’t have awareness of financial news. You also need to consider the cost of buying a trading robot and whether this represents a viable return on investment.

How do Trading Bots Work?

Now let’s take a much closer look at how automated trading bots work.

Developed to Follow Code 

In a nutshell, robots are software files that can be installed on third-party platforms like MT4 or MT5. The overarching objective is for the robot to trade on your behalf. This means that you can trade assets without needing to lift a finger.

Trading robots are programmed to follow very strict instructions. This is how they reach trading decisions. The process is very similar to an IF function on Microsoft Excel. This is because the robot will only enter a trade if a specific condition is triggered.

For example, let’s suppose that the robot is programmed to trade stocks. The robot will place a buy order if the following conditions are met:

• The RSI is below 50
• The 50-day moving average is above the 200-day moving average
• The stock is at least 15% below its all-time high

If all three of the above metrics are triggered, the robot will place a long position on the stock. If not, it will not place any trades. The robot might also be programmed to generate suitable stop-loss and take-profit orders. This could also be based on different metrics, such as volume and volatility.

Although most trading robots use technical data, some have the ability to extract and analyze financial news. This is usually through artificial intelligence. For example, the robot might short-sell GBP/USD if the UK announces a decline in GDP forecasts.

Installed into Third-Party Platforms

Now that you know how robots function, let’s assess how they actually trade on your behalf.

The vast majority of trading robots are designed for MT4 and/or MT5. These third-party trading platforms make it very simple to deploy robots – you simply need to install a software file. This will be provided once you purchase your chosen robot.

Moreover, MT4/5 come with customization settings. This enables you to set your own parameters, such as leverage, stop-losses, and take-profits. However, MT4/5 are trading platforms, not brokers. This means you’ll need to have an account with a broker that supports these platforms and the robot’s preferred markets.

Automated Trading 24/7

Once you have set the robot up, it’s ready to start trading on your behalf. However, it wouldn’t be wise to activate the robot without testing it thoroughly. Platforms like MT4 and MT5 allow you to trade in demo mode. But you’ll need to first have a demo account with a suitable broker.

You can then log into MT4/5 with your brokerage username and password. We would suggest keeping the robot in demo mode for at least one week. But the longer the better. The more data you have available, the more effective the testing process is.

After you’ve tested your trading robot and you’re happy with the results, you can activate it. This means that the robot will now use your brokerage account balance to place trades. It’s a good idea to regularly keep tabs on how the robot is performing. If it appears the robot is performing as you expected, you can switch it off. You can then make adjustments if needed.

Types of Trading Robots

Now let’s explore the different types of trading robots in the market.

Forex Trading Robots

The majority of robots specialize in forex trading. This makes sense, considering that forex is the largest trading market globally. According to Bloomberg, daily trading volumes hit a record of $7.5 trillion last year.

There are many different strategies that forex trading robots can deploy. For example, some robots are programmed to follow swing trading strategies. This means buying or selling a currency pair and holding the position for several days or weeks.

There are also forex trading robots that take a much short-term approach. For instance, some will scalp trade currency pairs, meaning they’ll only keep positions open for a few seconds or minutes. While this means very small profit margins, scalping is also risk-averse.

In most cases, the best forex trading robots are programmed to focus on specific pairs. After all, a trading strategy that works for EUR/USD likely wouldn’t be suitable for exotic currencies.

Stock Trading Robots

Robots also allow you to trade stocks passively. Just like forex, there are many different strategies that can be deployed. For example, some robots are long-term traders, meaning they buy and hold stocks for many months. While others day trade stocks to profit from market volatility.

The majority of stock trading bots rely on technical data. However, trading robots can now leverage artificial intelligence to analyze fundamental news. This opens up a new world of possibilities, as AI bots for trading were previously restricted to technical analysis.

Crypto Trading Robots

Crypto trading robots are increasingly becoming popular. Due to the market’s high volatility and 24/7 trading, there are many opportunities for robots to make money. Moreover, the best crypto exchanges will often support hundreds of pairs. While a human trader wouldn’t be able to analyze hundreds of crypto pricing charts simultaneously – trading robots can.

For example, the L2T Algo is built using over 1,500 lines of code and more than 100 technical indicators. It can scan an unlimited number of pricing charts without experiencing fatigue or emotions. When a trading opportunity arises, L2T Algo places a trade on Binance or ByBit.

NFT Trading Robots

According to a Grand View Research study, the NFT market will be worth over $211 billion in 2030. Although much smaller than the broader cryptocurrency market, this still offers plenty of trading opportunities. After all, NFTs can be traded just like any other asset class – as their value rises and falls.

North, for example, is a newly launched robot that scans the NFT market around the clock. It uses high-speed aggregation and automated engines to extract and analyze NFT insights. For example, NFT data related to sales, listings, floor prices, volume, and projected growth.

Gold Trading Robots

There are also robots that specialize in gold. According to the World Gold Council, 90% of global gold trading occurs in the UK, the US, and China. That said, robots can trade gold 24 hours per day in any market conditions.

Similar to forex, gold can be traded in currency pairs. This is usually XAU/USD or XAU/EUR. Depending on the underlying conditions, the gold trading robot can adopt various strategies. This includes scalping, as well as day and swing trading.

How to Pick a Trading Bot

With thousands of providers in the market, choosing the right trading robot can be challenging.

In this section, we’ll explain what to consider when researching the best robots for trading.

Past Performance and Verification of Results 

The most important aspect of a trading robot is that it actually makes money. After all, you’ll be risking your capital to generate returns. You’ll also need to cover the cost of buying the trading robot.

If you’re buying the robot directly from the provider’s website, the past performance should be clearly stated. Some providers display the win rate, which is the percentage of trades that have generated a profit. For example, if the robot has traded 10,000 times and 8,000 positions were profitable, it has a win rate of 80%.

The past performance can also be based on the return on investment. For example, suppose after three years of trading, the robot has returned 70%. If you invested $1,000 from the get-go, your portfolio would now be worth $1,700.

• Importantly, you also need to assess whether the stated returns are legitimate.
• We came across many robot providers that do not back up their historical performance.
• This means you won’t know whether the data is valid.

The best trading robots connect their accounts with MyFXBook. This is a third-party platform that can verify each and every trade the robot makes, and thus, the results cannot be manipulated. However, even this isn’t foolproof, as robot providers could have multiple accounts with MyFXBook. They might only show you the profitable accounts.

Supported Assets and Markets 

You’ll also need to consider what assets and markets you want your robot to trade.

While most trading robots specialize in forex, many will niche down to specific pairs. If you’re a risk-averse investor, opt for a robot that trades major currencies. These are less volatile than minors and exotics.

Other asset classes to consider include cryptocurrencies, commodities, and stocks.

Robot Strategy and Methodology  

The best trading robots will have a clear strategy to follow. If the provider doesn’t outline its strategy, this is a red flag. For example, if you want your robot to actively trade, consider a scalping and day trading strategy. If you’re more interested in long-term plays, look for a swing trading robot.

You should also consider the methodology of a trading robot. This determines what triggers the robot to enter or exit a position. For instance, the robot might short-sell a currency pair based on Bollinger Bands, MACD, and Moving Averages. Or, it might go long on stocks based on financial news. Either way, it’s important to understand how the robot makes trading decisions.

Pricing  

Trading robot prices will vary widely. Moreover, while some robots have a monthly subscription, others have a one-time fee. We would suggest opting for a robot that charges a subscription. The reason for this is that trading robots need to be updated regularly.

This ensures that the robot is aligned with current market conditions. If the robot provider charges a monthly subscription, it will be financially motivated to keep making adjustments. But those charging a one-time fee already have your money. As such, you might find that updates are few and far between.

You should also ensure that the robot’s price is financially viable. For example, XG Gold Robot charges a one-time fee of $799. if you’re only trading small amounts, you might never make enough money to cover the cost of the robot.

Conclusion

In summary, trading robots allow you to automate your financial goals – 24/7. You won’t need to research the markets or place any orders – the robot will do everything on your behalf. In our view, Dash2Trade offers the best trading bot for 2024.

With Dash2Trade, you get access to DCA and grid trading bots for 400+ cryptocurrencies. Plus, the platform will soon enable traders to build bots based on their own custom trading strategies.

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Kane Pepi

Editor

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Kane Pepi

Editor

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…

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