14 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 14 popular trading robots for past performance, risk, pricing, reputation, supported assets, and other important factors.

The Best Trading Bots Ranked

Let’s get straight into it – listed below are the 13 best trading robots available in 2024:

  1. Dash2Trade: Offers DCA and Grid trading bots for 400+ cryptocurrencies on 6 exchanges. Plans to roll out custom strategy bots, which traders can create with backtested strategies and no coding. Also supports social sentiment analysis, technical trading signals, and more.
  2. 1000pip Climber System: With its robot-assisted Forex trading, the 1000pip Climber System stands out for its precision trading. It offers a user-friendly Forex trading tool offering comprehensive setup guides and responsive customer support. It has multiple currency pairs with a one-time affordable fee and no recurring costs.
  3. Waka Waka – Forex trading bot expert advisor holding the world record for offering profits across most continuous months. This expert account offers accurate profit calculators, risk management configurations, and has a verified Myfxbook track record. Waka Waka boasts an account gain of 7,500%.
  4. Perceptrader AI – Based on the trading logic and strategies of Waka Waka, Perceptrader AI is a new trading bot that leverages artificial intelligence platforms such as ChatGPT to discover trading patterns. Perceptrader AI uses neural links and price prediction models to offer trading guidance to users.
  5. Learn2Trade: Learn2Trade is an established signals provider with a top-performing trading robot. Known as L2T Algo, the robot trades cryptocurrencies around the clock. To date, it has a 79% win rate. L2T Algo takes just 10 minutes to set up and monthly subscriptions start from £58. The robot places up to 70 trades per month and specializes in five crypto pairs. L2T Algo is compatible with Binance and ByBit; more exchanges will be added in the near future.
  6. XG Gold Robot: This trading robot specializes in the gold markets, covering spot prices against USD and EUR. It utilizes many strategies, including Price Action trading and the SMA Strength. While this MT4/5 trading robot has a 76.12% win rate, it charges $799 for lifetime access.
  7. Forex Fury: This robot buys and sells forex pairs around the clock, including USD/JPY and GBP/USD. It’s compatible with both MetaTrader platforms and claims a historical win rate of 93%. Forex Fury fees start from $229.99, which is for a lifetime license. However, there is no free trial or money-back guarantee.
  8. Turbo Scalper: Turbo Scalper is programmed to scalp the EUR/USD currency pair. The robot automatically assigns take-profits and stop-losses to each position, so you won’t need to adjust the settings. Turbo Scalper is compatible with MT4 and MT5 and costs $500. The robot can also be rented for three months at $250. Year-to-date, Turbo Scalper claims to have made returns of 40.91%.
  9. Binance Copy Bot: This trading robot specializes in large-cap cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. While it places between 1-10 positions per week, the bot utilizes a swing trading strategy. Binance Copy Bot costs just $15.99 for lifetime access and since September 2022, has returned 87.51%. However, you’ll also need to pay a monthly fee to Cryptohopper to keep the bot activated.
  10. GPS Forex Robot: This trading robot claims to have a 98% success rate in buying and selling currency pairs. Losses are minimized by opening reverse positions when the robot is unable to predict the market. GPS Forex Robot covers multiple pairs, including EUR/USD, EUR/GBP, and USD/CHF. The robot costs $149 for lifetime access and the purchase comes with a 60-day money-back guarantee.
  11. EA Builder: EA Builder allows users to build their own trading robot based on simple instructions – no coding knowledge is required. It supports plenty of data points, including technical indicators, volume, volatility, and specific times of the day. Once a robot strategy has been developed, it can be uploaded into MT4, MT5, or TradeStation. Although there’s also a free plan, full functionality requires a one-time fee of $97.
  12. Network AI: Unlike most trading robots, Network AI doesn’t utilize technical data. Instead, the robot makes real-time trading decisions based on fundamental news. Network AI also leverages artificial intelligence when analyzing fundamental data. The robot specializes in forex trading and it’s compatible with MT5. Network AI is competitively priced at $149 for lifetime access.
  13. Forex Gump: This trading robot covers more than 25 currency pairs. It has four risk settings to choose from and is compatible with both MetaTrader platforms. Forex Gump shows trading results for two accounts – 167.5% (94 days) and 89.2% (378 days). These results cannot be verified by MyFXBook. Forex Gump charges €199 or €399, depending on whether you need one or three licenses.
  14. Stock Trader Pro: Stock Trader Pro is an MT5 robot specializing in large-cap stocks. It’s a long-term robot that trades on technical data. The robot generates its own stop-loss and take-profit orders, so you can trade stocks passively. Since its inception in May 2020, Stock Trader Pro has returned almost 90%. Lifetime access costs $550, which might be too high for some.

The Top Trading Robots Reviewed

We’ll now review the 13 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 Dashboard

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.

Supported Assets Past Performance Prices Supported Platforms
Cryptocurrencies N/A
  • $102 per year
6 centralized crypto exchanges

Pros pros

  • Offers DCA and grid trading bots
  • Supports trading 400+ crypto tokens on 6 exchanges
  • Rolling out tool to build custom trading bots
  • Includes strategy backtesting
  • Offers technical and social media sentiment signals

Cons cons

  • Only supports cryptocurrency trading

2. 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.

1000pip Climber System - Homepage

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.

1000pip Climber System - Rule Based

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.

Supported Assets Past Performance Prices Supported Platforms
6 Major Currency Pairs Almost 20,000 pips in three years $299 (Discounted to $97) MetaTrader 4 (MT4)

Pros pros

  • Automated Analysis: Uses a sophisticated algorithm for consistent market scanning and signal generation.
  • User-Friendly: Accessible to both beginners and experienced traders, with easy setup and clear instructions.
  • Comprehensive Alerts: Offers visual, audio, and email notifications for trading signals.
  • One-Time Fee: Affordable with a one-off payment of $97 and no recurring charges.
  • Supports Major Currency Pairs: Tailored for trading in six major currency pairs, providing focused market engagement.

Cons cons

  • The system only supports six major currency pairs, potentially limiting opportunities for traders interested in a broader range of Forex assets.

3. 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. 

Waka Waka home

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. 

Waka Waka returns

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. 

Supported Assets Past Performance Prices Supported Platforms
Forex 7,500% up since inception 5 years ago $2,100 lifetime access (Discounted from $2,400) MetaTrader 4 & 5, MQL5

Pros pros

  • 66 consecutive months of profit
  • Over 7,500% in profits since inception
  • Risk management configurations 
  • Verified client testimonials available 
  • Accesible via MetaTrader 4 & 5

Cons cons

  • Only supports forex trading 

4. 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. 

Perceptrader AI home

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. 

Perceptrader AI features

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. 

Supported Assets Past Performance Prices Supported Platforms
Forex 55 months of continuous profit $1,980 (Discounted from $2,200) MetaTrader 4 & 5, MQL5, ChatGPT, Bard

Pros pros

  • Offering profits for 55 consecutive months
  • Supports ChatGPT configuration
  • Leverages machine learning to study markets
  • Currently available on a discounted price 
  • Access to risk management tools

Cons cons

  • Not much information provided on the supported markets 

5. 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.

L2T Algo

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.

L2T Algo

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.

Supported Assets Past Performance Prices Supported Platforms
Cryptocurrencies 79% win rate
  • 1 month: £99.
  • 3 months: £199
  • 6 months: £349
Connects to Binance and ByBit via Cornix

Pros pros

  • 79% win rate since testing began over two years ago
  • Follows more than 1,500+ lines of code and utilizes 100+ technical indicators
  • Competitive prices – plans start from £58 when opting for a six-month plan.

Cons cons

  • Only supports cryptocurrencies – so you won’t be able to trade forex or stocks
  • Just two exchanges are currently compatible – Binance and ByBit

6. 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%.

XG Gold Robot

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.

Supported Assets Past Performance Prices Supported Platforms
Gold spot prices against USD and EUR 76.12% win rate $799 for a lifetime license MT4 and MT5

Pros pros

  • One of the best trading robots for gold
  • 76.12% win rate since early 2022
  • Utilizes multiple strategies on the 1-hour timeframe
  • Great reviews on the MQL5 marketplace
  • Compatible with MT4 and MT5

Cons cons

  • High-risk robot that trades with leverage
  • Costs $799 for a lifetime license

7. 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.

Forex Fury review

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.

Supported Assets Past Performance Prices Supported Platforms
Forex 93% win rate
  • 1 license: $229.99
  • 2 licenses: $439.99
MT4 and MT5

Pros pros

  • Claims a 93% win rate since its inception
  • Targets monthly gains of 10-20%
  • Offers historical trading results on MyFXBooks
  • Makes frequent updates to the underlying code
  • Compatible with MT4 and the best MT5 brokers

Cons cons

  • No free trial or money-back guarantee
  • Does not provide any information about the robot’s strategy

8. 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%.

Turbo Scalper robot review

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.

Supported Assets Past Performance Prices Supported Platforms
Forex YTD returns of 40.91%
  • Lifetime access: $500.
  • 3 months: $250
MT4 and MT5

Pros pros

  • Specializes in scalping strategies for EUR/USD
  • Year-to-date growth of 40.01%
  • Compatible with all MT4 and MT5 brokers
  • 5/5 reviews on MQL5

Cons cons

  • 41.8% maximum drawdown year-to-date
  • Trading results cannot be independently verified

9. Binance Copy Bot – Automatically Trade Major Crypto Pairs on Binance With Sensible Stop-Losses

Binance Copy Bot is a crypto trading bot that specializes in large-cap markets. This includes Bitcoin, Ethereum, and Litecoin. The underlying strategy is based on long-swing trading. This means that many positions will remain open for weeks at a time. That said, the bot is constantly entering positions to reduce risks and maximize profitability.

During the week, Binance Copy Bot places between 1-10 trades. The bot rarely trades over the weekend due to reduced volume. In terms of risk, the average stop-loss position is 2.7%. Moreover, the bot has a maximum drawdown of just 2.13%. The typical take-profit rate is 4.6%. Since September 2022, Binance Copy Bot has produced returns of 87.51%.

Binance Copy Bot

As the name implies, Binance Copy Bot is compatible with Binance. However, to set the bot up, you’ll need to go through Cryptohopper. The bot costs just $15.99 and this is for a lifetime license. One of the benefits of going through Cryptohopper is that you can backtest the robot. You can also test the robot in live market conditions via demo trading.

On the flip side, you’ll also need to pay Cryptohopper a monthly fee. This ranges from $19, $49, and $99 per month depending on how many open positions the bot requires. Based on a maximum of 10 trades per week, the explorer plan should be sufficient, which costs $19 per month.

Supported Assets Past Performance Prices Supported Platforms
Cryptocurrencies 87.51%. returns since September 2022
  • $15.99 for lifetime access
  • Cryptohopper fees of $19-$99/month
Connects to Binance via a Cryptohopper

Pros pros

Cons cons

  • Requires a Cryptohopper subscription – which ranges from $19 to $99/month

10. 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.

GPS Forex Robot

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.

Supported Assets Past Performance Prices Supported Platforms
Forex 98% win rate $149 for a lifetime license MT4

Pros pros

  • Claims a 98% win rate since inception
  • Reversal strategy minimizes losses
  • Compatible with MT4 and fully autonomous
  • Covers major and minor currency pairs – including EUR/USD and EUR/GBP

Cons cons

  • Does not provide information on the bot’s methodology
  • Makes many bold claims that cannot be independently verified

11. 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.

EA Builder review

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.

Supported Assets Past Performance Prices Supported Platforms
Forex, Stocks, and Futures N/A $97 for a lifetime license MT4, MT5, and TradeStation

Pros pros

  • Best forex trading bot for creating customer strategies
  • No coding knowledge is required
  • Supports lots of data points – including technical indicators and volume
  • Compatible with MT4, MT5, and TradeStation

Cons cons

  • Does not provide information on the bot’s methodology
  • Makes many bold claims that cannot be independently verified

12. 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.

Network AI review

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.

Supported Assets Past Performance Prices Supported Platforms
Forex 186% returns in the prior week $149 for a lifetime license MT5

Pros pros

  • AI trading bot that trades fundamental news
  • Average holding time of three hours – allowing you to avoid overnight financing fees
  • Competitively priced at $149
  • Compatible with MT5

Cons cons

  • Returns are only provided for the prior week of trading
  • Does not suggest stop-loss or take-profit limits – so you’ll need to set these yourself

13. 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 review

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.

Supported Assets Past Performance Prices Supported Platforms
Forex Two accounts are shown – 167.5% (94 days) and 89.2% (378 days)
  • 1 license: €199
  • 3 licenses: €399
MT4 and MT5

Pros pros

  • Forex trading robot covering 25 major and minor pairs
  • Simple installation into MT4 or MT5
  • Four risk settings to choose from
  • Chart timeframes range from one minute to one day

Cons cons

  • Trading accounts are not linked to MyFXBook
  • Recommended leverage is 1:100 – which is very high

14. 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%.

Stock Trader Pro review

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.

Supported Assets Past Performance Prices Supported Platforms
Stocks 89.89% since May 2020
  • One-time purchase: $550
  • 1 month: $150
  • 3 months: $350
MT5

Pros pros

  • One of the best trading robots for stocks
  • Long-term strategy focusing on large-cap companies
  • Returns of almost 90% since May 2020
  • Historical results are verified by MQL5

Cons cons

  • One-time purchase costs $550
  • $150 rental fee per month if opting for a subscription

Our Methodology When Rating Trading Robots 

There are a significant number of trading robots in this market. On MQL5 alone, there are more than 3,000 to choose from. Therefore, we implemented a strict methodology when rating the best trading robots for this comparison guide.

  • Initial Selection: It’s beyond the realms of possibility to test thousands of trading robots. As such, our methodology initially created a shortlist of well-known providers. We focused on a range of important metrics, including the reputation of the robot developer, how long it’s been operating, and the type of strategy deployed.
  • Fact Finding: Once our shortlist was compiled, our methodology extracted key facts related to each robot. For example, the type of assets the robot trades, whether that’s forex, stocks, or gold. We also explored whether the robot provider outlined its own methodology, in terms of how it reaches trading decisions. We also explored the past performance of the trading robot and whether these results could be verified. In addition, we assessed the trading platform that the robot is compatible with and how much it costs to buy or rent.
  • Testing Period: After extracting the key facts, we tested each robot via a demo facility. This mirrored live market conditions to ensure a fair and effective testing process. The testing period varied depending on the performance of each robot. If it became apparent the robot was unable to make consistent gains, we ended the testing phase.
  • Ranking Scores: Finally, we packaged all of the collected information together to give each robot a ranking score. This is how we formulated our list of the 13 best trading robots for 2024.

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.

What is a Trading Robot? 

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.

MT4 robots

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.

How Do You Install a Trading Robot Into MT4? 

Many trading robots are compatible with MT4.

Here’s a quick walkthrough on how to install your MT4 robot:

  • First, download the trading robot to your desktop device.
  • On the same device, open MT4.
  • Next, click on ‘File’ and choose ‘Open Data Folder’.
  • You’ll then need to click on ‘MQL5’ followed by ‘Experts’.
  • You can then copy the robot file over to this folder. After restarting MT4, the robot should now be ready to use.

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.

MT4 robots

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.

Do Trading Robots Really Work?

Trading robots are simply programmed to follow pre-conditioned code. They cannot make trading decisions like a human analyst would. Instead, the robot will place orders when one of its conditions has been triggered. But that begs the question – do trading robots actually make money?

The simple answer is yes – some trading robots do make money.

  • The L2T Algo, for example, has produced an average win rate of 79% since it was developed two years ago.
  • Similarly, XG Gold Robot claims to have an average win rate of 76.12% since launching in January 2020.

However, not all trading robots can make consistent profits. Moreover, many robot providers make bold claims about the returns they have generated. But without backing these claims up, it’s difficult to verify them.

This is why demo trading and backtesting are so important. You’ll be able to see for yourself whether the robot can make money. That said, you’ll usually need to purchase the robot before being able to test it. As such, it’s best to opt for a provider that offers a money-back guarantee.

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.

eur/usd tradingview

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.

NFT Trading Robots

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.

Ensuring You Avoid Robot Trading Scams

  • According to the South China Post, robot trading scams are on the rise. Earlier this year, Auto Trade Gold – a robot platform, scammed $585 million from victims.
  • To ensure you avoid being scammed, there are several important metrics to check.
  • First and foremost, consider the reputation of the robot provider. If it’s been in business for many years and has positive reviews online, it’s likely credible.
  • Next, assess whether you can verify the past performance of the robot. Simply believing the provider’s claims isn’t enough.
  • Finally, make sure that you test the robot before activating it. The robot will be trading in live market conditions but with virtual capital. If the robot doesn’t perform well, you’ve only lost the cost of the purchase or subscription – and not your entire bankroll.

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.

MQL5 robots

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.

Are There Any Free Trading Bots?

  • There is a selection of free trading bots on the MQL5 marketplace. These are designed for MT4 and MT5.
  • However, free trading robots rarely perform well. After all, the best trading bots take many years to program and backtest.
  • Developers aren’t going to give their hard work away for free – especially if the bot consistently outperforms the market.
  • Ultimately, if you’re looking for a trading bot that can make you money, you’ll need to be prepared to make a purchase.

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

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…