Over the last decade, forex robots and expert advisors have exploded in popularity as they have allowed almost everyone to perform well in the forex market. A trader who selects the right expert advisor increases the chances of automatically generating gains while after installing the software. However, many of these software programs are priced steeply. Traders who want to try out forex robots for the first time without paying for the licenses have an alternative. In fact there are several MetaTrader compatible forex robots which are available for free. If you want to try out some of them, follow our list of the best forex robots available for free.
- Gold Rush MetaTrader 4 EA
Gold Rush is an expert advisor which employs support and resistance level breakouts. It is an expert advisor specifically built for trading the gold pair. It is capable of producing a %180 annual yield with a maximum drawdown of 12.71% indicating that it uses a low-risk strategy. The developers have advised to use 1:100 leverage for the best results. The minimum deposit for the EA is $100. It is recommended that you use VPS or hosting server with minimal network latency to the broker’s server.
- Forex Tramp EA
Forex Tramp EA is a free forex robot that employs soft martingale and trend trading. It has the ability to work with all timeframes with pairs involving EU, GU, AU, NU, UJ, EJ and gold. Theee EA employs a digital filter to determine the price range. It does not use Meta Trader terminal quotes on any time frames and filters the price directly coming from the broker in the form of ticks. It then sets up pending orders, at the upper border of buy-stop, at the lower border of sell-stop after it calculates the trading range.
- Black Diamond EA
Black Diamond EA is a free expert advisor that can trade on any currency pair, on the M5 timeframe. With a $100 deposit, you can start trading on this EA with an option of either using a fixed lot system or a martingale system. This EA ensures a profit of 12 to 20% per month with more than ten trades executed per day. The developers have recommended to start the EA with $500 and a minimum lot size of 0.01.
- Koi Trader
Koi Trader is a free forex robot that trades mainly during the Asian session. It analyses the market using the Ichimoku Indicator for identifying the trend. It uses a combination of volatility, and an artificial intelligence algorithm to predict the likely future trend. The developers have subjected the EA stress tests for a period of 17 years and passes every year with a very advantageous profit/drawdown ratio. It has produced results that indicate that the EA achieves a high payout rate and good resistance even in an unexpected market event. It trades with the USD/JPY and EUR/JPY on the M1 timeframe. The minimum deposit is $2000.
- Money Pile EA
Money Pile EA is a free forex robot that is based on a multi-timeframe analysis formula and based on an algorithmic maths formula used to trade currencies. It trades mainly on the EUR/USD pair although other pairs are allowed. You can use a minimum deposit 1500 USD or a 15 USD Cent Account to achieve a 10 to 20% return.
All the EAs mentioned above are freely available for you to test. It is important that you understand that no EA is perfect and can predict market movements perfectly. That said, you should always go for EAs which have the lowest drawdown rates possible. The above EAs will give you a getaway into the world of automatic forex trading.