October 28, 2022

How to Find the Best Forex EA in 2022?

Today’s forex market is continuously developing and requires more advanced technology. The use of forex robots provides much-needed solutions for automated trading for better results. Experienced traders have taken many years to master the skills which put beginners at a disadvantage. 

The use of forex EAs puts everyone at a level playing ground. The only shortfall is that all forex robots are not equal. Some have better features than others which makes the trading experience better. There are many considerations you have to make before you choose the best forex EA. 

Check the price

You can find a forex robot for MT4 that costs you below $200, and you can find another one that costs above $500. Every vendor will promise you excellent results, but on a practical basis, you must expect a big difference. Robots that are too cheap might mean they have fewer features and will give less promising results. Robots that cost more mean they will give you better value for your money. 

Total currency pairs

Some robots will only pair two currencies, while others will pair up to 8 or more currencies. The more currencies a robot can pair, the better opportunities you have to make profits. Consider robots that can pair more currencies because you aim to generate maximum profits. 

Vendor support

Remember that a robot is a software that might suffer setbacks sometimes. You may have trouble programming it or troubleshooting malfunctioning. This is the time when you need to contact the vendor for technical support. It is the developer who should update the robot so that you work with the latest version only. 

Live account

The importance of a live account is to help you view the robot and execute trades in real-time. You also need to see it in action to understand how real the promises made by the vendor are. The best way to test it is to activate live trading and see for yourself other than depending on demo videos that can be manipulated. 

Support by a real person other than a bot

Some vendors program a bot to offer customer support. Unfortunately, bots cannot offer the best customer support experience like human beings. If you are a new trader, getting support from real people will help you go through the challenges better. You can find out if you are dealing with a real person by sending specific questions like:

  • Please tell me your name
  • Do you have a WhatsApp or skype account where I can contact you?
  • Which country are you located in?
  • Am I allowed to trade on forex at my age?

If you are not dealing with real people, your chances of falling into the hands of a scammer are more. Get the best value for your money by dealing with real human beings on the vendor’s website. 

The profit/loss ratio

Forex robots are designed to generate maximum profits with each trade. However, you must bear in mind that they are programs and are prone to fail at some point. What determines is the programming of the robot and if it has been tested and maintained sufficiently before releasing it into the market. Most good robots have a profit ratio of over 80% and a loss ratio of below 20%. Some provide a profit-loss ratio of 89/11, and others 93/7. The higher the profit-to-loss ratio, the better the robot.

Vendor experience

Some vendors have been in the market for close to 10 years or more, while others have been in the market for only a few months. The new vendor could still be testing and improving on his robots. The older vendor likely has already tested all his robots and is working on making them better. You can trust such a vendor more than a newbie. 


The complexity of the forex market has triggered the need for automated trading. Forex robots provide the solution and do not need human assistance to trade. Before you buy a forex robot, there are considerations to make. Consider the price and the support provided by the vendor. Check the features of the robot and its profit/loss ratio. 

About the author 

Kyrie Mattos

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