Forex Trading Robots for Android
Mobile devices greatly reduced the entry barrier to the forex market. As mobile penetration increased, so did the ease of access to online financial markets. This is one of the reasons why the number of forex traders is continuously growing worldwide. Consequently, there are many new traders entering the market without developed trading strategies to rely on. Some of these traders may prefer to use android-based trading robots to mitigate this lack of trading experience.
Additionally, some people may lack the time to continuously monitor and trade financial markets. An automated android robot can help them participate in forex trading fast. Today, we are looking at some popular forex trading robots for Android devices and the best brokers to pair them with.
We do not have any personal experience with the listed trading robots and advise on backtesting and verifying the robots yourself. If you know your way around MLQ4, MLQ5 or C# you can use verified brokers below that support using expert advisors on MT4, MT5 or NinjaTrader. If you do not know how to program your expert advisor you can also use ChatGPT with the instructions on when a trade should be executed.
But now without any further ado let’s jump into it.
FlexEA calls itself the number 1 forex trading robot in the market today. The platform provides a solution for MT4 and MT5 users, whether they are on a computer or mobile device. This makes the solution suitable for traders using android devices to place their orders. On a good note, FlexEA provides verified trading results via MyFxbook. This is crucial for a company trying to sell you a forex trading bot. Every forex trading bot you choose should be backed by real results and verifiable trading performances. The starting price for this trading bot is $349.47.
EliteFxgo claims to be the most trusted results-backed automated trading account management and robot provider in the market. The company claims to have 7 years of experience in providing these services. Additionally, EliteFxgo trading results are verified by both Myfxbook and FxBlue. However, EliteFxgo does not reveal the strategies they employ on their trading bots. However, they do reveal the trading strategies they use while managing client accounts. The starting price for this trading bot is $250.
The price for using Fortnite EA for trading is $149, which avails the platform on MT4 platforms across all devices. This means that the platform is available for Android users as well as PC-based traders. This platform comes with its own indicators, fixed take profit, and fixed stop loss. The company behind this trading robot claims that it works best with the EURCHF currency pair in the H1 timeframe. As a trading strategy, Fortnite EA uses a combination of trend and hedge algorithms to find convergences and divergences in the market. The robot has a high, middle, and low-risk setting to help clients operate at risk levels they are comfortable with. Finally, this robot’s trading results are verifiable through a FxBlue link.
Forex Robotron is yet another forex trading bot with real verifiable results via Myfxbook. The company behind this robot claims that it is a result of the hard work of programming and testing to develop. Notably, this robot works on multiple currency pairs, has customizable settings, and comes with detailed instructions. Forex Robotron uses a combination of price action and technical analysis to find trade entry and exit points. Additionally, it applies money management and trade filters to predict movements in advance. It primarily trades towards the end of the NY trading session up until the Asian session. The starting price for this trading robot is $297 which gives clients 1 account license. Clients can pay $997 for unlimited account licenses.
List of Brokers suitable for Robot Trading on Android
FP MarketsFP Markets allows clients to deploy Expert Advisors on its Virtual Private Server (VPS) hosting for MetaTrader 4 and MetaTrader 5 platforms. Traders using MetaTrader 5 on FP Markets enjoy superior back-testing capabilities, along with an improved strategy tester for Expert Advisors. On the other hand, MT4 users get free-of-charge trading robots from the FP Markets Code Base. They can also buy or rent customized applications from the MQL4 Marketplace.
With this broker, clients can trade forex and CFDs on shares, metals, commodities, indices, and cryptocurrencies. As mentioned, clients can trade these instruments on MetaTrader 4 and MetaTrader 5 platforms. They can also use the Iress trader which is currently used by over 12,000 traders worldwide. This broker is regulated by the CySEC, the ASIC, and the FSCA. On top of these regulations, the company also offers attractively low spreads starting from 0.0 pips on the Raw account.
73.85% of retail CFD accounts lose money
Exness is regulated by the FCA, the CySEC, and the FSCA and offers traders CFDs on forex, metals, cryptocurrencies, energies, indices, and stocks. Investors trade these instruments on five main account types. These include a Standard Cent account, a Standard account, a Pro account, a Zero account, and a Raw Spread account. The spreads on the standard account can go as low as 0.6 pips, but average between 1.0 to 2.0 pips on major currency pairs.Clients can choose to trade on MetaTrader 4, MetaTrader 5, and WebTerminal. On MetaTrader 4, clients can integrate the use of pre-installed EAs allowing for automated trading. Investors can also install and use custom EAs depending on their needs.
Remember that forex and CFDs available at Exness are leveraged products and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
On Forex.com, clients have the chance to optimize their trading strategies with a suite of 20 EAs. These EAs give clients professional-grade control and flexibility over their trading strategies. All the EAs on the platform are provided by FX Blue, which signifies that all these EAs have verifiable trading results. Forex.com provides three main trading accounts with industry-standard charges. These include the standard account, the commission account, and the STP Pro account. The spreads on the standard account start from as low as 1.0 pips on major currency pairs.
On the other hand, the Commission account and the Direct Market Access (DMA) account both charge a commission. The commission account features spreads starting from 0.2 pips and charges a commission of $5 per 100k traded. The DMA account charges different commissions depending on the trading volume of a client. For example, a trader with a trading volume of $0M – $100M per month would pay a commission of $60 per $1 million traded. Forex.com is regulated by the NFA, the CySEC, the IIROC, and the FCA. These are some of the best regulators in the market today. Having licenses from these regulators makes Forex.com one of the best forex brokers in the market today.
81% of retail investor accounts lose money when trading CFDs with this provider.
AvaTrade also allows users to integrate the use of EAs on their MT4 and MT5 accounts. On these trading platforms, clients can invest in CFDs on Forex, commodities, equities, indices, cryptocurrencies, bonds, and ETFs. On a good note, AvaTrade offers clients a variety of seminars, account managers, and other services to help clients get a better understanding of how to use Expert Advisors in their trading.
Intriguingly, AvaTrade offers some of the lowest spreads in the market today. The spreads on major currency pairs on this broker site can go as low as 0.9 pips. AvaTrade is regulated by the ASIC, the Central Bank of Ireland, the FSCA, and the BVIFSC. Such regulations are always a good sign that a company is committed to following the rule of law.
76% of retail CFD accounts lose money
Founded in 2002, XTB is a well-known broker in Forex and CFD trading, offering access to over 2100 financial markets. These include forex, indices, commodities, and CFDs on stocks, cryptos and ETFs. It is licensed and regulated by the FCA, the CySEC, the KNF, and the IFSC. XTB has two main account types, the Standard and the Pro account. The spreads on XTB depend on the account you are using. For example, the spread on the standard account is floating, starting from 0.9 pips. On the Pro account, the spreads start from 0 pips and are variable depending on the market movement.
XTB provides its clients with xStation 5, a platform available on the Web, as a desktop app, as well as a mobile app. The MetaTrader 4 (MT4) trading platform is no longer available for recently created accounts. It is, however, still available to existing users who have previously used the MT4 platform. XTB supports the use of expert advisors, which execute orders based on parameters that have been thoroughly examined by specialists.
78% of retail investor accounts lose money when trading CFDs with this provider.
XM offers three main trading platforms to its users. These include MetaTrader 4, MetaTrader 5, and XM trading app. MetaTrader 4 and 5 on XM support the use of EAs for traders who want to automate their orders and receive trading signals. The Expert Advisors on this broker work when the trading platform is turned on and there is a connection between the platform and the trading server.The spreads for trading on XM can go as low as 1.0 pips which is fairly low and industry standard. Nonetheless, clients can choose between three main trading accounts, including the standard, micro, and ultra-low accounts. The standard and micro accounts are spread-based, while the ultra-low account charges a commission of $3.5 per side per lot. With XM, clients can trade CFDs on forex, stocks, commodities, precious metals, energies, and indices. And luckily, XM is a regulated broker in the UK by the FCA, in Cyprus by the CySEC, and in Australia by the ASIC.
Our Closing Remarks
Trading robots might not be for everyone. Nonetheless, they can help a lot of traders improve their trading experience and results. Fortunately, there are trading robots for all kinds of devices. In this review, we mentioned some of the best trading robots for Android devices. This is certainly not a full list of all trading robots. We also presented a list of some of the best forex brokers for expert advisors.
As such, traders should choose the trading robot that best suits their needs. They can do this by backtesting the robot of their choice and verifying its performance through Myfxbook or FxBlue. Nonetheless, it is important to note that past performance is no indication of future success. Traders should manage their own risk levels for the best experience.