Best Forex Expert Advisors (EAs)

Best Forex Expert Advisors (EAs)

Oh man, finding the best forex EAs or robots is really hard. I don’t even know where to begin. I literally searched everywhere to find them but the more I searched the more I figured out that this area of forex is FULL OF CRAP.

Half of the EAs out there for sale that had websites, or at least a one-page site, one day; let their domains expire and don’t have a site anymore, let’s say they’re so-called out of business.

They’re the good ones though. Some others seem up but when you dig deeper and read the stuff on their one-page sites, you’ll notice that they haven’t updated that for months or years.

For instance, there’s a result from a third-party website such as Myfxbook (see this section), which is actually a positive sign; however, the results are different from what‘s written about them.

That’s kind of funny though

For example one says, this strategy has gained 500% and when you take a look at the graph on Myfxbook, you see it took a nosedive and when you look into the results, you’ll figure out that there are lots of trades that had been kept open for a long time (floating loss) and when the EA closed them, the account blew up.

Anyway, I checked out hundreds of expert advisers or forex robots and examined some worth looking into and found some of the best EAs in 2020.

First, let’s become familiar with these best forex robots and then I’ll show you how you can choose the best EAs and what factors we should look at when choosing forex robots.

Best Forex EAs (Forex Robots) in 2020

After spending several days looking into lots of forex EAs, I finally found a handful of them that you can put in the category of the best forex robots or expert advisors.

Here’s a list of the best forex EAs or robots in 2020:

1- Flex EA

The oldest trading result that I found about Flex EA gets back to 2015, so I assume that this product has been around since then.

There are lots of features in the package of this EA that I like including excellent support, private forum for clients, transparent and verified results and stats on Myfxbook, and constant free updates to name a few.


The EA has several settings that you can choose from, however, you can pick the best one either by listening to the suggestion of the creator or by finding that through the private forum where users disclose their experiences and offer the best settings they’ve found and the one that’s brought them the most profit.

There are several results of different settings on the Flex website from the past to the present.

SRV1/SRV2 and RSIx3 are the two settings that I like better and have interesting results.

The account shown on Flex site as the result of SRV1SRV2 has a 14-month history with 869 closed trades. A drawdown of 17.55% and the profit factor of 2.48. It has gained 194.26% within the 14-month time frame.

It’s an ideal result that a forex robot holder or buyer can think of. It’s not too risky (rather low drawdown), has a reliable profit factor, and has generated very good profit.

RSIx3 setting has been running on an account, shown on the Flex website, for almost 7 months so far and the confirmed results are available on Myfxbook.

The EA with this setting has gained 222.95% at the time of writing this article. It has a drawdown of 19.56% and the drawdowns have recovered soon so it hasn’t been too risky so far.

All those conditions plus 311 trades and 2.59 as profit factor puts the EA with this setting on the best forex EAs list.


Other than a 24/7 support that you receive through ticket and email, there’s a private forum where you can be in touch with other people who’ve bought the Flex EA and are using it so you can share your experience with each other.

The forum is active and has thousands of posts and hundreds of thousands of views so you can ask your questions and get answers by one of the members who have been using the EA for a while.

People also share their experience and ask for a good strategy or more profitable settings and learn a lot from other users.

The discussions are only available for the clients of Flex so if you want to see what’s going on there, you need to purchase the product first.

Price and refund policy

Flex EA has two types of plans: Flex EA and Flex EA X2

There are 3 differences between them:

  • Number of live accounts
  • Price
  • A hedging EA in Flex EA X2

You are allowed to run Flex EA on one live account but you can have 2 live accounts if you buy X2 plan. The price of Flex EA is $330 while it’s $495 for X2 plan and you receive a hedging EA if you buy the X2 plan.

Flex EA has a 30-day money back guarantee if you are not happy


I got excited when I saw this one for the first time. ROFX is a forex robot but it’s not for sale. You can subscribe to its service and the service has some unheard-of conditions.

ROFX is a company that has developed ROFX robot and it’s been in the market since 2010.

The result of the robot is so impressive that they even cover your loss if there’s a losing day. It means you won’t lose any money.


You know that kind of stuff is scam, right?

That’s the first thing that came into my mind too when I saw the claim for the first time so I decided to dig deeper and get to the bottom of that.

First of all, you won’t see an odd promise or claim in terms of gaining profit. Depending on the amount of your investment, your profit will be something between 3% and 9% per month on average which is a good sign.

Second, you can see the recovery loss guarantee in their terms of service on their website so it’s in their agreement —clause 3.7.

I still couldn’t believe that so I did a background check on them and searched all over the net to see what I can find about them.

All I found was some clients who are satisfied with what they’ve received from this company no complaint or nagging or someone who say that he or she has been scammed by them.

The only thing that I found was about the people who are suspicious about the brokers that ROFX uses for trading and why the brokers are not well-known or regulated.

Although it might be a legit argument there might be lots of reasons for that. For example, ROFX has chosen some unknown brokers so that it can have a good deal in terms of spreads and other conditions of trading.

When you want to have a $50 million account in a broker, you won’t pay normal costs. You negotiate the price that you are willing to pay and with unpopular brokers, you have more room to maneuver and can get a better deal.

Overall, I have to say that I haven’t seen anything like what ROFX offers in my entire trading carrier especially when you look at other aspects of their service such as the results of their EA and their money management.

Let’s examine ROFX robot stats…


They have a fully verified account on myfxbook with impressive stats.

First of all, they don’t use leverage which means they don’t borrow money from their broker. Not using leverage means you don’t spend the money that is not yours, simply put, you don’t risk too much.

As a result, you can see a drawdown as low as 0.35% which is incredible. We are looking for the EAs that have less than 30% drawdown and consider them low risk and now we see an EA with 0.35% drawdown!!

And that’s real because there’s no difference between gain and abs.gain and in the drawdown section everything is fine — see look for transparency in result for more info about this.

The account age is 20 months at the time of writing this article with 159211 closed trades and a profit factor of 5.89.

The account was opened with $10 million and now is around $50 million and has a profit of 393.16%.

Everything about this account is above my expectations and ROFX is, without doubt, one of the best EAs in the industry.


They have 24/7 customer service including email and live chat. I chatted with them several times to clarify my questions.

They are really quick to answer and every time I contacted via live chat, they responded immediately. The customer service agents are also responsive and answer all of your questions no matter how long it takes, however, in terms of my question about their brokers, she started beating around the bush and didn’t tell the whole truth I assume — I wrote the probable reason though earlier.

Price and Refund Policy

ROFX has 3 packages in general: Basic, No lock, and Advance

Each package includes 6 plans that are different from one another in terms of the amount of investment, the period of investment, and the profit share divided between an investor and ROFX.

For example, in the Basic package Trial plan, which is the first and cheapest one, the minimum investment is $1000 and the period of investment is 30 days in which your investment must not be withdrawn sooner than investment period, 30 days, unless you pay a 30% fine plus the whole profit gained by ROFX robot.

The profit shares between you and ROFX is like this:

Your share: 40%   ROFX share: 60%

As you invest more, your profit share becomes larger. For instance, if you invest $10000, your share is 65% of the profit and in the VIP plan where you need to invest at least $100000; you receive 85% of profit gained.

The difference between packages is related to the refund policy.

If you choose one of the Basic plans and decide to withdraw your investment sooner than the mentioned period in the plan, you have to pay 30% of your investment as penalty plus all the profits related to your account.

For example, you buy the Trail plan of the Basic package. In this case, your investment must be in your account for 30 days. ROFX trades and your profit becomes $20 after 15 days but for some reason, you’re not satisfied and want to withdraw your investment.

Since you’re withdrawing sooner than the period of your plan, 30 days, you have to pay $300, 30%, and the $20 profit.

If you don’t want to pay a fine in the case of early withdrawal, you can choose No lock package where there’s no time period for plans, however, the profit shares are less for investors.

And if you buy the Advanced package, you, as an investor, take the larger portion of profit but you can’t withdraw earlier than the stated period in the plans whatsoever.

3- News Action Trader

News Action Trader is one of the EAs of LeapFX which is one of the famous forex robots developers in the industry and has been around since 2012.

As the name implies, this EA trade on the news events and tries to catch sudden volatile movements generated by the release of important news events.


The EA is backed by fully verified results on Myfxbook and FXBlue. It’s been tested for more than 2 years on a real account and has gained a profit of 229.56% within that timeframe.

The drawdown of the account is 20.07% and a profit factor of 1.34.

The result is not bad in general; however, there are some things that I don’t like about this EA.

First off, the recovery times of drawdowns are not interesting although it’s not terrible. In some cases, it took 4 months that the EA could recover a drawdown but if we consider trading a long term investment, it’s not a big deal; all in all, I prefer shorter times.

The second thing is that there’s a big gap between gain and abs gain on the Myfxbook stats. When you see something like that, most of the times it means the person is injecting money to the account in order to decrease drawdown, therefore, the actual drawdown of this EA is probably more than 20.07%.

And third, the profit factor is not what I get excited about.

With all that said, I’ve placed this EA on the list of the best forex EA because the overall condition of this EA is acceptable for me plus it has a confirmed track record of more than 2 years with 1111 closed trades.

I definitely put it on my portfolio as a long term news trading EA


You can have access to the creator of this EA by email, Skype, or Telegram and ask your questions. You will also receive a lifetime update for the EA whenever the developer releases one.

Price and Refund Policy

There are two plans available for purchasing News Action Trader EA: 2 monthly and one-time payment.

All the features between them are similar except for the price. 2 monthly plan costs you $247 per month or $494 for 2 months, which is billed monthly, but you pay $397 onetime payment if you buy the other plan.

News action trader EA has a 30 day money back guarantee and the developer claims that he’s willingly take your money back if you are not satisfied with the EA for any reasons.

4- The Wave Scalper

The wave scalper is another EA of LeapFX that has shown rather good results however it has some flaws as well.

The EA is a scalping forex robot that opens short-term trades and aims to catch a few pips or dollars. It’s based on Elliot Waves which is one of the old but effective trading methods by which traders try to predict the market by finding some patterns and numbering them.


There’s a live account that the EA is running on and you can see the results of myfxbook on the wave scalper page.

There are two other results connected to Myfxbook which are actually 10 years of backtests on two different pairs, GBPUSD and USDJPY.

We are not going to talk about the results of the backtests because first, they can be manipulated and second, even if there isn’t any tampering, you can’t rely on them especially when it comes to scalping strategy.

When you backtest, trading conditions such as slippage, widening spreads, and requotes don’t exist. They may not be so important when an EA gains large pips in each trade but they can be fatal for a scalping forex robot, therefore, we skip the backtesting results.

Let’s take a look at the live account…

The account has around 8 months old, at the time of writing this article, with 151 trades so it’s below our standards.

The EA has gained 106.72% and has recorded 12.63% as drawdown so far which is a good sign however I can see again a gaping difference between Gain and Abs.Gain which might be the result of the low drawdown.

Profit factor is 2.35, which is above our standard, and there’s no difference between equity and balance which means no hidden losses.

The wave scalper has some cons and pros but overall I see some potential that makes it worth trying.


On the page of this EA, the creator has mentioned that he offers unlimited technical support, full updates for lifetime and recommendations for settings.

Price and Refund Policy

The wave scalper has been priced in 3 plans: monthly, yearly, and lifetime.

You can pay $37 each month or save $147 and pay $297 for one year. You can also pay a onetime fee of $497 and have access to the EA for lifetime.

There is a 30-day money-back policy in the package of the wave scalper EA and the developer has stated on his site that he’ll take your money back without any ifs and buts if you aren’t happy.

5- NCM Signal

NCM Signal like ROFX is not a forex robot for sale but it provides a copy trading service in which you can invest, however, there are some differences between NCM Signal service and ROFX.

For example, here you open an account in the only broker that they accept, which is IC Markets, and then connect it to the NCM Service. After that, the trades are copied automatically onto your account.

You can choose the level of risk and drawdown you are comfortable with, in the first place so you don’t risk more than your tolerance level.

Secondly, you don’t share your profit with the service. Instead, you pay a subscription fee which makes this service more favorable when you have a larger investment.


The results of this EA is really impressive. It has a fully verified account on myfxbook which is more than 2 years old with 791 trades at the time of writing this article.

A max drawdown of 12% and profit factor of 1.88. It’s gained 213.09% until now and there’s no hidden drawdown or extra deposit to disguise Drawdown.

I’ve written a complete review about this service that you can find it here.

How to Choose the Best Forex EA or Robot

There are lots of measurements that you can take to remove a bunch of scams and eliminate many unprofitable forex robots.

Some of them are external factors which means they are not related to the strategies that EAs are built based on such as transparency of vendors and some are internal metrics connected to the stats of forex EAs which we’ll talk about later on this article.

You don’t need to necessarily be an expert to figure out many of these factors and even if you are a complete newbie and haven’t used forex EAs so far, you can detect a lot of them after this article.

So let’s find out more about them…

For choosing the best forex robots or expert advisors you should consider these factors:

1- Look for Transparency in Results

As I mentioned early on, this part of Forex is cluttered with scams who try to tamper with the results of their EA even on a third-party website such as Myfxbook, FXBlue, or FXStat.

Those are the websites that you can connect your manual strategy or automated ones such as EAs to them, and they provide various statistics about your strategy, however, you can choose not to show some info or hide something that might interpret as the flaws of your trading strategy or expert advisor.

You see some people demonstrating a hand-picked section of their robots’ results which has performed well in a specific condition of the market to show the profitability of the EA that is not actually profitable.

Some present a one-month performance which is worth nothing and others go even beyond that and only depict a photo of their so-called results.

That’s yet the bright side and there are some vendors who don’t bother presenting any real results. They either refer to a demo account on those third-party websites or just put a bunch of histories and statements and say THEY ARE MY REAL RESULTS, BELIEVE ME.

Most of the time, the cheaper a forex robot the less transparent and you’ll be given fewer and less reliable information.

Anyway, having a real account connected to the one of those third-party websites can be the first positive sign although it’s not enough.

The most reliable third-party website is Myfxbook because it takes some measurements to verify accounts.

They have two levels of verification, track record, and trading privilege. Those confirmations indicate that the stats of an account are correct and whether they are coming from a demo account or live one.

When you see green ticks for those items, it means that the account is fully verified by Myfxbook and the results are real to a great extent.

Although those verifications remove 90% of misinformation, there are still some tricks people do to show better results.

For example, when you see there’s a gap between Gain and Abs. Gain, it can be the result of money injection to the account in order to decrease drawdown and convince others that an EA or strategy has low risk.

All in all, make sure that the forex EA you want to choose has been tested or is being tested on one of the third party websites that is mentioned early on — the more recent results the better.

2- Check out the Reviews of EAs

The condition of the websites reviewing forex EAs is not better than EA sellers’ community and they promote whoever that pays them the most.

It turned out even one of them that I thought he’s trustworthy to some extent isn’t really true to his words when it comes to promoting his own products.

For instance, he keeps saying in his reviews that he can’t rely on the result of this or that forex robot because they are not backed by a third party website but he’s all blind while reviewing his favorite EA, or his EA to be exact, and doesn’t mention about the EA’s unconfirmed stats.

Read those kinds of websites but use your common sense to distinguish right from wrong.

There are other review sites where you can see the reviews of some people who either have bought EAs or claim to be a buyer.

You shouldn’t give these kinds of reviews the benefit of the doubts either because there are various reasons that their arguments can be incorrect or their claims may be false.

First of all, almost all people lodge a complaint when they believe they’re scammed but a few people go to a review website and thank for a product that they’ve bought.

Secondly, it’s kind of weird but some companies try to besmirch the reputation of their competitors by writing defamatory comments on review websites.

Again, you need to apply your common sense to see which one is legit and who’s fake, however, if you see a majority of people are not satisfied with their purchases, you should be very cautious about that product.

You can also ask some questions to see if the reviewers are telling the truth or just nagging unreasonably or slandering intentionally.

3- Check out Customer Service and Support

Being supported by the creator of forex EAs after your purchase is very important and sometimes vital because something may go wrong and you might not be able to fix it even if you are somehow experienced let alone being fresh to automated trading.

Moreover, a reliable support can help you find the best settings of an EA after changing the conditions of the market which can be against the strategy of the EA by releasing new updates and informing you asap.

The last thing you want is a vendor who wants to just sell his/her product and then disappears or tries to upsell by not giving you all the available settings in the first place.

For example, let’s assume you pay $200 for an EA and after 6 months you see the EA is not doing well. Then you contact the seller and he tries to charge you for an update.

If there’s such a fee, you should know that in the first place before buying the product.

Some of the best expert advisors not only offer those kinds of supports but they also have additional services such as private forums where buyers can take advantage of the experience of one another.

4- Check for Refund Policy

The vendors who are confident about their products provide you with a guaranteed money-back plan and hold on to their promise if you are not satisfied with their service or products.

Make sure to understand the conditions of their refund policy. It’s not always like they pay all your money back. Sometimes a refund policy is bound by some conditions.

For example, you can take your money back if the EA suffers a 25% drawdown, simply put, if you lose 25% of your account.

So first see if there’s a refund and if so, what the conditions are.

5- Examine the Statistics of EAs

This part is the technical side of choosing the best Forex EAs, however, we are not going deep and check out the formulae or where they come from, there’s a link in each section that you can find out more about them.

Instead, we look for the numbers to see how profitable a forex robot is or it could be in the future.

Obviously, there’s no guarantee that what has happened so far will repeat in the future. In other words, past performance is not necessarily indicative of future results.

Having said that, the following metrics can shed light on the path of finding the best forex robots or EAs and can help us to eliminate some of the EAs that are too risky and have the potential that wipe out our account easily.

Account Age and Number of Trades

Anybody who can write a few lines of MQL codes (the programming language of Metatrader) can create an Expert Advisor that is profitable for a few weeks by over optimizing it.

But creating an EA that is profitable for months and years is not something that every EA coder can pull off and needs a ton of experience.

As an account gets older, it’s exposed to the different conditions of the market and is tested by the many waves of the market so it becomes more reliable if it can pass all those exams.

Now the question is how old is sufficient for a forex robot to be considered reliable.

Actually, there’s no unique answer to that question but in general:

The older the better

6 months is the least I can think of, however, one year is the period that makes me take an EA seriously.

The same goes for the number of positions or traders taken by an EA; I mean the more the better.

An EA with only 50 trades is not acceptable even if it’s one year old or more.

300 trades is the minimum number that can shows something and make me confident in using a forex robot to some extent.

Maximum Drawdown

For MAX drawdown, or drawdown in Myfxbook, I look for the forex EAs with less than 30%. Max drawdown basically indicates how risky a forex robot is. The higher the riskier.

In simple words, that number tells you how much money a robot is prone to lose before it starts gaining money.

Let’s say you have an EA that has shown 100% profitability within last year with a drawdown of 80%. Are you willing to take that risk and lose 80% of your money before getting 100% profit which may not even happen?

Robots with high drawdowns trade too aggressively and have the potential to raze your account to the ground with high probabilities.

Drawdown Recovery Time

The time that an EA can recover from a drawdown is also important when we are dealing with drawdown.

Let’s say an EA has suffered a drawdown of 30% in one month. What if it takes 4, 5, or even a larger time period for it to recover the loss and break-even?

Basically we don’t earn any money for several months and worse than that, it reveals that recovering from losses is very hard for the EA.

You can simply look at the graph of an EA and see how long it took that it came out of its drawdowns.

Floating Profit/Loss (P/L) or Current Drawdown

This one is another important metric that we need to pay attention to. It’s one of the factors that disclose some hidden facts about a strategy.

It’s basically the difference between balance and equity. The results of gain, drawdown, or other stats are calculated when trades are closed but what if a forex robot keeps the losing trades open.

Well, you can’t see the real numbers for different metrics and you need to look at either floating P/L, current drawdown, or the difference between equity and balance — different websites may provide you different names or metrics so one of them do the trick.

If you see the stats of a forex EA shows, for example, $1000 as balance and $500 as equity, it means there’s a $500 floating loss or 50% drawdown so the account might be on the verge of blowing up.

Profit Factor

Profit factor means the amount of profit an EA makes to the amount of loss it suffers. The more profits a forex robot gains and the less loss it suffers the more reliable it is.

I look for the EAs with the profit factor of 1.5 or higher — the larger the better.

Imagine an EA has a profit factor of 3. It means for every $4 that the EA trades it generates $3 as profit and loses $1 on average.

It tells us if something goes south and the EA starts losing money, there’s plenty of space for that to turn from a winner to an unprofitable robot.


The best forex robot or EA is the one that has results confirmed by an unbiased third-party website. It doesn’t hide its metrics or at least shows most of them.

It doesn’t have terrible reviews all over the net and has an acceptable level of satisfaction among its users.

The level of support that we receive after purchasing the EA is up to par and we can have access to the seller via various options.

It has a fair refund policy so if we are not satisfied with the EA, we can give back our money without going through big hassles.

We prefer an EA with a MAX drawdown of less than 30%, not a gaping time for recovering from its drawdowns, more than 1 year old, at least 300 trades, No large floating loss, and last but not least a profit factor of larger than 1.5.


I hope you enjoyed this post. My name is David and I've been in Forex Market since 2006. I created this site to convey my experience and try to help forex traders to make better decisions. Share this post if you liked it and let me know what you think about it in the comment section.

This Post Has 4 Comments

  1. styx

    This is an investment fund, no EA
    There is a FCA warning
    Company dissolved in 2012, UK address book
    32406 companies registered at that address
    Company declines credit cards for security reasons.Chargeback?
    Bank in Thailand
    Not regulated offshore broker?
    Removing thr review??

    1. david

      @styx Thanks for the info but you didn’t mention which one. We have 2 EAs here that are for investment and I wrote that in their reviews, however, regarding “not regulated” I assume you mean ROFX. I touched on some of the issues you mentioned to some extent and I have more on others but since I’m not from that company, I can ask them and if they answer, I’ll leave it here. Anyway, the review is also about their results from myfxbook which is fully verified and really impressive. There is no manipulation of that account because I checked different factors.

  2. best performing forex robots

    When was this posted?

    1. david

      You can find the date on the home page

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