News | September 11, 2021, 14:33 PM | The content is supplied by a Guest author
In recent decades, automated trading has been widely used in Forex and Money Markets, as well as in financial markets. Many trading robots have been created to substitute humans, capable of simulating trading strategies and continuously making profits. Trading robots are applications that are coded as programs and can place transactions, following trading signals. This way we get a fast reaction to the oscillations of the market since human traders tend to waste time evaluating the markets and then making the decisions. The robots can take advantage of many opportunities by saving time and by avoiding the psychological factors of human traders, such as greed and fear.
However, the majority of EAs or forex robots in the market tend to be expensive in terms of the minimum deposit requirements they put forward, making it extremely hard for casual as well as novice traders to try them out. This is one of the reasons we’ve decided to make a list of the best forex robots that have a minimum deposit requirement of $100 or less.
1. Trade Manager EA
Known as a middle term trend EA designed to run for the MT4 platform, Trade Manager works best with the AUD/USD, USD/JPY, GBP/USD currency pairs on the M30 timeframe. It is built directly as a forex robot that can be placed on a MetaTrader chart. With a one-click stop-loss/take-profit function, losses are kept at a minimum. The maximum drawdown per annum is 44.1% which is decent. Trade Manager is available for free.
2. The Wave Scalper
The Wave Scalper’s minimum deposit is one of the lowest in the market at $50. It works with both MT4 and MT5, employing a scalping strategy combined with the Elliott Wave theory. The EA works with pairs such as USD/JPY, GBP/USD, GBP/AUD, GBP/NZD, GBP/CAD, XAU/USD. The EA was developed by LeapFX, which is one of the best known EA producers in the market with other EAs such as Arbitron, Jet Trader Pro, News Action trader and Econ Power.
3. On Control
On Control EA employs ultra-high-speed trading systems combined with powerful money management tools. The EA lets its users understand how a pair has performed in the past and understand trends. It works with the EUR/USD, GBP/USD, AUD/USD, USD/JPY, CAD/JPY, NZD/USD, USD/CAD, USD/CHF and EUR/CHF. You can use it on real live accounts of all types including micro, mini and standard accounts.
4. Gold Rush
Gold Rush is one of the few EAs that lets users trade XAU/USD in addition to EUR/USD. It is best used with VPS or hosting servers that experience minimal network latency to the broker’s server. This relatively inexpensive EA detects levels of support and resistance and executes orders at those points while waiting for those levels to be respected. AT $30, it is one of the cheapest EAs you will find on the market.
5. Forex Real Profit
Forex Real Profit uses two separate robots for trading different currency pairs – EURUSD (main robot) and GBPUSD (additional robot). The EA requires an annual fee of $199 with provisions for refunds. In fact, the EA offers refunds for the first instalment within 30 days of the payment 100% (No Questions). Forex Real Profit employs an NFA compliance filter and automatically adjusts trading time according to GMT.
With so many EAs on forex robots in the market, it’s understandable that traders might get a little confused. This is why you should always look for EAs with a good track record, customer support and low drawdown rates. Remember, that EA’s are software programs that don’t always guarantee results, but choosing a good one will increase your chances by many folds.