7 Best Forex Trading Robots in Nigeria
The 7 Best Trading Robots for Traders in Nigeria revealed. We tested and verified the forex trading robots for Nigerian Traders.
This is a complete list of forex trading robots for auto traders in Nigeria.
In this in-depth guide you’ll learn:
- What is a forex trading robot?
- How are the best trading robots used by auto traders?
- Which trading robots software are free to use in Nigeria?
- Which trading robots operate on the MetaTrader 4/ MT4 or MetaTrader 5 / MT5 platform?
- Which trading robots have mobile apps?
- Our recommended Auto Trader Forex Robots for Beginner Traders?
- How to compare auto trader robots to each other?
- Which trading robot can you use with a minimum of $5 (2 076 NGN) deposit?
- Are there any sign-up bonuses offered for first-time users?
And lots more…
So if you’re ready to go “all in” with the best-tested trading robots for auto traders in Nigeria…
Let’s dive right in…
CySEC, FCA, FSA, FSCA, Labuan FSA
FSA, Cysec, FSCA, FSC,
ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA
CySEC, ASIC, FSCA
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
What is an Auto Trading Robot?
👉 Definition: a forex trading robot is a colloquial term for algorithmic trading based on a set of forex market signals that helps determine whether to buy or sell a currency pair at a given point in time.
7 Best Trading Robots for Auto Traders in Nigeria (2023)
1. GPS Forex Robot
👉 GPS Forex Robot focuses in the EUR/USD currency pair, which is the most actively traded in the market. The provider offers a fully-automated robot that may be downloaded as a software file from their website. After that, you’ll need to install the file into your MT4 instance.
👉 Once you have done so, the robot will begin trading on your behalf 24 hours a day, seven days a week.
👉 In terms of performance, the GPS Forex Robot boasts a whopping victory rate of 98 percent, according to the manufacturer. In layman’s words, this indicates that the platform claims to generate profits in 98 out of every 100 positions that are entered.
|✔️ Pros||❌ Cons|
|The company claimed a win rate of 98 percent.||Might be too complicated for beginner traders|
|100% of the process is automated.|
|It only takes a few minutes to get started with MT4.|
|A reasonable one-time cost of $149 is charged (61 863 naira)|
👉 GPS Forex Robot also claims to employ a ‘reverse strategy’ in order to reduce risk exposure. When it looks that a trade will not result in a profit, this strategy involves initiating a position in the opposite direction, resulting in a minor loss in the short term.
👉 There are no monthly subscription fees associated with GPS Forex Robot’s services when it comes to price, making it a relatively affordable option with exceptional features. That said, beginner traders in Nigeria might have to gain some experience before being able to use this robot effectively.
2. EA Pros
👉 If you are seeking a superb forex robot that is also completely free, EA Pros is one of the greatest solutions available.
👉 The robot trades on the most common currency pairs, including the EUR/USD, GBP/USD, USD/CAD, USD/CHF, and EUR/GBP, as well as on the MetaTrader 4 platform, which is now in beta testing.
|✔️ Pros||❌ Cons|
|Excellent customer support||Supported by a limited number of brokers|
|Fast and easy installation process|
|Completely free with no after-sale fees|
|Fully compatible with MT4|
👉 This robot is continually being improved, and it is being tried on a variety of other currency pairs as well. Between 2020 and 2023, this robot has earned a total of $28,613 in earnings. It is also worth noting that it operates on five different currency pairs, resulting in a really positive outcome.
👉 The fact that it is a free robot means that there is no barrier of entry for newbie automated traders in Nigeria, while its easy integration into MT4 makes is a user-friendly option for automated Forex trading.
3. Forex Fury
👉 Forex Fury is a well-established provider of trading robots that is solely focused on the currency market. A number of third-party trading platforms, including MT4 and MT5, are compatible with the software. ECN Accounts can also be used with the software.
👉 With regard to its trading method, Forex Fury asserts that it only trades for one hour per day on a single foreign exchange pair. This will occur at times when the level of volatility is at its lowest point. Regarding performance, Forex Fury asserts to have a winning percentage of 93 percent.
|✔️ Pros||❌ Cons|
|High win rate of 93%||More expensive option|
|Compatible with both MT4 and MT5|
|Numerous guides and manuals|
👉 Forex Fury is an excellent option that is compatible with both MT4 and MT5 and has a high proclaimed win rate. That said, it is a pricier option than many other robots on the market, but once it is purchased it only requires one-click installation to be integrated with a variety of third-party platforms.
4. 1000pip Climber System
👉 A completely automated forex trading robot that is compatible with MetaTrader 4 (MT4) may be worth considering. In three years of operation, the company says that its trading robot has generated gains of just under 20,000 pips, which is a significant amount of money.
👉 It goes without saying that there is no way to independently check this – which is why trying out the robot on a demo account is so important.
👉 Once you have downloaded and installed the 1000pip Climber System software file into MT4, it will immediately begin trading on your behalf, 24 hours a day, seven days a week.
|✔️ Pros||❌ Cons|
|High pip gains of 20 000 in three years||No warranty or moneyback offer|
|Affordable one-time fee|
|Fast and easy deployment after installation|
👉 This is a great trading robot for fast and easy deployment with a claim of high pip gains in its three year operation. However, traders in Nigeria should first test the robot in a demo setting to ensure these pip gains meet their expectations, as there is no moneyback guarantee offered.
👉 Pionex is a cryptocurrency exchange that uses trading bots to assist investors to automate their cryptocurrency trading.
👉 At the moment, it provides 12 distinct trading bots, all of which are provided free of charge to users. Because your strategy will be automated, you will be able to eliminate the need to constantly monitor the market when you invest with bots.
|✔️ Pros||❌ Cons|
|Provides 12 free trading robots||Fiat currency not supported|
|Minimal transaction fees across the board|
|User-friendly mobile app|
👉 The most crucial feature of Pionex is that it can automatically process both buy and sell orders depending on parameters that have been previously set up for them.
👉 Additionally, customers have the ability to trade manually by highlighting and selecting the cryptocurrency they wish to purchase or sell from a list of available options.
👉 Pionex is a great option for Forex traders that want to divert into crypto trading but don’t have the time to effectively monitor both markets.
👉 Learn2Trade is a semi-automated trading software that specializes in forex trading signals and is available in several languages.
👉 Besides cryptocurrencies, the service is also interested in indices and stocks, as well as commodities. These signals, which are based on research conducted by the Learn2Trade team, tell you exactly what orders to put at your chosen trading platform.
👉 A purchase order on the GBP/USD pair, for example, can be triggered by an alert that instructs you to place an order when the pair reaches the price of 1.3950.
👉 The signal will also have risk-management features, which will include stop-loss and take-profit orders, among other things. This is critical since it ensures that you are trading in a risk-averse manner at all times.
|✔️ Pros||❌ Cons|
|Best in class trading signals provider||Not fully automated|
|Offers 3 free signals per week|
|Limit orders are provided|
|Comprehensive educational tools|
👉 Learn2Trade is a great option for beginner traders in Nigeria as it has comprehensive educational resources, great customer support, and some of the best trading signals on the market.
👉 Learn2Trade offers 3 free signals per week, and both limit and take-profit orders are provided for free, making it an incredibly versatile and affordable trading robot.
7. EA Builder
👉 While the majority of the robots covered so far come with pre-built strategies, some of traders in Nigeria may be interested in creating their own from scratch.
👉 Because EA Builder does not require any coding or programming experience, it is a welcome development. Instead, the platform employs a ‘drop and drag’ interface, making it particularly user-friendly for beginners.
👉 You can design a trading strategy that is tailored to your trading style and risk tolerance. You may create robot conditions based on a variety of factors such as price, candlesticks, time frames, and more.
👉 You can also combine these measurements with technical indicators in order to give your robot the best potential chance of outperforming the market.
|✔️ Pros||❌ Cons|
|Custom trading strategies can be built||Beginner traders may find it too complicated|
|Very little coding knowledge needed|
|Free custom indicators provided|
|Compatible with both MT4 and MT5|
👉 The most important feature of EA Builder is that it allows you to backtest your custom strategy in demo mode.
👉 This gives you the opportunity to observe how the robot performs in real-time market situations without having to risk any money.
👉 You have the flexibility to make essential changes to the plan as and when you see fit. The robot may be used to trade FX, commodities, and stock indexes, among other things.
👉 You can download the robot to your desktop device, where you can then install it into MT4 or MT5. Once you have finished building the robot and are ready to deploy it, you can do so.
👉 The robot can be utilized by you at any MT4/5 broker of your choice. Regarding fees, EA Builder provides a free plan that enables you to construct custom indicators for your trading strategy.
👉 All in all, EA Builder is suitable for experienced automated traders who required more flexibility in their trading approach.
How to Use a Trading Robot
👉 The term “forex trading robot” has become synonymous with algorithmic trading, which is carried out in response to a set of forex market signals that help determine whether to buy or sell a currency pair at any particular point in time.
👉 In many cases, these systems are completely automated and interface with online forex brokers or exchange platforms.
👉 Traders in Nigeria should exercise caution when purchasing a trading system over the Internet, as automated forex trading robots are readily accessible for purchase.
👉 It is not uncommon for organizations to arise out of nowhere to provide trading systems with a money-back guarantee, only to vanish a few weeks later with no trace.
👉 They may cherry-pick successful deals to represent the most likely outcome of a trade or utilize curve-fitting to achieve excellent results when backtesting a system, but these are not valid techniques for assessing risk and opportunity in the financial markets.
👉 The MetaTrader platform serves as the foundation for the majority of the most popular trading robots for retail traders.
👉 This type of robot runs on MetaTrader as “expert advisers,” and it may do a wide range of tasks, including everything from providing you with a signal to execute a trade to placing and managing the trade for you automatically.
How to choose a trading robot
👉 To select the most appropriate trading robot, traders in Nigeria must first determine a viable trading strategy and keep it in mind at all times.
👉 Don’t be deceived by high profits percentages that appear quickly – they could be the consequence of the robot’s aggressive settings, which could result in your investment being at risk in the future.
👉 If you don’t stick to your tried-and-true trading approach, a trading robot can quickly let you down. There are many various pieces of advice on how to choose “the one,” but keep in mind that the only way to fully determine whether or not a robot is functioning properly is to test it.
Running your trading robot
👉 Traders in Nigeria can use the robot for both partially and completely automatic trading. Both solutions offer their own set of benefits.
👉 Intelligent robots assess market patterns and potential turns, read signals and specific indicators – some traders choose to place the entire trading process on the shoulders of computer code that has been programmed with their desired settings and parameters.
👉 Although some traders in Nigeria choose to remain involved in the trading process and simply rely on the robot for a portion of the market’s performance, this is not the case for everyone.
👉 Because the robot is intelligent but yet only a piece of code, some traders in Nigeria prefer to keep an eye on it at all times.
Advantages of using a Trading Robot
Trading robots allow for multitasking in trading
👉 Trading robots have the capability of monitoring numerous currency pairs at the same time. It takes away the physical aspect of being glued to your computer screen while tracking your currency. You have the ability to effortlessly monitor many currencies at the same time.
👉 Trading robots have now made it possible to hold and run multi-account trading funds anytime you want, regardless of your financial situation.
👉 Traders can now overcome trading issues that arise as a result of time constraints, trading speed, diligence, and consistency in the execution of trading strategies thanks to the use of automated trading.
👉 Trading robots do not experience emotions, which means they do not interfere with trade executions. As a result, there has been a significant growth in interest in automated trading.
Trading robots provide fast execution
👉 The speed of the computer influences how quickly the trading robot is able to detect and execute a profitable trading opportunity. When compared to a human trader who must manually enter an order, this is incomparably superior.
👉 Therefore, it would take a vast number of outstanding minds to attain the same results as may be achieved by trading robots in a single trading session.
Emotion is taken out of the equation
👉 Fear is one of the most difficult challenges to overcome in forex trading. It serves as a preventative factor, preventing you from making the best trading judgments possible. Greed, on the other hand, is the emotional drive that allows you to engage in speculative trading at random.
👉 All of these are emotional vices that are absent from the trading robots’ operations. Trading robots do not make decisions based on hunches, which makes them even more efficient in their trading. This is due to the fact that they use historical trading tactics to objectively generate the most quantifiable data in the trading industry.
They are able to trade around the clock
👉 Trading robots are capable of trading for a continuous 24 hours a day, something that is difficult for human traders to accomplish. Making use of the entry and exit chances that are available at different times of the day makes it feasible to maximize your productivity.
Disadvantages of Using a Trading Robot
Lack of trading intuition
👉 Computers and robots just do not possess anything that can be compared to the mystical human gut feeling. While some traders do not believe that intuition may be useful in trading, others do, and these traders are likely to be dissatisfied with the results of automated trading.
Trading robots often require a dedicated server
👉 Many trading systems rely on smooth trade execution and the uninterrupted operation of expert advisers to function properly. Unfortunately, this is something that is quite difficult to perform while running EAs from a PC at home or at work.
👉 This implies that you would require a dedicated server in order to run your automated trading robots effectively.
Some errors may occur
👉 Expert advisers should be built to a high quality standard, or else their trading performance will disappoint you. Unfortunately, not all expert advisors are adept at dealing with errors and other unexpected events, which can result in significant financial losses in some cases.
👉 The transfer of a profitable EA from one broker to another might also be a challenge because brokers’ systems differ and what works wonderfully at one broker may not function at another.
What do trading robots do?
Trading Robot is a word used to describe algorithmic trading based on signals from the forex market, which helps determine whether to buy or sell a currency pair at any particular time.
Are robots good for trading?
Yes, trading robots provide a number of features which allow for improved trading techniques. For example, robots are much better at carrying out a number of different tasks than humans, so using an automated system allows traders to have multiple conditions for things like entries and exits, stop-loss orders and profit targets, all operating simultaneously.
Is automated trading profitable?
Automated trading can be a useful and successful ability, but it isn’t often available for purchase online for a low price. Automated trading requires a great deal of time and effort to master. Trade and program expertise go hand in hand when developing and maintaining an EA. Time is also needed for robot trading.
Do robots work for Forex trading?
Yes, automated forex trading systems are effectively used. The fact is, though, that they are but instruments. And, as with all instruments, the outcome is determined by the purpose for which they are employed as well as their effectiveness. As a result, there are FX traders who are comfortable relying on robots for success, while others are experiencing difficulties.
How successful are Forex trading robots?
The use of trading bots can be successful as long as they are correctly configured. While it is evident that the top Forex trading bots will produce a profit, it is important to set up a test period or obtain some form of assurance before purchasing. After that, it is critical to understand how they operate. Otherwise, users may suffer financial losses.
👉 Overall, the trading robots covered in this article provide some of the best-in-class technology for automated traders in Nigeria. There are a variety of currencies and asset classes which the bots can be deployed to monitor, and options for custom-built strategies are also available.