Forex robots use algorithms based on programmed features to determine whether to open or close trades. They are fully automated software that is integrated with MT4 or MT5 platforms and a variety of online brokers. They are designed to eliminate human involvement, which can be detrimental during trading. There are a wide variety of forex robots in the market which come with a wide range of features. A trader needs a budget because each robot comes with its unique cost.
What determines the cost of a forex robot?
Traders can choose a forex robot from hundreds of choices in the market. They widely vary in price, with some costing below $100 while others cost above 700%. That price difference is much and might leave traders wondering why it is that way. A trader may take advantage of forex EA for sale season to get discounts or decide to buy right away and begin to generate profits. Several reasons determine the cost of a forex robot.
Developer: Forex robot developers are located all over the world. A developer considers many things before deciding on the cost of their robot. The main one is the immediate cost and maintenance costs. If a developer is working with a host of other developers, they might set a higher price for their robot.
Features: The robots are full of all types of features, such as total currency pairs, automated trading, and the limitation of losses. Some robots have more features than others, and they cost more due to the advantages that come with each feature. Robots with fewer features can be cheaper because they provide less benefits to traders.
Return rate: Return rate means the winning percentage the forex robot achieves with every trade. Many of them have a winning rate of about 60% to 70%, but some have a winning rate of over 80%. The ones with a higher winning rate make better profits for traders, and they can cost more.
Demand: The law of demand and supply apply too in the forex robots market. Users may have a higher demand for a specific type of robot. This triggers the developer to produce more and could easily escalate the price of the robot.
How much does a forex robot cost?
The price of forex robots significantly varies, leaving a big difference between the least expensive and most expensive robots. It can be advantageous to new traders if they first try out the free forex robots. It helps them learn the rules of trading and to generate some profits in the process. A premium robot has more advantages compared to a free robot.
If a trader has a limited budget, they can start with the least expensive robot. It can cost about $70 to $100 and will mostly work with one currency pair only. They might have a higher risk, too, due to limited features, and their winning rate might be low. If a trader has a higher budget, they can choose more expensive forex robots and enjoy maximum benefits. These are robots that cost above $300 and whose features are complex. They have limited drawdowns and higher gains and may require more minimum deposit.
The largest range of forex robots costs about $200 to $299. Many traders who buy robots fall under this category. Here are some examples.
MYFOREXPATH: This robot costs $285 and has recorded a gain of 1,398.24$ for the last 1,037 days. It records a monthly gain of 8.15% and a drawdown of 49.30%.
FXCONSTANT: This robot costs $295 and has recorded a gain of 668.59% for the last 1,164 days. Its monthly winning percentage is 5.41% and has a drawdown of 33.99%. It currently has a sale price of $267
Conclusion
Forex robots are created to benefit traders by using AI to launch automatic trades. Their costs differ depending on the developer, features, winning rate, and demand. The cost can range from as low as $100 and as high as $1,000. There are free robots that new traders can use to learn the tricks of trading. The things to consider when buying a forex robot are cost, features, and winning rate.
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