With the advancement of internet connectivity around the world, easier than ever. What used to be dominated by larger institutional traders is now accessed by a large number of small-scale traders who want a piece of the action. In a bid to remain competitive with each other, many forex robots and expert advisors have low minimum deposit requirements to allow the maximum number of people to take part in the market. For the benefit of the reader, we’ve decided to compile a list of the best forex robot reviews which have a minimum deposit requirement of less than $500.
-
FX Classic Trader
With a minimum deposit of $200, FX Classic Trader is an MT4 compatible forex robot that works with the EUR/GBP currency pair. It has a profitability percentage of 335% which is brilliant when you consider the low cost of the license at $109. It is a middle-term EA that has a maximum drawdown of 15.73%. While higher leverage rates can be applied, the developers have mentioned 50:1 as the recommended leverage level.
-
Trade Manager
Trade Manager is a middle-term trend EA which works on the MT4 platform with the AUDUSD, USDJPY, GBPUSD currency pairs on M30 timeframe. With a minimum deposit requirement of $100, Trade Manager provides 1-Click Stop Loss / Take Profit Targets. It provides several stop-loss features such as simple trailing stop, 3 step trailing stop, ATR stop loss, Chandelier trailing stop loss and even Parabolic SAR stop loss.
-
Happy Market Hours
Happy Market Hours uses a trending and scalping strategy to trade on EUR/USD, EUR/CHF, EUR/GBP, EUR/CAD, USD/CAD, USD/CHF, GBP/USD, GBP/CAD, GBP/CHF, CAD/CHF on M15 timeframe. The EA works by measuring deflections of the correlative, performance of the setting, and statistical analysis in order to get optimal stop-loss and take-profit levels. It requires a minimum deposit of only $100.
-
Wave Scalper
The Wave Scalper is a forex robot that is based on Elliot Wave theory and developed by LeapFX. With this EA you can trade USD/JPY, GBP/USD, GBP/AUD, GBP/NZD, GBP/CAD, and XAU/USD. The developers behind the product claim that it delivers a profit of 100% to 700%. In spite of being a scalper, it cannot be manipulated by a broker or liquidity provider and be forced to fail. It is also impossible for this product to fail from overuse, as the developers have decided not to release a lot of copies to prevent them from overwhelming the retail market. With a low minimum deposit of $50, Wave Scalper can deliver up to 110% yield per annum.
-
GPS Forex Robot
GPS Forex Robot is an MT4 compatible forex robot that can be run on various devices and operating systems. It trades the EUR/USD, EUR/GBP, GBP/USD and USDCHF currency pairs on the M5 timeframe. With a minimum deposit of $250, you can try the EA and can get a full 60-day money-back guarantee for the product if you don’t like it. The developers behind the EA recently released a newer version, GPS Forex Robot 3 which is twice as safe and increases profitability. Other features include the possibility to change all primary parameters and adapt them to your own trading style and a trailing take-profit.
Conclusion
Forex robots and expert advisors have started making their mark on the overall forex market, aiding a substantial number of traders to attain fortunes in a small period of time. Today there is a multitude of forex robot providers, which is why you have to be careful while making a decision. Using an inefficient EA can end up doing more harm than good as you can end up losing your initial deposit rather than making a profit. The above list contains some of the best EAs which offer low minimum deposits (less than $500) to traders.
