Forex markets are a global space for exchanging national currencies against each other and due to the increasing rate of globalization, these markets have become the largest liquid asset markets in the world. Bots are important when it comes to making profits while trading in the form of intra day and long haul dip based trades. They eliminate the psychological and emotional biases and automate the process of trading and the best part about using bots is, you do not necessarily need experience in trading in order to use them. You can get acquainted with the ways a bot works and just start your trade. Without wasting more time, let’s get into the list of the 5 of the best bots available in the market along with a special mention to Multibank platform for their help on allowing people to trade in multiple currency pairs.
- IvyBot: IvyBot is the most recent forex software to reach the market, and it allows users to trade totally “hands-free.” In exchanging currency pairs, the robot does all of the jobs. The most intriguing aspect of the IvyBot application is its ability to exchange four different currency pairs with four different Forex robots at the same time. It operates on MetaTrader 4 forex trading platform This capability of the robot does not imply that the user is paying for the use of these separate programs, but rather that they have been merged into one robot with four bots that can track, scrutinize, and exchange on each of these currency pairs. Another feature of the IvyBot is that it is very easy to use and has a lot of features that are designed especially for traders who are just getting started in the Forex market. Also, the Ivybot creators have managed to keep the bot updated, from time to time.
- ForexHitter: Forex Hitter produces the same efficient outcomes as other FX algorithmic trading systems, but the software’s most notable aspect is its low price. By buying this software for $49.95, everyone can afford to trade on the FX market. It just necessitates a small amount of contact or feedback from the trader. This critical system architecture ensures that emotional judgments do not contribute to unreasonable trading decisions. Furthermore, you will not have to waste countless hours of your valuable time monitoring the market.
- Bahrain Financial Exchange: The Bahrain Financial Exchange is a pioneering international financial exchange based in the Kingdom of Bahrain and internationally accessible to trade cash, derivatives, structured products and Shariah-compliant financial instruments. The BFX has set up the BFX Clearing and Depository Corporation (BCDC) to clear and settle the financial instruments traded by the members of the BFX. The Exchange is a wholly owned initiative of Financial Technologies Group (FT Group), which currently owns one of the world’s largest networks of 9 exchanges connecting fast‐growing economies of Africa, Middle East, India and SouthEast Asia. The app has made it much earlier for its users to manage their money transfer and currency exchange needs. You can now send money anytime, anywhere, using your phone with the Fast, Safe and Secure online money transfer feature. Money can be received as a bank deposit or cash pick up. The Jordan Expo awarded this software the “Best Innovative Product” award. This award was given to Bahrain Financial Exchange because it is the first product to deliver a derivative based on the Indian rupee and the US dollar.
- DailyFX News Notifier: This app was first launched as a website, DailyFX.com, in 2002 and became one of the world’s leading sources for news and updates on the currency commodity and index trading community. The app was recently launched in the latest forex app store, analysts report every day on the latest changes in the ﬁnancial markets, providing timely fundamental, economic and technical analysis and a close examination of promising chart formations with live currency quotes. It allows traders to receive updates on their smartphones about recent market changes. It provides push notifications for currency, commodity and stock index traders worldwide who wish to stay abreast of market developments, even when they’re away from their desks.
- Alpari Direct Pro: This app is intended for the more experienced forex trader. Traders can gain access to additional capital for trades and trade on a number of international platforms, including Russia and India, by using this program. Since there is no regulation against scalping on the market, sophisticated traders may use the software to do so. An institutional-level platform with zero spreads and no requotes that provides the most direct route to optimal liquidity and institutional-level rates from the world’s leading banks. Alpari Direct Pro is a high-volume trading platform designed for institutions, fund managers, and individuals who want the quickest execution rates, maximum market depth, and advanced order management options.
Currencies are important to most people around the world because currencies need to be exchanged in order to conduct foreign trade and business. Unlike stock markets, the forex market is a truly new market, today and in order to start gaining profit from it, all you need to know is that it has no centralized location, rather the forex market is an electronic network of banks, brokers, institutions, and individual traders. Once you understand this basic concept about forex trading, with the help of these advanced bots mentioned about, you are ready to go and make the most of it.