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Expert Advisors Reviews

FxPro Launches Library of MT4 and cTrader Forex Robots

Today we'll explore a brand new and exciting resource for FX robots: the FXPro Library. As its name suggests, it's offered by FXPro, a Cyprus-based broker which has been pretty active lately in terms of boosting the quality of its automated trading offering: last month, it launched the Quant, a special programming tool that allows building automated trading strategies from the scratch using a drag-and-drop method.
 
And there's no wonder that the broker is paying so much attention to automated trading: an in-house research by FXPro shows that traders who use expert advisors (EAs) enjoy results that are 5 to 6 times better than those of manual traders. The brokerage has responded to these findings with the launch of a new fascinating service which allows you to tap a variety of robots – both for the Metatrader 4 platform and the cTrader platform. 
 
The FXPro Library is accessible for anyone who registers for the service, which is free (and let's hope that it will always be). The Library is in the “Tools” section and once you open the workspace you'll see a list of EAs available for download.
 
 
 
 
From the rating we can see that the most popular amid the MT4 robots is the TSDxx EA, a robot that trades break-outs, uses the M30 timeframe and trades the EURUSD. The most popular amid the cTrader robots is the Zig Zag, whose trading is (obviously) based on the Zig Zag indicator.  The TSD robot gets the maximum rating of five starts (out of five), while the Zig Zag has a rating of three stars. What are you waiting for – go check out a robot and rate it! There are so many unrated ones!
 
In what follows, I'll try to summarize the pros and cons (some minor ones) of the resource after some examination and a talk with the FXPro customer support team.
 

Pros

 
-Currently, all EAs enlisted – there are 41 of them, are available for free and we cannot be unhappy about this fact. The FXPro support team informed me that there will be paid EAs available in the future, but for the time being let's enjoy the free lunch.
 
-The majority of the EAs are dubbed to be selected by the FXPro team, hence a certain degree of quality assurance is present.
 
-All of the robots enlisted are accompanied by detailed backtests you can easily download. However, these backtests are for a short period of time of five months only.
 
- Regardless of their small number, the robots in the Library present a variety of strategies: for example, the TSDxx – the most highly rated robot is a break-out trader, while the Macd_turbo_v2.0 counts on traditional technical analysis based on moving averages.
 
-There are brief descriptions of the strategy used by an EA and its most basic characteristics: timeframe, currency pair traded, stop-loss/take-profit levels, etc. Hence, you can make an informed choice.
 
-You can also make use of FX robots built for the cTrader platform. By the way, there is another resource, specifically designated for cTrader robots: the cTDN network, where you can also find a raft of indicators.
 
 

Cons

 
-What I miss the most about the FXPro Library is a social aspect of it: I seem to be unable to contact directly the author of a particular EA in case I'd like to get more information about the product or simply discuss the EA with other users. But the brokerage is acting to tackle this deficiency and is currently developing its own mirror trading platform!
 
-Then, there is no clarity on what (if any) the fee would be for a programmer who decides to offer its EA for sale via the Library. But since we're here to help, a suggested marketplace for those of you, who'd like to bid for an EA or sell their own is the GreatForexTrades, or the “Forex ebay” as a colleague of mine named it. See? There is a solution to every FX problem.
 

Overall Assessment

 
The FXPro Library looks like a great place for both newbies - who can safely learn to trade with EAs and cTrader bots, and for the more experienced traders who can play with a variety of free trading software. The whole trading experience is enhanced by other tools available, such as the above-mentioned Quant, various charting capabilities  and of course, the ability to apply the FX robots to the MT4 or cTrader platform. 
 

About FxPro

 
FxPro is an award-winning Forex broker providing retail and institutional offerings to clients in 150 countries. FxPro offers trading access through a range of platforms including the innovative ECN platform – FxPro cTrader – supported by industry-leading market news and outstanding levels of customer support 24 hours a day. FxPro’s goal is to be the world’s preferred Forex broker and it has become the first choice for Forex traders needing user-friendly market access and superior trading infrastructure.
 
With offices in the United Kingdom, Austria, Cyprus, France, Russia and Spain, FxPro Financial Services Limited is authorized and regulated by the Cyprus Securities and Exchange Commission, under license number 078/07, and operates under the EU Markets in Financial Instruments Directive (MiFID).
TAGS: fxpro  forex  fx  cyprus  expert advisor  ea  mt4  metatrader  ctrader  ctdn  library  forex robots  quant  tsd ea  zig zag  platform  resource  free EAs  algo  algorithmic trading 

More news about FxPro

Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus CySEC MT4, Web $25 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website

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