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Free guide · EA checkHow to check a forex robot before you pay: the 7-step checklist
Did you know? You can check a forex robot's seller, broker, strategy and proof in about 10 minutes, before you spend a cent. A seller who will not answer is an answer.
Run any robot you are looking at through the 7 checks below.
"I sell a forex robot, so I want you to check mine the same way. Alive FX is scored on this same list." — Alan Solarsh
The 7 checks
Tick a box only if you have a real answer. If a step has no ticks, treat it as a no.
1Know what you need before you look at any robot
- Do you want it to run while you work, or something you check twice a day?
- How much can you lose without it touching your rent or your sleep?
- Are you starting on a cent account, so a bad pick costs you little?
Red flag: You can't answer the second question. Don't buy anything yet.
2Check who is selling it
- Is there a real company and real people behind it?
- Can you reach a human, not just a chatbot, in your time zone?
- Will they get on a video call and answer your questions?
Red flag: Only a screenshot and a payment button. Note: a robot seller does not need an FSCA licence, so do not mark them down for that.
3Check the broker
- If they tie you to one broker, did they say so upfront?
- Is the broker regulated, and can you test with a small amount?
- Does it offer a cent account, swap-free, with a low fixed spread?
Red flag: The broker requirement only shows up after you have paid.
4Check how it handles a losing run
- What does the robot do when price runs against it?
- Does it have real risk control: hedging, equity protection, lowering lot size, pausing when the trend reverses?
- If it has a big drawdown, can the seller explain why?
Red flag: A basic grid or a multiplier martingale with no risk control. A big drawdown is not an automatic no, it depends on your risk appetite, but the seller must explain it.
5Check the proof
- Are there live results on a public tracker you can check yourself?
- If there is only a backtest, did the seller tell you why?
- Is anything shown as a screenshot only, with nothing you can verify?
Red flag: Screenshots on their own. They are easy to fake.
6Start small and test the seller
- Can you start with the smallest lot size on a cent account?
- Is the VPS close to the broker (under 3 ms), and are updates included?
- Can you cancel any time without a fight, and does someone answer your questions?
Red flag: The seller will not let you start small.
7Check the refund
- Is there a written refund policy you can read before you pay?
- Does it cover the fee for a bad product or bad service, with the exclusions spelled out?
- Does it avoid promising to cover trading losses or guarantee profit?
Red flag: Any promise that you will not lose money. Nobody can promise that in forex.
How to score a robot
Count the boxes you could tick. A robot with a gap in steps 2, 5 or 7 (the seller, the proof or the refund) is the one to walk away from, however good the sales page looks.
The honest view
Pros of a checklist
- Takes about 10 minutes.
- Works on any robot, from any seller.
- Stops you paying on a screenshot alone.
Cons
- It cannot tell you future results. Nothing can.
- Some answers need a call or an email to the seller.
- A good score lowers the risk; it does not remove it.
Get the 7 checks as a free printable PDF.
Keep it next to you when you talk to any robot seller.
Questions people ask
Does a forex robot seller need an FSCA licence?
No. A seller of robot software does not need an FSCA licence, so a missing licence number should not count against them. The broker you trade with should be regulated.
Is a big drawdown always a bad sign?
Not always. Drawdown depends on the strategy and on your own risk appetite. What matters is that the seller can explain why it happened and what the robot does to control risk.
Is a backtest enough proof?
A backtest alone is weak proof. Live results on a public tracker you can check yourself count for much more. If a seller shows live results, a backtest matters less.
Is it a red flag if a robot only works with one broker?
Not if the seller says so upfront, the broker is regulated and you can test small. It is a red flag when the broker requirement is hidden until after you pay.
Can any seller guarantee profit?
No. Forex trading carries risk and nobody can promise you will not lose money. Treat any promise of guaranteed profit as a reason to walk away.
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Forex trading carries risk. Past results do not guarantee future results. This page is education, not financial advice. Alive FX (Pty) Ltd.