This page introduces websites where you can download free EAs (Expert Advisors) that perform automatic trading in the FOREX market.
There are several advantages to using a free Forex EA.
First and foremost, you can save money.
Instead of spending hundreds or thousands of dollars on a paid EA, you can find free alternatives that may be able to produce similar results.
You can use the purchase price of paid EA to deposit into your account. Forex brokers offer very high leverage, so even a $100 capital can generate huge profits
1.FREE EA DOWNLOAD PROVIDERS
This site is a platform specialized in providing free EAs.
Benefits of FREE EA DOWNLOAD PROVIDERS
Excellent search function
>>List of free EAs (FOREX FREE EA DOWNLOAD PROVIDERS)
You can search for EAs based on the performance of published forward tests.
Forward testing is published by myfxbook, a third party platform. Therefore, the results cannot be tampered with. This leads to transparency of forward test results.
This site focuses on the results of EA forward tests.
In backtesting, excessive curve fitting can make it look like a very good EA.
However, overly curve-fitting EAs often show very poor performance in real-time market trading.
To know the performance of an EA, you need to check both backtest and forward test results.
This site focuses on publishing forward test results, so you can search for excellent free EAs.
Highly transparent business model
Free EA providers publish free EA as a business.
Free EA providers receive a portion of the spread and commission from the broker where the EA runs.
These costs are paid by the broker, so there is no cost to the trader.
In order for the EA provider to earn a portion of the spread and commission, the trader must continue to use the EA.
However, traders can quickly stop the EA’s operation if its performance is poor.
Therefore, EA providers need to develop EAs that perform well in live accounts.
Since the interests of traders and EA providers are aligned, this site is designed to provide high-quality free EAs.
>>Related article (Why does this site offer Forex Free EA?)
Disadvantages of FREE EA DOWNLOAD PROVIDERS
You can only use the EA with the specified broker.
HF MARKETS(HFM), which this site uses, is a reliable broker that is well known worldwide and has many customers.
However, if this broker is not available, the free EA will not be available.
2.MQL5 Market
MQL5 is a community of traders and developers operated by MetaQuotes, the developer of MetaTrader (MT4/MT5)
MQL5 also has the functionality of an online marketplace for EAs and indicators.
The MQL5 market has more paid EAs, but you can also get free EAs.
Advantages of MQL5 Market
One of the advantages of MQL5 Market is that it is easy to download and use EAs.
You can also search for EAs from the Market tab in MetaTrader (MT4/MT5) and download them directly to your terminal.
Additionally, MQL5 Market has a strict review process for uploads to ensure the quality of EAs.
Specifically, when a developer uploads an EA, an operational test will be conducted.
Only EAs that do not produce errors during operational testing can be downloaded, so the possibility that the EA will cause errors in trading is low.
This means traders can avoid the risk of downloading poorly performing or potentially malicious EAs from untrusted sources.
Disadvantages of MQL5 Market
The disadvantage of MQL5 Market is that the EA search function is not sufficient.
In order to find an EA that is profitable in the real-time market, it is important to check the results of forward testing.
However, MQL5 Market does not provide the ability to search for EAs from forward test results.
In MQL5 Market, you can sort and search free EAs by number of EA downloads and ratings.
On the other hand, the results of forward tests are not directly published on the MQL5 Market.
In the MQL5 market, EAs that produce good results only in backtests are gaining popularity.
An EA that has a large number of downloads and attracts attention does not necessarily generate profits in real-time trading.
With excessive curve fitting, it is easy to create an EA that shows good results in backtesting. Good backtest results can attract traders’ attention.
However, an overly curve-fitted EA will show terrible results in forward testing and real-time market trading.
3.MQL5 Forum
To obtain an EA with MQL5, it is common to use the MQL5 Marketplace that we have already introduced.
On the other hand, you can also download EA files posted by developers for free on the MQL5 forum.
Benefits of MQL5 Forum
If the EA is posted with source code, you can customize the EA yourself.
For people with programming skills, providing source code is a big advantage.
Also, the source code provided by the developer is very helpful for those who want to learn EA programming.
You can also freely ask questions and get answers from developers by posting on the forum.
Disadvantages of MQL5 Forum
The EA posted on the forum is only a sample EA.
It is unlikely that an EA with good performance will be posted.
Also, the MQL5 Forum is not a platform for downloading EAs, so searching for EAs is also difficult.
4.Forex Factory
Forex Factory is a popular online forum where traders from all over the world meet to discuss trading strategies, share ideas, and exchange information.
Developers may upload EA files on the forums, and these EAs can be downloaded for free.
Benefits of Forex Factory
ForexFactory has active community discussions.
Uploaded EAs receive a lot of comments and feedback.
From these comments and feedback, traders can learn about the nature and problems of the EA.
In some cases, you can also download the source code of uploaded EAs.
Disadvantages of ForexFactory
ForexFactory is a forum for discussion only.
Therefore, EA search functionality is not provided.
Forward test results are rarely made public.
5.GitHub
GitHub is a popular platform for hosting and sharing code repositories.
Although GitHub is not specialized in Forex trading, the source code of EAs is sometimes shared as well. You can use the EA for free by compiling these source codes yourself.
Benefits of GitHub
GitHub is a platform for sharing source code.
Traders can check the EA source code and make corrections and improvements.
It provides very good features for learning advanced EA codes.
Disadvantages of GitHub
GitHub is not specialized in forex trading. A platform for sharing the source code of various programs.
In most cases, only the EA code is posted without providing backtest or forward test results.
In order to know the performance of an EA, you need to conduct backtests and forward tests yourself.
Therefore, you will spend a lot of time to find the source code of a good EA.
Conclusion
There are multiple websites and platforms where you can download free EAs.
However, EAs provided for free may have quality problems.
When a trader uses a free EA, it is important to search for and obtain an EA that is profitable in real-time trading from a reliable platform.
FREE EA DOWNLOAD PROVIDERS (this site) is a platform specializing in the distribution of free EA.
We are focusing on publishing forward test results. You can find profitable EAs with real-time trading.