Free vs Paid Expert Advisors: Which EA Should You Choose

Deciding whether to use free or paid EA is the most confusing task. Study the features of free and paid EAs and find out which type of EA you should use.

Expert Advisors are incredible tools that traders have increasingly started using. Nowadays, traders, irrespective of their strategy, time frame, and trade assets, integrate EA in their trade journey.

However, one thing that confuses a trader the most is whether to use a free or paid EA. Well, the answer is not as simple as the question. In this blog, we will compare free vs paid expert advisors to find out which one you should use. So let’s get started.

Free vs Paid Forex Robots: Expert Advisor Comparison

An EA can make or destroy your trading journey. Blindly using a free EA or paying unnecessarily for a vague EA, neither approach is good. We can help you in finding out which to use by comparing both the EAS on the following criteria:

1. Cost Effectiveness

Free EAs attract traders the most. They are absolutely free. You can avail the benefits of EA without paying a single penny. Meanwhile, you need to buy a paid EA, and the charges can be significant.

The more features, the more expensive an EA will be. A good EA can cost you at least 500$. That means an amount equal to most of the new traders. Also, you need to continuously pay to upgrade and customize the EA.

2. Features

Free EAs usually come with basic features. However, advanced traders with strategies such as scalping, algorithmic trading, or day trading need advanced features.

And for Advanced features, paid forex EAs are the best. Traders can get Economic calendar integration, money management, and risk management tools, a trading journal, backtesting, and many other exclusive features.

3. Customization

With free expert advisors for forex, you are already using software for free. So, adding new features, replacing the old ones, and overall flexibility are limited. Tailoring and optimizing the EA as per your strategy is not possible.

Paid EA tools offer full room for changes, adjusting the EA as per your strategy. You can adjust the risk-to-reward criteria, analysis methods, indicators, time frames, and assets.

4. Quality and Accuracy

When there is a cost, there is accuracy and quality. And when there is no cost, you need to compromise with quality and accuracy. Free EAs are available for a wide range of audiences without any charge.

Even after that, most traders tend to use paid EA for quality and accuracy. Paid EAs are designed by market and technological experts, and they are properly backtested. So naturally, they deliver better quality to traders.

5. Performance Issues

The financial market is dynamic with changing market conditions. Most free EA works well during demo trades, but when it comes to live and real conditions, they lose their effectiveness.

Paid EAs are updated timely manner as per the market conditions and changing scenario. Thus, at times of unfavorable market conditions or an unpredictable environment, they work better.

6. Risk

Using free EAs is just like risking money, especially when they are from an unnamed source. Traders can lose significant money if not used properly. Also, risk management features such as stop loss optimization, position sizing, and diversification are limited.

Risk is also there with paid EA, but the amount is comparatively less. Traders with a proper plan, knowledge, and strategy can control and manage risk efficiently.

7. Customer Support

Free EA generally doesn’t have any support, so in case you encounter any problem during trade execution, you may suffer a loss. As with paid EA, you are paying money to the provider; they remain available for you in case of any assistance.

8. Diversification

Free EA generally has a limited scope with limited features. So if you are thinking of spreading capital into a diverse market, they are no ideal. Generally, paid EA has flexible features that make it suitable for use in markets such as forex, stock, crypto , and others.

9. Scam Possibility

When using free EAs chances of scams are more. Many scammers market fake or vague EA in the market to lure traders and take advantage of their innocence. When subscribing to such services, you may suffer a significant loss.

While with paid EA platform is already charging for the service. Also, reviews, pricing, backtesting results, accuracy, and other vital information are already available. So they tend to be more authentic.

10. Restrictions

Generally, the best free forex EA available for download has time limitations. They are generally available for a period of time after which you need to pay for them. Also, even when executing trades, you may face some disruptions. However, with paid EA, such limitations are not there.

Wrapping up: Free vs Paid EA, Which to Use

Free vs Paid EA, both can be used in forex. Obviously, paid EAs are better. But generally, most traders suffer from capital and budget issues. Spending a significant amount on subscribing paid EA is not possible for every trader.

If your strategy is simple and you have proper knowledge, then going for a free EA is not a bad idea. However, just make sure you use EA from a trusted source such as MetaTrader. Also, properly backtest the strategy and use the EA on a demo account first. For demo account testing, you can join Beirman Capital now.