Fully automated or robotic Forex trading: This way of autotrading is very similar to algorithmic or black-box trading, where a computer algorithm decides on aspects of the order such as the timing, price, or quantity or initiation of the order without human intervention. Users can only interfere by tweaking the technical parameters of the program; all other control is handed over to the program. A exhaustive list of commercial robots is maintained by the non-profit NDD Forum.

Signal-based Forex autotrading: This autotrading mode is based on the concept of auditing traders all over the world and making their strategies available to anyone interested in the form of signals. Then traders have the ability to automatically convert any of these signals to real trades in their broker accounts. Human interference here is augmented; signals come from live traders while users can actively select to follow a Signal Provider whose strategy fits their risk profile. Examples of such platforms are: Tradency, ZuluTrade, Rent a Signal etc.
[edit] Advantages

An automated trading environment generates more trades per market than a human trader can handle, it can of course replicate its actions across multiple markets and timeframes. Furthermore, it is far less restricted in the number of intermarket opportunities it can observe and act upon. An automated system is also unaffected by the psychological swings that human traders are prey to. This is particularly relevant when trading with a mechanical model, which is typically developed on the assumption that all the trade entries flagged will actually be taken in real time trading

Signal Provider based models have the advantage that they offer traders the opportunity to follow previously successful signal providers or strategy with the hope that the advice they offer will continue to be accurate and lead to profitable future trades. An added advantage is the accessibility offered by these programs as traders do not need to have expert knowledge on Forex but only have to select a system, making Forex trading possible to anyone.

Forex autotrading services can be offered for free, on a spread basis (Tradency / ZuluTrade) or on a one time fee basis (forexcrescendo- viewed as the best EA/Robot on the market), (Fapturbo).
[edit] Regulation

As an unregulated and highly profitable market, the Forex market is extremely attractive to scammers. Forex autotrading, as it brings Forex trading to the masses makes even more people susceptible to frauds. Bodies such as the NFA and the SEC issue warnings and rules to avoid fraudulent Forex trading behavior on the web