AX Trader is a Forex EA that claims to have made a profit of more than 100% in less than 3 months. According to the vendor, it can generate a profit of 39% every month without any manual intervention. This is a bold claim that demands further investigation at our end.
There are two pricing plans for one-year and lifetime memberships. You can purchase these plans for $297 and $497, respectively. Compared to other Forex EAs, the one-time fee is a bit excessive. The vendor offers a 30-day money-back guarantee for this robot.
AX Trader Trading Strategy
This EA uses a hybrid strategy based on the Fibonacci levels. It determines the direction of the general trend and uses Fibonacci calculations for figuring out the entry point. AX Trader uses a dynamic management system for each trade.
When you purchase this robot, you will get a manual where the risk-management functionality is explained in detail. You need to install the system on your MT4 platform and open the charts for pairs like USD/CHF, USD/JPY, USD/CAD, AUD/USD, GBP/USD, and EUR/USD. Next, you need to attach the AX trader EA to each chart.
The vendor has only explained the trading strategy in a vague manner. All we know is that the EA uses Fibonacci calculations for determining the direction of the trend, however, no further technical details have been provided. Seasoned Forex traders often look at technical details pertaining to the strategy, so this might come as a disappointment.
AX Trader Features
This robot works only on the MT4 platform. It automatically opens, manages, and closes trades. It has an in-built news detection feature that allows it to scan the news related to the Forex market. It also has an automatic money management functionality that adjusts the trading lots based on the market risk.
AX Trader Backtesting Results
Unfortunately, the backtesting results for AX Trader are not available on the official website. It seems that the vendor is reluctant to reveal the historical performance of this Forex EA. Backtests are something that all Forex traders look for before investing in an EA, because it reveals, to a large extent, the ability of the robot to deal with different market conditions. Thus, the absence of the same is a major red flag.
AX Trader Live Trading Results
Here we have a live trading account for AX Trader that has been active since April 01, 2021. To date, the robot has placed 6705 trades through this account, winning 80% out of them. As a result, it has managed to generate a total profit of $7573.74.
Currently, the daily and monthly gains for this account are 0.94% and 32.05%, respectively. The monthly gain percentage is a little lower than what the vendor promised on the website. Moreover, the drawdown for this account is incredibly high at 67.99%. This means the EA is following a risky trading approach that can lead to high losses.
Looking at the recent trading history, we can see that the EA only generates very small profits from each trade. If you are someone looking for high profits or long-term results, this robot might not be suitable for you. It seems to be following a high-frequency trading scheme similar to scalping.
AX Trader Reputation
The AX Trader EA is a product from the LeapFX team. At this moment, we don’t know anything about this company’s history or where it is located. There is no available information on the developers and traders working for this organization. Other robots manufactured by LeapFX include The Fund Trader, Easy Money X-Ray Robot, Trade Explorer, Bounce Trader, The Skilled Trader, Gold Trader, InstantEA, Jet Trader Pro, and News Action Trader.
We were unable to find any customer reviews for AX Trader on websites like Myfxbook, Quora, Forexpeacearmy, and Trustpilot. Therefore, it is clear that currently, not many traders are using this EA for live trading. This makes it even more difficult for us to rely on this system.
AX Trader Review Summary
- Strategy – 4/10
- Functionality & Features – 3/10
- Trading Results – 3/10
- Reliability – 2/10
- Pricing – 3/10
Conclusion
After conducting a detailed analysis of all the different system aspects, we have reached the conclusion that AX Trader is not a trustworthy Forex EA. First of all, there is a general lack of vendor transparency surrounding this EA, with no information available on the developers and traders.
Secondly, the live trading results exhibit a high drawdown, which means there is a high chance of draining your account while trading with this robot. It uses a high-frequency strategy that is only good for making small profits, so we would advise you to look for better options.
