Forex Fury is an expert advisor that launched the market in 2015. Its developers claim that it is a 100% hands-off Forex expert advisor that offers ‘low drawdown’ and a ‘proven 93% win rate’. Sounds great, doesn’t it?
However, can you trust this system? Although it’s a veteran in the FX market, it does not mean that it’s still an efficient system. For this reason, we have prepared a detailed Forex Fury review, telling the truth about this robot. Here we put ratings from traders who bought this robot, analyzed its performance, and systemized all the strong and weak sides of this ATS.
This EA is available in 2 different packages: Gold ($229.99) and Diamond ($439.99). The Gold package includes 1 live account license and unlimited demo accounts. The Diamond package consists of 2 live account licenses and an unlimited number of demo accounts. Both packages include free updates and high-performance settings. Unfortunately, the team behind this EA does not offer a free trial or money-back guarantee.
Forex Fury Trading Strategy
Forex Fury follows a combination of time-restricted and scalping strategies. This trading system opens trades within one hour per day in less volatile marketing conditions. This strategy may be useful for those traders who have a confined budget or for those who want to trade with calculated risk.
Forex Fury Features
The developers point out the main features of their EA:
- NFA/FIFO/MT4/MT5 compatible
- Uses a low-risk trading strategy
- Drawdown under 20%
- Up to 93% win rate
- ENC support
- Money management system
- Suits for multi-currencies trading
- Works with any MT4/MT5 brokerage
- Has multiple different filters to avoid bad market conditions
- Easy 5 minutes installation
As you can see, this robot has plenty of useful features. So we are not obliged to trade on many-used MT4 but also MT5. Having an inbuilt money management system and drawdown control, we may expect smooth trading with minimal risks. However, is the software as good as advertised? That is what we are going to analyze in the next section.
Forex Fury Backtesting Results
Backtesting results are not accessible from the member’s area. Lack of transparency is a red flag for this EA.
Forex Fury Live Trading Results
The devs provide us with 6 myfxbook results on their sales page.
Three out of 6 trading accounts are Demo and three are Real ones. So, let’s take a look at the trading performance of the robot on this real trading account:
This is a Real USD trading account, which is working on the MT4 platform with FXOpen brokerage and without leverage. The account was launched on October 3, 2017, and since that time it has obtained a 92, 83% gain with a monthly gain of 1, 16%, and peak drawdown of 41,90%. Where is a promised DD of “under 20%’? Taking into account that the system’s gain is only 92%, the drawdown of 41% is too high. Oddly, but there is no mention that there is automated trading. Therefore, we may assume that the developers are trading manually, but try to introduce it as an account that is run by their expert advisor.
Well, let’s see what happens with Demo accounts.
It is a Demo account, which is working on the MT5 platform with IC Markets brokerage and a 1:200 leverage. The account was added 2 years ago on March 25, 2020. Since that time its gain has grown to 675, 41%. An average monthly gain stands at 7, 78%, while the peak drawdown is 43,10%. Buying a robot with high DD is a mistake, as it offers more risk to your account. Since March 2020, the robot has placed 1,649 trades with 6,872.5 pips. It has won 1,567 trades, which represents a win rate of 95%. An average loss is 6 times higher than the average win, telling us about a poor risk/reward ratio of 6:1. In comparison with the real trading account, the maximum valuation of the demo account reached 675%. Most likely the dev decided to adjust the system and set it to trade more aggressively.
The trading history shows us a combo of scalping and grid trading approaches:
The same we have on the Real trading account:
As you may see from the screenshot above, its monthly gain looks unpredictable. It can hardly earn 1% of its profit one month and easily lose it next month. We do not know what the monthly gain will be in July 2022, but now it equals -0,45%.
Forex Fury Reputation
The developers of this trading tool are the Rypax Inc. team, which is also known for its other product – Forex Steam. Although we know who the developers are, we do not see enough transparency in terms of trading activity. Most of the Myfxbook accounts the vendors provide are Demo accounts and do not have a verified track record.
On the Forex Peace Army, the software has over 140 customer reviews and only a 2.7out of 5-star rating. The recent customer reviews published in March 2022, claim that this EA is nothing else than a ‘scam’ with ‘dangerous money management’ the devs of which refuse to return money:
To tell the truth, if the software was as effective as it is described by the developers, that there would not be any negative customer review on the forum.
Is Forex Fury Reliable?
The EA is described as one of the best trading tools with a successful +7 years history. However, dspite of these brave claims, there are a few disadvntages that are necessary to list: absence of backtest results, suspicious demo trading results, the DDpercentage varies with robot settings, ungealthy risk/reward ratio.
Forex Fury Review Summary
- Strategy – score (5/10)
- Functionality & Features – score (5/10)
- Trading Results – score (5/10)
- Reliability – score (3/10)
- Pricing – score (4/10)
The trading results on Real and Demo accounts provided by the developers differ. Although they promise a drawdown of under 20%, we have over 40% on the Real USD and Demo USD accounts. We see that the software is not as effective as it used to be at the beginning. Moreover, negative customer reviews, claiming that this expert advisor is a scam and the developers who refuse to provide their customers with a refund are the other red signals.
