Forex Profit EA is a 100% automated Forex robot that promises continuous profits through an algorithm-based system. There are two pricing plans available for this Forex EA, for $100 and $140, with the only difference being the MT4 fast VPS server that you get with the second plan.
Now, there are several such systems available on the market today that make similar claims, and it is difficult to tell from a first glance how they truly perform in the live market. So, in order to judge the reliability of this system, a thorough inspection of each and every component is necessary.
Forex Profit EA Trading Strategy
The vendor claims that Forex Profit EA is a user-friendly software that is easy to set up on the MetaTrader 4 platform. This automatic system has a money management system using owing to which it can select the lots based on your account balance. However, you have the option of modifying the lot size.
Although the vendor recommends using the default settings, you can still change them and disable the pairs you wouldn’t like to trade in. It is mentioned that this Forex EA used technical analysis based on algorithms, but no further details are provided about the trading strategy. This will come as a disappointment to technically-inclined traders who look for some strategy insight.
Features
The presentation on the company website is quite brief, and we don’t have much information about the features of the Forex EA. As per the vendor, you should use a minimum account balance of $100 for this system, and minimum account leverage of 1:500.
Forex Profit EA works fine on a normal internet connection, and it is advisable that you use it on 1 chart at a time. The vendor also promises daily profits and states that all trades are closed within the 24-hour period. Furthermore, the system identifies only profitable trades and it is claimed that other EAs cannot match its performance.
The company provides customer support 24*7, and there is a web form through which you can get in touch with the support team. For this, you need to provide your name, email address, message, and subject.
Forex Profit EA Backtesting Results
Considering the tall claims made by the vendor, we were hoping to find some backtesting data on the official website. However, there was none to be found. Backtesting data reveals several crucial aspects of a system’s performance, such as its profitability, drawdown, etc. and without it, our assessment of the Forex EA remains incomplete.
Since no backtesting results are available, we cannot compare them with the live trading results. This comparison is vital, as a system that shows decent performance on both historical data and in the live market can be said to be reliable.
Forex Profit EA Live Trading Results
On the official website, we found a link to a Myfxbook page for a real USD account running on the FBS broker. The account was launched on 1st January 2021, so all we have here are recent trade results. In this short period of time, the account has managed to generate a gain of $3260.77 from deposits of $6218.68.
We can also see that the daily and monthly gains stand at 1.43% and 53.59% respectively, while the drawdown is 23.22%. Anytime a system’s drawdown is below 30%, it is considered to be a safe bet, so there are no causes for complaints here.
A total of 296 trades have been placed using this account, out of which 171 have been won, representing a profitability of 58%. Furthermore, it has won 57% of long trades and 57% of short trades, with the average win being 4.80 pips/$49.94. All of these, combined with the profit factor of 1.62 tells us that this Forex EA is able to generate steady profits.
Forex Profit EA Reputation
There is no information related to the developer on the official website, so we don’t know if they have any prior experience in developing Forex robots. We couldn’t find any user reviews concerning Forex Profit EA on third-party websites either. So, it seems to us that this Forex EA doesn’t have much of a reputation as of now.
Forex Profit EA Review Summary
- Strategy – 4/10
- Functionality & Features – 4/10
- Trading Results – 7/10
- Reliability – 4/10
- Pricing – 6/10
Conclusion
To summarize, we think this system has too many pitfalls for you to consider investing in it. First of all, there is no information provided about the trading strategy, and we have no idea who the developer behind the system is. While live trading results are available, we don’t have any backtesting data to compare it to.
All of these, combined with the lack of customer reviews tell us that the legitimacy of the Forex EA is questionable. Thus, we don’t think this is a Forex robot you can trust.
