FXRapidEA is a Forex robot that claims to trade rapidly and reach profit goals faster. The vendor also claims that the system can effectively limit losses. To determine the veracity of the vendor’s claims, we must conduct a detailed analysis of the various performance aspects of the system.
There are two versions of the FXRapidEA robot. The DUE version is available at the price of $269, while the QUATTRO version costs $349. With QUATTRO, you can trade in two more currency pairs compared to DUE. Both of them offer a single lifetime license for any account type. The vendor offers a 30-day money-back guarantee, on the condition that your account drawdown is more than 35%.
FXRapidEA trading strategy
This is a trend trading EA that determines the trend direction with the help of special algorithms. It then initiates a trade in the direction of the dominant trend. It may happen that before the further advancement of the price, there is a rollback. In this case, the EA opens additional orders in the same direction to compound the gains.
If the market changes direction, the EA closes the orders that are now anti-trend, often suffering losses. Then it attempts to cover the losses upon the formation of a new trend. It repeats this operation multiple times. Now, this is a risky practice that may lead to even bigger losses.
FXRapidEA has a high-frequency trading approach and it does not keep orders open for more than 1-2 days. Typically, it closes them in 2 hours or so. To avoid protracted trading, it uses small take profit values.
FXRapidEA features
This robot is compatible with all brokers that support MT4 and MT5. It has a drawdown control system where you can modify the EA settings to set the maximum possible drawdown. The robot will calculate a lot size accordingly. If it reaches the particular drawdown value, the EA will cease trading. You can use this EA with all brokers, including those that are FIFO and NFA compatible.
To get started with this EA, you need to make a minimum deposit of $460. FXRapidEA DUE is compatible with 2 pairs, namely NZD/USD and EUR/USD. The QUATTRO version deals in EUR/USD, NZD/USD, USD/JPY, and AUD/USD. When you purchase the EA, you get a user manual.
FXRapidEA backtesting results
This backtest was carried out on the EUR/USD pair from 2017 to 2020 with 90% modeling quality. The EA started off with an initial deposit of $5000, which is used to place 963 trades. It won 61.37% of these trades, thus generating a total profit of $73661.15.
During this backtest, there were 18 maximum consecutive wins and 5 maximum consecutive losses. The profit factor was 3.09, while the relative drawdown was quite high at 33.78%. This indicates a risky trading strategy that can lead to large losses.
FXRapidEA live trading results
This trading account on Myfxbook was launched on July 31, 2020. The total profit generated through this account currently stands at $32878.22. To date, the EA has placed 823 trades, winning 462 of them. This means it has a win rate of 56%, which is not too high compared to other systems. For the backtest, we saw a much higher win rate. The profit factor of 1.77 is also significantly low compared to the backtest.
While the daily and monthly gains for this account are 0.63% and 21.06% respectively, the drawdown is 66.88%. This tells us that the EA trades with extremely high risk.
Looking at the recent trades, we can see that there have been multiple consecutive losses. This confirms our suspicion that FXRapidEA carries a high risk of ruin.
FXRapidEA reputation
There is no information on the official website about the developer. We don’t know anything about their background or trading history. The vendor has not shared any official address or contact information and this is not a sign of a reliable system.
At this moment, there are no user reviews for this EA on third-party websites. Thus, it is evident that not many people trust in a system that trades with such a high drawdown.
FXRapidEA review summary
- Strategy – 3/10
- Functionality & Features – 2/10
- Trading Results – 3/10
- Reliability – 2/10
- Pricing – 3/10
FXRapidEA is not a robot that you should invest in. It uses a risky trading strategy that leads to a high drawdown and consequentially, heavy losses. We have virtually no information on the vendor and the system has no special features that set it apart from others.
