ROBOCOPY FX is a Forex signals provider that performs automatic order execution on the MetaTrader 4 platform. It includes two advanced Forex strategies, both of which have been live tested for several months and have shown decent results on verified trading accounts. An objective assessment of the various system aspects is necessary, however, before a conclusion can be reached about its trustworthiness.
ROBOCOPY is available for a monthly subscription of $127. There is a 7-day refund policy where you can get the subscription amount back by dropping a mail to the service team. The refund is offered without any questions.
ROBOCOPY FX Trading Strategy
Both the trading strategies of ROBOCOPY FX use defined stop loss with all orders. The first strategy, Robocopy-FX-1 works with EUR/AUD, GBP/USD, GBP/CAD, and EUR/CAD pairs. It tracks support points looking for retraction. Robocopy-FX-2 is a breakout strategy, and you can use it to trade in pairs like GBP/USD, USD/JPY, and EUR/USD.
The vendor mentions that you do not need a VPS service to work with this robot, but provides a link for a VPS service, just in case it’s needed. We think the strategy explanation provided by the vendor is somewhat inadequate. Simply mentioning the names of the strategy isn’t enough, as many Forex traders look for the minute technical details.
ROBOCOPY FX Features
The two strategies used by the Forex robot can be configured by the user according to their individual trading styles. Users will have access to a control panel where each strategy can be individually configured. The EA has several advanced features like asset mapping and money management mode.
By default, the fixed lot size is 0.01, but you can adjust the risk ratio or use the lot multiplier to set the size according to the deposit. This gives you a greater degree of flexibility while trading. All the users can access the basic account metrics and check out the order history of the account from where the signals are sent.
ROBOCOPY FX also has an affiliate program where you can promote the software and receive 27% recurring payments in return.
ROBOCOPY FX Backtesting Results
There are no backtesting results available for this Forex EA, and we find this quite disappointing. Every Forex trader, old or new, looks for backtesting data while purchasing a robot because it allows them to assess the system’s performance based on historical data. While this does not indicate decent performance in the live market, it tells us whether the robot can handle difficult market conditions and whether it can generate profits on a consistent basis.
ROBOCOPY FX Live Trading Results
This is a live trading account for ROBOCOPY FX that uses the Robocopy-FX-1 strategy. Its trading privileges and track record have been independently verified by Myfxbook. Since 21st October 2020, 239 trades have been placed through this account, and as a result, a time-weighted return of 12.83% has been achieved.
It is interesting to note that the vendor has chosen not to reveal some important parameters related to the account, such as withdrawals, deposits, profit, interest, equity, balance, etc. This causes some transparency issues since there is no reason why a profitable system should have to hide these figures. Nonetheless, the daily and monthly gains for this account are 0.07% and 2% respectively, while the drawdown is low at 4.05%.
Out of 239 trades, 162 were won by the robot, which means it has a win rate of 68%. The profit factor of 1.89 is above average, while the Sharpe ratio of 0.10 is a bit low.
ROBOCOPY FX Reputation
On the official website, there is no information available on the developer. But after conducting some research, we found that the system has been developed by a Brazillian national called Simone Mieko Molimoto Cardoso Dos Santos. Apart from ROBOCOPY FX, he has built another Forex EA known as Sinal copy.
We were unable to find any user reviews for ROBOCOPY FX on websites like Quora, Trustpilot, Forexpeacearmy, and Myfxbook. Since it has a relatively short trading history, it is possible that most traders are not confident about investing in the robot. It may take some time before it manages to build a reputation for itself in the market.
ROBOCOPY FX Review Summary
- Strategy – 6/10
- Functionality & Features – 7/10
- Trading Results – 7/10
- Reliability – 6/10
- Pricing – 6/10
Conclusion
As per our assessment ROBOCOPY, FX is not a scam service, since it has verified live trading results showing decent performance in the Forex market. There are a few things that concern us about this system, the foremost being the lack of proper strategy explanation.
Also, since it is a relatively new system with no backtesting data, there is always a chance that a long period of market drawdown can lower the profitability. However, since a monthly subscription service is available, you can always use the robot for a short period of time to check its performance.
