Estimated reading time: 6 minutes
The Prince FX EA is an automated trading software built to work with all brokerages operating the popular MT4 trading platform. According to the developer, this software is built to trade all currency pairs and commodities, which also include Gold, Silver, and Oil.
So far, the Prince FX EA has attracted the attention of the trading community in general. There are a few questions that people are asking about it.
So in this review, we will be providing a detailed analysis of what the Prince FX EA is, the features as well as what it is capable of achieving.
The company that is responsible for developing this expert advisor is based out of Islamabad Pakistan. However, they did not bother to disclose their exact physical address.
But the developer seems to be more than willing to do business with prospective traders since they have provided a contact email address, a phone number and a link to their Facebook page.
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Note: If your language is not English, you should use the language dropdown menu at the top right hand side of their page to select your language.
Otherwise, you can continue reading this review of the Prince FX EA to find out more.
According to the developer, this robot was built to bring consistent profits on the table. It is one of the most important elements that the owner included in the trading algorithm.
In fact, the sales page tells us that because of the advanced features of this expert advisor, the vendor is confident that every user who purchases this product will definitely realize good returns on investment.
So far, this is a good promise. The problem is that there is very little to know about this expert advisor’s trading strategies. Besides, there is no affirmation on the features which are supposed to generate this consistent Forex profit.
Instead of disclosing the trading methodology, the vendor says that this product is FIFO-compliant and that the software is compatible with all brokers who operate the MT4 platform. That’s the closest they could get to explaining how this robot trades.
In our opinion, it appears that there is a shroud of secrecy surrounding the working elements of this software. The same thing can be seen in their trading results too.
We will be getting to this shortly. For now, let us discuss pricing and other nitty gritty details which concern the Prince FX EA.
So far, we have gathered that this trading robot can be used with any time frame on any Forex pair. However, the strategy is still not clear. Only the price has been stated as $2,500.
This price tag means a lot to us. It is an exorbitant price to start with. We do not know of any traders on the internet who use expert advisors that are worth this much.
We also think that this vendor is really being odd in the way they are selling this product. They are currently offering the so-called Prince FX EA starter plan. This plan is being sold for $2,500. When you purchase it, you are supposed to get 20 live accounts as well as unlimited demo accounts.
The reason why we are saying that this is such an odd way of selling an expert advisor is because instead of selling 20 licenses in one product for such an exorbitant price, the vendor ought to have created two separate plans. The first license would then allow access to one live account while the second plan would allow 2 or more. Of course the second plan has to be more expensive in this arrangement.
But it is still worth it because it means many traders will at least get a chance to test it out cheaply before making up their minds on whether or not to continue with the product.
In this case, we have an expert advisor that is bundling 20 live accounts in one. But majority of those who are trading the Forex market are not interested in opening 20 live Forex accounts. Therefore, it does not make sense to create an expert advisor and sell it for that price when there is no value for money in it.
As if that is not enough, the developer of the Prince FX EA decided to sell the second plan for a whooping $3900. This should get you 40 licenses, meaning that you can use the expert advisor in 40 live accounts. But if you want 80 live accounts, this vendor will grant you your wish for an extra $5900. Finally, if you want unlimited live accounts, the developer says that they can sell you the ultimate plan, which costs $9,900.
Honestly, we do not know which traders are using multiple live accounts to trade Forex. Besides, the pricing is so unfriendly that it is almost looking as if this product was meant for wealthy traders alone, not those who are struggling to put their best foot forward in a market where success is extremely elusive.
The website provides us with one myfxbook account. There is also a video showing back tests that were allegedly conducted on this software.
Notice that there are no actual back test results since this is only a video presentation.
When speaking in terms of their trading results on the myfxbook account, we see that this account has since made a 111,000% gain. What is confusing is that the absolute gain of this account is already showing a loss of -1743%.
We find this trading account very weird since its trading privileges wasn’t verified, plus the entire trading history was set to private.
At this point in time, it’s difficult for us to believe that this vendor isn’t trying to play games with their myfxbook account. We feel that the numbers are just too good to be true. We do not know about you.
In addition to this, we would like an answer explaining how gains were so huge when the absolute gain was at a loss. Things are not adding up here. We feel that games were played with this account to mislead traders. We don’t feel confident about these numbers at all.
The sales page of the Prince FX EA states that this expert advisor is currently being used by 1000 customers. But for some reason, we do not see any user feedback anywhere on the internet.
Yes, we do have a handful of alleged user reviews on their website. But keep in mind that these can be edited or manipulated by the owner of this website. It’s not a secret that this is happening with many robot vendors out there.
If indeed Prince FX EA was being used by 1000 customers, we believe that lots of client feedback would be floating everywhere on the internet.
We got a chance to go through the entire website of the Prince FX EA. Still, we have lots of questions than answers. We don’t really know what this robot has to offer the market. In our opinion, the trading results are suspicious because they are too good to be true. Again, this makes us ask more questions than answers. Just in case you missed the link for subscribing to our recommended trading products, here it is once again.
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