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Algopound Review: Is this Expert Advisor Scam?

Algopound Review: Is this Expert Advisor Scam?

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Algopound.com promises to give traders a chance to make money while in their sleep. This expert advisor is also promising an average return of between 3% to 6% per month and the developer also claims that you can make money in the next 6 months because Algopound is consistent and repeats results in the long run.  The owners of this new expert advisor feel that with these numbers, traders get easily grow their trading accounts on a consistent basis in the Forex marketplace. In this review, we will be analyzing these numbers, the trading results provided and anything else we feel provides insight and value to the reader.

The vendor provides no information about who they are, where they are located, or what type of trading history they had in the Forex market. It’s our recommendation, that they add this information to their website sooner than later, as it will provide the community with valuable insight.

In order to get in touch with support, traders can email [email protected] or message them via their social networks. They are active on Instagram, Facebook, YouTube and Telegram. While the monthly returns that are promised are quite reasonable (many experienced traders make 5% to 6% in monthly returns), we still believe that many of you will be looking for alternatives and that is what we have on this page. In case you want to get started with well known trading tools that the community has been using for a long time, the best thing to do is to pick any of the tools and start your trading career.

Algopound Review

The Algopound robot is advertised as a hands-free automated Forex trading system that can be connected directly to your MT4 account. They want the community to be aware that they no longer have to worry about manual trading losses or missing signals sent from signal providers.

algopound

They feel that there are 3 good reasons to use the software. These reasons include saving you time, inspiring you spiritually and provide performance you demand.

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While the website comes across as professional, the majority of the content is written quite poorly and needs to be fixed as it is wrought with grammar mistakes.

Algopound Trading Strategy

The vendor provides very little information about their overall methodologies and trading approach. They tell us that the Algopound system “trades on an impulsive move from a certain market conditions,” but this is really vague, and doesn’t really make sense grammatically. Overall, the information provided about the strategy is poorly put together, and doesn’t really explain how the system works. If they want to be considered one of the best Forex robots on the market, they need to change their vague approach, remove the fluff and tell us how this actually works.

In order to get access to the Algopound EA, traders have to sign up for a live trading account with the MultiBank FX broker through an affiliate link. After creating the account, traders are required to provide all the information to the vendor, including their MT4 login and master password. This is obviously a risky scenario, as you are giving your full credentials to an absolute stranger. Considering the vendor provides very little information about who they are, it makes it very difficult to trust them with full account access.

Algopound expert advisor trades the following currency pairs: EURUSD, EURJPY, CHFJPY, USDJPY, EURNZD, USDCAD and GBPJPY.

Trading Performance of the expert advisor

It’s important to go back to the front page of the Algopound website, as it’s on this page where the vendor claims that they can “make 3-6% average return a month consistently with less than 15% drawdown.” Yet,the results provided tell a very different story than the one they are selling on their sales page. They even have an entire section of the website dedicated to transparency, where they claim to provide both real and demo accounts hosted on Myfxbook.

When you go to their performance page, there are only screenshots of trading accounts, and no real Myfxbook access. In doing further research, we did find a trading account labeled “Algopound 2019 2K Challenge,” but when we click it, we get a message that the “page you’re looking for was either removed or doesn’t exist.

That being said, even looking at this account from the outside which no longer exists, we can see a gain of 139% and a draw down of nearly 50%. This draw down is much higher than the 15% the vendor claims to achieve consistently, and if we have to speculate, it’s very possible that it went even higher, which is why the account is no longer available.

The vendor at what point did provide a Myfxbook account, but now they are much like many of the other robot providers we’ve reviewed recently including the Forex EA Trader, and Forex Trading Robot DAVE.

Should you purchase Algopound?

Although the sales pitch is quite welcoming and the average monthly returns is making a lot of sense, we are quite disappointed with the fact that their myfxbook suffered a draw down of 50%. This is not consistent with the claim that Algopound has been generating same returns for a long period of time and only incurring a draw down of 15%. Their statement is quite different from what we see on their myfxbook account.

Having said this, we believe that this expert advisor is not worth the price. Unless you are willing to trade with a robot that breaks down your account by 50%, there is generally no need to take the risk.

Our best advice for you

Our Algopound review certainly leaves us with quite a few questions about the service, that remain unanswered. We really like to see some actual transparency when it comes to trading performance, and learn more information about who the vendor is, and whether we can trust them with our live account details. The reason we cannot recommend the product is because of lack of transparency and secondly, it is due to the poor results which the vendor doesn’t want to show us. Stick with these tools. 

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