Welcome to the unbiased TraBot review where we discuss our analysis of the trading robot after thoroughly investigating it. This robot’s website can be found on this domain trabot.co.za. The extension of the domain means that the registrant or owner of the site is probably based in South Africa. With this program, traders don’t gain access to the robot itself, but a mirror trading system that automatically copies the trades of the expert advisor from a separate server, to your trading platform. Unlike most expert advisors utilize either MT4 or MT5, this robot requires the cTrader platform, and platform that we really haven’t spent much time with here at valforex.
We have also established that the creator of this trading system is based in South Africa and his name is Johan Uys. This business does not operate a head office anywhere but Mr. John is kind enough to let us have his phone no and email address. That means if you want to reach him, it can be done using either of these methods. Having said that, we want to emphasis that this is still a brand new system and in that case, we cannot give it 100% of our trust before we can see what the community is saying concerning this product. The community must be having their opinion regarding the TraBot platform and especially if a few traders have subscribed. In the meantime, we want to let you know that it is totally safe to use these Forex trading resources because we generally don’t trust new systems unless there is substantial evidence that the product in question is a top performer.
It’s quite apparent, that the TraBot system is quite different from what we are used to in the Forex EA marketplace. Traders are required to sign up with ICMarkets, and then provide their account information the vendor, so that the vendor can connect the mirror trading system to the client account. The process itself does come across as a bit convoluted and over-complicated compared to what we are used to. Generally, we prefer to have full control and access to the robot so that we have final say and full confidence in the trading approach. Also in terms of strategy, the robot focuses on trading 3 currency pairs (EURUSD, USDJPY, GPBUSD) simultaneously for added diversity. Sadly, this is the only information the vendor provides about their strategy. There is really no way of knowing the TraBot methodology, because the vendor doesn’t provide that information. While this is still frequent in the best Forex robot marketplace, vendors that fail to provide adequate information rarely get a recommendation.
The TraBot service is sold for R1000 South African rand, which comes out to about $70 USD. With the package traders get access to the IC Markets cTrader Android App for cell phones, or a separate cTrader platform if they prefer to use their PC.
The issue with their process, is that in order to utilize the system, traders have to provide their cTrader ID and password. Which gives this group full access to your trading account. They also claim that “it is very important to notify us first before you make any withdrawals from your account since we will have to change the ratio that you are mirroring our robot with.” So, there is quite a bit of red tape and convolution that makes this a less than attractive proposition.
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The operators of this trading system are showing us some screenshots of their trades in the past. These screenshots are unverified, disjointed and cannot be trusted as true results which were generated from the performance of TradBot ea. These screenshots are showing us results dating back to 5 months ago and as you already know, this is a very short duration for testing a robot. There needs to be some tangible proof of excellent performance for us to trust their product. If they cannot use a statement sharing service like fxblue or myfxbook, then we do not see the need to even imagine that this trading system can ever be trusted.
With that in mind, it is imperative to know that TraBot is going to lose a few points in this review.
If you would like to trade EURUSD, USDJPY or GBPUSD pairs, this trading system will look ideal because the owner claims it is optimized for those pairs. Also, it is quite a temptation that while other similar trading systems are going for the price of $200 and above, this one is going for $70 only. It might appear as if you are saving money. However, you need to ask yourself what you will be sacrificing if you decide that you will be purchasing a license of the TraBot ea anyway. First of all, this is a brand new system. For that reason, it needs to win the trust of the trading community through demonstrated outstanding performance. How exactly can this vendor ensure that they are achieving that goal any time soon? By linking up this system with a myfxbook account. From there, we can analyze performance and see whether the numbers look impressive and that the robot has potential.
Secondly, we do not know what kind of trading experience the guy behind TraBot has. If he only has development experience, this does not necessarily mean he is a good trader. On the other hand, if he is a good trader, we do not see why he should deny us an opportunity to view the true performance of their trading system.
It is possible that the TraBot expert advisor is a good option for South Africans, but at this point in time we don’t see the reason for endorsing it with the majority of the Forex robot marketplace. While it’s possible that this system offers some great benefits, community feedback is greatly lacking. We hope this will improve with time as the developer makes adjustments.
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