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Odin Forex Robot Review: Is this a Scam EA?

Odin Forex Robot Review: Is this a Scam EA?

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Every week we find at least one robot that seem to over promise what it can do for the trading community. Odin Forex Robot is one such expert advisor and before we buy a license, we should be certain that our money won’t go to waste. Therefore, we begin this review by saying that Odin Forex robot is yet another expert advisor sold by the ForexRobotTrader.com team. They promote this robot, as “an unrivaled expert advisor with brutal trading accuracy.” The sales page includes profit numbers which claim the system gained $165,176 in the past month, and over $1,606,651 so far this year. These numbers are extremely high, which certainly triggers a healthy level of skepticism, as it’s hard to believe any Forex robot is consistently achieving these winnings.

Even though the creator, Don Steinitz passed, the ForexRobotTrader.com team has not updated their about us page, as it’s still his biography. The website likely changed ownership with his passing, but there is no information provided about this new group, their trading experience, or where they are located. It’s rumored that the team that took over this property are marketers, and not traders. This is not ideal, but it doesn’t necessarily mean that the quality of their products are diminished in any way. In order to get in touch with support, traders can create a ticket in their kayako contact platform. If you think this is a trading robot you won’t love, we advice taking advantage of the trading tools mentioned on this platform.

Odin Forex Robot Review

Currently rated their most popular Forex robot, the Odin Forex Robot took this title from the Vader Forex Robot, an EA we reviewed a few months ago. There have been quite a few comments from the community in both the Vader review, and the ForexRobotTrader.com review as well. So, make sure that you check those out for a full balanced report from the Forex Robot Nation community.

The FRT team advertise the 6 aspects that every trader should know about their software. It is fully automated, their most popular, comes with optimize settings, a broker shield, easy setup instructions and a “legendary grid trading strategy.” According to the developers, the strategy uses real-time analysis to distinguish the most effective entry and exit points with no lag. There is no real insight into this strategy outside of a few over arcing statements, as they try to keep their sales pages simple and straightforward as possible in order to attract new traders. There is a mention of tight stop losses, and take profits, but nothing in depth.

Trading strategy is important, and it’s especially important when dealing with a grid trading approach. Historically, grid trading expert advisors destroy accounts by opening too many trades a one time, and having an entire basket of trades go in the wrong direction. In order to feel safe with this robot, or any other grid trader, there needs to be a detailed explanation as to how the vendor is avoiding these common pitfalls.

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Breakdown of the robot’s features

Type: Forex Robot, Price: $129Strategy: Grid, Timeframe: Undisclosed, Pairs: USDSGD, EURCAD, NZDJPY, EURCHF, EURGBP, NZDCHF, USDJPY, EURUSD, GBPCAD, EURAUD, EURNZD, USDCHF, AUDCHF

According to the sales page, The Odin Forex Robot usually goes for $199, but is currently on sale with a 35% discount for $129. With the purchase, traders also get access to a free Forex robot, which they can choose from the Forex Robot Trader product line. Traders can pick one of the following systems, HAS Forex Robot, Hedge Forex Robot, Fractal Breakout Indicator, Pterodactyl Forex Robot, Directional Forex Robot, WaveRunner Forex Robot, Volatility Forex Robot, or Equity Trail Forex Robot. In the near future, we will provide reviews for each of these products as well, so look forward to these in the coming months.

There doesn’t seem to be any information about live or demo account license limitations, which is an odd omission. It’s safe to assume, that the vendor provides a single license for a single trading account with each purchase.

Trading Results of the Odin Forex Robot

The ForexRobotTrader.com group are frequently maligned by the public for their trading results. With promises in the millions of dollars, and the tens of thousands and pips, the community expectations are always skyhigh when first signing up with the Odin Forex Robot. Yet, the results are scrutinized aggressively because the vendor refuses to provide verified performance reports.

They do provide trading statements, which is better than screenshots, but these statements are not verified by a third-party website like Myfxbook or FX Blue. So, while the results look extremely impressive and show major gains on a monthly basis, the overwhelming opinion from the community, is that they are simply not real.

This is obviously an issue, and a major one which could easily be resolved by the vendors with a simple 5 minute upload of their trading statement.

Client Feedback

With over 240 reviews on Forex Peace Army, the Odin Forex Robot and the ForexRobotTrader.com team have a 2.4 out of 5 star rating.

Considering the promises of large profits, the overall client base is quite disappointed by the performance of these robots. It’s possible that the vendor isn’t uploading their treatment statement to verified statement sharing services, because they are hiding something. The community seems to be in line with that opinion.

Our best advice for you

At this point in time, the Odin Forex Robot, by ForexRobotTrader.com is not a recommended product. We have stated all the reasons why we believe these products are superior compared to the Odin Forex robot. The vendor could do a lot for their reputation by simply proving to the community that their results are real, by uploading their trading statements to Myfxbook or FX Blue. Until they do this, the community is going to remain skeptical, and we are going to follow suit. If you have anything you would like to add to the review, please leave your questions and remarks below the article now as your feedback is useful to us.

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