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Powerful Forex EA Review: A Scam?

Powerful Forex EA Review: A Scam?

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Powerful Forex EA is an expert advisor whose developers are comparing to a sports car as opposed to a hatchback. It is apparently a robot that’s very easy to use, intuitive and understandable for beginners. The developer of the Powerful Forex EA promises 30% monthly returns. I am not sure if they can give us one such example where the Powerful Forex EA made these returns in 30 days.

The most important highlights for the Powerful Forex EA is that it is equipped with smart calculation for trade entry, safe draw down control and ease of use.

It is not clear who the developer behind PowerfulForex expert advisor is but the domain powerfulforex.com was created in 2015 and registered anonymously.

NoteValforex.com trading community have endorsed these Forex expert advisors.

Whereas they are mysterious, the fact that the website has existed for at least 3 years now tells me that this developer probably has some experience in this industry.

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Do they have other products? It appears PowerfulForex EA is the first and only product from this developer. Perhaps they prefer to focus and improve on one product rather than channel many of them and fail to optimize them for long term use.

Powerful Forex EA review

No customer feedback or reviews anywhere on the internet concerning the Powerful Forex expert advisor’s performance. We find this extremely weird because for a Forex robot to exist for 3 years and have its performance backed with myfxbook results, I expected customer reviews to flood the internet.

We are told that the PowerfulForex EA does not rely on indicators to identify entries into the market. Instead, it uses past data to figure out what safe entries are there in the market.

It also uses market history to identify areas where take profit can be located. The developer also claims that Powerful Forex EA has an elaborate money management feature which will protect us against losses.

The third most critical feature of the PowerfulForex EA is that it is easy to use and was created for beginners as well. The developer tells us that we can start with $340 but this figure seems very random to me. Note: For the best Forex signals service, visit this page.

Powerful Forex EA Review – summary of features

From the main features section of the site, the developer gives us 3 points but does not elaborate how exactly the Forex robot works.

We do not know whether it’s a scalper or a swing trader. Yes, it does not use indicators. But what method does it use to analyze past market data and what patterns is it looking for in order to identify entries?

 

They only tell us that Powerful Forex EA utilizes smart calculation for trade entries. This is quite vague because there are no specifics here.

We may say that the trading strategy of the Powerful Forex EA is not clearly defined.

The cost of a license is $215, and this is unlimited license on 1 MT4 platform. Future updates are free and they also claim that their support is always willing to sort out problems or questions if they arise.

Also, the Powerful Forex EA is only optimized for trading two pairs: EURUSD and AUDUSD.

The time frame for trading was not revealed. I am just wondering why the developer had to restrict this EA to two currency pairs only.

Does it trade frequently? No it doesn’t because it is restricted to two pairs only, and with two pairs, you can’t get enough signals to trade frequently.

Depending on how you look at it, this can be an advantage for those who don’t wish to trade daily but a huge disadvantage to those who would wish to see the PowerfulForex EA launching trades every now and then.

In addition to this, I was thinking that 30% monthly returns would be impossible to achieve if the robot was only trading a few times in weeks.

To get a complete picture of what is happening with the trading style of the Powerful Forex EA, we need to check out their trading results which they’ve gladly gave us links to.

Trading results

We are looking at PowerfulForex expert advisor’s myfxbook account and I can see impressive numbers starting the time when this account was created on 23rd October 2017.

This is a real account and overall gains since that time is +437.36%. Monthly returns is 14% on average as opposed to 30%.

Average draw down is 37.02% which is quite high. I don’t know how the robot maintains profitability if draw down is this high.

Safe draw down is somewhere between 10-20%. So this is beyond what the developer advertises on the sales page. They claim that Powerful Forex expert advisor is equipped with a smart draw down control but that doesn’t seem to be the case here.

Customer reviews

No customer feedback or reviews anywhere on the internet concerning the Powerful Forex expert advisor’s performance. We find this extremely weird because for a Forex robot to exist for 3 years and have its performance backed with myfxbook results, I expected customer reviews to flood the internet.

But that is not the case, and it’s disappointing and discouraging. Based on this finding, I would hesitate to buy a license until it was quite evident that the robot was working as claimed.

Our best advice for you

It is not clear who the developer behind PowerfulForex expert advisor is but the domain powerfulforex.com was created in 2015 and registered anonymously. At least we like the fact that PowerfulForex expert advisor has a live myfxbook account and they are transparent about their results unlike Euro Scalper Pro which does not seem to have reliable trading results.

However, we are not so sure about Powerful Forex EA because its trading strategy has not been revealed plus no customer feedback has appeared despite the EA having existed all this long. These are red flags.

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My advice is that if you really want to trade Forex, go with any of these expert advisors. If you have experience with this Forex robot, please tell us below.

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