There are lots of Forex robots coming up left right and center and one of those robots is called Business Star EA. The name of this robot makes us think that it was designed by a wannabe trader or something like that. The developer of the Business Star EA wants us to know that we can sit back and count the money since they claim that their automated trading robot is a good investment and we can rely on it for many years to come.
We will review this, and many other aspects of the service today, and let you know if it’s beneficial or not.
It’s unknown who the developers of the software are, as they don’t introduce themselves. All we know, is that they purchased the domain just 6 days ago (2019-07-04) and that their server is located in the Czech Republic. So, likely the vendor is located somewhere in Europe as well. Although, their contact page claims that they are located at 12 Pike St, New York, NY 10002, which is somewhat confusing.
In order to get in touch with support, traders can email [email protected] The email address seems incorrect though, as it says start instead of star, so it’s possible the vendor made a typo here. In case you are looking for a reliable Forex robot that can put money into your pocket at all times, we recommend exploring the options that we have for you on this page.
Otherwise, we are very much interested in finding out what this EA is all about and whether it is worth spending money and energy on a trading app like this one. We have encountered a lot of these expert advisors lately and we think this is one of those interesting trading bots to talk about. If you wanted to find out about it, this review will help you do so.
The sales page claims that the Business Star EA is able to produce much faster results than their competitors. They feel that it takes other robots months of trading, just to produce the same results their system can produce in much less time.
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They promise “real profits every month and a real honest working robot.”
The sales page is average at best. The design isn’t overly professional, and there are quite a few spelling mistakes made throughout. It doesn’t come across as a best Forex robot contender, but you never know.
The strategy section is certainly lacking. The developer provides little to no information about their trade approach.
In fact, the only information provided about the Business Star EA is a statement that “the adaptive trading logic it earns steady profits since years with very limited risk.” The sentence really doesn’t make sense, and it’s just a vague explanation that we’ve seen hundreds of times before.
It’s also worth noting that the system trades the EURCHF exclusively on the 1 hour time frame.
The vendor needs to significantly increase the information about their trading methodology. This lack of information is prevalent in other recent robot reviews, as seen in Pippy Signals, and The Wave Scalper, but it’s not a positive. We simply expect more from Forex robot developers in 2019.
It should be noted that the Business Star ea only trades one pair; and that is the EURCHF Forex pair. The cost of a license is anywhere between $199 and $249. The developer reveals that this EA trades on the 1 hour time frame meaning that it could be a scalper since scalpers generally depend on time frames that are below the 4 hour time frame.
The Business Star EA is available in two different plans, basic or standard. At $199 the basic plan comes with one real account, and one demo account license. At $249 the standard plan comes with three real accounts and three demo account licenses.
Both plans come with a 30 day money back guarantee, via Click2Sell, their payment processor.
The vendor provides 2 backtests, and a single FX Blue account. We prefer Myfxbook when it comes to performance results, as we have found some strange, and unrealistic accounts with FX Blue over the years. We definitely recommend that this vendor moves the account to the more reliable statement sharing service provider.
That being said, this account is showing a total return of 469% over the course of 638 days. This comes out to a weekly return of 1.9%, a monthly return of 8.4% and 154 trades placed. Which means the robot places 1 trade approximately every 4-5 days.
The main concern we have with the trading account provided is with the draw down. According to the risk analysis section, the worst day lost 90% of the equity and the deepest valley is 99.6%. Which means the account was essentially blown, but it’s not showing that in the account statement.
What we can say is that the results don’t look bad but we are still concerned with the huge draw down that this bot has experienced in the past. In the worst day, it suffered a draw down of 90%. This essentially means that the account was wiped before starting all over again. This also means that the bot is taking a lot of unnecessary risk which is normal with scalpers. If this is something you don’t want to try, we recommend that you keep off Business star ea. But if you want to try it, you go and test it because they have a 30 day money back guarantee as well. It will take a long time of testing.
Like we said earlier, things sounded interesting for the Business star ea. The developers need to make a handful of changes before we are ready to provide a recommendation. These changes include moving their trading results to Myfxbook and providing much more information about their trading methodology. At this point, we have no real idea how the system operates, and why it trades the way it does. You better stick to these solutions.
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