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Forex Alpha EA Review: Is it a Scam?

Forex Alpha EA Review: Is it a Scam?

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Forex Alpha EA is promoted as a Forex expert advisor that adapts to all market conditions and trades 24 hour a day. The author of this robot (whose domain can be found here alpha-robot.net) is claiming that this Forex robot delivers double digit returns even during the worst economic crisis. The author seems to be aggressive in their sales tactic and we are wondering whether there is some sort of proof to confirm these statements.

With a lot of discussion about around the fear of a global recession, it’s likely the vendor believes that now is the perfect time to use this information to promote their latest product. The vendor provides no information about who they are, where they are located or the type of trading history they have in the Forex marketplace. There is a link to an about us page, but this page doesn’t exist. This is definitely something that should be rectified, so that the community at least has the bare essentials. With hundreds of different robots available, it’s very difficult to consider purchasing one that lacks transparency when many of the others do not.

If you want to contact the support team, you can fill out a contact form at the bottom of the website. No direct email address is provided. However, if you feel that this Forex robot is not for you, please take advantage of these trading tools instead.

Forex Alpha EA review

There are 6 reasons why the creators of the Forex Alpha EA believe that their trading robot stands head and shoulders above their competitors. These reasons include their advanced money management system, broker compatibility, 24/7 support, multi currency trading, ease-of-use and adaptive trading strategy.

Why they believe this robot is profitable

“We constantly optimizing Forex Alpha to spot and profit from the slightest movements in the market. This training is done manually to insure the best performance. This means that Forex Alpha EA is always making decisions with the most up-to-date trading logic possible. Don’t worry, you’ll get an immediate update if changes in market conditions require any adjustments or updates. This is the #1 difference between Forex Alpha EA and other robots.

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Instead of boring you to tears with a technical discussion about algorithms, I will take a quick moment to explain the Forex Alpha EA unique Automatic Leverage Levels Setup (or ALL)

ALLS works like a governor on your car. Most cars can go faster than the spec but they are artificially limited to a certain speed to protect the car and driver.

ALLS works in reverse. When Forex Alpha EA is doing well, the leverage grows with it. So on the upside your leverage is infinite. You can go as fast and make as much as you want to.

But, when Forex Alpha EA makes a losing trade (which is rare), ALLS steps in and caps your leverage at a predetermined level (such as 10%). With the governor in place, Forex Alpha EA quickly adjusts itself and returns to safer waters.”

Strategy of the EA

The development team believes that they’ve created a trading system is able to profit from the slightest movements in the market as they have “the most up-to-date trading logic possible.” This trading logic consists of “automatic leverage levels,” a unique feature where the development team claims that the software will automatically modify the leverage based on the performance of the trade. If a trade is performing well, then the leverage will grow, but if the trade is losing, the leverage will be capped at a predetermined level.

We aren’t exactly sure how this works, and would like to see an example of it in action to make sure that it’s real, and not just marketing jargon.

This is the only aspect of the strategy the vendor provides the community. There is no real in-depth methodologies, outside of the discussion of the one leverage based feature.

Analysis of the Forex robot

  • Type: Forex Robot
  • Price: $199
  • Strategy: Leverage
  • Timeframe: H1
  • Pairs: EURUSD, AUDUSD, EURCHF, ERUGBP, EURJPY, USDCAD, USDCHF, USDJPY

The Forex Alpha EA is currently available for $199. At this price, traders get access to one real account, unlimited demo accounts, free updates and a 60 day moneyback guarantee. There is also a coupon available “20OFF” which gives traders access to a 20% discount for a limited time.

It’s also worth noting that this company is not associated with Pure Alpha, which is a separate robot from a different developer.

Trading Results for the Forex Alpha EA

The vendor provides us with a single FX Blue account, and a bunch of different backtests. There are no Myfxbook accounts, which is disappointing, because Myfxbook provides the most transparency when it comes to verified trading results. We have found FX blue to be less reliable, and have seen many strange trading accounts on this platform which only leads to increasing our skepticism.

The FX Blue account being provided by the Forex Alpha EA developers is showing a 320% gain in just under 100 days. This comes with a monthly return of over 50%, a trade winning percentage of over 70% over 34.5 trades per day. The average trade length is 32 hours, and the draw down is 39%.

The numbers being provided are great, but without seeing them on Myfxbook, we have to remain skeptical. We simply aren’t sure these results are reliable and questions about whether or not real clients will be able to reproduce them.

Our best advice for you

Is really too early to come to a conclusion about the viability of the Forex Alpha EA. The website looks okay, and they do provide some interesting information about their strategy, but we aren’t so sure about their trading results in the overall lack of transparency in their presentation. We plan to wait and see what the community has to say about the program, before we take any further steps. If you have anything you would like to add to the review, please leave your questions and remarks below the article now. Otherwise these trading tools are better and more efficient than what we have seen anywhere else in a long time.

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