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Forex Wand EA Review: Scam Forex Robot?

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Forex Wand EA Review: Scam Forex Robot?

A robot that guarantees a 10 percent profit every day is the product of the day. Forex Wand review is about the robot that claims to offer a 300 percent profit in a month. These are all lies that we must expose as no expert or robot on earth can achieve this fete. The financial market is volatile, and making such bold claims is uncalled for. Due to the volatility, prices constantly change with no alerts. Read this entire post for more.

Forex Wand Review

About Forex Wand

The platform used to sell their product via forexwand.com, but the site is up for sale. From what we have seen, the developer is selling the platform under different forex stores. Users bought the robot under FX Trader Shop and MT4Shop. The price of the robot in these stores varies depending on the store. Another avenue the developer has exploited is kitgain.com, where he sells the platform under PDF. One can see clearly that the developer is not as professional as they should have a live website.

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Forex Wand is having a hard time trying to convince us of their robot’s capabilities. With their website already down, we suspect the developer plans to close the shop. And this happens when a robot no longer gains the attraction the creators hope it will. The reason for their downfall is most users have already lodged complaints against this robot. With complaints come investigations, and they lead to reviews. There are few reviews on this robot, and most are pessimistic about the product.

Assets covered by the robot

When it comes to the trading instruments the robot works with, there is no prior information. Users are to buy the robot, not knowing the assets the robot uses. And this is another area that investors need to be extra careful. Communication is crucial when it comes to any investment opportunity. The lack of information leaves a lot of loopholes and questions. For one, none of the members know the available currency pairs until they buy the product. The developer claims that the robot works on the MT4 platform, which is not yet verified. Ensure you use tools that have relevant information on the assets available.

Business creator

Anonymity is the name of the game; the developer wants to remain anonymous. The problem with unknown developers is trust. There is no way we can trust a developer who does not give their identity. Without any identity, users are left to use a product whose credibility is unknown. These developers take advantage of their anonymity to steal from investors. Once the platform starts getting negative reviews, they shut down the program. Current users won’t have the time to withdraw funds or get a chargeback.

Comments from victims

Forex Wand Features

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Some victims have come out and called upon authorities to shut down the platform. We believe this is the reason their main website is offline. Mark signed up with the platform, hoping to get a guaranteed 10 percent profit margin. And he deposited $5,000, expecting $500 every day. The account balance would increase each day, and Mark believed he struck gold. At the end of the month, he had over $10,000 on his trading account. On sending a withdrawal request, he was shocked as his account was blocked two days later. And things went downhill for him.

Domain details

The primary domain name forexwand.com is up for grabs. We uncovered some disturbing information about their domain history. The platform went live on 3rd October 2016, and their servers are located in Austin, Texas. What is absurd with their website background is the number of IP changes. There have been twenty changes in their IP address over the past 11 years. And this means the vendor was using the website to peddle other products. It also could mean that the site has been under different owners for the past 11 years. And this is why they are now selling their domain to a potential scam artist.

Features of Forex Wand

What the developer has done to incur the wrath of investors is using over the moon claims. After the bold 300 percent guaranteed ROI, investors are now learning the truth. Sadly for most investors, the expectations exceeded the reality of the robot. The developer does not issue any information on their timeframe. On their part, the developers claim that the platform uses the trend strategy. Without explaining how the robot works with the strategy, investors blindly believe what they are told.

Forex Wand License and Registration

Forex Wand is far from being a licensed entity despite the claims of having the backing of authorities. The platform is operating and risking the funds deposited by investors. Without a valid trading license, there is no way the developer covers insurance for these deposits. And this creates a problem for anyone who signs up with the platform. There are cases where the platform fails to mention their money-back features. Not unless a member asks about money-back, the developer tries to hide this information.

There is no security of funds with this platform despite their claims and promises. With their servers located in the States, we dug deeper to find their compliance status. Both the CFTC and NFA have not heard or regulated such an entity. We also checked with most European regulatory companies for more on the platform. None of the regulators such as CONSOB, FCA, and FINMA have heard of the platform. What is more shocking is that the developer fails to inform users of their permit status. It is wrong for a robot to fail to notify users of their regulation status.

Pros and Cons of Forex Wand

Available plans

Forex Wand is offering users two plans that cost $350 and $1,000, respectively. For the $350 plan, investors get one live account and multiple demo accounts. The first package is known as the Bachelor plan, which is for newbies. Those who go for the Doctor package have to deposit $1,000. The plan comes with unlimited live accounts and demo accounts. What is clear is that the robot does not come at an affordable rate compared to other proven robots. With their over the moon claims, they have jacked the prices to get more from victims. The developer should show their results for all to see.

Performance and trading results of Forex Wand

Forex Wand TradingPerformance

The platform has a single myfxbook account, which is barely updated. As of editing this post, the platform has failed to update their results for three months. It means the developers fail to track the progress of their robot. The last time the update was made was in March 2020. When it comes to the chart, the results don’t replicate what the robot claims to achieve. There is no profit ratio of 300 percent in any of the months we’ve seen. And this is proof from their account, and the ROI claims are a hoax.

Scam or Legit Forex Wand

Forex Wand is a definite scam that investors should ignore or else become a victim like Mark. The robot fails to give any valid evidence of the platform’s capabilities. There has been no member that has come out with proof of winning with this platform. All the developer has done is hiring some freelancers to post positive reviews on the robot. Stay away from such a robot and ensure you read reviews before committing funds to such a robot.

Bottom line

We won’t be recommending this robot for apparent reasons. The developer is anonymous, no proof of their concept, and regulators do not validate the robot.

Make the bold move and choose credible forex trading robots that guarantee safety. With your investments in capable and safe hands, trading becomes fun. Go for authentic forex trading robots that have been tested by the forex trading world.

Our team wishes all investors and traders a lucrative and safe trading experience.

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