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ForexBot28 Review: is this a Scam?

ForexBot28 Review: is this a Scam?

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An analysis of ForexBot28 (Forexrobot28.com) is complete after weeks of thorough investigating the platform. The platform makes a bold statement of being reliable and stable. They have coined the number 28 on their name since they provide the same number of currency pairs. The developer also states that the robot uses neutral networks technology to get reasonable results. Get to know what we found out in this detailed posts. There is no holding back when it comes to Forex Bot 28 Review.

ForexBot28 Review

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About ForexBot28

The hallmark of this EA robot is offering 28 currency pairs. They claim that the robot works reliably and stable with all currency pairs. From the look of things, the robot seems to be on the right track. The platform has been tracking results for over three years which is impressive. They have opted to post their results on FX Blue as opposed to the reputable myfxbook. With users able to track the progress of this robot, we dived deeper to find out the features. It helps to understand more about the robot before committing any funds.

ForexBot28 is posting the next minimum deposit for investors. It means that as an investor, you have no say in the amount to deposit. And this makes it hard for newbies to use such a robot. The best price set by the robot is $1,000 which might be farfetched for newbies. Even though the platform promises good profitability, the results say otherwise. After a closer review of the results, we could notice a 5 percent profit gain. It means users have to use the robot for a longer period of time before getting a substantial profit margin.

Assets covered by the robot

The platform claims to offer 28 currency pairs with no other relevant information. They fail to mention whether they use major, minor, or exotic currencies. As a rule of thumb, investors should know what they are getting into. They should know whether a platform offers Crypto pairs which are an exciting prospect. Without the actual details of the currency pairs, users have to sign up to know more. And this is not what is expected of a reliable and stable trading robot.

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Comments from users

ForexBot28 Trading Performance myfxbook

There have been no comments from users of Forex Bot 28 which is rather sad. We expected to find some charter on this robot. With over three years of online presence, the platform ought to produce some desirable comments. Without comments from users, it could mean one of two things. The platform has not been received well by the trading community or, it is not working. Users should leave their comments in the section below to help us understand their experience. We could not find any social media posts regarding this platform.

Designer of the robot

It seems that this robot is the brainchild of Forex store. The developer leaves no information on their trading background and history. And this is interesting considering they want users to believe that they are reliable. A reliable platform must be transparent when it comes to their trading history. They also fail to give users information on their current location. And this could mean that the platform or robot could be a recycled product. The problems with an anonymous platform are endless. We have to deduct marks on this robot for failing to be transparent.

Features of ForexBot28

According to the posted features, the robot is compatible with all brokers. They also claim that the robot offers drawdown control to users. The platform comes with a set of one lifetime license, user manual, and free updates. They claim to have 24/7 friendly support which is not the case. Other notable features that remain unproven are that the robot ensures regular profits. They claim that the robot excludes periods of low activity of the system. These are some of the listed features on their homepage banner.

ForexBot28 License and Registration

ForexBot28 is not yet licensed by any regulator in the industry. They fail to give us their location which makes it hard to find their regulatory status. Nonetheless, we contacted various regulatory bodies for clarification. The regulator in the States has not heard of this robot. We also checked with NFA and found that they too have not listed the robot as verified. Regulators in Europe also don’t have a platform licensed under the above name. We checked with BaFIN, CySEC, FCA, and FINMA.

Without a valid permit, it means the platform is offering services without being fully compliant. And this is a problem as there is no insurance for any amount deposited. They claim to have a 30 day money back guarantee. No one should believe such a statement coming from a platform with no regulatory status. When it comes to security of funds, investors should make it a priority. Any robot that has no license details should not be trusted. And this is the case we are witnessing with this robot.

Opportunities and Obstacles with ForexBot28

Available price

ForexBot28 is going for $255 and they claim it has a rating of 6.5/10. The overall gain from the forex store page is 27.84 percent which is not verified by a third party. They claim that the days the platform has gone live is 157. Readers should note that this is the date as for publishing and updating this post. What we found out later is that the date remains the same with no noticeable changes. The price is a bit too much considering that the robot sets the next minimum deposit.

Depository requirement

There are three modes available with this platform which makes it clear the robot is expensive to most traders. The three modes include conservative, normal, and aggressive. Users who go for conservative mode must make a deposit of $1,000 to start trading. The normal mode users must deposit $5,000 to start trading with the robot. Aggressive mode users have to make the biggest deposit of $3,500. Users should note that there is no guarantee that the robot will make any real profit. A 5 percent profit margin is nothing to be happy about.

Trading results of ForexBot28

ForexBot28 Trading Results FX Blue

From their trading results, we can see that the platform’s return is +221.7 percent. The robot has in fact been achieving a monthly return of +3.6 percent. A possible win rate as of publishing this review is 67.4 percent. It is a decent win rate but the only problem is the setup of this robot. To achieve the said gains, users have to use conservative or normal modes. Even though the results are impressive, users have to wait for long to get a desirable amount. And this is the main reason why we are not impressed.

Scam or Legit ForexBot28

After thorough scrutiny of the platform, it is clear that ForexBot28 is having some issues. The expected ROI is not coming any time soon. After depositing $1,000, users have to wait for over three years to get the same profit as the deposit. In all fairness, this is wasting money since the robot takes forever to achieve high ROI. Investors want a robot that is profitable and brings back the deposit in less than six months. The robot is a clear example of a product that is not there yet.

Final advice for our readers

The average monthly return will not satisfy any users. It is for this reason that we don’t recommend the use of this robot.

Ensure you use authentic forex trading robots with a proven track record. These robots offer the best in terms of assurance. Go for robots that have the backing of the trading community and experts. Use robots that protect your investment and provide a realistic ROI. The secret to trading online is having reliable trading robots.

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