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FX Hunter EA Scam – How is this Review Rating It?

FX Hunter EA Scam – How is this Review Rating It?

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This review is about a subscription-based expert advisor whose owner claims to have been working since 2008. They claim that they have been providing their users with a successful trading strategy since 2008.

First of all, welcome to this FX Hunter EA review and in-depth analysis.

We see that FX Hunter EA website was registered back in 2013. So it means they have been around for some time, and not since 2008.

The mention to 2008 is most likely referring to the time when they started their back tests on the FX Hunter EA, not the time when this software was launched. Let’s get this out of the way before proceeding with the rest of this review.

So far, we have established that there is no information pertaining to this developer. All we know is that their server is situated in Germany. They also provide their website in Russian language as well. We presume that this version of the site is the one currently used to target customers in Russia.

This also makes us think that the developers of FX Hunter EA are most likely of German or Russian origin.

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FX Hunter EA Review

The owner of this software admits that although their software uses Martingale strategy of trading, it uses a very though-out Martingale strategy. This is to mean that their strategy is not the usual Martingale strategy which has caused some robots to lose horribly.

So the first thing we have to realize here is that this developer was being honest by admitting that they are using the infamous Martingale strategy.

Our take is that as long as you’re using Martingale strategy, there is no saying that your software is using it in a carefully thought out manner. There is no safe way to use Martingale strategy.

It’s the reason most developers who use this strategy on their robots will never admit this fact. They know that it turns off most traders.

The thing is, Martingale is a dangerous strategy of trading. If you don’t want to play the Russian Roulette with your money, you better avoid any system whose method of trading is based on Martingale or any other related method.

So, how are trades placed into the market using the FX Hunter EA?

Well, there is a very funny explanation which was given to us by this developer.

They say that orders are first placed on a ‘basket’ which refers to multiple orders opened in one direction using grid strategy.

When certain conditions are met, the robot can execute those orders.

However, there is also the mention of hedging where this developer says that FX Hunter EA can open orders in opposite direction.

By the way, we don’t know why you would want to open orders in opposite directions. Even some brokers don’t allow this to happen on their platforms.

Thankfully, FX Hunter EA is offering an option for turning this setting off. But that does not mean that you’ll be safe with this software.

Historically, the issue of trading using Martingale strategy has been thought to be high risk in nature. If the particular market which you’re trading doesn’t turn back or balance out, then the reality of blowing your account will stare you on the face.

We are not quite sure if this developer has factored this risk into the algorithm of the FX Hunter EA. So we shall review their myfxbook account shortly to see whether or not it measures up to our expectations.

Breaking it down in terms of pricing and other features

The FX Hunter EA costs $29 per month if you opt for the cheapest plan. So at least payment is flexible. But do not buy yet before you have read our analysis of their myfxbook account.

fx-hunter-ea-subscription

It loves to trade the 15 minute time frame. The strategy of trading is obviously Martingale. It trades a number of currency pairs such as NZDUSD, GBPUSD, EURGBP, AUDNZD among others.

The lifetime membership of this software costs $499. However, they are making it affordable by offering a number of purchase plans for those who want to test or can’t raise the full amount at once.

In this case, we are assuming that probably this developer offered a low one month fee to attract traders. Once this happens, they are hoping that traders will love the experience and ultimately sign up for the long-term subscription.

However, you also need to realize that cheap is not always the best. If a robot is going for $29 per month while others are going for $99 per month, you always need to think twice.

Myfxbook for the FX Hunter EA

We checked out its performance on myfxbook. The first thing we checked was whether this account was verified or not. We found that indeed it was verified.

Then we checked the duration in which this account had been tracking the activities of FX Hunter EA. The data sample that we are working with here is not very bad because it tracks the performance of this robot from 2013 all the way to 2017.

So the bottom line here is that the software has been trading for 3 years. The gain is slightly above $22,000 while draw down is 24.76%.

FX Hunter Real System by FX_Hunter_net Myfxbook

Etbot

FX Hunter Real System

Then sometime in 2016, we noticed a huge spike in the earnings of this account. This account captured a gain of nearly 2000% in a span of 1 month. We wonder what could have happened for this account to record such a spike. Initially, there was a consistent trend. Then when that spike happened, it broke the trend which leaves us with more questions than answers. Was this intentional?

Also, we’d like to talk about the second screenshot above which shows the number of open trades. The total number of open trades that were running in this account at the time of writing this review were 4.

If you enlarge the second image, you will see that all trades were in the red zone, with the highest setback in pips being -100 pips. If these open positions were to be closed, the account would have lost $219.38 at once.

What does this mean? First of all, it’s creating confusion because the equity curve is rising yet FX Hunter EA is having positions that are currently losing with no hope that the market will turn in their favor.

This is the reason why we questioned the spike in the equity curve. It is not so convincing since that spike did not occur in a consistent manner.

Also, whenever you see an account with such a huge gain in a short time, you need to realize that this is always as a result of the Martingale trading system. There is a chance that this equity curve will come plummeting to its original level sooner or later.

Finally, there are also talks that the developer of FX Hunter EA is manually closing several trades, hence the fairly good results.

What this means is that if you were not aware that this system is half manual and half automated, you’d suffer disastrous losses.

Our best advice for you

For some reasons, we do not feel very confident towards the performance of the FX Hunter EA. Something (which we are not able to figure out) is not right with their myfxbook results. For that reason, it did not make it into our list of tested Forex products.

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One Reply to “FX Hunter EA Scam – How is this Review Rating It?”

  1. This ea have a nice Myfxbook, So i decided to buy a month of subscription, (It cost $29), After that, You need to send a verification of the payment (receipt number) via email to [email protected], In order to activate your account, I did it… And 20 DAYS LATER, And they don’t repond me and don’t give me access to his program, So i started to send lot of mails to [email protected], And THEY DON’T REPOND my Emails too, So guys..Is just a scam, Don’t waste your money in this EA.

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