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FX Robot GO Review: Is this EA a Scam?

FX Robot GO Review: Is this EA a Scam?

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FX Robot GO is a brand new expert advisor that promises traders stable returns even during low volatility. They want traders to know that this Forex robot uses up to 10 currency pairs for trading. On top of this, they want us to know that the EA has a variety of built-in smart filters. For example, the EA determines what type of trend or flat is on the Market at a current moment, in order to take necessary measures and make changes in the internal settings of the robot itself.

FX robot GO is designed in such a way as to bring a stable profit and not to close trades at a loss. Nevertheless, it has smart algorithms that in some situations will allow to suspend trading and avoid significant draw downs.

Having said this, we will go straight into the meat of this review. This is definitely an interesting Forex robot. However, if you feel that this is not your type of trading robot, you will need to take advantage of these trading resources. 

FX Robot GO review

In order to use the software successfully, traders have to follow specific deposit requirements. With a deposit of $5000, traders can use the reliable settings, with $10,000, traders can use the normal settings and with $20,000 traders can use the reliable settings. The system can also be utilized cent accounts, with a deposit ranging from anywhere from $50-$200.

The creators of this expert advisor are the owners of the Forex Store website. It’s quite obvious that this is the case based on the design the robot website, and the fact that the majority of their products are all hosted on the same server. This development team should be much more transparent about this fact, because it’s really not a drawback at all. It’s only a drawback if the vendor’s trying to hide or be mischievous in some way.

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They are also the creators of the FX Trader Kit, ForexBot28 and FXEurGrid trading robots. They provide no information about their location, identity or trading history in the Forex marketplace. In order to get in touch with support traders can fill out a contact form on the sales page.

The FX Robot GO website is designed well, but lacks in just about every important detail we would like to see flushed out. When it comes to automated trading tools and programs the Forex community is interested in knowing as much as possible. Websites like these, while aesthetically pleasing don’t serve the community very well, because there is little to no transparency about the product. This will make our review short, and will also be apparent in the overall ratings the product.

In order to qualify as a best Forex robot, the developer will have to revisit their sales page and provide much more real analysis.

Trading strategy of the FX Robot Go

The FX Robot GO “has a variety of built-in smart filters.” The system uses these filters to determine the type of trading in order to take necessary measures and adjust the internal settings of the robot itself during like conditions. This smart algorithm, in conjunction with each filters will suspend trading and avoid significant draw downs whenever possible.

The vendors also mentioned the system will configure the EA individually for each currency pair as they understand that the market conditions are different for each pair.

This is about all the information they provide. Yet, our further research shows that this trading program uses a martingale-based strategy. Martingale is the most dangerous strategy the Forex marketplace, which is likely why the vendor decided to withhold information from their informational blurb. Withholding this information is not transparent, and certainly something we have to consider. We would much rather have the vendor be upfront about their methodology, instead of beating around the bush or and avoiding it altogether.

EA Breakdown and analysis

  • Type: Forex Robot
  • Price: $275
  • Strategy: Martingale
  • Timeframe: Any
  • Pairs: USDCHF, NSDJPY, NZDCAD, USDJPY, AUDCAD, AUDCHF, CHFJPY, EURCHF, AUDUSD, AUDJPY

Traders interested in purchasing the FX Robot GO software can get a lifetime license for $275. In this package comes a single license, free updates, 24/7 support and the user manual. This is another robot that only offers one license, which really limits the clients ability to test multiple approaches and find a set up that suits them. Generally, we prefer systems that provide multiple demo licenses in addition to the live license so that we can run our own tests and find settings that suit our preferences.

Client Feedback

Since the system is just a couple of months old at the time of this review, there is still no client feedback. Check back from time to time, as our reader base is very active in terms of testing and commenting.

Trading Results

The development team provides a single live Myfxbook account showing the FX Robot GO system in action since January 22nd, 2018. During this time, the software is gain 180%, with a 30% drawdown, which makes for a monthly return of approximately 5%. Over the course of the 22 months that the system has been active, it is taken over 20,000 trades which makes for an extremely high frequency robot. The average trade length is one day, and the risk reward ratio is approximately 1:4, with the average win being 13.88 pips and the average loss being -38.23 pips.

The winning percentage is 74.5% and the average monthly gain over the last 7 months is around 3%. The results of steady, but you have to keep in mind that this is utilizing a martingale approach which is dangerous and always risks the potential of your account blowing up entirely.

Our best advice for you

If you can accept the fact that the martingale strategy may completely blowing your account, then you will be able to enjoy the profits while it last. In order to be successful with the software like this, it is recommended to take out your profits from time to time so that you don’t lose it all in one fell swoop. But if this kind of trading isn’t good for you, these trading tools can provide better solutions for you.

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