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FX Seven Pips Review: is this a Scam Forex EA?

FX Seven Pips Review: is this a Scam Forex EA?

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FX Seven Pips describes themselves as one of leading software providing company specialized in professional and high-quality programming solutions for automated Forex trading. They offer their EA in 3 licenses which cost $109, $129 and $149 respectively. Although the pricing of a license is not on the higher side of the budget, we still want an assurance that this software developer is selling a quality EA that can consistently make profits.

By the way, FX seven pips is a new Forex expert advisor developed for the MT4 platform. This software is advertised as a new generation of trading that comes with free installation, professional default settings and advanced coding all for $109-$149. Today we will be providing a review, and letting you know how this system stacks up to other Forex robots that are currently competing in this marketplace.

The developers of the software claim to be a leading development service “specialized in the professional and high quality programming solutions.” There is really no evidence that this is true, as the creators of the software do not introduce us to who they are or tell us where they are located. Every vendor wants to claims to be a professional company, they should provide some sort of proof of that.

According to our WHOIS search, the website is hosted in Russia, so it’s possible that the development team is located there as well. In order to get in touch with support, traders can phone 375 -17 2912800 or email [email protected]

If you want good EAs, we advice that you check out this page for our recommended trading solutions. 

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FX Seven Pips Review

Our first impression of the FX Seven Pips robot isn’t overly positive as the website is not professionally designed or really well put together in general. There are many different spelling mistakes, and areas that are obviously missing better presentation elements. To some traders this isn’t important, but we feel that in order to qualify as a best Forex robots service, a vendor has to meet certain basic quality guidelines. We always say that the website is a reflection of the product and the product developer. So, if the website doesn’t look good, it’s possible that the vendor is making mistakes in other areas of their expertise as well for the very least not recognizing their flaws.

One of the interesting features that they do offer is free installation. The vendor claims that their support team will help you install the software to your platform. This is a very difficult thing for larger businesses to offer, and it’s not always a recommendation of ours. As far as we’re concerned, if you are able to set up a robot on your own, you have a much lower probability of having success and testing it properly to meet your needs.

Strategy of tyhe FX Seven Pips EA

The vendor fails to provide any real detail about the FX Seven Pips trading strategy. They vaguely mention algorithmic trading, historical data back testing, but nothing that really gives us any insight into the methodology and overall approach of the automated robot.

If the vendor wants to compete with many of our other recent reviews like Forex Scalper EA or Surge Forex, they will need to make major adjustments to the level of detail their offering on their sales page.

Breakdown of the product’s features

  • Type: Forex Robot
  • Price: $109-$149
  • Strategy: Undisclosed
  • Timeframe: M30
  • Pairs: USDCAD

There are 3 packages available for traders interested in purchasing the FX Seven Pips robot. All of the packages provide access to free upgrades, support, automated trading, and lifetime licenses. Depending on how many licenses you want, you can spend a little extra money. One license costs $109, 2 licenses cost $129 and 3 licenses cost $149. The additional cost for each license is quite low compared to most other Forex robot providers.

Client Feedback

The robot is still brand-new to the market, so there is no client feedback to report on at this point. As always though, this review will serve as an active hub for traders to share their experiences.

Trading Results

The FX Seven Pips team provide a single trading account hosted on FX Blue. We prefer Myfxbook as it’s a more accurate platform for presenting results.

The trading account is showing a total return of 96.71% over the first 40 days. During this time the software has opened 20 trades, 16 of them are winners and 4 of them are losers. In order to bring in returns like this, the software is likely risking a fair amount, but because they are posting their results on FX Blue we can’t get an accurate picture of their draw down which makes it difficult to estimate how risky this truly is.

The average win is 14 pips, and the average loss is 4 pips which is an effective risk reward ratio. The average trade length is 34.8 hours any robot only trades the USDCAD pair.

We really would like to see these results on Myfxbook to get a better picture of how effective the software is. We would also like to see a much longer sample size, to make sure that the system hasn’t just had a good month.

Our best advice for you

The FX Seven Pips is a brand new product and therefore we can say that it’s really too early to say whether or not the FX Seven Pips service is going to be good or bad. The website is lacking lots of detail and is a in areas where we would prefer to see some actual detail. The results while appearing to be very impressive, aren’t hosted on Myfxbook and don’t have much of a track record to speak of. At this point we won’t be providing a recommendation, but waiting to see how the software performs over a much longer period of time. If you have anything you want to add to the review, please leave your questions and remarks below the article now. In the meantime, we are advising traders wanting to take advantage of good FX robots to use these trading systems instead. 

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