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FX Shooter Review: This this Forex Robot a Scam?

FX Shooter Review: This this Forex Robot a Scam?

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Fxshooter.com is a fully automated trading robot that promises to provide stable profits since the developers behind it claim to be well-experienced traders with years of experience.

Third-party websites are selling the fxshooter software. Word quoting the vendor, says that:” Fxshooter.com is an utterly innovative EA developed by experienced Forex traders that can make stable long-term profits and not affected by any market conditions. The website is elegant and up to professional standards though it lacks a detailed review of the trading robot.

FxShooter.com uses an algorithm that implements deep learning and neural networking to executes trades on the Metatrader 4 platform. The robot also uses technical indicators to determine market entry positions with high precision.

The developers claim that the bot is easy to install and run even for the average trader and that it is the best in the market. They also go-ahead to claim that the robot is adaptable to changing market conditions and that it is solid enough to execute profitable trades during high volatility market conditions”

Unlike other robots that freeze in hot markets, Fxshooter.com adapts its trading strategy to match the requirements. However, these claims have no solid ground since we neither have their history nor their contact details. The only way a trader can contact the developer is by filling out a contact form on the vendor website.

Forex trade bots come In handy, especially if legitimate and credible. We vouch for consultations with such an undertaking of extensive research to double-check and verify any data provided on a site.

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Review

This analysis will review this trading software and extrapolate that its methodology of making profits and whether this is a viable investment or not. Trading robots lack emotions, and without fear and greed, they execute trades with unwavering convictions.

FX Shooter Review, Fxshooter.com Platform

The software is fully automated, meaning that after setting your parameters and limits, all you have to do is watch as the bot trades on your behalf. The developers claim that this robot has been designed to do just that.

The software comes in two packages: Basic, which costs $299 and Advances, which goes for $450. The significant difference between the plans is that the basic idea can be used with two real accounts and advance plan four.

The two packages come with free 24/7 support and constant updates. Information about demo accounts is not available on the website though this would go along way in proving that their robot works because some traders would first use demo accounts to test the robot.

The vendors’ website exclusively states this Expert Advisor is one of the best in the current market; it is developed to bring high returns. Also, with high-risk investments, there may be high returns, and therefore traders of all levels should regularly withdraw profits from the trading account as a safety measure.

The selling website also claims that they offer a 30-day money-back guarantee if you use their recommended settings for the first 30 days without interruption and get a drawdown of more than 40% of the invested amount.

They will also let you keep a copy of FxShooter as compensation. However, we have no grounds like customer reviews or testimonials on the internet to prove that this is true.

So are you willing to spend $290 – $450 on this trading robot?

Trading Strategy

The FxShooter.com robot developers haven’t provided enough information about the trading strategy, but they claim that the robot can adapt to changing market conditions, can withstand dynamic shifts in currency charts, and uses a follow trend strategy.

The vendors of this software claim that it was developed by professional traders whose identity is not known or they are even mentioned. So this leaves you with a significant risk that the buyer has to make during purchase.

While the specifics of the strategy haven’t been discussed, the vendor, forexstore.com, has displayed a Myfxbook account that shows a monthly gain of 4.8%. Interestingly they claim that the robot comes with “POWERFUL FEATURES,” which include adaptive market analyses, follow the market trend, friendly broker, low drawdown, and 24/7 support.

All traders, from professionals to beginners, know that this strategy isn’t entirely profitable until its parameters are defined. So more information about this follows trend strategy would shine a light on how this product operates.

The absence of such crucial information about how a robot operates is essential, and this trait is ubiquitous among shady developers whose aim is to make easy money.

Fxshooter.com Technical Analysis

The vendor claims that the product yields the following results:

Gain 111.33%

Monthly 4.81%

Drawdown 31.26%

Days in Live 480

The robot uses the M15 time frame to execute buy or sell orders and trades all significant currencies pairs, which include EUR/USD, GBP/USD, USDJPY, and some minor currency pairs: EUR/NZD, NZD/JPY/, CHF/JPY, and AUD/NZD.

Trading Results

The vendor provides a live Myfxbook chart dated 21st August 24, 2020, that shows a cumulative gain of 111% and an average daily gain of 0.16% throughout 358 executed trades. The risk to reward ratio displayed is quite impressive, with a win rate of around 82%.

However, the chart does not exclusively reveal all executed buy and sell trades, leaving a loophole for those who have a keen eye for detail.

The website also displays several backtests of EUR/USD, EUR/GBP, EUR/CHF, and USDCH, which show significant equity growth from 2008-2018. Only one Tick mill demo account has been used to display a 4% loss whereas all other live reports show accounts with gains above 100%

According to the average length of one trade, pips gained, and pips lost, there is a clear indication that the robot uses a scalping strategy, which at times is not adaptable to dynamic market conditions.

Domain and Alexa rankings

Fxshooter.com lacks an Alexa rank. It is crucial in validating the origin and authenticity of the software, and this means that the website has not been around for more than three months, and it lacks global traffic.

It is registered under the domain fxshooter.com and the registrar as CommuniGal Communication Ltd. The servers are ns15.above.com. Data shows the site was registered on 2020-8-20, and all the registrants’ information, including name and street location, has been redacted for privacy reasons. It is worth noting that this is a common trait that comes with shady websites.

Customer feedback

Most, if not all, honestly developed products with reputable websites have customer feedback sections. However, this is not the case for this expert advisor. The vendor website has zero reviews on the product, and we couldn’t find any reviews or discussions on multiple social media platforms.

Honest customer feedback is vital in helping promote a product since some customers have to compare it with others before making a decision. Without this feedback, we cannot validate some of their claims like free 24/7 customer support, money refund, and profitability.

Final Verdict

Exclusivity about the professionals behind the robot and more information on testing will go along way in proving the software is promising as they say. Still, at the moment, this is not the case.

FxShooter EA looks promising, and with just about more information, the product will take off. And soon, more detailed customer feedback will bring to light more pros and cons of the product. Before giving into claims, ensure that you are dealing with credible and reliable Forex robots.

 

 

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