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iProfit EA Review: is iProfit EA a Scam or Legit FX robot?

iProfit EA Review: is iProfit EA a Scam or Legit FX robot?

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We are reviewing a Forex robot called iProfit EA which was designed with higher frequency trading strategy in mind. The developer promises that the iProfit EA (iprofitea.com) was specifically built for retail traders. The expert advisor is “powered by a self-contained, self-learning Neural Network (NN) algorithm.” This sounds a little complex, but basically the system wants to generate small, fast gains while keeping the losses at a minimum. High-frequency trading is often a highly debated Forex trading approach, and we will further analyzes in our review, as well as anything else to help us determine the viability of this auto trader.

The robot is owned and operated by PhiBase, a group behind multiple products including the Cabex and RayBOT systems. We do hope that if they read our review, that they will decide to provide this information as it helps us understand what type of reputation they have, and the amount of Forex trading history their team possesses. In order to get in touch with support, traders can email [email protected] The normal response time is 6 hours, but can be 12 to 24 hours depending on the complexity of the issue. Check out these trading resources in the meantime.

iProfit EA Review

There are 8 separate features that the iProfit EA development team believes sets them apart from their competitors. These features include their trading logic, trading pairs, risk reward ratio, gain potential, draw down, account safety, six-year live track record and 12 year back test.

We have certainly has some issues in connecting to the Myfxbook account, but we will provide further details on this, in the results section of the review. It is our hope, that they will be able to qualify as a best Forex robot provider, and truly have the results promise.

iProfit EA trading Strategy

We do have to commend the developers for providing a detailed breakdown of their trading strategy. This includes an image of their “iProfit Neural Network Model,” which illustrates the methodology in detail.

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The strategy utilizes prior data and market movements in order to determine potential trade opportunities. The EA will use this, alongside their NN model to predict the upper/lower price of the next bars. Then, the expert advisor will utilize a self learning algorithm which aims to achieve a 70% accuracy rate.

iProfit ea predicts the price range of next H1 bar based on its input of OHLC prices of past 52 hours. The NN model adapts its algo until the success rate of prediction of past few H1 bars is greater than 70% – High/Low prediction is only made available when there is a high probability of success.

The strategy isn’t easy to comprehend, but it is the type of information we hope to see from vendors, because the more information we have, the easier it is to make a confident decision.

Analysis of the iProfit ea Robot in summary

The Price of this robot is $780. The Strategy in use is known as HFT and it trades just about any time frame. Last but not list, the robot trades a lot of Pairs which include EURUSD, EURJPY, AUDUSD, GBPUSD and even XAUUSD.

As it stands, there are currently 2 plans available for traders looking to purchase the iProfit EA. Both of the plans provide 2 licenses, which can be used on real or demo accounts. The only difference in these plans, is that one costs $780 for lifetime license, and the other costs $375 per year. As far as we’re concerned, this price point is significantly higher than the majority of Forex robots, and is higher than it should be.

That being said, there is a 30 day money back guarantee, so if you do not appreciate performance, you can get your money back. Is that something you should be relying on? The answer is no. You should only make purchases when you have thoroughly investigated the product in question and understood all the advantages and pitfalls of investing in such a product.

Client Feedback from people who have used this robot before

There are no client reviews on FPA, but there is a performance test here showing a gross loss of -31%. Now that you know about trading performance, you should decide for yourself whether or not you still want to purchase this robot so you can ask for a refund later on. This is not a wise decision though as we have stated above.

Trading Results for the iProfit ea robot

There doesn’t seem to be direct access to any Myfxbook accounts on the iProfit EA website. Yet, we did come across a long running account in our additional research. This account is showing a 106% gain, with a 25% drawdown since August 26, 2013. The gain over such a significant period of time is large, but it certainly is consistent and effective.

The robot has taken over 4000 trades, and won approximately 58%. The average length of traders close to 3 1/2 hours, and the system has been quite sustainable and 2019, with the only single losing month showing a minimal loss of -0.46%.

The only real question we have about the trading results, is why these results are so different from their test on FPA, which lost 30%, and then was stopped by the vendor. Obviously, we want to be sure that the software is performing as good for the claims, as it is for the vendor trading account. We see two sides of a story often with trading systems like FXHelix and exaco.

Our best advice for you

As a whole, the iProfit EA is an intriguing trading software. While we do believe that it is priced to highly, there are aspects of their sales page including their in-depth strategy, and trading results that do provide a higher level of confidence than other services. That being said, we would like to see how the software performs for actual clients, before we dish out the high purchase price. In the meantime, we are asking traders to invest in robots whose price tags are affordable. Having raised the issues that we have against this robot here, we hope that they will be addressed soon so we can include the robot in our list of recommended trading products. 

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