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TradeRobo EA Review: Is it a Scam Expert Advisor?

TradeRobo EA Review: Is it a Scam Expert Advisor?

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TradeRobo is an expert advisor that was designed for traders who want to achieve slow but consistent returns over the long term. The developer claims that Trade Robo uses mean reverting affect to achieve its long term results consistently. They believe that this robot can effectively exploit repeating price movement waves in the market. The developer discloses their location using the following address: Findilao Ltd, located at Central Point, 6th fl. 54 Osmi Primorski Polk Blvd, Varna 9002, Bulgaria.

Additionally, the developer of TradeRobo provides us with a phone number (+359-2-4374119) and an email address for engaging their support. Traders who want to reach the developer must utilize this information to discuss with the developer their concerns. They also cite Victor Tomov as the managing director of this operation who also claims that they are a subsidiary of JFD brokers.

So the question that many traders want to know is whether TradeRobo is a legit trading software. If you are that kind of a trader, we advice you to sign up with these recommended Forex robots instead.

TradeRobo Review

TradeRobo is allegedly unique in the sense that it is different from other expert advisors that try beating the markets quickly to generate 30% monthly returns or more. TradeRobo EA is actually looking to generate up to 50% annual returns, which is low when you compare it with majority of expert advisors in the market place right now. This is a slow but consistent approach which we usually don’t see in this Forex market place.

TradeRobo

Also, despite operating this business from Bulgaria, the developer tells us that the software was created by German financial engineers who are responsible for updating and maintaining this expert advisors so that it can continue to perform as explained in the sales page.

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This statement is hard to verify, and many be something that the developers made up to create the illusion that Trade Robo is a premium Forex expert advisor worth buying for whatever price it is selling for. The developers of TradeRobo tell us that the algorithm usesgrid trading strategy on a diversified portfolio which consists of 24 different kinds of Forex pairs. By the way, the word ”Grid” is a highly controversial word in the Forex trading market place. Systems that use Grid trading approach are known to crash accounts due to their style of trading. So even if the developer claims that TradeRobo uses grid trading strategy, we can’t help but think that the trading approach is quite risky.

Therefore, we are interested in seeing whether TradeRobo will be any different from the majority of expert advisors that we have reviewed here before.

TradeRobo also offers two different types of risks levels for their traders. Traders can either choose conservative or speculative modes. The vendor directs us to invest a minimum of €10,000 in our trading accounts if we are going to choose conservative mode. For the speculative mode, they advice investing a minimum of €5000. Again, here is a case where the developers is informing us that this robot is actually built for traders with serious pockets as opposed to broke traders who can barely fund their accounts with $1000.

But there is also something else that is weird. TradeRobo costs $121 per month. We are used to seeing Forex robots that come with a 1 time cost for a license. This might not go very well with majority of traders who are used to purchasing a license once and for all. This robot is also optimized for trading on the 5 minute time frame. It trades a wide variety of pairs.

However, we see that the pricing model is very aggressive compared to what we have seen in the market place. $121 per month is not necessarily cheap because some robots even sell a license for this price and traders don’t have to pay extra in order to use the robot in question. So now that there are good expert advisors that cost much less, why exactly does this developer think that traders should pay $1000 per year to keep using TradeRobo? That’s the question that is in the minds of most traders out there.

Trading results

To answer the above question, we need to go back and reconsider basic things such as trading performance because performance defines the price of the expert advisor. This developer has provided us with two myfxbook accounts which are verified. The purpose is to showcase the performance of TradeRobo EA in the last few months.

The conservative trading account is showing a gain of over 23% and a draw down of 7%. The speculative trading account shows a return of 50% and a draw down of 12%. These accounts were created in December 2016. This means that we have more than enough amounts of data to analyze and determine whether or not this is something we should go ahead and purchase.

When we analyze these trading accounts, we notice that both accounts performed better in 2017. But in 2018, gains were much smaller because the conservative account only made 1.28% for the entire year. This is quite different from what the software generated in 2017 as it returned 18.82%.

The conservative trading approach has earned the vendor a profit of €4683.29 over the course of 23 months. They deposited €20000 to start with. When we do a rough estimate, we discover that the software is not even coming close to the expected annual gain of 25%.

For the 23 month period, using TradeRobo would incur us a cost of -€2783. This means if you used TradeRobo for 2 years starting with a €20000 account, you’d be making a profit of just €1300. This is a rough estimate.

Our best advice for you

We loved the sales page because it looks impressive. They are also professional in the way they make their presentation. The concern however is the monthly charge which the developer is using to make money off this robot. When we calculate the cost of maintaining TradeRobo, we see that the returns are simply not worth the chase. The vendor must rethink their pricing policy. Otherwise, this robot won’t be profitable and you should stick with these ones in the meantime.

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