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XoForex is Scam: Review of XoForex.com Indicates So

XoForex is Scam: Review of XoForex.com Indicates So

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In today’s review, we will be analyzing a Forex robot called XoForex expert advisor. The developer says that this software is constantly being developed to ensure that it doesn’t fail in the long run.

In addition to this, the developer claims that they always participate in various initiatives to constantly develop and incorporate strategy of growth through innovation and efficiency. They also claim to be passionate mathematicians, programmers and financial analysts.

So that’s one of the reason why they are offering XoForex expert advisor at a monthly subscription of $99.

The purpose of this review is to help you make an informed decision here. The big question is this: does XoForex expert advisor produce substantial profits while making trading easier for the average trader?

The latter is probably true. However, we still have to scrutinize the former to see if there is some truth in these claims.

XoForex review

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XoForex expert advisor Review

Xo Forex is among the few expert advisors around that were created to work with every other platform that you might think of. These include MT4, MT5, cTrader, FXCM and LMax.

We are just giving them credit where it’s due. But this is not to say that we have already endorsed XoForex. A number of things have to be discussed first.

We looked around on the website of this robot and found that there was no specific address published to help us identify the exact location of this developer. However, they only say that their operations are mainly conducted in France, Belize, and the UK. We have to believe that they are telling the truth.

While their exact location is not very important when writing this review, sometimes it helps to be transparent especially when you know that you’re going to charge a monthly subscription, and members of the public would want to trust you.

We do not know if this robot developer was really interested in creating transparency or having potential customers trusting them.

So it’s like they do not have a single office as their teams work remotely.

The developer claims that when they first started out, they wanted to create a strategy that was safe and profitable. Today, this developer claims that they are providing users with a profitable strategy that is able to make them money on a monthly basis even if they start trading with $200 only.

XoForex comes with automatic updates, so users don’t have to worry about updates. In addition to this, it works with every other broker, including those in the US.

Once a customer orders their copy of the XoForex expert advisor, they will receive a link with login details in their email. The robot’s operations are maintained in the cloud, and so users don’t have to worry of setting up VPS. All of this is of course good news. However, if we cannot translate these features into everyday profits, then they automatically become useless features that you and me don’t even need.

The robot also trades nearly all currency pair. The developer assures traders that it will trade nearly all pairs with extreme precision.

Everything looks and sounds normal with this robot. The only exception here is the abnormal pricing. We could say that this is one of the most expensive robots for trading Forex on the web.

You see, the developer wants you to pay $99 every month. It’s a rare occurrence to find a developer who is charging a subscription fee this high.

At first, we thought that this developer was new in the marketplace, and that they were only testing things out before coming to a reasonable price model. However, this has never happened.

First of all, it doesn’t make sense to charge that monthly fee when you’re targeting clients who are not willing to fund their accounts with more than $200. Also, let’s say this client makes less than 20% return on investment every month, will they be able to recoup the cost of maintaining the robots and trading operations in the long run? It’s highly unlikely.

Just do the math. You will see that a client on a $200 account would end up losing about $50 on subscription costs every month. This is not exactly the best way to do business with traders on the internet.

Trading results for the XoForex expert advisor

When we first came across this robot developer, we were very much interested in seeing their myfxbook account due to the steep monthly fee that they were charging. It only makes sense to expect a perfect myfxbook account results for such an expensive trading robot.

We found out that this developer had only tracked the activities of XoForex for one month only. The maximum gain was 43% at the time. Total draw down was 22%.

In other words, XoForex had an approximate gain of 24% per month. This is not bad at all. However, we also noticed that the robot was keeping a handful of losing positions floating around.

At the time, we established that there were 5 trades running, and they were in the -7.70% zone. Now, we must say that this is not a serious problem because these trades could potentially bounce back, and things could instantly change, right?

However, keep in mind that it would only be an issue if draw down continued to increase from that point onward. But as far as this data sample was concerned, we saw that the maximum draw down that XoForex ever recorded was 22%.

XoForex System previous Myfxbook results

Now, we noticed something really interesting. There were some discrepancies in the equity curve in relation to the growth of the account. This equity curve was lying a little bit lower and also showing indications of potentially rising higher.

We also noticed that XoForex expert advisor was taking up to 4 trades every day. Again, there were no issues with this.

Now, when we decided to put down this review of the XoForex, we noticed that the developer had closed that myfxbook account. As we speak now, this developer no longer runs an active myfxbook account, which leaves us wondering what could have happened. The only explanation for this is that XoForex probably crashed this account.

XoForex System by TWTR Myfxbook

This would definitely bring their business down, which is why they decided to delete this account. On the other hand, the developer still insists that the performance of XoForex is being tracked by a third party. Clicking those links take us to an empty myfxbook account, which isn’t a good thing at all.

Summary of points discussed above

In as much as this developer says that this robot is the best that money can afford you, we doubt those claims. If they meant it, they would have maintained an active myfxbook account. They wouldn’t have deleted it.

In other words, this developer just likes to blubber on their achievements even if those ”achievements” cannot be proved.

Our best advice for you

If we are to go with the above myfxbook results for one month, we would still fail to get a true picture of the performance of the XoForex system. We needed at least 6 months of active results tracking to make an informed opinion concerning XoForex EA. Therefore, we are asking our readers to stick to these Forex trading robots instead. This one does not look like a genuine trading robot.

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