My attention has been drawn to a Forex expert advisor called Benefit EA. It has been around for a while.
But the reason why I decided to write this Benefit EA review is because this expert advisor sounds quite weird – no stop loss is being utilized, only take profits and trail stop.
Benefit EA Review
The main selling point for Benefit EA is that it is looking for special entry points that provide mathematical advantage.
The Benefit EA is also working based on mathematical modeling of market patterns. It is not clear what the developer means by saying mathematical modeling of market patterns.
But we will assume that it’s not something so complex to the point that they can’t break it down later on in their presentation.
The developer is known as Vsevolod Merzlov, and is based in Russia. He claims to have traded since 2009 and started creating robots in 2013.
BenefitEA robot is also available on MQL5 platform where the price of a license goes for $2,000.
For 1 month’s rent, the developer is willing to give it out for $70. A free demo is also available.
It’s not clear what the conditions for getting a free demo are.
The sales page is written with poor grammar, and you hardly understand what the developer is trying to communicate.
BenefitEA Review – details of the robot
The most recommended pairs for this robot are AUDUSD, USDCHF, USDCAD, EURJPY, EURUSD, USDJPY, GBPUSD.
Benefit EA is optimized to trade on the M1, M5, M15 and 1H time frames. For leverage, the developer says that it can be used on an account with 1:20 to 1:1000.
The proper amount of deposit ranges between 5000-10,000. According to the developer, this would mean a minimum of $50 for cent account and $5,000 for standard account.
Benefit EA Review – trading techniques
The developer is giving us 3 techniques that can be used in this expert advisor. None of the 3 trading techniques sound safe though.
The first technique requires traders to invest a large deposit and trade with minimal risk.
In this case, the expert advisor will hold trades for as long as the market won’t reverse in hopes that the market will turn in the forecast direction.
The developer says that traders can consider topping up their balance in the event that their balance is depleting.
The second method requires opening many trades on different currency pairs with higher risk (leverage at 1:1000). I don’t think this is an appropriate method for achieving consistent profits in the markets.
In the third method, the developer says that BenefitEA will trade super-aggressively with a leverage of 1:500. In this method, it opens multiple trades on various currencies.
This method seeks to leverage on the monthly trend, and can be used provided there was a trend in the previous month. This is according to the developer.
Benefit EA Review – product summary
The developer uses screenshots to show his audience how they tested two strategies with this robot for $5,000 and $10000 accounts respectively.
These strategy tester reports are never reliable as they are prone to manipulation provided one has access to a simple photo-editing software.
Secondly, I generally don’t see the need to strategy test and present results in form of screenshots when the developer can make their work easier by using a myfxbook account to showcase their trading performance.
There is a myfxbook account for Benefit EA though. However, this myfxbook account looks rather unusual.
We are not told whether it’s a verified account or not. Furthermore, the line chart shows that testing started in January 2018. So where are the results of this robot for the previous months?
Also, BenefitEA developer has hidden a number of things from public view. These include account size, draw down, gains, and trading history.
We need these details for us to establish whether Benefit EA would be a good Forex expert advisor.
Please note that the Forex robot is being sold under different price points. On the MQL5 platform, the cost of a license is $2000.
However, on the benefit-ea.com, pricing starts at $500 for 1 license, $750 for 2 licenses and $1000 for 3 licenses.
Benefit EA Review – the conclusion
This is such a risky automated trading system for Forex. The developer mentions that it utilizes the infamous grid trading system – which is quite risky indeed.
I have no confidence in such systems. The other thing is that the performance of this robot is not properly presented.
The developer is hiding so many elements in their myfxbook account. It is not possible to see the accurate picture of the robot’s performance for the covered duration.
In short, I wouldn’t waste my money on a Forex robot like Benefit EA. I would advice everyone of you to try these Forex robots instead.