Forex Spectre Review: Profitable or Scam?

Forex Spectre Review: Profitable or Scam?

Forex Spectre (they have nothing to do with Spectre.io) is a robot designed to trade Forex. The developer says it’s ultra-profitable, stable in any market condition, super reliable and automatically customized. I don’t know what they mean by saying automatically customized because this statement sounds vague.

The developer believes that Forex Spectre EA is a super profitable Forex system and even shows us a strategy tester report dating back to 14 years ago.

At the footer of the website, Forex Spectre claims that this product was developed by Fx-Builder Company. I believe that this company also has another website called fx-builder.com, which is the official domain where the company sells other well-known Forex robots like FX Stabilizer, FX Charger, FX Secret and FX Builder.

Each one of these products have their own sales pages. But I have also realized that Forex Spectre EA is the only product that is not listed on this company’s website. So I may be right or wrong about this assumption that FX-Builder Company is also the owner of Forex Spectre EA.

Whatever the case, I believe that it is the responsibility of this developer to tell us who they are because if they don’t, somebody like me will easily believe that the lack of transparency is due to something extremely fishy or even rotten.

In the meantime, my recommendation is to visit this page and sign up with a Forex robot that pleases you.

Forex Spectre Review

Because the strategy tester report is the main thing we can see on this sales page, I will start by analyzing the numbers and everything else concerning this report.

This strategy report has 4933367 ticks models with 9585747 modeling quality. The absolute draw down is slightly above 27%. I find that analyzing this report is very cumbersome and I do prefer that the developer should use a myfxbook or fxblue account to present these results to their clients.

forex spectre strategy test

The developer of Forex Spectre EA does not tell us what strategy the Forex robot is using to make entries into the Forex market place. They only claim that it is stable in all market conditions as it has already earned over 3000% returns.

Well, actually there is a live and verified myfxbook account, and the developer is telling us that they achieved the results we are seeing here through aggressive trading settings and that we can tune down these settings to trade with low risk.

The back tests which the developer of Forex Spectre EA is presenting us with is 14 years old. The developer tells us that they have tested several strategies in order to identify the right settings for every type of market. According to this report, the Forex Spectre robot has managed to beat the market in these 14 years of testing across different market conditions.

The reason I don’t like historical tests is because most of the time they can’t be emulated into a live trading account to get the same results, and this can be frustrating for the customer who buys a license hoping to mirror the results.

Forex Spectre EA in a nutshell

The features and highlights of this Forex robot can be summarized in the following:

» Over 3000% returns since the creation of their myfxbook account

» Bigger profitability while risks are reduced by 100 times

» Trading of fixed lots, no Martingale trading is involved

» The installer can be setup in 1-2 minutes.

» You don’t need to tamper with any settings, just install and start trading.

» A license costs $195, and there is a refund policy

Forex Spectre trading results

forex spectre ea myfxbook

There is a live myfxbook account and my intention is to analyze it thoroughly and find out any hidden faults if they exist.

According to this myfxbook account, Forex Spectre has gained +4061.41% but the absolute gain is only +1162.36%. When you keep depositing money into a trading account that has been linked with myfxbook, gains will increase but the absolute gain will remain as is until the robot trades and makes profits.

I feel that the developer was intending to deceive us by claiming that the Forex Spectre has generated over 3,000% when their absolute gain is just over 1,000%. If you’re not a trader and have never used myfxbook before, you might be blinded by these ”gains”. Focus on the absolute gain, which says the software has never made or even come close to the 3,000% mark.

Apart from this finding, I see that the robot has been profitable for most of the months, earning an average return of 5%. The only setback is that draw down is very high. At 27%, this is not acceptable as it only takes a few losing trades in order for your account to crash.

Conclusion

In as much as this sales page is creating a great first impression, you shouldn’t believe everything you see or hear. I admit that Forex Spectre EA has been making some minimal consistent returns month after month. It is just 5%, which is why you should probably go with a Forex robot that can make you at least 15% monthly return. Pay specific attention to the GPS Forex robot in this list.

I also feel that the developer used a deceptive trick of loading their accounts multiple times to increase gains. And of course they should come out clear on whether or not they own the other Forex robots.

If you have something to add, please comment below.

About Post Author

Warren

Warren is a swing trader and an investment blogger. He mentors students who want to learn to trade Forex, manages investors accounts and also writes reviews about trading products.