Forex Strategy Builder Review- Is Forexsb.com Scam?
In this review, I will be looking at a suite of trading tools designed to help traders refine their personal trading skills. This service is called Forex SB or Forex Strategy Builder, and for the most part, this service was developed to cater for traders who already have some experience trading different strategies in the Forex market place.
It was also created for traders who already understand some trading logic or those who know how to properly refine a trading strategy.
On the other hand, the creator, Miroslav Popov, claims that they have done their best to make this product accessible to all traders regardless of their level of experience. At the same time, they claim that there are certain basic requirements that a trader must meet in order to use this set of tools from Forex SB.
However, this is quite a challenge because not every trader has the skill to create their own trading strategy. This largely depends on what level of their Forex trading development they are in.
I will therefore go ahead and pour my thoughts about this company in this review. You just need to pay attention if this concerns you.
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Forex Strategy Builder Review
The real name of the company is Forex Software Ltd. However, their site is called Forexsb.com. They are located in Bulgaria in this address: 4 Peter Raichev str, Varne 9010.
Speaking in terms of support, I do not see a contact form, an email or a phone number on their website. Instead, there is a forum for posting every concern that traders may have.
When I take a look at the history of this company, I find that Miroslav Popov founded this company back in 2006. Why did he start this company in the first place?
Well, he had apparently discovered a real time Forex back tester which he believed could help traders see good results. He claims to have created the first strategy reactor, binary options tester, and many other set of trading tools which he believes will help traders understand how algorithmic trading works.
As we speak, this guy has created 6 different trading products. Each one of these were created with a specific purpose and approach in mind. They are supposed to solve problems that arise from different aspects of automated trading.
For me to be able to capture these tools clearly in a review like this, I need to look at each one of these tools in detail.
Expert advisors generators from Forex Strategy Builder
Forex SB claims that this is the simplest tool that they ever built. This tool costs $29 per month. According to the developer, this is the easiest tool for building a clean, effective MQL code for any expert advisor.
However, this system also has some disadvantages. Even if you’re subscribing for the cost of $29 per month, you still won’t be able to create an EA that has an advanced trading strategy. In addition to this, you will have almost no control over the output of what you have created.
Forex Strategy Builder Professional
Forex SB claims that this is the flagship program for all technical analysis tools. According to them, this tool is very effective in building any strategy of trading, and that it also allows traders to work with complex strategies if they like.
As a trader and also developer, you can create a trading strategy that modifies open positions (I have never heard or known if this is possible), work with a variety of trading indicators and even follow long term trends.
Now, I must give credit where it is due. The thing is, Forex SB gives all traders the chance of building any trading strategy without understanding one bit of coding. All automated trading systems like Fluid Trader, Lion FX Trader, Forex Real Profit EA, Funnel Trader etc are supposed to make work easier after all. But this does not mean that I am endorsing the mentioned products in any shape or form.
With regards to this particular product from Forex Strategy Builder, I can say that the intention was to serve those who already have a little bit of trading background.
The goal was to give traders a chance to find out what works best by experimenting the indicators on different time frames and mashing them up into forming one powerful trading strategy.
However, I also see that for this to work, you’d need to spend weeks developing and perfecting that particular trading strategy. First of all, you need to realize that creating a trading strategy or an expert advisor is not something that is easy to achieve. But now that you’re being given a chance to do so without taking any coding lessons, I could say that this product has made work easier to those who don’t want to invest time in learning how to code.
Expert Advisor studio
If you want to work with more advanced tools that will give you much control over the creation process of this trading strategy, then upgrading is a must. This will set you back some $49 on monthly subscription fees.
What is more, this platform is compatible with both MT4 and MT5 platforms. It gives traders the chance to come up with their own trading strategies without touching any coding elements.
As a subscriber, you can test all trading indicators that have ever been known to man, go through every historical data and refine the strategy to ensure that trades are only triggered when certain set of parameters are considered.
However, I mentioned earlier that this process is for those who have traded Forex for some time. If you don’t have a background of trading, then putting together these tools and making sure that they will work will be a very difficult process for you. Paying $49 per month to keep your membership active may not be a sensible thing to do.
Binary Options tester From Forex Strategy Builder
This one too goes for $49 per month. With this system, Forex SB claims that you can build and test any binary options strategy. In fact, there are even allegations that this product gives the same functionality as any other Forex tool mentioned on the website.
The only difference between Binary Options Tester and the other tools is that clients are given the opportunity to test their trading strategies based on expiry times.
It’s my belief that trading developers in the binary options niche will be using tools along these lines to come up with decent products. This is because, currently as it stands, the binary options market is full of silly products.
The cost of acquiring a lifetime license on Forex SB
If you have already tested their tools and somehow like them, then you may consider opting for a lifetime license instead of paying on a monthly basis.
Please note that Forex SB charges exorbitant fees to get this kind of license from them. So far, Forex SB offers 3 types of packages as far as licensing is concerned.
The first package costs $990 or its equivalent. It gives traders access to Forex SB Pro for life. On top of that, it gives a 1 year access to their Expert Advisor Studio.
The second account costs $1490 and gives access to a lifetime license as well as two-year access to Binary Options Tester and EA studio.
The third license costs $1999 and gives trades a lifetime access in addition to 3 year access of all their products.
Wrapping up this Forex SB Review
The concern that I have with Forex SB is the difficulty level of using their products. How difficult are they to use, and are they worth the cost? In short, if you are not into trading logic, then Forex SB is not for you. And of course the exorbitant pricing is something to take note of.