ForexBot28 Review: Forex Bot 28 EA Scam for $225
I’m reviewing a Forex expert advisor which trades 28 currency pairs and is allegedly reliable and stable because it has traded a live account for 3 years. The EA in question is known as ForexBot28. The developer says that ForexBot28 uses neural networks technology to help achieve impressive results.
I have heard these claims many times before from different expert advisor developers, and I am just wondering whether ForexBot28 can demonstrate outstanding performance according to the claims.
The developer describes it as having achieved unprecedented results on all currency pairs which it trades, and believes that it can achieve regular profits as a result of frequent trading.
This is a very brief sales page, and there is no information about who the developer is or whether they have ever developed a winning trading software before.
But it appears that ForexBot28 is the first EA they ever released, and the focus of this review is to inform you on whether or not you should spend $255 on a license.
This is a steep price tag considering that there are quite a few reliable Forex robots that go for much less and can demonstrate consistent returns over time.
The ForexBot28 can be optimized in 3 different modes: normal, conservative and aggressive.
For the normal mode, the ForexBot 28 requires a $5,000 standard account, $500 for the micro account as well as $50 for a cent account.
Conservative mode requires quite a huge investment for the standard account. Traders must part with $10,000, $1,000 for a micro account and $100 for cent account.
If the aggressive mode is chosen, the recommended minimum trading balance is $3,500 for the standard account, $350 for micro and $35 for a cent account.
The developers has gone ahead to list down some positive attributes of the ForexBot28 EA like good profitability, stability, draw down control and compatibility with any broker.
These attributes can only be proven by testing this expert advisor in a live market under the recommended deposit amount.
This requires the developer to issue us with specific set files which are optimized for the particular trading conditions.
ForexBot28 review – details of the trading methodology
The developer of this EA is quite economical with this information as there is no disclosure of what trading methodology this expert advisor is using.
And without disclosing this critical information to their audience, it’s hard to justify charging $255 for a licence.
Secondly, it’s going to be very difficult for this developer to compete with top-botch Forex robot developers who create good robots and charge less for a license.
I don’t know how the developer plans to compete with others in this industry if they can’t give us such basic information.
ForexBot28 review – trading results
Now that nothing has been said concerning the trading strategy of this expert advisor, it is only expedient that this developer should show us the trading results of this anonymous strategy.
It is good to see that they are utilizing an FXblue live account. Most of us prefer myfxbook account because it’s straight forward to the point and so analyzing results can be much easier compared to when those results are presented by FXblue.
But I will try and go over the details which you need to know about trading results anyway.
This FXblue account was created sometimes in 2016, and has been tracking performance since then.
The total return is +221.7% but the robot has been achieving an average monthly return of +3.6%.
The win rate at the time of writing this Forex bot 28 review is 67.4%, which is a decent win rate by all standards.
Indeed these numbers look great. But it appears that these results were achieved when the EA was set to normal or conservative mode.
Some traders might not like the idea of achieving 3% monthly gains especially if they do not have the means to invest $10,000 or above upfront.
So while these results are impressive, I do not believe that this expert advisor is ideal for all traders.
On top of this, I would love to see how it fairs on when tested on aggressive mode.
Is the draw down going to increase? I don’t know what to expect here. However, I do believe that I will be adjusting this review sooner than later as more results appear for its various settings.
Despite this expert advisor having been tested for 3 years now, there is no review or customer feedback anywhere on the internet.
I wonder why traders have not noticed the performance at least from the conservative mode of operation.
I expected customers to flood forums like the FPA with positive reviews but that is not the case.
So it is either the Forex expert advisor does not deliver according to the results shown on their FXblue page or we are dealing with a not so popular trading product.
I just don’t get it, and this looks strange too. I was hoping for something different.
The trading results are impressive, but the average monthly returns cannot satisfy a trader looking for 5% monthly returns and above. Assuming that we were to use the conservative trading approach, it would take as a very long time to achieve significant profits with the EA.
I am also concerned with the developer’s lack of disclosure about the specific trading strategy used by ForexBot28.
All in all, the developer appears to have created a good robot but since there is no customer feedback, I am seated on the fence.
But just to be sure that you are purchasing a good Forex expert advisor at nearly half the price, the safest bet would be to stick with these robots.