FXcharger Review: Scam? Here’s My Experience
We’ve come across a very interesting Forex robot called the FXCharger. It’s interesting in the sense that the developer promises an abnormal yearly return of 600%. The robot is available in two versions. These are called regular and advanced versions. The price for the two are also slightly different as the first one goes for $219 while the second one costs $259.
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The FXCharger is symbolically represented by a battery half way and fully charged respectively. This is to give the impression that this robot is powerful and that it will keep increasing your account balance infinitely.
The developer says that FXCharger robot was designed to trade on a daily basis. On top of this, they claim that it has an intellectually-designed take profit which changes according to the conditions of the market.
The same thing happens with their stop loss as well. If a trader uses the correct settings in the FX Charger robot, they will see their account increasing in value in a short time.
Such claims cannot be taken lightly. You see, unless there is proof that this robot translates those features into Forex profits, it’s really a good for nothing robot.
So in this FXCharger review, we shall be looking into the very things that could potentially make it a winner or a loser. Here’s what we think:
Honestly speaking, FXCharger sounds very interesting. In the past, we have seen many robots like FXCharger trying to use adaptive take profit and stop loss technology unsuccessfully. So if this expert advisor can actually perform according to the words of this developer, this could be a huge step forward.
It also appears that the owner of FXCharger designed this expert advisor with the intention of scalping the markets. On one hand, they intend to close trades quickly and open other positions afterwards.
But in the other, they feel that letting trades run for up to 4 days would be a nobble idea. In our opinion, letting trades run for 4 days is not scalping. This is called swing trading.
One important aspect of this robot is the stop loss Limits. We still do not believe this developer when they say that our money will be safe because this technology will always protect our balance even if we lose internet connection or in the event that the MT4 terminal is switched off. Unless they are talking of a Forex VPS service, we don’t see how this will be possible.
Again, if this promise is real, then we could see this robot revolutionizing the world of expert advisor trading. We are yet to confirm if it’s real.
Trading performance for FXCharger EA
Bottom line: we know that it’s pretty useless for a robot to have all these features when this cannot be translated into real profits.
The more a developer boasts of advanced features, the more we are encouraged to dig deeper and find evidence that this software generates profits on a consistent basis.
First of all, this developer says that FX Charger was created to trade EURUSD and AUDUSD only. However, they also tend to feel a little bit confident towards the EURUSD pair because they claim this robot produces the best results with this particular pair too.
For that reason, this developer maintained two myfxbook accounts (at one point) to track the performance of these currency pairs.
Honestly speaking, when you glance at any of these myfxbook accounts, you will see jaw-dropping results. The performance is extremely good at first glance.
The EURUSD account had gained over 1100% for the trading period which they were testing. On the other hand, the AUDUSD account had gained over 100% before it was pulled down.
But we also noticed one thing. The developer was hiding open trades at the moment. This shows that this developer had intentionally chosen to set open trades to private mode so that whatever is happening cannot be visible by members of the public.
We are afraid that this could be the greatest undoing for this developer. You see, if you truly believe that your robot works, would you restrict people from seeing the performance of your robot from all angles, at any time?
Although the equity curve for EURUSD keeps rising in a steep manner, there is no guarantee that this will happen indefinitely.
Secondly, we have been tracking the performance of FXCharger for some time now. As at the time of preparing this FXCharger review, we discovered that the myfxbook account for AUDUSD was suddenly missing.
Perhaps this account crashed… as the developer had previously warned that this robot is not very good with this particular currency pair.
And now the question is, why can’t they just eliminate this pair entirely instead of including it in the advanced version of this robot and then selling that copy for $259?
And last but not least. We suspect that this developer is up to something fishy. See, they have set their open trades to private, meaning that no one can see if these trades are currently in profit or in losses.
Since this is the situation, we are not able to tell what the ultimate draw down would be when these positions are hidden.
One should be very careful when analyzing myfxbook of a developer who claims to sell a profitable robot. In this case, the open trades could potentially eat up all the account balance in the event that these trades were closed while in the red zone.
The point is, if FXCharger wants to gain some trust, the developer should be transparent with their myfxbook account. They should be willing to show us everything.
Not a single customer testimonial can be found on the website of FX Charger. They couldn’t even afford fake testimonials like scams do.
This prompted us to seek for user opinion elsewhere. Thankfully, FPA was able to provide us with some clue regarding customer experience with this software.
We learned (for the first time) that this developer owned a number of websites which sell expert advisors. And two, we learned that they have been tricking users with their dirty secret of saying that they have a 30-day money back guarantee (which they do not honor).
It is now crystal clear whether or not this software vendor does refund any money.
Summary of things to take note of
Although this developer says that FXCharger is very safe to trade with, this is not always the case. If that was true, we wouldn’t have such negative client feedback.
Secondly, if you see an equity curve climbing so aggressively, you should know that this developer is using high risk setting which is not safe.
And third, this developer does not say what happened with the AUDUSD myfxbook account. Notice that this currency pair is still included as a trade-able asset in the advanced version of the robot. This is not wise.
Wrapping it up
If profits are this high (600% per year), we should suspect that this developer is using high-risk settings. This means that the account could crash anytime. But in the meantime, they can have a field day fooling naive traders who instantly fall in love with climbing equity curves on myfxbook platform. The real risk is: FX Charger is likely to burn your account. Don’t start looking for FX Charger download links or anything like that.