Moneypile EA Review: Myfxbook Analysis and Overview
Today’s review is about a Forex robot developer who is providing a robot called Moneypile EA and at the same time offering Forex managed accounts starting $1000. The developer whose website is based at moneypileea.com believes that traders lose money because of greed, lack of trading strategy or Forex education. I agree with them on this part, and if you are a trader who has lost a lot of money to Forex, humble yourself and get proper training here.
The Moneypile EA is optimized for two pairs EUR/USD and GBP/USD and is designed with some special strategy and ideas. The name of this developer is unknown but that does not seem to bother them as they are focused on promoting the Money Pile EA.
Also, I find it tough understanding the kind of English language used on the Money Pile EA website because there are lots of grammar and spelling errors which I believe could have been easily rectified considering that this developer is charging a license for $899.
The developer believes that Moneypile EA is the best and most profitable Forex robot. Today we want to determine in this Moneypile EA review whether this is true or not.
But if you’re looking for a reliable Forex robot which we’ve tested and found to be consistently productive, go to this page and pay attention to the specific descriptions of certain automated trading tools in that page.
Moneypile EA review
The developer tells the community that their Forex EA is low priced compared to expert advisors manufactured by other companies. This is obviously not true because most Forex robots don’t cost more than $200. In fact, there are very good Forex robots going for less that $150.
The minimum recommended deposit for trading with the Money Pile expert advisor is $1,500 and returns are expected to be anywhere between 20% to 50% per month.
This is not possible with Forex trading unless you are using a high-risk strategy. It is only possible to make these returns trading Cryptocurrencies but not Forex as seen on this website. By the way if you’re looking for managed Cryptocurrency accounts, this website provides the best and most profitable Cryptocurrency investment packages.
On the other hand, I am interested in knowing how Moneypile EA is able to generate a minimum of 20% profit if it only trades two pairs. Considering the strategy discussed on the developer’s website, I don’t see how this can be possible.
It is also important to know that Money Pile EA comes with a 2 week trial and a 30 day money back guarantee. It’s not clear whether the developer will take details of your credit card when applying for the trial but if this is the case, you must know that at the end of the 14 days, they will automatically charge $899 from your card unless you cancel this with your bank in advance.
Trading strategy of Moneypile EA
The developer wants the community to understand that their Forex robot uses a multi-time frame analysis formula which is based on an algorithm math formula for trading currencies. I obviously don’t understand what is being communicated here.
They claim that this strategy of the Money Pile Forex robot uses market rules, trends and corrections which are normally used by professionals and large institutions. In addition to this, they tell us that the Moneypile EA is able to trade in a ranging market and when the market is extremely volatile.
Based on this description, I can judge that the Money Pile EA does not conform to one particular trading strategy. This can consequentially make the robot active throughout the day or night since it trades the 30 min time frame and opportunities can be numerous when you depend on multiple strategies.
MoneyPile EA Forex managed accounts
It is rare to see Forex robot developers providing managed Forex accounts. This developer provides managed trading accounts whose performance is not known.
The minimum deposit they are requesting is $1,000 in addition to setup fee of $100. Most traders are now charging setup fee because it can take some time connecting an investor’s account with a copy trading facility.
For those of you who are looking for managed Forex accounts, this article will provide proper guidance on how to go about it.
The developer does not provide their myfxbook or FXblue accounts page for scrutiny. They instead provide the community with their MT4 login credentials as well as back tests to make traders believe that the Forex robot is really worth the exorbitant price tag.
Another thing they are relying on is the trial which runs for 2 weeks. I don’t know if a busy trader will ever have the time to perform this test. The reason you are looking for an expert advisor is because you either don’t know how to trade or have no time to indulge with the market. If either of these two apply to you, then you will not know what details to look for even if you were given the opportunity to test the Moneypile EA for 2 weeks. A myfxbook account would be much better.
You might say that their managed Forex accounts are a better option. In my opinion, they are not unless you already know the kind of performance that this developer is delivering.
Moneypile EA reviews and customer feedback
There are no customer reviews but one forum called Soehoe has a thread on Money Pile EA V 2.0. I don’t like this forum as the community is mostly made of jokers or people who simply speak rubbish 99% of the time.
Other than this forum, I have not seen any Moneypile EA review out there. So this will actually be the first review. You guys may use this review as a platform to air your frustrations or experience with this robot if any.
I don’t like the price tag, and secondly, the developer should fix the language on their website if they want to be taken seriously. Thirdly, we need to see some credible performance record because we understand that some traders have no time to go through a 2 week trial period to determine whether or not MoneyPile EA is a good Forex robot. For that reason, any serious trader looking for a proper expert advisor should just purchase one from this page.