Velocity Expert Advisor Review – a Product of CuttingEdgeForex
Welcome to the Velocity Expert advisor review. Velocity EA is a product of Cutting Edge Forex (CEF). Cutting Edge Forex has developed multiple other Forex trading tools like the ASCENT II Expert Advisor, Apex Scalper and Legend.
Velocity Expert advisor is allegedly designed to professionally trade price spikes using impulse scalping algorithm. The developer tells us that this type of scalping is used by the big financial institutions like banks and hedge funds.
There is not much about the Velocity EA on their website apart from a brief explanation of the trading strategy used by this expert advisor. The developer is also providing a back test for the EURUSD pair but no myfxbook to verify that indeed Velocity expert advisor is an efficient Forex robot.
The domain where Velocity Expert Advisor is hosted at was created in 2013 by Joe Smith. They are citing the address 4XThrive llc 8824 Kilbirnie Terrace Brooklyn Park, Texus and if this information is anything to go by, we could presume that the developer is based in the US.
Velocity Expert Advisor review
The way this expert advisor is designed is that when there is a short term price movement to the extreme, Velocity expert advisor makes an entry aiming to take a few pips each time it does make a trade.
It jumps in and out very frequently as long as price spikes keep moving to the extreme.
To make Velocity EA preserve capital, it makes use of a trialing stop, a stop loss and an ‘advanced’ break even mechanism.
In the marketing material, the developer points out that this robot provides the highest potential for profit accumulation.
Additionally, the Velocity expert advisor can be configured to trade continuations and reversals too and the user can choose whether they want to enter based on market orders or pending orders.
Another feature of this Forex robot is the ability to trade multiple pairs with low spreads. It apparently works well with an ECN account and VPN connection. So this means that a trader needs to invest separately in a VPN service in addition to seeking a low spread broker with reasonable spreads. Otherwise, the developer claims that Velocity expert advisor will not produce optimal results.
Velocity Expert Advisor Review – more information
We already know that this expert advisor is a scalper. The developer explains that it is scalping on the 1m time frame.
Default settings are for GBPUSD pair but it also has setting files for two more pairs, EURUSD and USDJPY. These can be accessed in the members area.
The developer provides us with 3 back testing results for the 3 pairs but this is not the way to prove the performance of a robot in this day and era. Scammers have always used this method to swindle unsuspecting buyers of hundreds of dollars.
In fact, Cutting Edge Forex will struggle to sell a license if they cannot sync one of their trading accounts with a myfxbook account. It just won’t persuade traders to give this expert advisor a second thought.
Pricing and other things to note
Cutting Edge Forex is providing free demo for their newest products but it is not clear whether we can access a copy of the Velocity EA for testing.
If this feature was available for this specific robot, then probably we would be testing for several months before deciding to invest $299 on a license.
By the way, Velocity expert advisor is retailing for a relatively higher price and without a proper demonstration of what this robot can do, I generally don’t see the need to invest this much.
They could either use a myfxbook account or FXblue for that matter. In fact, the developer should combine these with their back tests for best results.
There is also a blogging section with only two posts despite Cutting Edge Forex website existing for many years now.
Velocity expert advisor has not attracted the trading community at all. This further erodes my confidence in this EA because I am not willing to invest my money in a product that has no social approval.
Velocity EA is is a scalper but we need more information on the sales page including a link to any of the platforms where they have shared their results. Myfxbook is the most ideal.
Therefore, I am not ready to purchase a copy just yet until Cutting Edge Forex can come up with some proof of performance.
In the meantime, trade with these recommended expert advisors.