Algofxpro is a provider of “World-class automated trading solutions” whose website can be found at Algofxpro.com.
The service provider has a bunch of Forex robots which can be utilized by signing up on the official website of Algo FX Pro.
In addition to this, they believe that their service is providing “smart asset management powered by innovative technology”.
The minimum deposit for investing in these Forex robots is $250.
The Algo FX pro robots in question are known as Or 1, MO133, Snap 2 and Syla EMA.
Each one of these Forex robots has a myfxbook account attached to them.
With regards to their managed trading accounts, we find a wide range of trading strategies with a “track record” of at least 1 year.
These track records are not from myfxbook so we are unable to verify the authenticity of the figures therein.
Other than the minimum deposit required to invest in these AlgoFXPro Forex robots, the service is charging a monthly subscription fee of $100.
The company is additionally taking 40% of your earnings through their Forex robots.
They want you to send them money or else your robot’s license will be withdrawn.
These fees seem to be costly as most developers don’t use this model of doing business with traders.
Traders can also purchase these robots with a one-time payment of between $329 and $529 respectively.
Average monthly returns for these Forex robots are from 10% to 18%.
Of course we will analyze the figures in their respective myfxbook accounts to find out whether Algofxpro is truly offering a viable solution.
In the meantime, all of you Forex traders who want consistent returns at reasonable investment should consider these highly recommended trading services.
Is Algofxpro legit?
One thing they fail to disclose is their company, identity and development experience.
These are crucial in winning our trust.
Software developers who claim to provide real solutions for the Forex market must provide these details to win the trust of their clients.
When contacting the developer, we can use their email at firstname.lastname@example.org or the chat window.
We’ve looked at a couple of their Forex robot’s trading performance.
We’ve identified a couple of flaws in their Forex robot’s trading strategies.
For example, their Or 1 trading system suffers a high drawdown of 57.82% while monthly return is just 10%.
These are not the kind of results we’re looking at when we want to survive in the Forex marketplace for the long term.
EMA 2017 (one of their Forex robots) has generated +5517.72% with absolute gain standing at +96.71% only.
This is as a result of Algo FX Pro crediting their trading account from time to time to create the impression that the account is growing from trading activities.
It is best to rely on trading performance that show all the profits coming from the market, not deposits.
With regards to their PAMM account results, we see the same thing as well.
Since PAMM accounts are naturally going to attract deposits from various investors from time to time, we expect to see a huge gap between absolute gain and overall gain.
Their PAMM accounts are showing reasonable returns with acceptable drawdown.
However, since we suspect foul play in the way trading performance for their robots iw presented, we won’t be too quick to recommend Algo FX Pro PAMM accounts.
We appreciate their good-looking website which is part of their promotion efforts.
What we want to know is why the developer is depositing funds into the accounts being traded by their Forex robots from time to time.
We will therefore not recommend Algofxpro trading robots or PAMM services at this time until there is more clarity on the issues we’re raising here.