Alnotrade.com promotes its products and services as the “first choice for MT4, automated trading and managed accounts”.
They tell us that their trading systems are backed up with “verified live account performance“.
The main product of Alnotrade is the Dragon Scalper which they describe as “the Ultimate trading warrior”.
AlnoTrade is selling a copy for €199. The Dragon Scalper is optimized for the GBPJPY pair.
In addition to this, they sell other automated trading systems which include EscalpX50 and Daxbot Europe.
We have provided an in-depth review of Daxbot Europe trading system. You can read it to get a feel of what the developer did when creating this EA.
Alnotrade also provides managed trading accounts with a minimum deposit requirement of $500.
The aim of this AlnoTrade review is to help you make an informed purchase decision.
Therefore, we’ll scrutinize their performance claims, development track record and features of their products and services before a verdict can be made.
Note: You can become a profitable trader by using trading products and services with a solid track record. Find out here what products we are recommending now.
Is Alnotrade legit?
This is a very aggressive trading software developer in terms of how they promote their service.
Their website design is on point but it gives the impression of a salesperson whose only motive is to sell a trading product or service.
They even provide snapshots of their reviews from websites like ForexPeaceArmy, SiteJabber and even Google reviews.
The company is owned and operated by Matts Korsen. They don’t even have a physical address but the text on their website also suggests that this developer is operating from Europe.
The team can be contacted using +44 7555041451 (whatsapp) or email firstname.lastname@example.org.
The website was founded in early 2019. I would like a proper introduction of this team since the images they use are from a stock photo database.
Other “team members” are completely anonymous with only Matts Korsen being associated with a software called Daxbot.
The Dragon GBPJPY robot uses fixed stop loss and take profit levels.
It only opens trades during UK time between 8am to 5pm.
It can also trade outside these hours in the event that a trade does not close within the stipulated UK time frame.
The Dragon GBPJPY robot has backtesting sample from 2015 where it gained 3000% returns.
Obviously we don’t rely on backtesting results nowadays. The Dragon scalper’s myfxbook account reveals a monthly performance of 441.14% with only 3.38% drawdown.
Gains and absolute gains are world’s apart, meaning the robot’s “gains” are from his own pockets, not the market.
They keep “topping up” this Forex account to give the impression that the robot is making money.
This is the same case with eScalpX50 robot. It “yields 17.14% monthly with drawdown of 47.43%”.
Obviously this is not reasonable. There is no way a Forex robot can be reliable with such a high drawdown.
Furthermore, AlnoTrade is just crediting this Forex account with more money to deceive people with their fake performance.
Lastly, the Daxbot V2 robot is currently generating 182.72% monthly. Drawdown is just 14.21%.
We know this cannot be real. These numbers are definitely fake and nonsensical.
Their managed Forex account is also using the failed Daxbot robot which means we can’t make any reliable gains from this service.
Furthermore, myfxbook results suggests that this account has only been traded for 1 month. Therefore AlnoTrade does not have a track record for their managed accounts.
Their trading systems are bogus and the people who run AlnoTrade are after selling their trading systems, not real trading performance.
This is a very new team with no solid trading background. They’re going to ruin your trading account because the developer does not have a working trading strategy.
We implore all of you to avoid these products at all cost. Their managed account is the scariest since investors don’t have the chance to stop the trades.
The only thing that can happen to this poor victim is to watch as their deposit is being depleted.
Thanks for reading our AlnoTrade review.