Elite Forex Trader Review: Is this EA Fraudulent?

Elite Forex trader is providing an EA that will allegedly make traders fall into the 2% category of consistently profitable traders.

This Elite Forex Trader review looks at the features, performance and characteristics of Elite Forex EA. We’ll also take a look at the trading and development experience of the creators.

To start with, the developer is really confident that their automated expert advisor will provide consistent monthly returns of between 3% to 6% with a draw down of 15% or less.

They want traders to know that it is possible to make money in Forex trading in the next 3 to 6 months but repeating this success is not easy.

The Elite Forex trader EA is allegedly going to solve this situation because it is their work after many years of testing the strategy.

They want the trading community to believe that their Forex robot came into the market in 2013. They’re also telling us that the total gross growth realized with this EA is +4027% while compounded annual growth is +134%.

Elite Forex Trader does not disclose their identity or even the team behind this project. No location has been disclosed either.

However, they want traders with questions to forward their concerns or queries to s[email protected].

I suspect that something is amiss based on what I see on the sales page of this expert advisor.

If you want to become a profitable trader, I recommend that you use one of these trading tools as advised on this page. 

Elite Forex Trader Review

This EA is a scalper and the developer states that they’ve forward tested it for 5 years.

Total accumulated investment are worth +$500K (according to the developer of Elite Forex EA Trader). It is quite difficult to prove these claims if no evidence has been provided to justify the claim.

They also want Forex traders to know that this EA has been back tested for the last 15 years using 99% tick data from Dukascopy.

This is just another marketing gimmick that does not convince professional traders like us.

I have reviewed Forex EAs like Automated Forex Trader robot, Dragon Expert EA among others. I’ve noticed that these developers often leave out crucial information in their sales pages while focusing on sales gimmick to make a quick sale.

I believe the times when Forex robot developers were relying on back tests is long gone. The developer must have a better way to prove the feat they claim to have achieved.

Also, when I check who.is, I find that this website was created in May 2018. So how possible is it that Elite Forex Trader was in use when the developer clearly did not have a website?

And now that they have one, they should persuade us that their Forex robot consistently makes monthly returns of up to 6% of the trader’s deposit.

Features of the Elite Forex Trader EA

There are a couple of features that are being advertised alongside this Forex robot. Among the features being advertised include:

  • Traders having 100% control over their MT4 account even when they are using this EA
  • It trades 24/5 even during economic news events
  • It’s fully automated and no skill is needed to run the EA
  • Free VPS is supplied with every purchase

Elite Forex Trader EA review: Trading strategy

The explanation of the trading strategy is quite convoluted and so traders won’t get a clear picture of how this thing approaches the market.

System trades on an impulsive move from a certain market conditions. Catching as much pips as possible at the fast moving market situation while moving instantly the take profit at a promising level also securing profit by moving stop loss on a positive pip beyond price entry.

The above statement was copied from the developer’s website for purposes of explaining to you how the developer is talking concerning the trading strategy of this EA.

Even though the explanation isn’t quite clear, I gather that they are trying to say the Elite Forex Trader is a scalper.

So what I want to know is how the EA opens and closes traders and what conditions it is looking for in order to take those actions.

Trading performance of the EA

The developer has uploaded some video testimonials and even published figures to show this EA’s returns starting the year 2013.

What I don’t understand is where these figures are coming from if this Forex robot had not been launched in 2013.

elite forex trader ea Trading Results

These figures are probably fraudulent because we cannot verify the performance. The developer must have published their own figures here to deceive inexperienced Forex traders.

Elite Forex Trader results

I prefer that Forex robot developers must use platforms like myfxbook or fXblue for that matter. If none of these can be used, there’s always the chance of demonstrating trading results using a redacted broker statement.

Seeing that this developer has ignored this part and decided to show us non transparent trading results, we can say they are probably cheating us.

Customer feedback

I’ve not seen any feedback from traders yet and this convinces me that the Elite Forex Trader EA is a brand new Forex robot with no reviews yet.

Based on this fact, I would like the trading community to wait until we can see comments or discussions showing up on the internet.

Having said this, I will close this review but give every one of you a chance to speak their mind regarding this Forex robot.

Conclusion

The Elite Forex Trader EA cannot be my recommendation today because the developer clearly fails to persuade traders that their Forex robot works.

Pricing of this Forex robot is not immediately clear. We cannot rely on testimonials found on the developer’s site because those can be faked or manipulated easily.

If you have something to say about this Elite Forex Trader EA, you can drop your comments below.

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