Forex Armor Review: Scam Forex EA? - Topedgefx.com

Forex Armor Review: Scam Forex EA?

Welcome to the Forex Armor EA review.

Forex Armor’s website can be found at forexarmor.com and they claim to have a solid team in place that has been developing trading systems since 1995.

∗Fact check: These guys have been around since 2018.

Forex Armor is most likely taking us for a ride when they say they’ve been developing Forex trading system since 1995.

We’d love to know this team and what people make the team in question. They also promise that Forex Armor robot will make a consistent 20% monthly return.

It’s not easy to believe such statements when there are no third-party verified trading results.

We hope the developer is going to do what they can to prove to us that their Forex Armor EA is viable.

Their pricing is not necessarily good. They also want to create the impression that Forex Armor trading system is an out of the ordinary Forex robot.

forex armor ea review

 

They proclaim that their trading system has been “certified and is widely used by well-established investment banks and trading professionals”

 

Furthermore, the vendor claims that he’s dedicated to integrity and excellence in profitability and consultancy.

We take these statements with a pinch of salt since they sound gimmicky in nature.

The vendor has also listed a bunch of supposed partner logos on their website to create the impression that Forex Armor EA is a well-known and respected product.

 

They’ve included logos for financial companies such as Credit Suisse, UBS Financial Services Group, JP Morgan Chase and many others.

This is yet another reason why we feel that the developer is gimmicky in their sales pitch.

With software prices going to the roof (a license costing $997 for a year), we will need a thorough analysis and review of the product to make informed decisions.

 

Forex Armor review

Forex Armor is one website that does not inspire any trust from traders who would like to purchase a license.

After going through the entire website, we failed to find a means for contacting the vendor or even answering the burning questions that we had.

A Forex trading website that lacks FAQ, terms and conditions or disclaimer pages is definitely not to be trusted 100%.

It shows lack of responsibility on the side of the developer. They seem to be interested in selling and not presenting detail to buyers upfront.

Since they claim that Forex Armor is a “certified” Forex expert advisor, we’d like to know which financial body certified their Forex trading system because clearly JP Morgan Chase or any of those financial institutions are not using Forex Armor EA for their daily operations.

The trading robot is promoted based on the following supposed advantages:

  • Low drawdown
  • High accuracy….. 85%
  • Ease of use and consumer satisfaction is above 90%

There’s no broker restriction with the Forex Armor EA as it can be used by any MT4 Forex broker. Furthermore, the vendor offers free installations as soon as clients make a purchase.

Forex Armor EA Review: Trading strategy

The vendor has launched Version 2.0 of the Forex Armor robot. They tell us that it’s a combination of grid, hedging and martingale strategies.

The Forex EA can allegedly work well in any market conditions.

The developer promises stability in extremely ranging markets, volatile markets and in high-impact news.

Details of the Forex Armor EA are as follows:

  • EA optimized for EURUSD and GBPJPY
  • Timeframe: V1 (H1 – H4), V2 (M5)
  • Preferred settings: Default
  • Leverage: 1:100 – 1:500
  • Money management: Yes

In another section of the website, the vendor gives us a slightly different statement regarding the trading strategy of their Forex Armor robot.

They claim that version 1.0 of this Forex robot uses a combination of price action based signals with Double OsMA and zero-martingale averaging.

In Version 2.0, they’re relying on grid strategy, averaging, hedging as well as an option to use safe-martingale.

Due to the fact that grid and martingale trading strategies are associated with high draw down, we believe that this EA can pose a significant risk to a trading account.

As for pricing, there are 3 packages so far. These include the following:

[tabs][tab title=”Economy Class Plan (1 yr license”]1 live account and 1 demo

24/5 support and 1x free installation

Price: $1299

[/tab] [tab title=”Business Class plan”]

1 live account and 1 demo

24/5 support and 1x free installation

Price: $997

[/tab] [tab title=”First class plan”]

3 live accounts and 1 demo

24/5 support and free installation

Free system updates

Price: $1,599

[/tab][/tabs]

In the third licensing plan, we see that the vendor is promising free system updates.

We don’t know whether this means that traders who purchase other license types will not get any free system updates.

Definitely Forex Armor EA is not a pocket-friendly option given that even the best Forex trading systems that we’ve been recommending here cost less than $200. 

We need to discuss trading performance and see whether these prices are worth paying

Trading performance

Forex Armor has provided their myfxbook account for our analysis.

That’s good news.

It is named Forex Armor V2 and hosted by PaxForex broker.

It’s important to note that this myfxbook account’s track record is not verified. It simply means that this is a demo account.

Furthermore, we see that this is a cent account. It is not possible for a vendor to trade a cent account using a Forex robot that can “generate 20%” monthly.

This myfxbook account has a +45.05% spanning between April 2019 and September 2019. Draw down is 40%.

In August 2019, the account suffered -570.8 pips.

In the same month, it suffered -533 pips.

Average monthly returns have always been 44%, which means Forex Armor EA is taking a lot of unnecessary risks, hence the huge draw down.

There’s also another myfxbook account provided by the vendor.

You can view it here but please take note that results are being manipulated to give the impression that account is growing.

Forex Armor EA customer reviews and feedback

There are reviews dating back to as far as 2018 when the EA was first rolled out.

These reviews are not offering useful insights though as they’re from people who are generally inquiring whether this Forex robot is good.

No one has ever claimed or provided evidence that they used Forex Armor EA to make any money.

Conclusion

We definitely can’t recommend a Forex robot like Forex Armor for the obvious reasons: high draw down, lack of money management and deceitfulness from the vendor.

If you’d like to make money as a Forex trader, it’s time to start using professional trading systems, not investment snake oil from internet marketers who want to make money off your desperate situation.

Thanks for reading the Forex Armor EA review. We look forward to your feedback.

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