Forex Wealth Technologies aka FWT runs their AI trading technology in collaboration with ICMarkets.com.
The best AI trading company with verifiable trading results and excellent customer support can be found here.
Investors wishing to use the FWT’s AI technology will need to open an account with IC markets and let the EA trade on their behalf.
So it is essentially an EA with operations similar to those of our recommended trading systems.
Forex Wealth Technologies takes 20% from the profits and leave the rest to the investor.
In addition to this, the company is charging a monthly subscription fee of $25. They promise that the AI trading system will open between 3 to 9 trades every week.
The company does not share information about whether these deductions are based on high water mark principle or not.
They also clam that Forex Wealth Technologies is an AI technology software that trades with an accuracy of 90%.
It’s unusual for an automated system to trade with this level of accuracy.
So it’s in our best interest to give you as much information as possible concerning this copy-trading service before you consider subscribing.
Forex Wealth Technologies (FWT) Review
This company operates from the UK under the brand name REDPLUMM INTERNATIONAL LIMITED.
The website was created in April 2019, and we expect them to have some consumer feedback by now.
The vendor promises to deliver “automated simplicity”, capital protection and convenient delivery of banked profits for your withdrawal.
At first we thought this company was operating a HYIP until we saw that they’re actually working with IC Markets to deliver copy-trading services.
To persuade more customers to sign up, the company has included a myfxbook page, a visual representation of trading results and a link to their Facebook page.
This brief presentation is good and straight to the point.
But before we consider anything else, we’d like to know the strategy and also have a discussion on the software’s past performance.
Forex Wealth Technologies Trading Strategy
Forex Wealth Technologies does not provide insights about their trading strategy.
Instead, this section of their website was used to provide reasons they believe the software is better than the competition.
They claim that the company loves to communicate with customers and the trading software only opens trades when it’s 100% sure it will win.
This is a very weird assertion because trading is about increasing probabilities of a good outcome.
There is never a single trade that one can enter when they are 100% sure of a good outcome.
Also, we find their 90% win rate claim ridiculous. Can Forex Wealth Technologies back it with results?
Trading performance of ForexWealthTech
We love this part because it gives us a chance to verify every single claim on this sales page.
The developer’s myfxbook page is under the name ForexWealthTech. It is indeed hosted at IC Markets.
We’re talking of a 6 month trading sample because the account’s trading activities commenced in May 2020.
Gains are currently at +406.92% while absolute gain is just +83.88%.
Ideally these figures should not be far apart.
The only reason why this is the case is because the vendor has placed multiple deposits into this account over the last 6 months. This affects the two metrics by giving the impression that the account is very profitable.
Also, monthly returns are at 33.23% while drawdown is at 29.85%.
The developer is also not very transparent as all the other features of this account are locked.
Overall, this trading system appears to be profitable as it was won 71 of trades out of 90 trades.
However, the huge drawdown should also provide some valuable hint of how frequent things go wrong.
Drawdown is kept to reasonable minimum if it is less than 20%. So this indicates that Forex Wealth Technologies is probably using some sort of risky strategy.
Forex Wealth Technologies appears to have a strong system in place.
However, we’d like some real customer results just to see if they match the outcomes seen in the company’s myfxbook account.
Also, we’d like to know why the vendor found it necessarily to “top up” their brokerage account from time to time.
Finally, the drawdown is a huge concern. We just want to make sure that this is neither a grid or Martingale trading system.
Thanks for reading. At the moment we find it difficult recommending this trading system.