Trading Robots

Forex99 EA Review: Legit or Scam Robot?

Today we’ll look at a rarely discussed Forex robot called the Forex99 EA.

Though this Forex99 EA review is untimely, it’s never too late to scrutinize the trading strategy and performance of the EA to determine whether it meets the threshold for inclusion into the list of our recommended trading tools.

The trading strategy of this robot has been tried and tested for 10 years. It was found to be “effective”, thanks to utilizing breakouts in the Keltner Channels in combination with “secret technical strategies”.

forex99 ea review

In fact, the developer has provided a short note on his website to address those who don’t believe in automated trading, stating that Forex99 EA is working to make orders fall into profit.

The grammar is a bit weird but we’ll definitely strive to put the ideas together in a way that all of us can comprehend.

We know that Forex99.com came into business in October 2019 but have never bothered to promote this product or even introduce the vendor’s name, their development experience or even office location.

I would like to see the vendor adding this information on the about us section to make for a more transparent sales copy.

Forex99 EA Review

The vendor chose a very simple and straight forward approach for presenting the Forex99 EA to the trading community.

The website consists of a few sentences that explains why the vendor feels this EA is the best.

They want us to know that Forex99 EA uses a simplistic approach where default settings work straight away.

They also want us to know that this is the only EA that offers unfiltered community Telegram channel.

Last but not least, they assure us that this EA uses precision new market monitoring approach to pinpoint entry points in a way that no indicator can achieve.

The developer also assures us that they will provide support 24/7, replying to emails within hours.

It appears they are a one man army where all duties regarding coding and customer support is done by one person.

So we actually don’t know how they intend to reply to our emails in a few hours, 7 days when workload is this heavy.

Forex99 EA Trading Strategy

The service provides a short overview of the vendor’s strategy.

They disclose how the EA uses breakouts in the Kennel channels in combination with Heiken Ashi Indicators and an undisclosed amount of technical analysis.

They’ve also provided some features of this EA which they believe will set it apart from the competition.

These include a feature that hides take profit/stop loss from brokers, money management and the ability to trade both cent and standard accounts.

We feel that this information is shallow in nature. Most vendors who want to be taken seriously strive to provide as much strategy insights as possible.

Breakdown of Forex99 EA details

Forex pairs: BPUSD, USDJPY, EURUSD, AUDUSD and AUDJPY

Type of software: Forex robot

Strategy: Breakouts and Heiken Ashi Indicators

Tiemframe: Undisclosed

License: $120 quarterly to $500/lifetime

There are 4 different types of licenses. All licenses come with 1 live account and unlimited demo accounts.

Buyers have the option to subscribe for 3 months which will cost $120, six months will cost $180 or $300 annually.

Of course committing to a lifetime license is a bad idea because we still have not seen the quality of coding through trading performance.

Trading performance

The vendor has provided 2 MQL5 signal profiles which we found to have been deleted.

The only way a vendor can delete their signals here is when they fear that poor performance will taint their reputation.

Apart from their MQL5 profile, they’ve also provided a myfxbook account for our scrutiny.

This account has been running since Jan 2020 and according to the stats, a gain of +316.26% has been achieved.

This is far from the absolute gain which is currently at +93.99%.

This disparity should not exist at all unless the vendor is “topping up” their broker account from time to time in order to inflate the figures.

All in all, we’re not pleased with results since drawdown is at 76.88% which is considered unacceptable by all standards.

This will also explain why the developer of the Forex99 EA was increasing equity into the account by way of deposits rather than profits from the market.

Conclusion

The Forex99 EA is insufficient in terms of trading performance and secondly, the developer does not appear to like anything to do with being transparent.

Even if they opt to fix these things, the trading results part of it will take them a long time to get right because it’s already clear that their strategy is not safe.

For that reason, I find myself steering clear of the Forex99 EA.

Thanks for reading.

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