Welcome to our FX Rapid EA Review. FX Rapid EA is a Forex robot developer with 2 robots so far.
Their website FXrapidea.com was created in November 2018 which is a significantly long time for a product like a Forex robot to gain traction in the community.
According to FX Rapid EA, their two Forex EAs are highly profitable, trade rapidly, does not go against the trend and are compatible with every MT4 Forex broker including the ones we recommend here.
Having said this, we’ll provide you with insights in our review to help you understand whether or not the two Forex robots are viable.
In the meantime, you can check out these trading resources because we feel that they’re a consistent in producing desirable results in trading.
FX Rapid EA Review
This vendor sells its robots at two different price points. The FX Rapid EA Due costs $269 per license while the FX Rapid EA Quattro costs $349.
The developer insists that the minimum deposit for using these robots is $460 and we’re wondering why the awkward number.
Most vendors creating and selling Forex robots tell us that their robots require a minimum deposit of $100 in the cent account and $1,000 in the standard account.
FX Rapid EA is owned by a group called Forex Store. Very little can be said about this group because they’re generally keeping a low profile.
Their location is not known and the individual traders or developers in charge of the robots have never been introduced.
What we know about Forex Store is that every 2 months they have to release a new Forex robot. If this is the case, then updates are not likely to be done on a timely manner.
In addition to this, we feel that this frequency of production makes them look as if they’re more commercially-oriented than result-oriented.
The team in charge of FX Rapid EA Forex robots recently produced FX Auto Pips among other products which we are yet to review.
It would be best if they stick with one or two products which they’ll focus on to improve results overtime.
FX Rapid EA Review: Details of the two Forex robots
FX Rapid EA is optimized to trade 2 pairs only while FX Rapid EA Quattro is designed to trade 4 pairs.
While the first robot trades EURUSD, NZDUSD, the second one trades EURUSD, NZDUSD, AUDUSD and USDJPY.
The developer also claims that 80% of trades are closed in a couple of hours. Only a few trades will occasionally last between 1 to 2 days.
The developer also tells us that each one of the robots come with a drawdown control system. Basically, this system prevents further losses according to the limits set by the user.
They also tell us that FX Rapid EA robots are following trends and when there’s a slight roll-back to signal trend continuation, the robots will open additional positions for greater profits.
FX Rapid EA also states that when a trend suddenly changes, their robots will close positions in losses and re-open when there’s a new trend.
This happens several times in a day in order to recoup the previous losses. Unfortunately, we believe that this is revenge trading and it is always going to hurt your account at some point.
We also feel that the frequency with which it opens and closes trades or increases position sizes when trends continue is a sign that the algorithm has some Martingale or Grid trading tendencies.
If this is the case, we’ll see it from their myfxbook results because the vendor has provided two myfxbook accounts. They believe that putting their money where their mouth is should be the best way to persuade us.
FXRapidEA Review: myfxbook results
They’ve provided two myfxbook accounts for our scrutinize and the results we see are quite interesting.
The first myfxbook account is for FXRapidEA Due robot which makes 30% monthly returns with a drawdown of 50%.
The second account is for FXRapidEA Quattro software which makes 47% monthly with drawdown of 40%.
Each one of these Forex accounts were funded with $2,000, so we assume that risks settings in both scenarios were the same.
While returns are quite good so to speak, we’re worried of the high draw down figures which are also clearly reflected in the deeps which occur in the equity curve.
This shows that FX Rapid EA team is using grid or Martingale trading elements in their algorithm.
It is the reason their robots suffer high draw down despite results being pleasant.
We’ve also observed that FXRapidEA pricing is out of the normal as most FX robots cost less than $200.
Even if we were to recommend these Forex robots, we don’t see how they would beat these recommendations.
We appreciate the fact that the developer proved that they’ve been using their products on a real account and risking their money.
However, we’re not ready just yet to use or recommend their robots at this time.