Fxalg.com provides Forex robots and indicators with “incredibly advanced professional technology”.
According to the sales page, FXalgo is a company incorporated as “Forex Robot EA” in Colombo, Sri Lanka. This also explains the poor grammar on their website.
Fxalg offers a collection of Forex robots where the cheapest robot goes for $60 while the most expensive robot has a price tag of $3,200.
Most of the Forex robots sold by this vendor are pricey by the way as we saw robots on sale for $450, $1,400 and even $2000 per license.
It’s definitely interesting because as we know it, the average Forex robot with solid trading performance will cost $200 or less.
Either they have something special for clients or just hyping their products to raise their sales volume.
Whatever the case, this review will provide the most definite answer.
Note: Managed accounts are still the most convenient investment for traders with no skill and time to trade.
Fxalg (Forex Robot EA) Review
The vendor’s website is quite disorganized and they seem to produce a new trading system every few weeks.
According to who.is, this website was created in August 2020.
The website is barely 3 months old yet the vendor has already created 7 trading systems.
It gives the impression that they are more into selling that taking their time to test and optimize their strategies.
Looking at the description of their trading products, we conclude that Fxalg.com has Forex trading systems for all kinds of trading styles.
These include scalping (Renko scalping), arbitrage trading, hedging and so on.
Some of their Forex robots are allegedly generating weekly profits of up to 70%. This is obviously too good to be true.
Also, fxalg (Forex trading robot) is providing free updates, 24/7 customer support, live chat support, “professional strategy” and compatibility with all Forex brokers.
Of course every vendor of Forex trading products will make these proclamations. They do not set a developer apart from the competition.
Fxalg (Forex Trading Robot )Trading strategy
The developer has provided a quick overview of each of their products and the trading strategy involved.
However, due to the number of trading products they produce, it’s quite difficult to keep track of the specifics strategies which they use for each one of their products.
Like we said earlier, there is a robot for scalping, hedging, arbitrage and so on.
Fxalg only provides highlights of their trading strategy but no insights into how trades are managed once they are executed.
This is a major problem with developers that produce too many trading systems within a short time.
Perhaps they would have done a good job if they only had 2 or 3 trading systems to focus on.
Fxalg (Forex Trading Robot) performance
This vendor has provided their myfxbook account. In as much as this is a good move, we do not know which Forex robot these results are being documented for.
The name of this myfxbook account is “High frequency trading EA”.
This does not tell us about the performance of the other EAs.
Nevertheless, we see that this account has already gained +273472.0% while absolute gain is just +6512.85%.
Fxalg’s myfxbook account suggests that this particular trading system makes 195.44% with a drawdown of just 8%.
The last time this myfxbook account was traded was in Jan 24 at 07:23.
These “results” are definitely weird because we can’t establish why the account is dormant at the moment.
Also, monthly returns of up to 200% is quite unrealistic. Either the trading system was taking unnecessary risks or the vendor was playing foul by crediting this account with their money.
By the way, adding more money to your Forex trading account will affect results in your myfxbook account.
This is how some developers are able to get away with their fabricated results.
We believe Fxalg (Forex Trading Robot) used this trick to make their results attractive and probably to deceive users.
It’s quite obvious that this developer does not have sufficient development or trading experience.
So the pricing of their robots is unjustified.
They used a myfxbook account because they heard that traders want to scrutinize results before making a purchase.
This is not an excuse to manipulate result with the intent of deceiving traders.
We hope they will read this review and give us their side of the story.
At the moment, we do not recommend Forex robots by Fxalg (Forex Trading robot).