Welcome to the FXAutoPips review. FX AutoPips is a Forex expert advisor developed by a programmer who believes that scalping is admirable but achieving 2 to 4 pips per trade may not be practical.
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They believe that a Forex scalper that trades like this will not be compatible with most brokers and secondly, the robot can’t achieve results in a live account.
They tell us that FX Auto Pips EA was inspired by scalpers but is actually not a scalper because it aims at 14 pips take profit per trade instead of 2 or 4 pips.
They want the Forex trading community to know that FXAutoPips EA trades at night whereby its algorithm looks for price to reach a certain range.
FXAutoPips EA is supposedly compatible with all brokers and does not require any special trading conditions.
It is optimized for the USDCAD pair and requires a minimum deposit of just $26 to trade 0.01 lot.
This is definitely great news and in our FXAutoPips EA review, we shall let you know whether this robot is living up to expectation.
But in the meantime, we’re recommending these Forex auto trading tools to those who would want to automate their trading for profits and convenience.
We believe that the developer of FX Auto Pips EA is also the owner of Forex Store.
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Forex Store is in charge of promoting or sponsoring a number of Forex EAs, some of which include FX Adept EA, FXmower EA, FX Helix EA and many others.
Forex Store is somehow not transparent as no information about their background was ever published on their website. So we actually don’t know whether they own FXAutoPips EA or are just promoting it to earn commission.
The official website where FXAutoPips EA is being sold at does not have much details. They only have a few sentences, a backtesting sample and myfxbook widget.
This might save time for both the developer and customer looking to understand the software as quickly as possible.
However, we also believes vendors who use this kind of minimalist approach often deny themselves an opportunity to make any new sales since traders are always looking to understand how a Forex robot works even before they can commit any funds.
Therefore, we still reiterate that in order for FXAutoPips Forex robot to qualify in our list of most recommended auto trading products, they will have to provide a proper explanation of their trading approach.
This is a fair enough request to make and we’re not hoping that the vendor will feel offended by this request.
FX Auto Pips EA Trading strategy
The developer suggests that their Forex robot has scalping tendancies.
They want traders to know that FXAutoPips is always looking to trade the Asian session where it takes advantage of price movement in a certain range.
They reassure us that their Forex EA does not use any Martingale trading approach and that it has a loss recovery feature built into its algorithm.
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We don’t know what to think of this description because indeed the loss recovery feature is very common in FX robots that utilize Martingale trading strategies.
It appears that FXAutoPips EA is somehow combining several strategies to trade the currency market and scalping is just one of the strategies.
Analysis of the Forex robot
Strategy is intraday while time frame was not disclosed.
The cost of a license is $255. It is optimized for the USDCAD pair.
Traders wanting to purchase a license will also expect to receive a user manual, free updates, 30 day money back guarantee and 24/7 support.
Our best Forex robots with proven trading results cost way less. So this is something that traders will have to contend with seeing that $255 is way costly compared to saving the $55 or more to get a decent robot.
FXAutoPips EA trading results
The vendor is using backtesting and a myfxbook account to demonstrate what this robot has or can achieve.
We’ve always stated that there’s no point in using backtested results at this time because they don’t provide a true picture of what may happen when trading the live Forex market.
Clicking on the myfxbook.com widget takes us to the vendor’s profile where we find a real account from the broker FXOpen.
Gains are +606.43% which is jawdropping. Absolute gain is +511.12%.
This means that at one time, the developer credited this live account with money from their pockets to compensate for a huge drawdown.
Indeed our theory is valid because we can see a drawdown of 50%. This sample of trading results is between January 2018 and April 2020.
Though they compensated for a big draw down, these results give the impression that FXAutoPips EA is immensly profitable.
However, we also believe that this drawdown came about as a result of the Covid 19 situation which is making the market not to behave as traders anticipate.
We would love to order a license of FXAutoPips EA but before we do that, we will have to watch the robot bouncing back to a profitable curve. This way, we can feel confident.
FXAutoPips EA seems to be a capable trading robot but the way the developer is presenting their trading approach is quite below par.
They should also provide information about who runs this website for maximum transparency.
The myfxbook.com account shown on the sales page is ok though we are would also like to see the FX Auto Pips coming back to its former glory.
That said, we want to thank you for reading our FXAutoPips EA review. You need to leave your comments behind so the community can join the conversation on whether or not to purchase a license.