MT-Algorithm is a Forex software developer with an online presence since December 2019.
MT-Algorithm has created one Forex robot known as Swing Trading EA and an indicator known as EasyTrendFollower.
A copy of the Swing Trading EA goes for $99 per year or $187 for a full license.
Swing Trading EA is optimized for trading the EURUSD pair only.
MT-Algorithm claims this EA has proven to be 100% stable in generating profits.
It’s supposed to adapt to market changes with tight stops and risk parameters being high, medium or low.
Screenshots of backtesting is available for this software where the developer claims to have generated 400% in 1 year.
We prefer vendors who use third-party statement sharing platforms like myfxbook because results are audited independently, and traders can make an informed purchase decision before buying a Forex robot.
In addition to this, MT-Algorithm is offering 100 pips a day Forex strategy and Forex trading for beginners.
In the first strategy, they promote their EasyTrendFollower indicator where traders are supposed to use a breakout strategy in a 1h time frame chart, thus netting 100 pips in every trade.
On the other hand, Forex trading for beginners involves trading any pair using EasyTrendFollower signal alerts.
This strategy is supposed to generate 100 pips a day.
However, no explanation has been provided about how the strategy works, just instructions about when to buy and when to sell is available on the sales page.
The cost of EasyTrendFollower indicator is $99/year or $147 for a full license.
Is MT-Algorithm legit?
MT-Algorithm is expecting traders to rely on their backtesting and demonstrated profits through edited screenshots.
If their products are any good, they should put their money where their mouth is by creating a myfxbook and tracking results from there.
What we have is a sales page that peddles a Forex EA, an indicator and signals services for the MT4 and MT5 trading software respectively.
There’s no information about their strategy, which makes us wonder whether these products can ever be recommended by a serious trader.
We’re definitely not going to recommend trading products of this caliber because the developer has done a mediocre-level of service.
The developer would have competed well with established products in the market if they were able to demonstrate that their products are truly profitable.
This has not happened so far. We therefore believe buying their EA or indicator is just one way of losing your bucks.