Oxygen FX Trader Review: EA a Scam! - Topedgefx.com

Oxygen FX Trader Review: EA a Scam!

Welcome to the Oxygen FX Trader review. The following question concerns every trader seeking an automated trading system:

Is Oxygen FX Trader EA a legit or a scam Forex robot?

Majority who have been duped by this developer say it’s a scam except a few traders who claim they’ve had success with this EA.

One user claimed Oxygen FX Trader is only taking a few trades every month and so far, they’re on the winning side.

That comment was posted on Forex Peace Army forum in October 11, 2019 which is just the other day.

Trading strategies seem to work well for a specific length of time before they begin losing money.

So if this trader thinks this EA is the best, he should be in for a shocking surprise by the time we’re getting to the fourth month.

Oxygen FX TRADER ea review

Nevertheless, it’s not likely that he’ll be using this EA in the 3rd or 4th month for the obvious reasons.

The developer of Oxygen FX Trader says traders can conquer the markets with one of the best Forex robot EAs.

They also want traders to know that this EA works with most brokers and it’s 100% automated and easy to set up.

The developer is anonymous because they’re using the name Oxygen FX Trader and not disclosing the names of people who run the website and its affairs.

Nonetheless, they can be contacted on a gmail account via oxygenfxtrader@gmail.com.

It’s not clear whether this is a one-man army or a team of developers.

So we’ll just write a review based on what is said on the sales page and the experience of other users.

Oxygen FX Trader review

The developer claims that this EA was created in 2018 and in 2019, it proved to be reliable as it was making money.

So they decided to start distributing licenses to traders.

The EA does not need to be disconnected during news time as the developer reassures us that it is stable even during news release.

Oxygen FX Trader EA works with all ECN and STP brokers including those that provide cent and Micro accounts respectively.

Setup is quick and it also has a wide variety of conf settings.

Backtesting recommendation is also available. According to Oxygen FX Trader team, back tests should be conducted on the EURUSD pair using the 4H time frame.

Minimum deposit should be $100.

To manage risk, Oxygen FX Trader EA is using correct lot sizing based on a trading account’s capital.

There are 3 licenses and before we offer recommendations, we would like to scrutinize trading performance from their FXblue account since they’ve proved access to this account.

Trading Strategy

The developer has not provided information about their trading strategy.

We don’t know how this Forex robot is able to figure out entries and exits. We’re not sure whether it’s a trend follower or a Martingale trading strategy robot.

However, based on their FXblue account, we believe that this is a swing trader and even one user confessed that Oxygen FX Trader EA does not trade everyday.

It’s important for developers to include their trading strategy on their sales page.

Otherwise, experienced traders who want a specific style of trading will find it a hustle when looking for automated trading solutions that fit their preferred style.

Also, it does not cost a developer anything to speak about their strategy and why they believe it’s the best.

Oxygen FX Trader EA licenses

There are 3 licenses that come with this Forex robot. They are as follows:

[tabs][tab title=”Basic License”]Lifelong license is $119

1 real account and 1 demo account

100% automated trading

Free future updates and support

[/tab] [tab title=”Standard License”]Lifelong license costs $139

2 real accounts and 2 demo accounts

100% automated trading

Free future updates and support

[/tab] [tab title=”Professional License”]Lifelong licence costs $159

3 real accounts and 3 demo accounts

100% automated trading

Free future updates and support

[/tab][/tabs]

The cost of a license is quite fair because most Forex robots don’t cost anything beyond the $200 mark.

The software can also be purchased from a marketplace known as Click2Sell.com.

Before we spend our bank balance on a license, we need to see how well Oxygen FX Trader EA has been performing.

This can be done by analyzing stats from a third party statement sharing platform like myfxbook.com.

In this case, the developer has provided FXblue.com instead of what we needed most, myfxbook.com.

We’ll review the stats anyway to help you know what to expect in case you entrust this Forex robot with your investments.

Trading performance

An FXBlue.com account has been provided to help us view the trading results of this Forex robot.

According to this account, Oxygen FX Trader EA is making +22.2% and draw down is 31%.

These results are not bad although we generally prefer myfxbook.com to fxblue since the former has finer details and statistics are also easier to analyze compared to those of the latter.

For example, myfxbook.com is able to tell us whether profits that appear in a trading account are coming from the market or developer’s own pockets.

Some rogue developers are fond of depositing money into their live account whenever there is a loss to make it look like the robot does not lose trades.

This is also a trick that is commonly used to make the equity curve stay on a positive climb.

oxygen fx trader ea performance

Unfortunately, FXblue does not provide this feature and we’re not able to see what games a developer is playing ona  trading account.

However, we still have a clue as far as the equity curve of this live Forex broker account is concerned.

The equity curve is in a staircase pattern which could mean that Oxygen FX Trader is actually crediting funds into this account every time the robot losses.

Also, if you backtest Oxygen FX Trader EA with data from 2010 to 2014, you get a draw down of 80%, which literally means the software has blown your account.

Then from 2014 onward, Oxygen FX Trader appears to be performing well.

The argument is that it is not possible for a trading robot to blow your account and then start performing well for the next 5 years or so.

This developer appears to have back tested this EA starting 2014 to capture the good parts and not the bad parts (which are the years it banned an account in a backtest).

Why a supposedly professional developer would want to hide key details such as losses is something one can only ponder about.

The story of Oxygen FX Trader EA reminds me of the Volkswagen emissions scandal in the US where the car manufacturer programmed their TDI engines to activate emissions control during lab testing only and not in normal driving.

The United States Environmental Protection Agency actually discovered that VW cars were producing as much as 40 times more harmful emissions during real world driving.

The German automaker was basically hiding the ugly when what was under the wood was actually something different.

This is the same exact thing that Oxygen FX Trader is doing.

Conclusion

I would never recommend this Forex robot for the obvious reasons stated above.

If you’re a trader looking for an automated trading system, pick a system that has verified performance on myfxbook.

Pick a developer who does not cheat you hoping that you will not realize.

For now, I’m not including the Oxygen FX Trader EA into our list of recommended Forex trading robots.

Thanks for reading this Oxygen FX Trader review.

Let’s here your opinion in the comment section.

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