Ruby Expert Advisor Review: Is this Forex EA Scam?

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Ruby Forex Expert Advisor Review
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Summary

Ruby EA suffers from huge draw down and only trades EURUSD. The cost of a license starts at $299 and is renewed every 12 months. A myfxbook account is also available. Read this review to find out whether Ruby Expert advisor is worth it.

Welcome to the Ruby Expert Advisor review.

Ruby Expert Advisor is presented as an automated trading solution that lets traders “keep an eye on the currency market in different time zones”.

There are many benefits which the developer of Ruby Forex robot has promised on the sales page.

These include the ability to bring traders to “profitable investment decisions”, full automation, user-friendliness, low minimum deposit, smart money management and many more.

They tell the community that Ruby Forex EA does not require any experience and that their “premium quality service” is suitable to traders of all levels.

As we assess Ruby Expert Advisor, we’ll go through each one of the aspects of the Forex robot to determine whether it’s a viable investment.

In the meantime, traders can also check out these automated trading tools since they’re highly recommended by professional traders.

Ruby Expert Advisor review

It’s not know who the developer of Ruby Forex EA is. In addition to this, they’ve refused to disclose their trading background.

They only want traders to know that the developer of Ruby Forex EA debuted in the Forex expert advisor market place in 2018.

Ruby Forex Expert Advisor review

The truth is that the website of Ruby Forex EA was created sometime in October 2019.

This is obviously a sign that the developer of this Forex robot is being deceitful.

We assume that they reason they lie is because they wanted to pretend to have been around for longer than they’ve actually been doing business.

By doing so, the owners of Ruby Forex EA want to create a reputation which is actually hurting them because we’ve already caught them pants down.

Their website is professionally done. They’ve also listed a number of features associated with Ruby Forex expert advisor.

One of the things they’ve said is that this EA does not hedge or scalp because they don’t believe in quick profits at the expense of hurting the account in the long run.

They’ve also pointed out that Ruby Forex EA does not require a high minimum deposit since $100 is enough to start trading with.

The listed features on the sales page are not out of the ordinary. In fact, nearly all Forex robot developers are making those claims on their own websites.

The Forex robot marketplace is very competitive right now. For these guys to redeem their image, they should provide verified trading results.

Secondly, they should provide reasons that differentiate them from the herd.

Trading strategy of Ruby Expert Advisor

Unfortunately, the vendor has not disclosed what trading strategy that their Ruby Forex EA is using.

Instead, they’ve provided a statement telling traders that Ruby EA is using a long term trading strategy that does not utilize scalping or hedging.

The developer is basically using such statements as a way to fill up the pages since they’re not answering the question of what trading methodology their FX robot uses.

They should uphold transparency at all times since they’re a brand new Forex robot developer in the market place.

What they need to do is to provide a better service to the trading community and one way to achieve would be to provide a proper statement of how trading is being done using Ruby Expert Advisor.

Breakdown of the product

Pricing: From $299 to $499

Time frame: 1 hour

Strategy: has not been disclosed

Optimized for: EURUSD

The basic package caters for 2 licenses which will remain active for a year.

The advanced package comes with 3 licenses which remain active for 18 months. This package costs $399.

Finally, they have the ultimate plan which costs $499 and provides 4 licenses running for 24 months.

You all agree that Ruby Expert advisor is costly to buy and maintain.

The prices are out of the norm plus traders will incur additional expenses when renewing their licenses.

Most Forex robots such as Vantage Point X, EA Boss, FX Mower EA don’t have licenses that require renewals after a certain period of time.

Furthermore, we prefer Forex robots that have lifetime licenses as opposed to EAs that make traders spend on licenses every now and then.

Trading performance

Ruby EA is backed by back testing and a live account that is being tracked through myfxbook.com.

This is a real account that was funded with $1,000 and has since gained +298.71%.

However, we have observed that draw down is at its all time high of 67.54%.

At the time of writing this Ruby EA review, we observed that the robot had opened two EURUSD trades. There were huge floating losses at the time of writing this review.

I believe these floating losses is a factor that contributes to the high draw down witnessed in this myfxbook account.

Conclusion

Ruby Expert advisor appears to be a professional trading robot until we find that their trading results have a huge draw down as the short coming of using it on a live account.

We’d like to know what strategy is in use right now and secondly, they should furnish us with details of their company and trading background.

Thanks for reading this Ruby Expert Advisor review. Once these issues have been fixed, we will see whether we can consider it again.

At this point, we’d like to hear your comments regarding this Forex robot.

TopedgeFX Team

We're a team of informed traders from the US, UK and Australia who love to hunt investment scams and bogus trading products hawked by Forex gangs and criminals.

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