Easy Money X-Ray Robot is a Forex EA that promises 35-50% profits even for inexperienced traders. As per vendor claims, you can turn a minor amount like $250 into a huge gain by using this robot. Now, since there are many automated systems on the market making similar claims, we need to take a closer look at the various aspects of the software.
Detailed Forex Robot Review
The vendor makes a detailed presentation on the official website, outlining the various advantages of the Forex EA, live trading results, some screenshots of user testimonials, features, and pricing details. A new user visiting the website would get a clear idea about what the system offers.
There is no information on the website regarding the identity of the developers, so we don’t know whether the people who designed the system have any prior experience in the Forex market. Some Forex traders are cautious while choosing an automated system, and they wish to know the credentials of the developers.
The Easy Money X-Ray Robot has automatically optimized functionalities that you don’t need to modify. You only need to choose the level of risk you are willing to take and the expert advisor will do the rest. When you buy the product, you will get a manual where setup instructions will be outlined, along with recommendations for getting the most out of the system.
This Forex EA is 100% plug and play and has a dedicated customer support team offering assistance 24*7. You also get free lifetime updates, whenever applicable.
Easy Money X-Ray Robot Strategy Tests
Considering the fact that Easy Money X-Ray Robot promises 35-50% compounded profit on a monthly basis, we hoped to find some information about the trading strategy. However, there is very little information related to this.
It is mentioned that the system uses a strategy involving four different indicators for identifying trends. Then, trades are entered, and profits are locked in rapidly through a dynamic management system. But, we don’t think this information is sufficient.
Forex traders generally look for some technical insight into the strategy and they will no doubt be disappointed at this. The vendor does not provide us with any backtesting results either, so we don’t know how the systems would fair on historical data. Backtesting data provides us with some vital statistics related to a trading system and without it, we cannot fully assess the effectiveness of the software.
Real Account Trading Results
Here, we have a live trading account of Easy Money X-Ray Robot that’s independently verified by Myfxbook. It was launched on 1st March 2020 and since then it has generated a profit of $337350.44 from deposits of $454643.29. The time-weighted return generated by the system is 191.19%, while the absolute gain is 74.31%.
Compared to other systems, the performance seems quite competitive with the daily and monthly gains being 0.30% and 9.33%. But, that being said, we think the drawdown of 41.21% is a bit high and that it could be a cause of concern for some traders.
To date, 11027 trades have been placed through this account, out of which it managed to win 7053, bringing the profitability to 64%. While the profit factor of 1.47 is more than decent, we think the Sharpe Ratio of 0.04 is quite low. Most profitable systems have a Sharpe Ratio of more than 1, with some exceptional systems having a Sharpe Ratio greater than 2.
Easy Money X-Ray Robot offers two distinct pricing plans for Yearly and Lifetime memberships and they cost $347 and $597, respectively. The features provided with these plans are the same, and the vendor also provides a 30-day money-back guarantee in case a user is not satisfied with the performance. We think the prices are quite reasonable, considering the vast amount of features that are included in the plans.
There were no user reviews for Easy Money X-Ray Robot on third-party websites. This tells us that there aren’t enough people using the system and it doesn’t have much of a reputation. Without customer reviews, we cannot judge certain aspects of the Forex EA, such as customer support.
Looking at the professional presentation, we hoped to find several positive things to say about this Forex EA. But unfortunately, its cons outweigh its pros, so we cannot recommend this system to anyone.
While the live trading results are decent, they fail to back up the claims of massive profits made by the vendor and we don’t have any backtesting data to compare them with.
Finally, the lack of information about the developers and the absence of customer reviews tell us that this Forex EA cannot be trusted.