Detailed Forex Cyborg Review:
Forex Cyborg is an expert advisor robot that runs a professional fully automated trading system for foreign exchange traders. This EA operates on the MetaTrader 4 trading platform. Forex Cyborg places, manages and closes trades. It manages forex trading for eighteen currency pairs.
To start with, Forex Cyborg is quite expensive. The vendor is not shy to admit that this EA is only for professional traders who understand forex trading very well. Judged by the fact that this EA cannot help beginners or those who are just learning to trade, the cost is a bit too high.
Forex Cyborg offers two packages:
- Gold – It is available for EUR 499.99. Traders can have one real license after purchasing it.
- Premium – Available at EUR 599.99, this package offers 3 real licenses to the traders.
Common features of both packages are:
- A Forex Cyborg Robot for 18 currency pairs.
- Unlimited demo licenses.
- Support for a lifetime.
- Software updates for lifetime.
Forex Cyborg promises that its specifications help the traders to face and overcome all market conditions. The specifications are as follow –
- Money management: Forex Cyborg has no martingale, hedging or arbitrage. It aims to ensure that the traders’ profits are not wiped out by one loss. This EA uses a ‘currency correlation risk-manager’ for helping the traders managing their risk. Traders can choose between two preset-styles in the EA such as the ‘Normal’ and ‘Conservative’ set.
- Trading account: There is no restriction for trading account size or leverage. Traders can use any type of trading account and a broker.
- Trading hours: Based on the chosen currency pair, Forex Cyborg trades from 18.30 to 23.30 GMT.
However, anything promised is not established until it is tested and we couldn’t verify any of the claims.
Forex Cyborg Trading Strategy
The Forex Cyborg developers are not very clear about the trading strategy used which definitely raises our suspicion. A few fully advanced concepts are mentioned on the website such as neutral Networks and Deep Learning. These catchy terms attract traders but there is no proof provided of these claims on the website.
Forex Cyborg’s Myfxbook account was registered on July 1 in 2017. The trading chart results are verified thus trustworthy, but the developer has not mentioned the trading style on this account. With a deposit of EUR 15472.62, the trading chart shows +158.3% of gain with a daily average of 0.13%. Equity of EUR 19193.47 is maintained which is 97.16%. The amount was highest on July 24 which was EUR 19754.92.
Although the main chart shows great results, the recent results do not look very promising. The gain has dropped to -2.22% that is a loss. Other results are safe for now, but if you look at the chart, you will see that all of them have reduced a lot than before, while loss has gone up.
Reviews on Forex Cyborg
Although Forex Cyborg is available in the market for quite some time and its Myfxbook account is active for two years now, we cannot find any customer review on this EA. The scarcity of reviews shows that most of the traders are not putting their faith in it yet. However, there are reviews from forex experts and analysts. Some of them are praising Forex Cyborg, but we cannot be sure if they are dishonest and doing it for commissions. On the contrary, advisors giving negative feedback are offering evidence with their statements. For example, one of the reviews on the developer’s site has proved to be fake. The site was using a name and a stock photo for the positive feedback. The photo can be found by searching on Google. After many advisors brought this to light, the developer removed it to avoid further discussions, but we already have obtained the proof.
First the photo was removed, and then the feedback as well.