Forex Enigma EA is described as an automated Forex approach and programmed analytical system that permits traders to sit back, rest and simply watch it as it does its trick. The robot is also said to assemble facts and figures while making trading decisions and not allowing fear, anxiety, and stress to get in the way. The goal of our review is to assess the different features of the robot to ascertain whether the vendor’s claims are true and if it is a viable trading option.
Detailed Forex Enigma review
The EA has several features, which we have listed below:
- Works well on one currency pair EURCHF or multi pairs: USDCAD, AUDCAD, AUDUSD, EURUSD, GBPUSD, EURGBP on the H1 timeframe.
- Runs on the MT4 terminal.
- It can be used to trade a $1000 account or a minimum of $10 on a cent account.
- The recommended leverage is 1:100 and higher.
- Stays on and operational for 24/5.
Forex Enigma is being marketed by unknown people. You should be wary of vendors who operate anonymously as they could be con artists who are only after your money.
Forex Enigma strategy tests
Forex Enigma is alleged to be a 3x innovative trading strategy in one algorithm (scalp, trend, and half grid) with news filter, which the vendor believes enhances the efficiency of trades in a great way.
The strategy used by this EA was tested for a full year, from April 2020 to April 2021. A deposit of $1000 was used to implement 777 trades. The successful orders were 76.58%. However, they made very little profits — $496.96. On the other hand, the drawdown rate (21.54%) was significant enough to cause alarm. It projects the risky nature of the strategy in use. The win rates for short and long positions were 73.56% and 81.17%, respectively.
Live account trading results
Forex Enigma has been running this real account on FXBlue for 168 days. The account started with a deposit of $1000, and so far, a profit of $301.34 has been generated, increasing the balance to $1301.34. The loss is quite high — -$627.90. We have a total return of 30.1% and a monthly return of 4.7%. The profit factor (1.75) means that the robot does not generate significant returns on investment.
Based on the chart above, we can see that the monthly profits are not consistent. The EA can bring high returns in one month but struggle to generate adequate gains in another.
The system conducted most of its trading activities on Thursday.
Fixed lot sizes of 0.03 were used when trading the EURCHF currency pair. The grid strategy was present. Although many trades were won, most of the gains were not substantial.
Forex Enigma comes in 3 different packages. You can get the basic, standard, or professional packages at $149, $199, or $249, respectively. Almost all the features offered are similar as we have unlimited demo accounts, free upgrades and support, and a 30-day money-back guarantee. The only difference is the number of real accounts offered in each plan.
This Forex robot does not have any customer reviews on its official website or on other sites like FPA, Quora, or Trustpilot. So, we can neither say if traders are using the robot nor if they are pleased with its performance or not.
You cannot experience considerable success while using this EA to trade in Forex. Firstly, it uses the scalping approach, which is mainly associated with a low profitability rate.
Secondly, the grid strategy in use can also endanger your capital since it is prone to losses. Lastly, we are afraid that the vendor cannot be trusted since their identity is not in the public domain. They will take your money and probably vanish.