Another fake trading system we are going to analyze is Foreximba. Its developers claim that this robot allows you to trade on the Forex Exchange market without any experience needed. Therefore, this EA is advertised as a great trading tool that can be easily operated by anyone. The vendor tells us that traders have an opportunity to choose which part they want to trade without you having to risk your account balance. Nevertheless, many EAs are only stealing traders’ money, not bringing stable profits. Therefore, we have prepared a Foreximba review to tell all the truth about this trading bot and decide whether this robot is a wise investment decision.
Detailed Forex Robot Review
The owners of this trading tool claim that Foreximba is equipped with special trading technology that protects the trader’s account from hard Stop Loss and Take Profit. The system performs trades based on indicators and maths with a winning rate of over 90%.
On the Foreximba website, we have found that the robot works only on AUDUSD and EURUSD currency pairs, and the best trading results are achieved with AUDUSD currency. The robot has a 30 minutes timeframe and is easy to install as well as operate even by a newbie. It sounds good, but in fact, it is not as great as described. Moreover, we have analyzed the trading performance of this robot and found some facts that will shock you. We never use this word, but Foreximba is nothing but a SCAM that will blow out your trading account and steal your money.
When you visit their website you will notice that no one is owning this EA. You will see phrases “we will refund you money”, “we have made such tests” and “we provide detailed manual” and no word about the names of developers, their headquarter location, or what trading experience they have in the Forex market.
They failed to provide an email address or phone number to get in touch with support. The one possible way to contact Foreximba support is via a contact form on their sales page. We do not like this way of communication because historically, vendors frequently ignore traders’ messages that are sent this way.
How Foreximba Works
According to the Foreximba website, this Forex bot trades 2 currency pairs: AUDUSD and EURUSD. The screenshots of the backtesting results show us that the vendors predict over 90% of the win rate. Once again, their claims sound like a scam. How can they claim to have such a high win rate? Currency prices can rise and drop at any time because of market volatility. So, how do they know when to place orders? They neither share any information nor provide any guarantees. Because of the market volatility, one or both currency pairs may take a hit. So, how can they still make a 90% win rate? It’s ridiculous.
Foreximba Strategy Tests
The devs tell us very little about their product and nothing about the trading approach. They tell us that anyone who has at least $60 to deposit can start trading with this EA. Their product is powered by the forexstore.com, where we have found the following information:
We know that the system does not use Martingale, includes drawdown control, and is compatible with any brokerage. However, we know nothing about its trading strategy. Lack of this sort of important information is a red flag for Foreximba.
Real Live Account Trading Results
The team behind this bot provides 2 real trading results verified by myfxbook.com. Both of them are active and started trading on April 24, 2014. These trading accounts are working on the MT4 platform and trading with FXOpen brokerage with the same leverage that equals 1:500. We do not like that both trading accounts have an extremely high drawdown performance: 36.20% and 79.60%.
Let’s analyze the Foreximba_AUDUSD_Medium account.
This trading account has been trading since April 2014. For over 6 years of trading, it has obtained a 332, 41% gain with a low monthly gain of 1,89%, and a peak drawdown of 36, 20%. The initial deposit was $1500. Currently, its balance counts over 6486 dollars, with $4986 of profit.
We do not like that the drawdown is high and since July 2017 it is always beyond 14%:
The robot has placed 811 trades and 3220.6, with twice higher average loss results (-59.61 pips) than an average win one (26.91 pips). Its risk-reward ratio is 1:1. The longs won rate is mostly equal with the shorts won rate result: 74% vs 72%. The average trade length is 3 days. Its profit factor is low and equals 1.18.
It is not a good sign for trading when you get 50 pips and lose -446 pips:
Dwindling Performance of 2020
In comparison with 2019, trading performance in 2020 does not look impressive. In contrast, the EA brings more losses than profits. Since January this year up to September (oddly, but there is no trading statistics of October), the Foreximba bot has brought nothing except a money loss that equals -30. 07%:
The robot is available to buy for $194.99. It includes:
- 1-lifetime license for real account
- 3-lifetime licenses for demo accounts
- User manual
- Customer support
- 30 days money-back guarantee
Customers’ reviews are very important to us. We do not rely on feedback written on the official websites, because they can easily be paid or manipulated. Therefore, we analyze different forums to see what people say about different trading systems. Unfortunately, we have not found any customer review about this robot.
We never recommend our clients investing their money in suspicious projects, like this one. The developer of Foreximba failed to provide any information about their team, location, or what trading history they have in the Forex market.
We do not like that this robot is trading with high drawdown as well as do not like that the vendor did not provide information about money management of this EA or what type of trading methodology it has. For the developer who has been in the market for over 6 years lack of this sort of important information is a red flag.
Are you ready to trade with a bot that has brought nothing but a trade loss of over -30% this year? The answer is obvious.