FXHT Multicurrency trading robot uses an intraday scalping method to trade on multiple currency pairs. According to the author, the robot does not require any optimization beforehand. We will go through all of the characteristics of the EA to see if it can be a good choice for long-term investment.
Detailed FXHT Multicurrency EA review
The developers provide a risk warning next to the robot, stating that traders should be wary of the drawdowns before using the product. The presentation of the EA is poor as the company provides minimal information about the product.
The company is not transparent about its whereabouts and experience in the market. They have multiple other algorithms listed for sale on the website, including ScalpingNL V2, Rotterdam, etc. Traders can only contact them by using a contact form available on the page.
The robot has the following set of features:
- The EA can work with any broker.
- There is no use of martingale, grid, and hedging.
- The robot can trade automatically 24/5.
- It does not require any optimization.
How does it work?
The robot works by following the steps mentioned below:
- Purchase the bot from the website
- Download the EA files onto your PC
- Launch the MT4 platform and drag the EA files on your charts section to start trading
FXHT Multicurrency EA strategy tests
The developer states that the robot trades on EURUSD and other volatile currency pairs. It uses an intraday scalping approach without implementing the grid, hedging, and martingale.
The history on Myfxbook records shows us that the EA does use a grid approach, which goes against the developers’ claims. This is observed as multiple trades of similar lot size and direction close simultaneously.
There are no backtesting results provided by the vendor that we could use to determine the drawdown and profitability over historical data. This is a bad practice and raises many questions about the product.
Real trading results
The website does not contain any link to the live records. On a manual search, we found out the EAs’ performance on Myfxbook. These statistics were deleted from the developers’ listing.
Verified trading records on Myfxbook showed performance from March 09, 2022, till March 29, 2022. The system made an average monthly gain of 56.35%, with a drawdown of 45.83%. The stated drawdown was high regarding the monthly gain, which means that while trading, the robot lost nearly 50% of the account’s value.
The winning rate stood at 82%, with a profit factor of 1.36. The best trade was $223.81, while the worst was -$393.33 in a total of 333 trades. The developer made $5000 in deposits and $0 in withdrawals.
The robot is sold for a one-time price of 120 USD. There is no money-back guarantee available, and the developer is not clear on the number of licenses available.
No customer reviews are present on noted forums such as Forex Peace Army or Trustpilot. This shows us that not many traders have purchased or tested the product.
FXHT Multicurrency EA uses a risky grid strategy to trade the markets. There are no backtesting records, and the developer is not transparent on their portfolio. Furthermore, there is no way to contact the company and ask questions using live chat. The robot has been live for a short duration and has a high drawdown on the account.