It’s time for a FXRapidEA review. It is one of the Forex trading tools developed by the well-known Forex Store team. This EA trades 4 currency pairs: EURUSD, NZDUSD, AUDUSD, and USDJPY. It is compatible with all MT4 and MT5 brokers and does not keep trades open for more than 2 days.
Let’s go deeper into the system’s features, trading results, and reliability to see if the vendor’s claims are true and what the advantages and drawbacks of this Forex system are.
Detailed Forex Robot Review
The FXRapidEA presentation is pretty basic, but despite its simple design, the vendor provides a backtesting report, live trading results, pricing details, and a few sentences about the product. They try to convince us that they are out of the competition because the FXRapidEA is highly profitable, trades rapidly, and has a drawdown control system, allowing traders to trade with a Lot size that responds to the set risk level.
As earlier mentioned, the Forex Store Company owns the EA. Although we know who stands for this expert advisor as well as know that this company has developed many EAs (FX Zipper, Easy Money X-Ray Robot, Happy Neuron, Ranger EA, and many more), we still know very little to no about this Forex group. Taking into account that Forex Store develops new trading systems every two or three months, it is obvious they are not interested in updating or upgrading their previous projects.
To get in touch with support traders need to fill out an online contact form on their website.
The dev points out the key features of this EA:
- It’s a 100% automated trading tool
- The EA is highly profitable
- It trades rapidly and does not trade against the trend
- It closes trades that are against the trend
- Approximately 80% of trades do not stay open in the market for more than 2 days
- It’s compatible with all brokerages
- It is NFA and FIFO compatible EA
- It works on the MT4 platform
- It can trade 4 currency pairs: EURUSD, NZDUSD, USDJPY and AUDUSD
- The minimum deposit is $460
- It as backtested on 3 years tick data
- It is easy to install and setup
- It comes with a 30-day money-back guarantee
- 24/7 customer support
FXRapidEA Strategy Tests
The dev says that the robot analyzes the market and does not trade against the trend. It analyzes the market and opens trades in that direction.
The dev has provided 8 backtest reports for each currency pair the robot works on. Every currency pair was backtested with different risk levels set at 35% or 100%, which shows us how the robot could behave with the different risk settings. All the backtesting reports show us that the tests were made on the 1H timeframe with 90% of modeling quality.
This is EURUSD backtest report. The robot was backtested on the 1H timeframe with 90% accuracy. There were 1206247 bars in the test. Deposited at $5000, the robot brought $10949216,39 of the total net income. From 963 trades it won 591, which means that its win rate was not as high as the vendor claimed and equaled 61, 02% (591 winning trades). The profit factor was 3, 39 and the maximal drawdown was extremely high – 89, 11%. It had 5 consecutive losses which resulted in -$571298, 23 of money loss.
Real Live Account Trading Results
The Forex Store team has provided us with 2 different versions with live trading accounts: FXRapidEA Due and FXRapidEA Quattro.
One of the main differences between these trading accounts is the currency pairs they trade: EURUSD and NZDUSD (for DUE) and EURUSD, NZDUSD, AUDUSD, USDJPY (for Quattro). Both versions are showing a good gain ranging between 678-688%. However, in comparison to Due EA, ForexRapidEA Quattro trades with a higher drawdown. That is why we’ll be more focused on this version.
It is a Real USD account that works under FXOpen brokerage and trades on the MT4 platform. It is showing a gain of 678, 04% over 8 months of trading (was added on myfxbook on July 21, 2020). Its average monthly gain is 29, 23%. It was deposited at $2K and generated $13560, 78 of profit. The peak drawdown was 18, 25%, which is acceptable for trading.
Since July 2020, the robot has traded 337 trades and won 195 out of them. The average win is 33.55 pips/$132.45 and the average loss is -43.98 pips/-$86.39 which makes for a normal risk/reward ratio. The average trade length is 1 day. The profit factor is 2, 11.
Although the Quattro version of the robot can trade 4 currency pairs simultaneously, this account trades only 2 out of them: AUDUSD and USDJPY. The most frequently traded as well as the most profitable currency pair is AUDUSD – 235 trades and $ 11337.99 of profit.
It trades with moderate risks to the account balance:
Since the account activation, the robot has had no losing month:
There are 2 account packages to choose from ForexRapidEA Due and ForexRapidEA Quattro. They come for $269 and $349. Both are automated and include a 1-lifetime license for an account, free lifetime updates, user guidance, and 24/7 customer support. FXRapidEA Due trades 2 currency pairs (EURUSD, NZDUSD), when FXRapidEA Quattro trades the same currency pairs plus AUDUSD and USDJPY.
Both packages come with a 30-day money-back guarantee. To get funds back, traders must have a loss of more than 35%. It is a very specific refund policy.
We’ve found no customer review on the web. It is odd for an EA that is on the market for over 2 years.
Although there are a lot of advantages of this trading system, there are some disadvantages too. It’s great the dev shared backtesting and live trading results of FXRapidEA Due and FXRapidEA Quattro.
However, we'll like to see trading strategy details as well as more transparency from the developers. Without knowing where the headquarter of the company is located, it is a risky product.
Moreover, the money-back guarantee is odd and risky too. Firstly, the dev can make some manipulations to keep trading results under 35%. Secondly, if you are trading with a high balance on your trading account (e.g: $20 0000), then thirty-five percent may be a huge loss ($7000). If you are okay with it, then go ahead and try this EA.
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