GALILEO FX is an automated trading software that deals in multiple currency pairs. It promises high accuracy and low risks according to the vendor, you can beat the market while trading with it. Now, these are claims that need to be verified independently at our end.
Detailed Forex Robot Review
On the official website of GALILEO FX, the vendor provides a short introduction to the EA, followed by a list of all the main features. We have a comparison table showing how the EA fares against other robots and manual traders. There are some comments on the website from customers who have used the EA, and there are separate tabs for customer support and results.
Galileo FX is manufactured by a company that is located in Dublin, Ireland. It complies with different regulatory bodies like PCI DSS, CCPA, and GDPR. We don’t know anything about this company’s history and it is unclear whether they have developed similar systems in the past. Moreover, the vendor has not shared the identities of the developers and traders.
This EA trades on a 24/7 basis and its settings can be customized by the user. You can use it to deal in multiple pairs simultaneously. There are two risk settings for this robot, namely conservative and aggressive. While the first one is a safer option, the latter is a high-risk, high-reward setting.
GALILEO FX is a fully automated system that is compatible with all brokers. After installation, you can start trading with it right away. The vendor provides all future updates free of cost. As per vendor claims, it can achieve an accuracy of 96.46%. However, many EA vendors make these kinds of claims, so we need to verify this ourselves.
When you purchase this robot, you can take advantage of the expert installation service. Here, experts will remotely connect to your computer and perform the installation.
GALILEO FX Strategy Tests
We have no idea regarding the trading strategy that this robot uses. The vendor has provided no explanation for the same on the official website. Seasoned Forex traders always look for technical details pertaining to the trading strategy, because it helps them determine whether the EA can generate profits in the live market. The lack of strategy insight, therefore, might deter many of them from investing.
The vendor has shared the backtesting data in video format. This is not the proper way to present backtesting results and there is a chance that the results have been manipulated. During this backtest, the robot generated a total net profit of $1191.62
The testing period was only 7 days, which is quite odd. Usually, developers backtest their EAs for several years before using them for live trading. The lack of quality backtesting data is yet another red flag for traders.
Real Account Trading Results
There were two trading accounts on the official website named Crusher and Millionaire, but the vendor has removed both of them for some reason. This tells us that they are reluctant to reveal the true performance of their system. After doing some digging, we were able to find the Crusher account on Myfxbook.
This account was launched on November 04, 2020. To date, the EA has placed 448 trades through this account, winning 353 out of them. However, it has only generated a small profit of $241.37. Thus, it is clear that the robot is following a strategy that is not suitable for making large profits. Currently, the daily and monthly profits for this account are 1.21% and 45.02%, respectively.
There are three pricing plans for GALILEO FX, namely Personal, Plus, and Pro. For these plans, you need to pay monthly fees of $199, $299, and $499, respectively. We feel like this is extremely expensive, especially when there are robots in the market that can be bought at a one-time fee of $499. Furthermore, the vendor does not offer a money-back guarantee for this robot.
There are a couple of user reviews on Forex Peace Army where the customers claim to have suffered large losses while trading with GALILEO FX. One user has stated that they had to file a cyber crime complaint against GALILEO FX for fraudulent practices.
GALILEO FX is an EA you should definitely stay away from. It is an overpriced system without a money-back guarantee. The live trading results are not too impressive and we cannot find verified backtests for this EA.