It’s a Forex expert advisor claiming it has been generated up to 377% in just one-month trading 27 currency pairs. Its developers say that the robot can successfully trade with minimal risks even during the highest market volatility. Is it true? Let’s find out.
Detailed Forex Robot Review
The Trade Explorer website uses a classic long-form sales page where they describe their product, its key features, provide multiple trading results verified by myfxbook.com, and pricing details. Most of the information provided was written for marketing purposes to attract new customers, convincing them how good and useful the product they sell is. However, we do not judge their approach, as it is to be expected in the Forex robot marketplace, where vendors are struggling for a place in the sun.
In the image above you can see how the EA looks like on the MetaTrder4 and MetaTrader5 charts. The design is very clean, and provides account information (account leverage, balance, equity, server time), trade information (total Lots, Open trades, drawdown, total profit/loss, floating, etc.) and broker spreads. We like the way it looks and it’s great that the number of EAs providing in-depth printouts gradually raises. Of course, it is far from being enough to qualify for the best Forex EA, but it does look good and promising.
It’s not a secret that the LeapFX team is a well-known developer, which can boast 8 years’ experience of developing products in the Forex marketplace. They try to convince us that Trade Explorer is a ‘plug and play’ EA:
They add that there is no need to worry about what settings to use, what broker to trade with, or how many Lots to trade. They make us sure that they handle all the hard work for us. Historically, we have never seen an EA that would be able to work the ‘plug and play’ way. Traders always need to do a little tweaking to adjust their EAs to suit their trading needs and preferences.
The main features of this expert advisor are the following:
- It is advertised as a 100% automated trading tool
- The system can work only on MetaTrader 4 platform
- It suits both experienced traders and newbies
- It supports 27 currency pairs
- The EA provides much info when it’s attached to the chart
- The minimum deposit to start trading is $100-$200
- It’s compatible with all brokers
Trade Explorer Strategy Tests
The devs tell us a story about a gentleman called Jack, a person who could gain profits in good and bad times. He didn’t want to reveal his trading strategies. LeapFX begged him to reveal his secret. As a result, Jack revealed his trading methodology, and LeapFX was ‘blown away’.
The key question arises: what is their trading strategy approach? Instead of telling us how they were begging Jack to reveal his strategy, it’d be better to tell us about their trading strategy. No details were provided. The one thing they share is that Trade Explorer trades twenty-seven currency pairs, but do not explain why it trades that many symbols and how it works. They do not provide backtesting results that would help us to compare their past trading results with the present ones. It makes it impossible to know how their robot trades in different market conditions.
Live Account Trading Results
The dev provides us with eight trading results verified by third party website myfxbook.com. Two out of them that have the highest trading gains, for some reason, cannot be accessed. When we click on them, we see just these pictures:
These accounts do not exist. It looks odd and we’d like to know why it is so. It looks strange, especially considering that these two accounts show the highest gains.
Let’s analyze the trading results of the first live trading account we see on their sales page.
This is a Real USD account trading on FX Choice brokerage with 1:200 leverage. It trades automatically and is run on the MT4 platform. It was launched on May 13, 2020, and deposited at $5000. Its track record is verified. Forty-five users track the account. Since the day of activation, the robot has brought 84, 24% of the gain, with an average daily gain of 0,24% and an average monthly gain of 7, 29%. The peak drawdown was 16, 89%.
The robot has traded 3045 trades and won 2423 out of them. Its average win is 3 times less than the average loss (27, 56 pips vs -95. 65 pips). The win-rate for Longs is 78%, Shorts – 80%. The average trade length is 1 day. Profit factor is high – 2, 21.
The robot trades all currency pairs and prefers trading during European trading hours.
The EA uses high TP and trailing SL to close trades with profits if the market goes in the opposite direction.
Interested in the software traders can buy the system for $397/year payment or $697 – one-time payment.
Both packages include the same services as well as a 30-day money-back guarantee.
Unfortunately, we couldn’t find any customer reviews about this EA on third party websites. However, we’ve found 12 reviews from customers who tried LeapFX products.
The LeapFX company has a 3,4 out of 5-star rate.
We can see many negative testimonials from traders.
LeapFX blames a trader without providing any proof that this person blackmailed them. If it was so, then why didn’t they provide any screenshots? Why should we believe this review is fake?
Trade Explorer is an interesting EA. The results provided look good, but they do not provide any information about trading strategy.
The devs failed to provide backtest results. Taking into account all the pros and cons we do not think this EA is worth its extremely high price.
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