• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Currency Pairs
  • Charts
    • Candlesticks
  • Trading Strategies
    • Day Trading
    • Swing Trading
    • Scalping
  • Technical Analysis
  • Fundamental Analysis

Forex Traders Guide

The Ultimate Forex Knowledge Base

  • Welcome
  • Forex Glossary
  • Forex Basics
    • Trading Tips
  • Forex Brokers
    • Best Forex Brokers
    • All Forex Brokers Reviews
  • Forex Robots
    • Best Forex Robots
    • All Forex Robots Reviews
    • All Forex Signals Reviews
  • Forex News
  • Mustreads
  • CONTACT US

Trade Explorer Review

January 28, 2021 by Forex Winner Leave a Comment

Trade Explorer

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.

Trade Explorer presentation

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.

Trade Explorer chart

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:

Trade Explorer settings

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’.

Trade Explorer Strategy Tests

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:

Trade Explorer Live Account Trading
Trade Explorer Live Account Trading

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.

Trade Explorer Live Account Trading
Trade Explorer Myfxbook

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.

Trade Explorer advanced statistics

The robot trades all currency pairs and prefers trading during European trading hours.

Trade Explorer trading results

The EA uses high TP and trailing SL to close trades with profits if the market goes in the opposite direction.

Trade Explorer trading results

Pricing

Interested in the software traders can buy the system for $397/year payment or $697 – one-time payment.

Trade Explorer Pricing

Both packages include the same services as well as a 30-day money-back guarantee.

Customer Reviews

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.

Trade Explorer Customer Reviews

We can see many negative testimonials from traders.

Trade Explorer Customer Reviews

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 Customer Reviews
Review Summary

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.

Advantages
Myfxbook trading results
30-day money-back guarantee
Disadvantages
No backtesting results
Undisclosed trading strategy
Low rate on FPA
Extremely high pricing
The average loss is 3 times higher than the average win
4

Filed Under: Forex Robots

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

− five = one

Primary Sidebar

Latest News

Gold Price Retreats Even as Inflation Expectations Soar

Gold Price Retreats Even as Inflation Expectations Soar

March 5, 2021

U.S. Logs 379,000 Additional Jobs in February as Lockdown Restrictions Ease

U.S. Logs 379,000 Additional Jobs in February as Lockdown Restrictions Ease

March 5, 2021

Oil Prices Surge 2% as OPEC+ Extends Output Cuts

Oil Prices Surge 2% as OPEC+ Extends Output Cuts

March 5, 2021

Reviews

IG Group

IG Review

Review by Forex Winner
May 20, 2020

Pepperstone

Pepperstone Review

Review by Forex Winner
May 19, 2020

Darwinex

Darwinex Review

Review by Forex Winner
May 14, 2020

Best Forex Robots

  1. ROFX 10
  2. Forex Fury 7.7
  3. Gump EA 6.4
  4. Forex inControl Reborn 6.0
  5. Forex Robotron 6.0

Best Forex Brokers

  1. IG 9.2
  2. Pepperstone 9.0
  3. AvaTrade 8.8
  4. Forex.com 8.4
  5. Darwinex 8.2

Footer

Latest Forex Brokers

Darwinex

Darwinex Review

May 14, 2020 By Forex Winner

tastyworks

tastyworks

April 28, 2020 By Forex Winner

FxPro

FxPro Review

March 20, 2020 By Forex Winner

Latest forex robots

Forex Pip Shooter

Forex Pip Shooter Review

March 4, 2021 By Forex Winner

FXMath X-Trader

FXMath X-Trader Review

March 4, 2021 By Forex Winner

IProfit EA

IProfit EA Review

March 4, 2021 By Forex Winner

EMAIL NEWSLETTER

Sign up to receive email updates daily and to hear what's going on with us!

Copyright © 2021 · Forex Traders Guide · About Us · Contact Us
Privacy Policy · Risk Disclosure