Focused on providing regular profits irrespective of the conditions prevailing in the market, XFXea claims to use special algorithms and calculations for its trading system.
The vendor states that with this EA, there are practically no loss spans. And, to achieve this lofty claim, the vendor states that it does not use the Martingale principle.
How effective is this EA for traders? We have analyzed the various aspects of this EA and come up with this detailed review. Read on to know whether this is a trusted EA or not.
Detailed Forex EA Review
XFXea is one of the fully automated Forex software applications from the Forex Store. This EA features regular trading without the use of the Martingale system.
Some of the significant features of this EA include:
- Account size: $450 to $750
- Drawdown: 40% to 50%
- Monthly Gain: 10 to 15%
- Leverage: 1:100 or higher
- Strategy: Trend
- Currency pair: EURUSD and AUDUSD
- Timeframe: H1
How Does It Work
According to the vendor, the Forex EA evaluates a trade entry point by using a specific bar count and formulates a significant range. This range is used as a basis for deciding on the time and method of trading. Considering the vendor uses only two main pairs for trading, which are known for their high liquidity and low spreads, the method used seems plausible.
No Vendor Transparency
From the information provided on the official website, we could not gather any information about the developers except that the software can be purchased from the Forex Store group. This lack of information is a glaring drawback as traders will not be able to confirm whether it is a legitimate vendor or just a scam EA.
XFXea Strategy Tests
From the explanation of the strategy found on the XFXea site, the EA attempts to limit losses with its money management system. This leads to high drawdowns in case of the market moving in the opposite direction to that of the positions taken by the EA to compensate for the faulty entry point. Such a method of adding additional positions for compensating bad entries is not a proper system of trading and is way too risky.
Let us look at the backtests provided by the vendor taken over 6 years. $86748970 was the profit achieved from a deposit of $5000 for the AUDUSD pair trading at 100% risk. A 90% modeling quality is used for the backtests, which does not use real tick data and does not account for the slippage, spreads, and swaps.
Live Account Trading Results
Verified account results of this EA are available on FxBlue and Myfxbook sites. We found that the track record was not verified and just the trading privileges were verified for this EA. By trading on the MT4 platform, the software has posted a profit of 1799% with the daily gains fixed at 0.38% and the monthly gains at 12.19%. A 53.37% drawdown is shown, which indicates the high risk and aggressive trading done by the EA.
For a total of 360 trades, the profitability is 70% with the average win coming in at 32.62 pips and average loss at -44.76 pips. The lot sizes are big given the high-risk trading methods used and the profit shows a decline in October with negative gains being registered.
As per the live account results on FxBlue, we found a risk-reward ratio of 0.78 with an average trade length being 3.3 days. The long trader span proves our concern about the bad entries and the low pip average.
XFXea is offered for $260. This is inclusive of a lifetime license, MT4 and MT5 versions, free updates, a user guide, and 24/7 support. A money-back guarantee of 30 days is offered by the vendor. When compared to the prevailing price of EAs in the market, the price is not overly expensive. But, the high-risk trading method is not something that traders would go for even for a nominal price.
We couldn’t find any user reviews for this EA. Although the trading has been active for a couple of years, the lack of user reviews confirms our doubts regarding the efficacy of the system. Forex traders usually prefer a system that is low on risk with decent profits, which this EA does not offer.
As an EA claiming to deliver regular profits, XFXea does not offer an effective trading system. The high-risk trades are not acceptable for traders, especially the aggressive trading method.
Even if the results show a high-profit potential, the lack of verification on Myfxbook and high-risk are definite alerts for traders to stay away from this EA.