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Bonanza EA Review

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Bonanza EA

Bonanza EA is an FX robot that is optimized to work on the XAUUSD pair. As per the developer, this is an advanced trading tool using complex filtering methods for identifying accurate exit and entry points. It is designed for long-term trading and uses proprietary algorithms for spotting accurate trades. 

How Bonanza EA works

Working method of Bonanza EA.

Elizaveta Erokhina is the developer of this FX robot. The developer is based in Russia and has 6 products and 10 signals to her credit. As per the developer, the products are aimed at providing long-term stability. She can be reached via email or through the messaging option present on the MQL5 site. The inadequate info concerning the vendor and the support makes us suspect the reliability of this EA.

Features and recommendations of Bonanza EA.

As per the developer, using this FX EA does not require any special skills. Once you purchase and install the software, it will take over the trading. The features of this EA include a hard SL and TP for every trading position and compatibility with all brokers. It does not use the grid, Martingale, or other dangerous trading approaches. 

Recommendations for this FX robot include a minimum deposit of $300 and the timeframe of H1. This EA works mainly on Gold and XAUUSD pair and ECN broker is recommended by the developer.

Applied strategies

According to the info from the developer, this FX EA uses price action and the indicator developed by the author for the trading approach. Other than mentioning that the EA does not use the Martingale or Grid approaches, the developer does not divulge info on the strategy. The lack of explanation makes us suspect the reliability of this ATS.

Backtesting report for Bonanza EA.

A few backtesting results are present on the MQL5 site. One of the test reports is shown above. But the developer does not provide the detailed strategy tester report for these tests. As you can see the image does not reveal much info including the modeling quality of the test. This makes it difficult to analyze the backtests. The absence of a detailed report raises a red flag.

Bonanza EA trading results

A demo trading account of the EA using the IC Markets broker is provided by the developer. Here is a screenshot of the results.

Demo account results of Bonanza EA showing growth curve.

From the signal info, we can see that the account shows a growth of 79.68% after 42 trading days with a frequency of 15 trades per week. For an initial deposit of $1000, the profit is $796.80. A maximum drawdown of 19% is present for the account and profitability is 100%.  

Although the growth percentage and profitability look good, the sample size is small. We do not know whether the results will be as good in the long term. The info provided is insufficient to prove the veracity of the developer’s claims regarding the profitability of the system. The absence of a proven track record raises a red flag for this EA.

Pricing & refund

Pricing package of Bonanza EA.

This FX robot costs $1000.  Rental options are present. For one month, the rental cost is $700 and it is $750 for a three-month rental. There is no info present on the features included in the package. Comparing the cost to other similar gold-based EAs we find the product is overpriced and not worth the money. Furthermore, there is no money-back guarantee for this product. This makes us suspect this is an unreliable system.

Other notes

We found a few customer reviews for this FX EA on the MQL5 site. Here are a couple of the reviews from users.

User complaining of high SL and low TP.
User claiming of the high losses with Bonanza EA.

From the above reviews, we can see the take profit is very small and the stop loss is very big resulting in the losses covering the entire profit. Another user also mentions the high SL and low TP. The reviews indicate the system shows poor performance.

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