Forex robots are quite popular these days, allowing traders to trade and earn profits that too within a short period time. DragonExpert FX is one such forex robot which is dominating the chart and gathering the attention of the traders in the present times. Just as all other forex robots, claiming huge profits, DragonExpert claims that the users can generate 70-80% profit on a monthly basis.
They claim this is possible because of their software, which uses an ‘advanced real-time algorithm code’ along with a correlation pairs strategy. However, in spite of the guarantee and claims, this is hard to believe and doesn’t seem to be true. This review aims to determine if the claims by DragonExpert FX are true or they are just another fake quick rich scheme.
Dragon Expert offers four different packages as products.
A bit of analysis reveals that there is not much difference between the products or the four packages on offer. One noteworthy difference is the increase in the cost, which is mainly due to the real account licenses available with each package. The basic package is available for $297, which includes 1 real account license. The second package is available for $697 which is available with unlimited demo account license. The third package is available with unlimited licenses and costs $1997, which offers unlimited real account license.
- Type – Forex Robot
- Price – $297- $1997
- Strategy – Correlation
- Timeframe – Any
Trading Strategy Analysis
On analyzing the sales page of the website, we notice that there is no in-depth explanation of the trading strategy adopted or the services provided. Instead of explaining how the forex robot aims to make profits, the website has a bunch of bullet points, which talk about the general characteristics and claims like ‘Loved by Forex Traders’ and how it is used by thousands of traders daily. However, we did not find any proof of all such claims or any information which supports such claims.
The website also claims of “Advanced Correlation Algorithm”. It is mentioned that EA will be able to find a correlation between the pairs and then give a hedge to the trade. This is a clear indication of the fact, that there is some kind of hedge being used, but again the function is not explained anywhere on the website.
The vendor also mentions about ‘optimized settings’, advanced pairs detection, undetectable robot trade and also time filter. There is nothing new with all these features and are generally offered by almost all expert advisors, but without any detailed information or explanation, the sales page leaves us with little reliable information about the vendor. A lot is still hidden from the users.
Studying the website, we find that the vendor mentions about 3 Myfxbook accounts and all three are quite different from one another.
For instance, one account shows a gain of 1069.52% but the account has a number of issues. Firstly, the account is no longer active and was last updated on 1.28.2018. Secondly, it is displaying such huge gains for a forex broker which is of such poor repute. The other account is actually a demo on the IC markets as visible in the figure below:
This simply implies, that the history of the entire account is questionable and needs further analysis.
Customer Reviews and Testimonials
In spite of their claims of generating 70-80 % profit on a monthly basis, we found it tough to get positive customer reviews or testimonials or recommendations for using the product. With such high profits, there should have been scores of positive reviews from happy and motivated customers. The absence of customer reviews and testimonials is certainly a red flag.