Today’s expert advisor review is dedicated to ForexBot28 EA. This trading system promises high profits trading 28 currency pairs. It boasts impressive trading results that are based on 3 years data of stability and profitability. Due to its multi currency trading ability, the robot has many orders in the market that ensure stable profits and exclude the low activity of the system.
Let’s analyze the trading performance of this EA to check out the veracity of the vendor’s claims and the efficacy of the system in the present days.
How ForexBot28 Works
To start with, their website presentation is too brief. It does not provide all the necessary information any trader needs to know to make the right investment decision. It includes the short product description, deposit requirements, pricing details, and live trading results placed on myfxbook.com. Who is the vendor? Where is their headquarter located? What trading experience do they have in the Forex market? Why did the vendor fail to provide an email address, phone number, or social media contacts? Why should we trust the person who provides no information about his/her identity, trading background, and history? How can we know that the service they offer is legitimate? It looks quite odd because the devs want users to believe they are reliable.
Out from a very short website presentation, we could gather the following information about the robot:
- It can run on the MT4 or MT5 platform.
- It trades 28 currency pairs. The dev claims their robot trades stable and reliably with all these currency pairs. However, we do not know what exactly currency pairs the robot trades in. The vendor also failed to mention whether they use major, minor or exotic currency pairs. We do not know whether the platform supports crypto pairs, which could be a great prospect.
- The dev claims that the stability of the trading platform can be proved by a real trading account that has been running for almost 3 years. The fact is, this statement is fake. The trading account we see on their website was created 1 year ago, on March 21, 2020. Therefore, it makes it impossible to analyze the progress of this system based on 3 years of data.
- The developers post the following minimum deposit requirements for investors:
- Traders have to invest $1K for trading the conservative mode ($1K for micro and $100 for cent accounts);
- Traders have to invest $5K for trading the normal mode ($5K for micro and $50 for cent accounts);
- Traders have to invest $3,5K for trading the aggressive mode ($3,5K for micro and $35 for cent accounts).
It means that if you decide to trade this EA, you’ll have to keep to the amount of the deposit requirements. It makes it hard for newbies. The most ‘affordable’ price set by ForexBot28 EA is $1000, but it may be too much for some traders. In addition to this, none of these modes are discussed in detail. However, the one thing we can say for sure is that the robot requires sufficient starting capital to run the robot.
- Although the system promises ‘impressive results’, good profitability, and drawdown control, the myfxbook results say otherwise. After a detailed robot analysis, we’ve found that for 1-year of trading, the system could achieve a 52% profit gain. To get a substantial profit gain traders need to run the robot for a longer period (see more details in ‘ForexBot28 Trading Results’ section).
- The robot is compatible with all brokers.
On the website of the developer, we are told that the system uses neural networks ‘that help it to achieve such impressive results. What that strategy is and how neural networks play a role is undiscovered by the vendor. In addition to this, the dev failed to provide a backtesting report. There is no data to analyze and compare. We do not know what trading approach the EA used in the past or how profitable the system was. It is a major con for the ForexBot28 robot.
ForexBot28 Trading Results
Well, let’s jump to the trading results of this EA.
This account is showing a 1-year data trading 27 currency pairs. For 12 months of trading, this Real USD trading account could grow its total gain to 52,79%. The average monthly gain is 3, 50% when an average daily gain is 0, 11%. It works under FBS brokerage and trades with 1:1000 leverage on the MT4 platform. It was deposited at $10,000, from which a total net profit of $5340.12 was generated. Its peak drawdown was high – 54, 79%. In addition to this, the robot trades with high risks to the account balance, and there is a 17, 66% chance of losing 10% of the account.
The robot has completed a total of 2577 trades with the average win coming at 49.25 pips and twice higher average loss at -101.07 pips. The average trade length is 4 days and the profit factor is 1, 37.
The system uses Grid and Scalping for trading. It can also increase Lot size to recover after losses.
The trading results of March 2021 do not look promising. Moreover, the robot is not as effective as it used to be in the beginning:
Pricing & Refund
The ForexBot28 EA is available to buy for $255. The package includes a 1-lifetime license, user manual, 24/7 customer support, versions for MT4 and MT5, free updates, and 30-day money-back guarantee.
The ForexBot28 EA has a page on the FPA website. However, there is no customer review. The last update was on November 17, 2020.