Foreximba is a Forex EA that promises smooth results during all trading periods. It is a system that is compatible with all brokers and one that claims to deliver guaranteed results. Of course, there are many such systems making similar claims these days, and we need to investigate the various aspects of the robot by ourselves in order to verify the claims made by the vendor.
How Foreximba EA Works
On the official website of Foreximba, we have a professional presentation of the perks offered by the automated trading system. Live trading and backtesting results are highlighted by the vendor, along with the discounted pricing plan and details of what you get when you purchase the Forex EA. Moreover, there is a contact form using which you can get in touch with the service team by providing your name and email address.
The product is powered by Forexstore, but we don’t have any information related to the vendor or the development team. Thus, we have no way of finding out if this Forex EA was built by experienced and credible professionals. Some traders might take this as a major red flag.
The system is backed by 2 years’ worth of backtesting data and live trading results spanning over 21 months. It features drawdown control and trades in the EUR/USD and AUD/USD based on fixed lots. Apart from this, no further details are provided about the features.
The vendor has mentioned on the website that this Forex EA does not use the risky Martingale strategy. But, that being said, we don’t know anything about the actual trading strategy used by the robot. This comes as a disappointment because most reliable systems furnish some details about the type of strategy they use and Forex traders can use this information to gauge the profitability.
Here, we have the backtesting data for the AUD/USD pair based on a 30-minute period with a modeling quality of 90%. This test was conducted from January 2013 to February 2015 and the initial deposit used was $1000. We can see that in these two users, the system generated a total net profit of $449955401.99.
After placing 869 trades in total, the profitability of the Forex EA stands at 77.68%, which means it won 675 trades. This win percentage is quite impressive and it tells us that the overwhelming majority of trades were closed in profit. The high profit factor of 3.23 is another sign of a decent Forex EA capable of providing consistent gains.
Foreximba Trading Results
While the vendor has provided live trading results for multiple accounts on Myfxbook, here we shall discuss the one which trades in the AUD/USD pair. Launched on April 24th, 2014, this is a prolific trading account through which 848 trades have been placed. The total profit generated from deposits of $1500 is $3357.48, while the absolute gain is 223.83%.
This Foreximba account has won 74% of long trades and 71% of short trades, with the best trade generating a profit of $811.34. There are a couple of figures that are not so impressive, such as the low Sharpe Ratio of 0.07 and the high drawdown of 52.49%.
We can also see that the daily and monthly gains are quite healthy at 0.05% and 1.42, respectively. It has won 73% of all trades with the average win being 27.34 pips/$56.94. This Foreximba account has a profit factor of 1.11, which is not spectacular, but since it is above 1, we can no doubt consider it a reliable system.
Pricing & Refund
Foreximba is priced at $220, but currently, the vendor is offering the product at $194.99. We think this is quite cheap compared to similar systems on the market. The vendor also provides a 30-day money-back guarantee for the Forex EA, and this is always a positive sign because it shows that they are willing to stand behind their promises.
We couldn’t find any real user reviews for Foreximba on third-party websites like Trustpilot and Forex Peace Army. The presence of positive customer reviews is always an added plus and it makes a potential buyer feel more confident about investing in the system. Without these reviews, we cannot determine what kind of reputation Foreximba has in the Forex traders community.