Automated trading robots or Expert Advisors (EAs) have become highly popular among active forex traders, facilitating trade and helping them earn profits. To pick the best robot and not fall prey to a scam, it is essential to review the robots before investing in them.
The FX Charger robot has been quite popular for some time now. Today, this robot will be under review here.
The FX Charger vendor website looks quite attractive and interesting, with animations and an interactive interface that is sure to grab the visitor’s attention. The single-page website does not list any information about the developer of the robot. The vendor provides a contact page but no contact details to directly mail or call for support has been provided. Though these are not uncommon practices, the lack of transparency fails to make the robot look like a reliable one.
Symbolized as a battery, the FXCharger claims to charge your account endlessly with profits. The developer presents a unique forex robot that has been designed specifically for daily trading, working on an intellectual stop-loss and take-profit setting. The vendors offer two versions of the robot:
- FXCharger Basic – The regular version priced at $385 trades only on the EUR/USD pair.
- FXCharger Max – Priced at $495, this advanced version can trade in three pairs including EUR/USD, EUR/GBP and AUD/USD.
Both the versions are sold on a one-time payment basis. The flexibility to pay in installments, as and when the traders earn profits with the help of the robot is not available. An upfront hefty investment could be a cause of worry for many novice traders. The vendor does offer a 30-day money-back guarantee on both the products.
How FXCharger Works
The FXCharger robot is compatible with the most popular MetaTrader4 platform. The robot can be used with any MT4 broker as per the trader’s wishes. While the basic robot trades in the EUR/USD pair only, the Max version can trade in the EUR/USD, EUR/GBP and the AUD/USD pairs. The sales platform of the robot does not provide any information about the timeframes and does not offer any deposit and trading recommendations. Traders could feel like being led into the dark without adequate guidance from the vendor.
The developer claims that the EA adjusts to the situations of the market to generate unique take profit and stop-loss for each trade. All trades conducted by the robot are closed anytime between 1-4 days. However, what serves as a major downfall for the robot is that the vendor does not provide any insight into the trading strategy used by the robot or the stop-loss and take-profit calculating technology used by the robot. This hesitation to share details about the working of the robot is a cause of suspicion on the performance of the robot.
Live Trading and Backtesting Results
The vendor has been generous in providing verified Myfxbook trading results for all currency pairs of both the forex robots. At first glance, the traders will be impressed by the jaw-dropping results. For instance, the EUR/USD account shows a gain of more than 1100% over the testing period. However, we found that the open trades were kept hidden by the developer. Being non-transparent and hiding trading information shows that the developer is somewhat unsure about the performance of the robot.
What else you should know about FXCharger
Strangely, the vendor does not list even a single client testimonial on the robot’s sales page. With some scrutiny and research, we were able to find some testimonials about the product on other sources, finding negative reviews to be greater in number. It is also known that the developer owned several EA selling websites and that the money-back guarantee is not exercised properly. This means that once you buy the robot, there is no hope of getting your money-back.
|Usable with any forex broker
|Trading strategy undisclosed
|Verified and credible Myfxbook account
|Absence of developer information
|Verified trading results available
|Lack of transparency due to hidden open trades
|Negative customer testimonials
|Basic version trades only single currency pair