FXCIPHER works on 5 different currency pairs and has the option to be used on both MT 4 and 5 platforms. The robot comes with a detailed user manual and technical support that comes 24/7. There are two different presets that traders can use to trade which differ on the basis of reliability.
How FXCIPHER works
The robot will be sent over to your email after purchase which you will have to place in the experts’ directory of the MT 4 and 5 platform. Then enable the auto trading tab and place the EA on respective charts to begin trading.
There is no information present on the trading experience of the developer and their whereabouts. The only way to contact them is by filling out a form on the website. This raises some concerns about the product.
FXCIPHER has the following features:
- It comes with live updates and support that is available 24/7
- It provides two live trading accounts for analysis of the results
- Traders can use backtesting results to confirm the performance of the system
- It has a detailed user manual that traders can use to install the system
The developer states that the robot uses two different presents which traders can choose from. The first one works on five currency pairs, including GBPUSD, EURJPY, AUDUSD, USDCAD, and EURUSD, while the latter only works on GBPUSD and EURJPY. Using the history on Myfxbook, we can see that the expert advisor uses a martingale and grid strategy as multiple traders are closed on the same instance with increasing lot size.
Backtesting results are available for all the currency pairs. On EURJPY, the relative drawdown was around 35.50%. The winning rate was 49.69%, with a profit factor of about 1.78. All the tests were done on the hourly chart with a starting balance of $10000. The robot tanked an average profit of $305061.84 during this period. There were 3389 trades in total, with 1288 deals. The best trade was $18143.91, while the worst one was -$13895.84.
FXCIPHER trading results
Verified trading records are available on Myfxbook that show performance from Sep 24, 2020, till the current date for FXCIPHER 2017 set. The system made an average monthly gain of 15.05%, with a drawdown of 22.94%. The stated drawdown is high, which means that the robot nearly loses a quarter of the account equity during the period. The winning rate stood at 55%, with a profit factor of 1.84. The best trade was $1219.24, while the worst was -$535.36. There were a total of 207 trades with 66.86 lots traded. The developer made $2500 in deposits and $0 in withdrawals.
Pricing & refund
The robot costs $295 for one license for any account. There is a 30-day money-back guarantee if you are not satisfied with the product. The developer also provides a return if your account hits more than 35% of drawdown with the recommended settings.
There are no customer reviews that can provide us with information on the experience of other users on the performance of the system. Traders might be afraid that the algorithm is using martingale and grid strategies and are not willing to give it a try.