Launched to deliver a useful and convenient system for traders, the FXEURGRID Forex robot uses a grid strategy for its trading. It works only on the EURUSD pair, which is popular due to its small spread size and the possibility of higher returns. Is this MT4 compatible automated trading system a suitable one for traders? Can traders trust it? Find out about this Forex robot in our detailed review here.
How FXEURGRID Robot Works
FXEURGRID uses a grid strategy for trading. In the grid strategy, multiple orders are opened in an attempt to exploit price movements in the market irrespective of the market direction. In general, grid strategy is considered to be one of the high-risk strategies that many traders stay away from. As per the strategy used by this expert advisor, a limitation on the drawdown is integrated into the system to eliminate increasing losses that are common with most grid trading methods.
This automated Forex robot works on the EURUSD pair, which is popular for its high liquidity and tight spreads. Three different modes of trading are used by the expert advisor namely safe, normal, and aggressive modes of trading. The safe mode costs $3000 as the minimum deposit amount, while the normal mode costs $2000, and the cost is $1000 for the aggressive mode. You can also find micro and cent accounts available that have lower deposit requirements.
We could not find any information about the vendor on the official website other than the mention of Forexstore.com. The absence of vendor information makes the site a suspicious one as there is no proof regarding the license and legitimate trading process used by the Expert Advisor.
We did not find any backtests on the site. Backtests provide information about the efficacy of an expert advisor. Even if they are just historical data, they can help know about the trading strategy and particularly the backtests done with 99% modeling caliber give information on the spreads, slippage, commission, etc. So, the absence of the tests indicates that the Forex robot did not have a high performance to record.
FXEURGRID Trading Results
From the live account trading results provided by the vendor in the screenshot below, we could see the trading results from September 2018 up until the present date. The account shows a gain of -46.26% and a drawdown of 96.70% on a deposit of USC 4700.96. From the results, we could glean that the trading strategy is not a promising one even if the account is just a cent account.
And, while the track record is not verified, the trading robot has trading privileges. But, with the amount of money the vendor is charging for its package, the low cent account trading does not make sense. It shows the vendor is not confident about investing in the EA.
Pricing & Refund
Traders will have to shell out $220 for purchasing the FXEURGRID robot. This includes a lifetime license, free updates, a user manual, and 24/7 support. When compared to the prevailing rates of the popular Forex robots in use now, the price is on the higher side. A money-back guarantee of 30 days is provided.
We could not find any user reviews for this automated trading system. Without authentic user reviews, it is not possible to verify the vendor’s claim that their system is profitable or that it is a trusted one.
Vendor transparency is absent with this expert advisor as we could not find any information related to the developer or explanation regarding the strategy used. In fact, the website does not have much information other than a few words about the features provided.