Using a Forex signal provider is an efficient way to ensure successful trades. Therefore, there are many signal providers available online. However, to choose the best one, you need to do thorough research on the features offered to decide if it is a good investment solution for you. Luckily, we have done the work for you and come up with this FXTrends review.
This signal service promises 509% returns in just 4 months with its automated copy trading and signal service. Our experts have done a detailed review of the various significant features of this system. You will be able to arrive at an informed decision with this review.
How FXTrends Robot Works
Targeting newbie as well as experienced traders, FXTrends is an automated signal and copy trading provider, assuring high returns. The vendor claims to have more than a decade of experience in Forex with profits of over 100K pips. There is no mention of the developer or team behind the system on the website.
According to the website info, the trading company is registered in England and Wales. But, we could not find an exact location address or phone number. A live chat, website contact form, and communication via Telegram channel are the forms of customer support this signal service provider offers. Vendor transparency is not as efficient as we would like it to be.
The main features include verified performance, a mathematically precise and easy to use system, and daily signal alerts. Using the service is done in simple steps. On purchasing the package, you will receive a link for downloading the signal receiver.
The auto trading software creates an account for you with login credentials. You need to pick up the trading terminal to receive the signals. It is possible to choose a lot size of your choice with this system.
Although the vendor mentions an experience of over 10 years, no backtests are provided on the website. We look for backtests as these give an insight into the trading performance. It could help us gather information related to the lots, spread, commissions, etc. from the reports. Furthermore, strategy tests help identify how a system works and its success potential.
FXTrends Trading Results
A single verified and live trading account on the myfxbook.com site is shown on the official site. The account is a manual trading account using XM broker and uses a leverage of 1:400 and the MT5 platform. You can see the results in the screenshots below:
From the trading stats, we could see a gain percentage of 647.68 and an absolute gain of 583.67%. We are generally wary of systems that show discrepancies, such as the difference between the absolute and actual gain percentage. At 19.76%, the drawdown value looks reasonable.
A daily gain of 1.04% and a monthly gain of 36.21% are revealed in the stats. Out of a total of 764 trades executed, 579 were won and 185 trades were lost. 2.81 is the profit factor for this system. From the trading history, we could see that the lot sizes are a bit overboard ranging from 0.08 to 0.09 per hour.
Pricing & Refund
Two packages, namely the Copy Trader for $29.99 and the Forex Signal service for $19.99, are available. The Copy Trader offers a 100% automated service with a monthly target of $2000+ pips. This system has Myfxbook.com site verified results, entire trading course, learning channel, Forex and indices signals, and 8 to 19 trades in a day.
The features of the Forex signals package include a monthly target of +1000 pips, verified results, 4- 7 daily trades with a winning rate of 90%, and a chart analysis channel.
Comparing the price with other similar services in the market, the prices are considerably cheaper and worth your money, provided the results are as profitable as assured by the vendor.
We found several reviews on the Trustpilot.com site. A few of the reviews are shown in the screenshots below:
From the reviews, it is obvious that the customer support is badly lacking although users commend the superior performance of the automatic system.