Powerhouse EA is owned by Responsible Forex Trading (RFT), which combines the trading strategies of four of its robots: The Comeback Kid, Ranger, Vigorous, and Gopher EA. The sellers claim that this EA provides passive income and is capable of trading on cross-currency pairs. The bot has flexible settings for low, medium, or high-risk trading. In this review, we will verify whether these claims to decide whether it is a worthy purchase decision.
How Powerhouse EA works
The EA requires the following steps to work correctly:
- Purchase the bot from the seller’s website
- Download the EA files on your PC
- Launch the MT5 platform
- Drag the bot files onto the charts section and begin auto-trading
The parent company, Responsible Forex Trading (RFT), has developed Powerhouse EA. They claim that it has been operating in the Forex industry for 15 years. The sellers have other forex-related products listed on the market, like Ranger EA, Vigorous EA, and The Comeback Kid Manager EA. Aside from this, there is no information about their credentials like degrees, certificates, whereabouts, telephone numbers, etc. This points toward the lack of transparency by the vendor.
The EA has the following features:
- It is 100% automated.
- The robot comes with a customizable stop-loss feature.
- The system is straightforward to set up.
- This robot works on the MT5 platform.
- Free updates and support are available.
The algorithm trades on 13 currency pairs by combining 4 RFT EAs’ strategies. Traders have the option to use all or a single game plan for trading. The algorithm has few settings to remove any confusion in starting the system.
The history on Myfxbook records shows us that the system uses averaging and martingale strategies with a virtual stop loss and take profit. It trades the markets with an average holding duration of 9 hours and 27 minutes.
There are no backtesting records available for Powerhouse EA itself. This is a poor approach from the authors which raises questions about the authenticity of the product.
Powerhouse EA trading results
Verified by Myfxbook, live trading results can be found on the Myfxbook website. These are for the USD currency at the MetaTrader 5 platform with a 1:200 leverage. The trading account was created on December 14, 2021. From the statistics, we observe that the robot made a monthly gain of 6.43% with a drawdown value of 12.50%. The balance was 6,450.33 USD, with a profit valued at 1,450.36 USD. Deposits stood at 5000 USD with -125.34 USD mentioned as interest. The robot participated in 1810 trades, out of which 42% were profitable. The worst trade had a dollar value of -41.42 USD. The profit factor was reported as 1.96, with an average trading length of 09 hours and 29 minutes.
Pricing & refund
This algorithm is sold for an asking price of 497 USD, which is expensive compared to the market’s going rate. It is a one-time price, granting lifetime access to the user. The seller provides a 30-day money-back guarantee along with the purchase.
Payments are only accepted in PayPal, making it harder for consumers living in countries without PayPal to buy this EA. Free EA updates and support are provided, and the product comes with a PDF user manual. Customers can make contact through a live chatbox on the website or Discord.
General reviews about the parent company, Responsible Forex Trading, can be located on TrustPilot. But unfortunately, none of them contain any customer feedback aimed directly toward Powerhouse EA.