Among the wide variety of Forex robots available for traders to choose from, finding the right one requires in-depth research which is not possible for all traders. This is why our experts have pitched in to bring you the best insight on the expert advisors existing now.
Here is a review of the Progressive EA system. This is a newly launched automated Forex trading system with a rather bland claim of making money using advanced algorithms. Will this Forex robot measure up in terms of performance, price, and features? Read our comprehensive review to know more.
How Progressive EA Works
When we say Progressive EA is a newly launched Forex robot, we mean it in the literal sense as there is plenty of work to be done on the website design in the first place. The official site has a single page with bare minimum content that includes a few words on the features and requirements, pricing, and contact form. We could not find any information on the vendor or the developer team behind this expert advisor. This lack of transparency makes it difficult to evaluate the system for its authenticity and reliability.
With regards to features, the vendor assures a monthly gain ranging from 50% up to 200% by the use of advanced algorithms. All trades are day trades with hard stop loss positions used for account protection. This system focuses mainly on the GBP JPY and GBP USD pairs.
Broker recommendations for this system include Roboforex or similar brokers with the minimum spread. Traders can start trading with a minimum balance of $10 but the recommended balance is $100 and 1000 cents for the cent account.
As for the leverage used, it is 1:200 to 1:500. Progressive EA offers 24/7 customer support and trade support. We could not see a live chat or phone contact feature so it is doubtful that the vendor can provide the 24/7 support assured in the features.
Other than a verified myfxbook trading result, the official page does not have any backtests analysis. Since backtests help traders understand the strategy used and its effectiveness, the absence shows that the vendor is not confident about the strategy.
Progressive EA Trading Results
A real USD account of Progressive EA with verified trading privileges on the myfxbook site is displayed on the official page. The track record is not verified for this Forex robot. Traded with RoboForex broker with leverage of 1:500 on the Metatrader4 platform, the results are for a trading duration of around 3 weeks only.
Started with a deposit of $26.92, this automated system shows a gain of 140.37% and an absolute gain of 33.43%. The big difference between absolute gain and the gain percent raises a red flag for this system.
And, the same applies to the monthly and daily gains which are given as 140.37 % and 4.07%. A drawdown of 59.45% is too high indicating the system was in danger of losing more than half of its deposit at a time.
Pricing & Refund
This Forex robot is available at a weekly rate of €25 and a monthly rate of €80. A one-time payment of €499 is also offered with the mention that these are discounted rates. Even with a discount, the rates are too high for this EA, which does not have effective results or functionality to speak of.
We consider the price to be overboard for a newly launched expert advisor and one that does not have backtests or proper trading results. And, there is no refund provided which is another drawback that can keep users away from this expert advisor.
We could not find any reviews from customers, which may be because there are no takers for this system as of yet. With a poor trading performance and high rates, it is highly unlikely that we would see any genuine and positive reviews for this system.