ROBOCOPY FX is a new copy trading service developed for sending signals to the MT4 terminal and executing orders on traders’ accounts automatically. This system works on all currency pairs and uses strategies that have a defined limit for losses on all the orders.
In this review, we are going to provide you with an in-depth analysis of Robocopy FX and let you know whether it is a worthwhile trading investment.
How ROBOCOPY FX EA Works
The website presentation is very brief. There is not enough information we’d like to see to know all about this recently released service. Their website tells us very little about Robocopy FX. It looks that the website was being written in a hurry:
The developers of Robocopy FX, list the next features of their product:
- Orders are executed on the MetaTrader4 terminal
- When you subscribe to the Robocopy FX, you’ll have the right to copy all the strategies and configurations individually
- The one thing traders have to do is to copy signals sent by the service
- The trading strategy the service uses are equipped with a defined SL on all trades
- Those traders who subscribe to Robocopy FX, obtain access to Robocopy-FX-1 and Robocopy-FX-2
- Traders have also access to a control panel, so they can easily adjust each trading strategy they follow
- This MT4 tool includes money management, asset mapping, as well as many other settings: risk percent, lot money, risk money, lot multiplier, and risk ratio server
- Users get access to the order history and basic metrics of the account itself or the account providing the signals
- Traders can contact support by email at [email protected]. They’ll reply to you within 48 hours.
Due to the lack of vendor transparency, we cannot trust the system. The vendor does not provide any contact information. We do not know who stands for this EA or where their head office is located.
If needed, traders are free to adjust trading risks in the control panel for each strategy. The devs point out that once you subscribe to their copy service, you get access to two trading strategies: Robocopy-FX-1 and Robocopy-FX-2. Each strategy has an in-built Stop Loss feature that helps to close a deal and minimize losses. Both strategies are verified by myfxbook.com.
The dev says, Robocopy-FX-1 is a strategy that works with 4 currency pairs: EUR/CAD, GBP/CAD, GBP/USD, and EUR/AUD. Robocopy-FX-2 supports 3 currency pairs: GBP/USD, EUR/USD, and USD/JPY.
Users also have access to a control panel which allows them to ‘individually configure each strategy’ they follow.
Unfortunately, backtest analysis is not provided for this trading system.
ROBOCOPY FX Trading Results
Well, we’re provided with 2 myfxbook trading results for every strategy this signals service uses:
Let’s analyze each of them in detail.
This is a Real (USD) account that was added on myfxbook on October 21, 2020. It trades under IC Markets brokerage with 1:500 leverage. For less than 5 months of trading, the total gain of this EA has grown to 13,17%. The monthly gain is 2, 30% when the drawdown is 3, 70%. Oddly, but the dev decided to hide trading activity from us. Why? What does he want to hide from us?
It traded 681.8 pips with an average trade length of 5 hours and 48 minutes. The average win is 8.52 pips when the average loss is -9.09 pips. The win rate for both long and short trading positions is mostly equal – 69% and 73% respectively. The profit factor is high – 2. 01.
The EA trades with a fixed SL set at 50 pips. As you can see, the robot not only brings profits but losses too. Moreover, losses appear to be 50 times bigger than winning trades. This strategic approach is too risky and dangerous for trading.
It trades with low risks to the account balance:
There is nothing to talk about the efficacy of this trading tool in 2021.
The Robocopy-FX-2 trading strategy looks the same.
This account was created on December 10, 2020. It trades with the same broker and the same leverage. Its total gain is 11, 58%, while the absolute gain is negative and equals -0,9%. Its monthly gain is 2, 81%. The drawdown is high taking into account its monthly profit. The trading stat is hidden too.
The robot traded 248 trades and 3772,1 pips. The average win is 5, 06 pips when the average loss is -4,23. The average trade length is 1 hour and 21 minutes. The profit factor is low – 0. 86.
It trades multiple currency pairs. The best results were achieved with EURUSD – 95 pips (90 out of 136 trades were won).
The robot trades with high risks to the account balance:
Last two months the system has shown poor trading results:
Pricing & Refund
- This service is available for monthly subscriptions only. Thus, we have to pay $127 monthly
- With the monthly subscription, traders get the two main strategies of the system – FX-1 and FX-2
- Payments are accepted through PayPal, VISA, MasterCard, and AMEX
- The paid service is called “JVZoo” (sounds odd). Why Zoo?
- A vendor provides a 7-day money-back guarantee, which is not of many benefits. In comparison with the other competitive copy trading services, the price of this one is quite an expensive one as for the short refund period offered
- Cancellation is odd. We can cancel the subscription 5 days before the next due date and the next invoice will not be charged to our credit card
There is no customer review. ForexStore gave this EA a 4 out of 10-star rating.