Claiming to be a unique breakthrough system, Siphon X, assures traders that it can deliver fast and easy profits. Working mainly on the EURUSD pair, this Forex robot boasts of siphoning appreciable results irrespective of the experience level of a trader.
This expert advisor from the Trading Strategy Guides group works on diverse timeframes and uses RSI signals for its trading approach. Are the claims of high profits by this Forex robot true? Can you trust this system with your hard-earned money? Find out in our detailed Siphon X review.
How Siphon X Robot Works
This Forex robot is a product from the Trading Strategy Guides group, which is well known for its diverse range of indicators such as the EFC Indicator, Thunder 30 signals, etc. However, it has only a few Forex robot systems including Siphon X.
Although the vendor does not reveal the developer for this particular product, the Trading Strategy Guides name lends some credibility to the system. Nevertheless, we would like more transparency regarding the developer team, location, and contact details to ensure the reliability of this system.
From the vendor info about the working of this system, it allows you to set the entries, stops, etc. manually or automatically. This Fore robot claims to provide a sufficient trading edge, which you can exploit fully to increase your profits. Other than mentioning the use of RSI, the vendor does not reveal any details about the strategy used. This is another hurdle we faced in assessing the reliability of the system.
Extensive backtesting of the system has been done according to the vendor. But, we could not find any verified backtests to support the claims of the system. The screenshot below shows the backtested results of a $10,000 account for one year. A gain of 37% is revealed.
But, since the test is not a verified one, we are unable to verify the authenticity of the test results. Besides not divulging information on the trading approach used, the lack of verified strategy tests further confirms our suspicion that this system is not as efficient as it claims to be.
Siphon X Trading Results
Just like the backtested results, the vendor provides screenshots of several winning trades. One such trading screenshot is shown below.
However, the trading results are not verified on a trusted third-party site like myfxbook or FxBlue, etc. The reason we mention these sites is that the results are verified by the sites in the first place. Secondly, the results reveal the trading details in full detail. We can assess the growth curve, the drawdown, risk to reward ratio, and more. A better performance evaluation is possible with such details.
Pricing & Refund
Two pricing options are provided by the vendor. One of the options is the automated trading system that includes Meta Trader, EA trading robot, and Siphon X strategy, which costs $149. A software guide and unlimited updates for a lifetime are other features offered.
The other option is the Siphon X strategy that includes just the strategy and costs $49. Bonus gifts are offered on the purchase of this Forex robot such as backtesting results, advanced support, and more. A thirty days money-back guarantee is provided by the vendor.
Other than the user testimonials found on the official site, we were unable to find feedback from users on reliable third-party sites like Forexpeacearmy, Trust Pilot, etc. While the reviews posted on the site are all positive, they cannot be relied upon as they may be manipulated.
Without genuine user feedback, evaluating the performance, and other aspects of the automated trading system is difficult. The lack of user feedback suggests that the system has a long way to go before it can gain the reputability and feedback that explain the system and its other facets completely.