There’s a lot of empty hype in this forex robotics industry. I’d bet on a dollar this is even more reason why ‘outsiders’ believe forex trading is a scam. Take for example a forex robot that storms off into the market claiming it’s the first of it’s kind because it can ‘self adjust to all market conditions’. The world of Artificial Intelligence has been active for several years now. And in forex, it’s definitely not a robot from unknowns that will give you that. But, let’s analyze more of this automated forex trading system called Volvox Trade.
In-Depth Volvox Trader Review
This will probably be a deal-breaker but at the time of writing this, the Volvox Trader website was down. It probably went out of business because it’s been inactive for several weeks now. Everything written here is from past reviews and my own research.
Volvo Trader doesn’t have any location address on their website. The owners didn’t bother to include any trading history for the robot either. I think what’s disturbing about this forex EA is the fact that besides placing the robot on sale, they virtually did nothing to convince customers why they should purchase it.
There’s no information on who the owners are or their credibility considering they don’t say their market experience.
If you’d like to contact them, try and send a message to [email protected].
Strategy Used And Settings
There’s no specific strategy explained but they say the system is based on MT4 indicators. This means it’s based on say MACD and stuff like RSI and EMA. The information written on their page is scarce so this is just speculation.
Pairs And Timeframes Used
Volvox Traders trades only GbpUsd and EurUsd. It trades on M5 timeframe, therefore, it’s meant for scalpers. The Risk-Reward is low, hovering at 0.49. You don’t make much money with such R: R but considering it’s scalping, it’s probably good enough.
The forex trading bot seems to have good results. The monthly returns are around 24.1% and daily returns around 1%. It’s winning rate hovers around 55.5%. The GbpUsd performs better than EurUsd.
The average trades per day are 2.7. Now for a robot designed for scalpers, it’s a surprise that the average trade lasts 39.1 hours.
The results seemed fine, until when I realized it was actually not making any profits. As you can see, the graph has been on a downward spiral ever since. Considering it was at some point 0.0 in profit, I can’t help but wonder whether this is caused by the underperformance of the robot. Or, it’s the same as to why the site is down.
Maybe after the site went down the robot went down too. Because if it was still running, the account would be running in negative.
Price, Broker, And Balance
The Volvox Trader robot costs between $179-499. The different package prices determine how many accounts you get. They also offer demo accounts.
They don’t have a specific forex broker they recommend but they claim the forex EA is compatible with any MT4 broker.
Apparently, customers don’t love them. When he requested a refund they revoked his license and never gave him his money back.
Pros And Cons Of Volvox Trader
Am not even sure there are any pros to using this robot. It’s not worth anything. Probably the only good thing is its price range. At less than $500, it’s kinda good. But even then, it’s not worth anything.
Cons of Volvox Trader
1: The owners don’t exist.
Nobody knows who they are. They haven’t even outlined their market experience. Or why they are a good fit to sell us this robot.
2: No address.
How can they be contacted? They can’t. If you want to verify for yourself who they are, you can’t. There’s no way to even communicate with them besides email. And even that, it probably doesn’t work either.
3: No strategy
Again, nothing is explained to us. If someone asks you the strategy you use, chances are you can explain them. Even if they’re 7. But this robot just says it’s based on MT4 indicators. That’s quite vague and not enough to convince us.
4: The forex robot hasn’t been functional for several months now.
The website is down. From Fxblue it seems the robot hasn’t been functional for some months too. That shows there’s a high probability the business died.