An automated robot that has been around for two years is what we will be looking into. Forex EA Trader (Forex-ea-trader.com) review is out after some complaints here and there. With no trading methodology, we could not find any feature that promises a professional outlook. What looks like a real automated robot is nothing but a weak algorithm. Most of the users are up in arms with the platform after failing to get their positive results. And all the blame lies squarely on the developer.
What is Forex EA Trader?
Once you land on their homepage, it is easy to see that the presentation is far from professional. The website looks like a design from the 2000 era with no visual appeal. A genuine developer would do much better in attracting users with the overall display. Even if the display is not as necessary, the information is not complete. Users have no idea what the platform is all about. The information is not well presented to newbies, which makes it a dubious homepage.
Apart from having a dubious homepage, the developer is anonymous. The first impression isnít great, nor is their presentation video. What they have done is to create a cartoon video trying to sell their platform. Those who sign up are promised to generate income in the Forex market. The video claims that the trading algorithm knows the best time to buy and sell. Thereís no quoted accuracy level, but the video promises immense wealth. If not careful, users will sign up, not knowing the end game of the developer.
Assets covered by the robot
On the video tutorial, users are told they donít need any prior trading experience. Even if this is the case, we recommend users to get necessary trading information. It goes a long way in ensuring traders get to choose the right products from recommended vendors. We feel we have to protect investors when it comes to online trading tools. Looking at the trading platform, we can see that the vendor is using major currency pairs. What we donít know is whether the robot works solely on Forex assets. There is no mention of other assets or currency pairs on the entire homepage.
Business owner and developer team
Anonymity is something we all need to look out for when dealing with any form of investment. Ask yourself why a vendor fails to introduce themselves openly on their website. It is no coincidence that the vendor and the entire team are anonymous. These are telling signs that we are dealing with a rogue online trading platform. It is a huge problem as most of the traders will end up losing their entire deposit. Once you ask for a chargeback, the vendor will end up blocking access channels. It is why we donít recommend any anonymous trading tool.
With over two years in the trading world, one would expect to get some feedback from users. It seems that the only feedback is from enraged clients who lost funds using the robot. There is no chatter relating to the use of this robot in any trading forum. We reached out to most forums and nothing so far. It is a clear sign that the platform was not well received by the trading community. After all, the vendor is anonymous, and thereís not a single evidence of anyone ever using the robot.
What we do have is paid testimonials on their homepage. We could see several testimonials of clients who claim to have profited with this robot. The only problem is that there is no evidence to back their claims. All of these are pictures of people and random names associated with the comments. It is a common way for developers with no visitors to try and sell their platform. What looks like an open trading platform is nothing but a scam that has no touch of class. Stay away from it.
The website went live on 2nd October 2017, which is over three years old as we update this post. From the records, we can see that their servers are located in Kansas City. It would mean that the vendor is American or wants us to believe so. When it comes to their IP history, there are two changes in the last three years. Such a change could mean that the website has changed ownership. There is not much we can learn from their online presence apart from having low visitors.
Forex EA Trader Lacks Any Special Features
There is not much to say about their feature as the vendor also fails to expound on it. Even the part of their trading assets is missing and also the accuracy level. A genuine developer would have done a better job of explaining the features. We even donít know the parameters at which the platform works. And this is why we have to expose the platform for their ill-conceived robot. Without explaining the features, users are left to sign up with the platform blindly. It is why we disclose such platforms to protect such an occurrence.
Forex EA Trader is Unregulated With No Permits
Forex EA Trader is a platform with no permit to offer any trading products or services. With their servers located in the States, we had to check with the CFTC and NFA. Both of these regulatory bodies have not heard of the platform. We decided to give them the benefit of the doubt and check with European regulators. Some European regulators have listened to complaints from investors and plan to issue a press statement. Sources indicate that regulators such as the FCA intend to blacklist this platform.
There are no documents to prove that authorities dully license the platform. Even the disclaimer at the footer of their homepage is not clear. It seems that the vendor does not want anyone asking about their validity. Such a scenario is synonymous with would-be online scam artists. Whoever is behind this robot wants unsuspecting users to sign up and deposit funds with them. We believe the platform will soon shut down after the exposure or when they have their fill.
Why You Should Avoid Forex EA Trader
Lack of Price Visibility
Forex EA Trader is not clear on their price, which is another flaw we have to expose. One would expect that the vendor is open to their cost. It seems that the vendor wants to take advantage of investors. Once you sign up, the vendor will ask for a high depository amount.
The amount is different from other users depending on your negotiating skills. A genuine vendor will have one price for the robot. These are signs that we are dealing with a professional online scam artist.
Unresponsive Customer Support
For those that think the vendor is available for support, think again. Thereís a help desk tab that explicitly states they reply under 2 hours. It is not the case as the entire investigation did not yield any response.
The vendor has listed an email address where users can send their queries. It is also another lost course as users have to wait for a week to get a response. One would expect a phone number to be made available for direct communication. It is not the case with this trading robot.
Results and trading performance of Forex EA Trader
There is an image on the homepage that shows the purported trading results. We do not believe in such as the image could be from another robot. The vendor should have listed their trading performance on FX Blue or myfxbook. These screenshots are backtests that do not show the actual trading performance on a real account. It is another reason why investors should stay away from the robot.
Forex EA Trader Review 2020 Verdict
Forex EA Trader is a scam, and thereís no way the vendor is making us believe otherwise. With no results to prove their concept, we think that this is another lost course.
We wonít be recommending a platform that uses screenshots as a way of showing their performance.This review (Forex EA Trader) was originally published at The Skeptic Tank. To read the full review, go to – www.skeptictank.org/forex-ea-trader/