FXAdept has uncovered the secret to winning forex trades. The creators have developed two basic algorithms that ensure steady profits of up to 30% monthly. According to the site, “FXAdept EA has a unique ability to get a stable profit every month and at the same time works without Martingale.” We perform an EA review of FXAdept EA by analyzing its trading techniques, sales page, stats and user reactions to ensure that traders get steady returns. Is the robot profitable?
What is FXAdept?
FXAdept is a forex EA that went live in 2017, supporting a USDJPY currency pair. It’s suitable for traders of any experience level. No information on the bot’s creators or the company’s headquarters is mentioned on the site.
The bot costs $269, which covers one license for any account, the ability to change an account online anytime, and a user installation manual and 24/7 support. For this bot, every trader gets a 30-day money-back guarantee. The creators recommend traders begin with a minimum of $100 deposit.
EA Review: FXAdept Features
Starting from the homepage, the site’s creators state that they don’t use Martingale, scalper, or the grid system to trade and explain why. According to the site, Martingale reduces a bot’s reliability, and without it, a trader can use smaller leverages and deposits. The explanation for scalping is that it minimises the compatibility levels of a bot and that the grid technique increases drawdowns.
FXAdept is compatible with MT4 and MT5 and entwines two algorithms; entry point and intelligent support of orders to achieve its profit margins. The entry point algorithm uses the RSI indicator to find long flat periods to study market trends accurately. The robot ensures that trades stay in the market for at least 2 hours before exiting to have take profits of up to 100pips. It works with four-digit asset quotations.
The support of orders algorithm protects traders from false breakouts that lead to losses. The algorithm uses features like a trade’s stay duration, current earning, the market’s volatility and the direction of open orders to ensure that you either lose less, break-even or make a profit.
EA Review: FXAdept Stats and Community Trust
We visited the site and were impressed by it. Compared to other bot sites, FXAdept has provided some insight into their trading technique which means we aren’t in the dark.
The sales page also provides two backtests, one for high-risk trades and the other for low-risk trade. We will review both.
The first was a high risk backtest of the USDJPY pair, done under the H1 timeframe. The manual lot was 0.1, and the modelling quality was 90%. The test ran from 2014 to 2018 with a $10000 initial deposit. Over the four years, the deposit accrued a net profit of $42,613,993.39, which on its own is quite impressive even for a backtest.
The maximal drawdown stood at 86.66%, which reduces the excitement we had of the profit the robot made. Out of the 794 trades the robot went through, it only won 397 short and long positions, translating to around 60%. The profit factor was 1.98.
The second backtest was low-risk and covered the same currency pair, from 2014 to 2018. It still used the same H1 timeframe and 90% modelling quality. The initial deposit was $10000, but this time the maximal risk was set at 25%, which is safe and manageable. The robot was then able to make a net profit of $90312.73, a 1.92 profit factor. We can see that there’s a big difference between the high risk and low-risk profits. The total trades were 794, and the performance was the same, 397 short and 397 long positions won.
FXAdept Myfxbook Analysis
FXAdept have provided us with several stats from real accounts on Myfxbook, their tracking privileges are verified, but the records aren’t. We will focus on the EURUSD stats because the currency pair is usually considered the strongest in many robots.
This trader began with a $1000 deposit to their account in November 2017. The account grew to $5269.74 as of March 2021, when the data was last provided on Myfxbook. From the initial deposit, the account was able to then accrue a $1698.95 interest. The account experienced a 426.97% growth in just four years which is impressive. The 37.23% drawdown, on the other hand, is very high, which could be that the robot kept increasing lot sizes to recover from losses. We have no information on what the leverage was set at for this account. The bot won 233 out of 432 trades, which translates to 54%, which is pretty low.
We found one user review from an independent robot review site. The robot hasn’t been reviewed on any of the popular user review sites.
There’s only one way to contact technical support, and that’s through their website. You fill in a form on the sales page with your name, email address and message, and they get back to you. This method is usually very ineffective as you may never get answers to your questions. The developers haven’t provided us with either an email or customer support line to call.
Even though the creators try to give us snippets of their trading techniques, we still have no idea about what the bot does to ensure traders get the promised profit. When you buy the bot, you have to have a $100 minimum deposit. This deposit is usually standard for most robots.
The trading robot performed exceptionally well during backtests, and although the profit level on the trading robot is impressive, it dulls in comparison with the historical tests. The developers ask for a $269 one-time payment for the robot. Based on what we’ve seen on the stats, this price is justified.
The only problem we couldn’t solve was that it has been four years, and no user has reviewed the bot yet. How can we trust a site with no verifiable customer? We recommend approaching this bot with caution when choosing an EA to trade with.