EA Review: Is the FXCharger a Scam?

FXCharger promises exponential gains because of the unique techniques that the EA uses to study market trends. Today, we will be doing an EA review on the FXCharger, its trading techniques, and its standing on community forums. Is this robot a scam?

What is FXCharger

FXCharger is a mid-term, trend-automatic Forex Expert Advisor that was launched in 2017. The robot is compatible with both MetaTrader 4 and 5. It’s part of the Forexstore, which is a group of creators that make trading robots with most of them being successful.

The EA isn’t broker-specific and claims to help its clients earn a stable profit using “tried and tested techniques”. Its software is user-friendly because it’s easy to install and configure, and you don’t need to modify it before use.

According to their site, what makes the EA attractive to traders is that:

• You will consistently trade in profit because of the intelligent take profit mechanism.
• The intellectual stop loss technology protects each deposit you place
• FXCharger uses reliable and tested settings to get a stable profit.

You can subscribe to the EA using two packages; the basic package retailing at $385 and the Max package, which costs $495. The Basic package is their pioneer package which only supports the EURUSD currency pair. It consists of one license for any account and the ability to switch online accounts infinitely. Purchasing this robot gives you access to 24/7 technical support.

FXCharger’s Max package covers the same features as the basic plan, the critical difference being that it supports three currency pairs; EURUSD, AUDUSD, and EURGBP. If a client is unsatisfied with the software, the package offers a money-back guarantee for up to 30 days.

EA Review: FXCharger

According to their site, FXCharger is designed to trade every day and instinctively help you constantly leave a trade on the high. Their orders close within 1-4 days to ensure that you don’t leave a trade either prematurely or too late for optimal profit. We can say with certainty that FXCharger uses the Martingale technique to trade.

Because the robot is a frequent trader, FXCharger changes things up a bit by changing the take profit order every time it enters a new trade.

The stop loss technology prevents you from taking a loss even when you lose an internet connection or when you disconnect from the MT4/MT5 connection. Stop loss and take profit work hand in hand; while stop loss protects your investment, take profit ensures that you will always leave a trade on a profit.

It seems like the creators want to shy away from discussing their main trading techniques on the platform. To compensate for that, they have given us their Myfxbook account and backtest results to see how the robot performs in forex trading.

EA Review: FXCharger Stats and Community Trust

FXCharger’s website has a professional appearance, with very detailed stats to show its track record. Although we have minimal information about the EA and its founders, their trading technique seems to work. You can find everything on the same page on their site, which makes it easy to navigate.

FXCharger’s sales page has spoiled us with backtest choices. We will focus on the robot’s EURUSD backtest. This is a 3-year backtest that begins in January 2013 to August 2016, under the H1 timeframe.

The test account starts with a $10000 initial deposit that eventually makes a $6865178.90 profit. The testers used a 90% modelling quality, under a 30.48% drawdown. The profit won during those three years is very impressive, but the drawdown throws me off a bit.

 From the robot’s sales page, we can see that Myfxbook hasn’t verified the stats they have provided, which is quite a red flag. Unverified information isn’t trustworthy.

On looking at the Myfxbook stats, we note that FXCharger last updated the AUDUSD account in May 2020, which indicates that the company hasn’t used FXCharger for this kind of trade in almost a year.

We can still study the robot’s performance from what the EAs developers have provided. The stats are based on a real account where the trader started with a $2000 deposit which brought a total profit of $38254.33 in 4 years.

The drawdown stood at 57.29%, which is the highest we have seen out of all the robots we have reviewed.  We don’t have information on what leverage this trade was made with. The profit gain translates to a 1912.72% gain.

The EA only has four reviews and a 2.5-star rating, with most of these reviews being negative. The customers don’t seem to be impressed by the robot, with some claiming that the EA doesn’t meet its expectations, another trader claims he has tried in vain to get his money back.

Final Thoughts

Let’s start with some facts; the site sounds terrific on paper even though the data they have provided on Myfxbook is unverified. We have no idea who owns the EA, and we have no comprehensive knowledge of the trading technique they use. These are loopholes that hold a lot of crucial information. Where would you go if you want to redeem that money-back guarantee?

FXCharger promises vast margins, which the tests can’t really verify. Although the developers promise that the robot uses the stop loss technique, the 57% drawdown on the backtest speaks to the contrary. This isn’t a low-risk strategy and the developers have misrepresented this on the sales page. 

The other red flag to look into is the 24/7 technical support. The robot’s sales page only gives traders a form to fill with an email and a message, and they will get back to you. How do you explain a complex problem via text?  How long would it take for technical support to get to your ticket?

The negative reviews drag down the robot’s reputation even lower. All of this information brings us to the sad conclusion that you may get scammed while using this robot.