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According to the bot’s site, iProfit is “the most reliable and profitable solution for professional traders and fund managers around the world.” This EA is being touted as a suitable solution for professional traders and fund managers globally. Throughout this article, we perform an EA review of iProfit Forex Robot, its trading techniques, stats, user reviews. We will check the website to ensure the software meets the quality standards it advertises.
Table of Contents
What is iProfit Forex Robot?
The iProfit Forex Robot is an automated, MT4 compatible EA that can be successfully used to trade on any currency pair. The EA doesn’t use hedging, Martingale, or Grid methods to trade, but its money management and trading entry/exit are fully automated. It has been in the market since 2013 and was created by professional day traders.
The company behind this forex bot is Phibase Technologies, and they are reputable forex bot creators. The main currency pairs recommended for this bot are EURUSD, EURJPY, XAUUSD, GBPUSD, and AUDUSD. This bot comes with three products including:
iProfit Forex Robot
This solution is MT4 compatible and is a fully independent system where you can choose to trade on any currency pair. It shows a consistent performance across all brokers and requires minimal price feed dependence. The bot costs $470 annually, or a lifetime cost of $1099. You get one real account and one demo account with this purchase. You can set your preferred risk per traded pair.
iProfit Signals Cloner
This solution costs $299 annually or $899 for a lifetime purchase and will instantly clone trades from your reference account. It’s valid from one demo and one real account and can work on EURUSD, EURJPY, XAUUSD, GBPUSD, and AUDUSD. With this solution, the risk per trade is common for all pairs.
iProfit Forex Signals
This is a free service suitable for manual traders where the creators provide you with clear-actionable entry, exit SL, TP information.
EA Review: iProfit Forex Robot
Unlike most bots, iProfit Forex Robot uses the neural network approach. Here the system, through the data fed into it while learning how to correlate several data points, generating more accurate results. The bot trades using the high-frequency strategy. The robot trades in the short term and uses the H1 timeframe to do so.
The bot has a 62% success rate, which leaves quite a considerable percentage to lose. The bot uses a Neural Network algorithm to predict the future high/low of the following H1 timeframes.
Stats and Community Reviews
As expected of forex sales pages, this site is too wordy with little content. We were unable to grasp the actual creators of the bot and its origins. The trading strategies were vague too. The backtest shows an initial $10000 deposit on a 99.90% modeling quality. It shows 1.16 profit factor although it shows a percentage profit of about 55%.
Myfxbook verified iProfit’s data which shows a +196.28% gain, a daily profit of 0.04% but they lcoked rest of the information to the public. We were unable to find user reviews for this bot.
Final Thoughts
Transparency is quite essential, especially for trading. IProfit seems to want to give the vaguest explanations there are. Despite being hyped as the most profitable HFT out there, the bot gives results a 62% win rate which is quite disappointing. This isn’t a scam, but with their lying record, use caution when trading with the bot.