EA Review: The Wave Scalper

The Wave Scalper prides itself on being the only scalping trading bot to remain fully functional for over a decade. This sounds like an impressive track record, and we’re here to verify it. The bot’s sales page goes on to describe the kind of gains potential traders will get with their software, which includes exponential profits of up to $100000 from a $200 or $300 investment. We perform an EA review on The Wave Scalper, its trading methods, statistics, user reviews, and historical data.

What is The Wave Scalper?

The Wave Scalper is a fully automated trading bot that is based on the Elliot Wave Theory.  According to the bot’s sales page, the creators of this software are seasoned forex experts who have extensive experience creating scalping bots. We have no further information on said developers or their origin. 

The EA supports multiple currency pairs, including GBPUSD and USDJPY, and has two subscription plans. The first plan costs $297 and will give you full access to the bot for a year, while the second plan costs you $497 and grants its traders lifetime access. With these purchases, traders get perks like free lifetime updates and upgrades, top recommendations from experts, the software, and a comprehensive installation manual.

EA Review: The Wave Scalper

The good thing about this trading bot is that it doesn’t use grid or martingale to function. These two strategies are usually unforgiving, especially for amateur traders, resulting in huge losses. The bot uses scalping instead. As explained on their sales page, scalping works by profiting from the buy and sell of currency over varying market conditions.

To make their bot successful, the creators modified their scalping technique with the Elliot Wave method. Instead of trading against the mark trends, it trades according to the market trend, resulting in numerous wins. In addition to the Elliot modification, the bot uses a neural network model.

EA Review: Stats and Community Trust

We first checked the sales page’s interface and were impressed with it. It’s a one-page presentation on the bot from introduction to methodologies to proof of success; very professionally done. We then checked the accounts provided to us, and the ten-year version is no longer available on Myfxbook, but it still is on their sales page. Out of all those accounts provided, only two are functional.

The account on Myfxbook is verified and was last updated in August 2020, which is a while back. We can, therefore, not use this to assess the bot’s profitability in the current market. As of August, the bot, over a 1:400 leverage, earned +110.28%  gains with a 7.18% drawdown which is quite impressive. The 0.11% profit daily is relatively low, but we don’t expect miracles in a low-risk strategy. Out of 287 trades, the bot was able to win 68% of them.

We scoured the Internet and couldn’t find any user reviews on The Wave Scalper.

Final Thoughts

We have several things to consider when trading with this bot. First is the developer anonymity and the low-profit levels despite the practically non-existent drawdowns. The data provided to us isn’t updated, which is also quite the red flag. We prefer transparency in trading, and this isn’t it. You get a 30-day money-back guarantee with every purchase.