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If you’re reading this Forex Scalping EA review, chances are just like millions of other traders, you’re not amused by the scams in the form of trading platforms floating all over the internet today. Contrary to most reviewers, we promise not to sugarcoat anything or mess around with your precious time.
The review is going to furnish you with all the information you need to gauge what this software is all about, how it works, and if there are any red flags you ought to be aware of.
So take your notebook and let’s dive right in!
Table of Contents
Forex Scalping EA: What exactly is it?
As the name suggests, Forex Scalping is a currency scalping EA running on the MT4 trading platform. The EA boasts a fully automated trading robot that scalps the market for any entry or exit points on behalf of its investors.
Forex Scalping claims to be backed by back-testing data from 2000 to 2020, translating two decades of forex trading insights. Per their website, the robot is made for quick trades occasioned by small market movements. This means that trades by this EA can only last minutes and not hours, days, or weeks. But they say the short trades give way for what they describe as “quickfire trading opportunities.”
Speaking of fire, are you fired up just yet for this next part of the review? Because this is where we delve deeper into the trading part of Forex Scalping EA.
Trading Aspect
To start trading on Forex Scalping EA, they’ve outlined four steps to be followed:
You’ll need to select your package of choice among the three options shown below:
The robot trades based on 5 minutes time frames using a mix of price action and technical analysis. Built with an alleged chart-analysing algorithm, the robot scavenges the markets for potentially profitable signals, with the ability to automatically enter and exit trades on behalf of the account holders.
As far we could tell, Forex Scalping trades five currency pairs namely: EUR/AUD, EUR/GBP, EUR/USD, USD/CHF, and GBP/USD. A glance through one of the charts (USD/EUR) shows impressive figures:
It suggests that the bot makes a profit on at least 80% of its trades. But are these numbers a sign that Forex Scalping is the go-to trading robot?
Read on…
Legitimacy Test: Trust or not to trust?
So far, we’ve been treated to impressive numbers on the robot’s page; but that is where they seem to end – on their website. We didn’t come across any single platform that could verify the figures and any of their claims.
From their website, one can see that their track record has been verified by Myfxbook but upon clicking on it, it reveals otherwise. Here are the two scenarios:
Forex Scalping EA version:
Myfxbook version:
This makes you wonder whether all the impressive things highlighted before have any truth in them, at all. We managed to dig up a user review from forexpeacearmy.com (FYI; they’re not on Trust Pilot) and here’s what they had to say:
Now, that’s a lot to take in and still maintain trust in anything or anyone. So, the answer is NO; we don’t think Forex Scalping EA is trustworthy and certainly not entirely what it makes itself out to be.
Conclusion
There are dozens of legitimate trading robots out there and you shouldn’t have to settle for anything less. While we’ve only analyzed one robot in this review, consider using the same approach to gauge other similar platforms and find out whether or not they’re a great fit for you. Also, make sure you check out our website for more plain-spoken reviews of tens of other forex trading robots.
For now, stay safe and see you in the next!