Is FXDiverse legit? Throughout this article, we review its trading techniques and the reactions of the Forex community towards the software. What makes it stand out against the many EAs in the market? They have some modified, unique features that work to their advantage.
What is FXDiverse?
FXDiverse is a one-of-a-kind, fully automated Forex Expert Advisor that claims to give its clients autonomy in trading. The EA was launched in 2015, but the official sales page doesn’t mention who the robot’s creators are, and we didn’t get any information on where the creators’ offices are.
According to its sales page, the robot’s settings are intuitive and logical, making it suitable for amateur and professional traders. It can run on both MT4 and MT5 and support multiple timeframes. You can subscribe to any of the two packages they offer. These are the basic package retailing at $235 and the unlimited package that retails at $275.
The yearly offer gives traders access to the robot for a year, free updates, a comprehensive user guide and all-around technical support. The lifetime offer will still give you all these benefits, except that the license is for lifetime access.
According to the site, the Expert Advisor is quite flexible in that:
- It has a record of profitability and stability
- You can specify your expected profit
- The EA is compatible with up to 28 currency pairs
- You don’t need to be an expert at Forex trading
FXDiverse’s site claims that the bot doesn’t respond to requites, spread, and swaps. This insensitivity makes it easy to trade with any of your favourite brokers. The bot allows you to set the profit margins you want to realize and does its best to achieve them.
To set your expected profit, you can either decide to specify a specific sum or as a percentage of your deposit. The minimum deposit allowed while trading with this robot is $10000. The most profit the robot claims to have earned in a trading account is 1541%.
Their website is well-thought-out and professionally done. The EA The installation manual is detailed, and you can reach their customer support at any time.
EA Review: FXDiverse
What gives this EA an edge is that you can control most of its features. You can customize features like the profit margin, the brokers you want to work with, and the currency pairs you prefer. With FXDiverse, you can trade on up to 28 currency pairs. You can also gain access to a private member area, allowing you unlimited access to around sixty uniquely running accounts to try out and choose suitable settings to work with.
Despite their fancy features, the site doesn’t reveal their trading technique to get the gains they promise. The sales page hasn’t provided any backtests to analyze on their sales page. They have, however, provided back results from Myfxbook to show their authenticity.
FXDiverse, unlike its counterparts, allows for longer trade durations. For other EAs, the duration lasts for around 1 to 4 days, but FX diverse can last for more than two weeks.
According to the robot’s Myfxbook account, the trader deposited $10000, which grew to $164,173.59. This is again of about 1542%. It shows that the account gains about 0.12% profit every day on a 1:500 leverage. The drawdown here is relatively high at 47.15%, but the profit more than covers it. The account was doing well until March, where we see the growth dwindling really fast. Hopefully, this recovered.
Myfxbook verified both the track record and the trading privileges for the account FXDiverse provided. Rounding back to the drawdown, which stands at 47.15% at this time, we can safely assume that the trading robot doesn’t use the stop loss technique, which protects its traders from making huge losses in case they make a wrong trading decision.
EA Review: Community Review
The longer trading durations can either be an advantage or disadvantage depending on your patience level and how much you trust the bot to recover from spiky market trends. Their stats are verified by Myfxbook, which works independently, which is a positive for them.
Sixty trading accounts to work with are a thing of genius, and the ability to feel like you are in control of your investment is another plus. You can use the EA for 30 days, and in case of a valid reason, the creators put in place a 30-day money-back guarantee.
The bot’s performance is quite shaky in that it has up and down spikes, with the least downfall being recorded in March 2021. When you visit Myfxbook, you will notice that the site’s creator didn’t disclose all the monthly information, which could be that the losses were massive during those months.
Final Thoughts: Is FXDiverse Legit?
FXDiverse hasn’t been reviewed on any of the popular review sites. The lack of reviews, coupled with the regular loss spikes, tells us that investing on the site is a terrible idea. The EA also decided to go with long-duration trades, which is the opposite of what successful bots do. Most successful trading robots opt to enter and exit the market as quickly as they can.
The creators also decided not to share their trading strategy, indicating that they don’t have any. The robot isn’t consistent with updating its stats and doesn’t provide backtests, which could offer an insight into how exactly the robot would perform in real trading situations. In the absence of backtests, robots usually provide a free trial period to test the software before purchasing it. Getting your money back can be challenging, mainly because we don’t know who runs the robot.
The robot also asks for a minimum of $10000 which is very high and makes us wonder which amateur trader would want to use that much money to invest. The annual fee stands at $235, which is relatively high and is possibly the exact amount you would use to pay for a cheaper, more profitable trader that starts with a $100 minimum deposit. The mystery ownership is another reason to take extra caution when investing using this bot. We can say that FXDiverse is legit, but we can’t speak to its profitability.