Is On Control EA the Real Deal?
The creators of On Control EA tell us that they have created an easy to understand tech analysis. They say this while still telling us how hard it is to understand technical analysis and trading signals to follow. The site claims to have discovered a game-winning Forex trading strategy that relies on accurate technical information.
We review the forex bot, its methods, stats, packages and user reviews to determine what makes this forex bot tick.
What is On Control EA?
On Control is a Forex Expert Adviser, which became operational in 2014. The creators of the EA are unknown, and so is its origin. The bot is supposed to be easy for both experienced and inexperienced traders to use. The forex bot is fully automated and is compatible with both MT4 and MT5.
The site has one of the costliest lifetime accounts in the history of trading bots. To buy the Lifetime package, you will need to cough up to 2990USD. You can also choose to rent the bot’s software monthly or quarterly. The monthly package is 99USD and has limited access, and the quarterly rental price is 299 USD. Traders can also purchase the On Control EA MT5 at 2100USD.
How Does On Control EA Trade?
On Control is an ultrahigh-speed forex trading system that uses real accounts to work with different currency pairs. These pairs include EURUSD, GBPUSD, AUDUSD, USDJPY, CADJPY, NZDUSD, USDCAD, USDCHF, EURCHF. The bot can trade on mini, micro and standard accounts using the 1:200 minimum leverage and 1:500 maximum average. We know that the bot incorporates money management, and two modes are netting and hedging from the site. The netting technique combines two settlements to spread risk so that in case of a loss, you can still recover. Hedging protects traders against downside risks.
There is mention of both the 1M chart and the 30M chart on the bot’s site, and we aren’t sure which one the bot goes by. The bot promises traders to help them stay consistent in trading while giving them a competitive edge. The site doesn’t provide any insight into how they manipulate this trading mechanism, just many pointers on the tools they use.
To use this robot, a trader has to get a trading account with a forex broker. It’s essential to get a reliable broker that can cater to your needs.
What Makes On Control EA tick?
On Control’s website allows its traders to copy successful settings onto their platforms. This technique is also known as copy trading. It is common practice in a few EAs whereby the developers provide tried trade settings and system updates to their software’s users to fast track their understanding of Forex trading.
The developers made this robot work with VPS’ to ensure that traders from anywhere in the world can trade without being blocked.
On Control Stats and User Reactions
Starting from the robot’s website, its design is simple and professional except for the weird, totally unprofessional Youtube video they’ve placed right in the middle of their sales page. FXAutomater tends to put these kinds of videos on all robot sales pages, and they are not only inappropriate but totally unnecessary.
We found several statistics examples that link to Myfxbook, and the site claims that they have been verified, but they aren’t. Most of these accounts are cent accounts as opposed to standard ones. The creators stopped sending data to Myfxbook in May 2020, where the bot seemed to have an upward spiral in growth. We, therefore, can’t ascertain whether the bot is still working or not. The site doesn’t offer backtests, so historical data is also out of the picture.
We can deduce how the robot used to perform from the Myfxbook account. The trader began with a €674,057.95 initial deposit that realised profits up to €83,338.82 over four years. The trader seems to have been an avid withdrawer, so we can’t get an exact figure on how much his account earned, but the amount totalled about 929.2%. The drawdown for this account shot up to 65.66%, which shows that despite the developers praising the robot’s money management technique, it still is a long way from being accurate. Out of 4169 total trades, the robot was able to win 70% of the short and long trades.
We couldn’t find any reviews on review sites when it comes to user reactions, yet this bot has been there for around seven years. We, therefore, have no evidence to show that the bot works. Now that we can’t find the bot’s origin or creator, we can ascertain that this bot isn’t licensed anywhere.
It looks like On Control isn’t even trying hard to look legit. First, the stats from live accounts that they claim are verified on Myfxbook aren’t. We still don’t know the bot’s specific trading technique. We know from the website that mathematical experts developed the robot and that you can use the software with any MT4 compatible broker account, which really tells us nothing about the robot itself.
The only way to get to support is via email. Email addresses have one disadvantage in that hackers can use them for phishing attempts and that the recipient can choose not to see your email, and therefore not answer queries. The robot has no user reviews on any platforms, making us wonder whether no one has bought the software all these years.
The software is quite pricey and, going by the drawdown percentage we see, not worth the amount you’ll have to spend. Besides, the robot only gives an average of 0.07% gains daily. Anyone investing $3000 on a robot wants tangible ROI. We prefer transparent investments and therefore wouldn’t recommend using this bot for trading.