In this post, we review the Premium FX Bot and tell you if it’s a wise choice. This FX bot is offered by a company that prides itself in offering specialized automated robots. They claim to have the best EA for your MetaTrader4.
Today, we settle these claims. We analyze results, user feedback and strategies. Ultimately, we tell you if Premium FX Bot is a good choice.
What is Premium FX Bot?
This is an automated trading software that automatically manages your trading activities. It places orders, modifies, and closes your orders on the forex market.
However, it is mandatory to have a MetaTrader4 platform for you to use this bot. The team behind this EA claim to be adept at software programming, therefore, they provide frequent updates to secure your account against high-risk.
The website for this EA does not mention much in terms of strategy. They mention the use of an algorithm which is market proof.
However, it goes into detail explaining how aspiring traders can achieve the ultimate trading skills. According to the developers, prospective traders need to learn from professionals. They can do this by frequently honing their trading skills.
Consequently, they urge new traders to try new trading bots but with minimal risks at the onset. With this strategy, they reckon a new trader will quickly gain confidence and earn money on the forex market.
The EA is offered in 3 packages.
BASIC PACKAGE $109/LIFE TIME
- 1 Real Account
- 1 Demo Account
- A Lifelong license
- Upgrades and support for free
- 100% Automated
STANDARD PACKAGE $129/LIFE TIME
- 2 Real Account
- 2 Demo Account
- Fully Automated
- Lifelong License
- Free upgrades & support
PRO PACKAGE $149/LIFE TIME
- 3 Real Account
- 3 Demo Account
- 100% automated trading
- Lifelong license
- Free upgrades and support
Premium FX Bot: Trading Results
The creators of this EA have provided backtest results. The currency pair for this test is GBPUSD. The EA works on M15 timeframe. With a modelling quality of 90%, the EA was able to net a profit of $1,185,584 from an initial deposit of $99. The spread was 30.
Now, let’s have a look at real live trading results which give a good indicator of the performance of an EA. This account is hosted over at FX Blue.
The total return over a period of 220 days is 64%. Additionally, monthly return averages 10% with the EA winning 82% of its trades. The EA typically conducts 0.7 trades per day, so, we can conclude that this is not an aggressive Bot.
Moreover, the risk-reward ratio stands at 1.2, which is not the best. The average loss is also greater than the average win, which is a big concern.
We did not find any form of user feedback on reputable websites. Consequently, this indicates this EA has not built enough community trust levels.
Our Final Thoughts
From our analysis, this EA is able to win trades albeit not consistently. However, there a couple of things that disappointed us.
First off, the website completely fails to mention the strategy it uses. They seem to be pushing users to believe that the backtest results provided should account for everything. More so, the statements given on the website seem to want to bait new traders into buying this product, to use as a testbed for their quest to become professional traders.
Finally, our overall assessment is that this EA falls short. The lack of a community around this product tells a lot. Our readers should note that this EA is not a good choice.