In today’s review, we analyze a forex robot known as QuickScalp Trader. It was developed by the team at LeapFX.
The robot is 100% automated and largely depends on scalping techniques.
In this post, we examine if the scalping techniques are working for this EA. Additionally, we look at the statistics and user reviews. Finally, I will give you a recommendation, whether to invest your cash in this expert advisor or not.
What is QuickScalp Trader?
QuickScalp trader is a forex robot designed to function differently compared to normal scalpers. The website claims that the developer, William Morrison helped revolutionize scalping trading systems.
In terms of strategy, the developer has listed how this EA works.
- Runs on EUR/USD and GBP/USD On H1 Timeframe
- Identifies Trend with Optimized Moving Averages, Then Determines Entry Based on Fractals and Candlestick Movement
- No Grid, No Cost Averaging, 1 Trade At A Time Per Currency Pair
- FIFO Compliant, No Hedging, Compatible With All Leverage Accounts
- Trailing Stop That Locks In Profits Rapidly
- Trades Last A Few Hours On Average, Not Days
- Recover And Growth System Designed To Give You Extra Boosts In Profits Safely When Risk Is Set too Low / Medium
- Easily Works On Real Accounts Unlike Tick Scalpers
This EA can trade multiple currency pairs, although it performs best with EUR/USD and GBP/USD. It trades almost daily but avoids days with extremely low volatility. What’s more, it concentrates on short-term trades to limit exposure and risk based on the prevailing market conditions.
More so, the website claims that it is capable of a high win rate. Apparently a large number of trades end up in profit while limiting the number of losses.
Additionally, QuickScalp Trader can work with any account size, such as $100 or $1000. It also works with US brokers. It is FIFO compliant, never hedges and work well on 50:1 leverage.
So, what about the cost? There are two licenses available, 1-year and lifetime license.
Claims to check
- High win rate
- Trades almost daily
- Double accounts every few months
Let’s now look at how this EA is performing. Does it warrant spending $297 to buy the 1-year license?
QuickScalp Trader Review
The QuickScalp Trader EA has provided multiple backtests. For this report, the initial deposit was $10,000. With a risk setting of 20%, the robot achieved a 367% profit. The drawdown was 23%, this with the EURUSD and GBPUSD currency pairs.
The backtests results are pretty encouraging. Let’s look at the stats for real money accounts to determine the if performance matches with the backtests.
For real money accounts, there is a stack difference with the backtests. Note, the drawdown has more than doubled to 42%. The overall gain is 218%, while the absolute gain is 217%. This indicates that the owners of this account tried to shore this account by injecting cash into it.
From an initial deposit of $5,000 the EA was able to reap a profit of $10,921. The monthly growth stood at 11.6%.
Total trades over a period of 1 year two months was 340. Out of 340 trades, this EA won 288 trades, representing an 85% win rate of the total trades. The factor profit is 1.47 while the average trade length is 16h 3m.
It is worth noting that updates for the real live account stopped on 2019.
We went further and searched for verifiable user experiences for this EA. On one of the reputable sites that track user experiences, we found that the submission of reviews had been closed as of 2019. This is around the same period that real money accounts were closed. Note that data from this site shows that trading on this EA was in the negative territory in 2019.
This EA is under the LeapFX brand. The platform is owned by Cory Henig. LeapFX is a brand that owns a lot of forex robots, and they claim that they are the best at it. Cory is a resident of New York, and plays a key role in money markets, especially in 2012.
The strategy for all LeapFX expert advisors is high ROI. Although from what we have seen before, this is not always the case. From our research, we realized that the EA was launched more than 6 years ago. It then begs the question of why this EA has not gained enough traction into the market. Why did the team behind this EA quit accepting user feedback from a reputable user review site?
- High win rate: We will mark this as true since the EA wins 85% of its trade, according to Myfxbook.
- Trades almost daily: This is also true. The average trade length is 16 hours.
- Double accounts every few months: Most importantly, we mark this as false. From the results and previous experience, EAs with scalping strategies often blow out. This EA seems to have experienced the same fate.
The developers of this EA have done a good job explaining the strategy. But on the downside, updates on real money accounts stopped in 2019. Further compounding the situation, the submission of user reviews was also stopped in 2019. We believe it was because of the losses traders incurred.
QuickScalp’s website is still trying to push this EA. This is the same case for some forex marketplaces. We recommend that you avoid purchasing this robot.
For a forex robot developed by a veteran in the industry, we expected a lot better. The data we reviewed clearly shows that this robot is not worthy of investment. Do not spend your $297 on this robot.