In today’s post, we review the Richeith Forex EA, released to the market in 2016. Like many other forex robots, this robot is an automated forex EA that uses the MetaTrader4 platforms.
In this review, we analyze the performance of this bot, 5 years after its launch. We look at how it operates, the strategies, and the result so far. We will also give our unbiased opinion about this EA.
What is Richeith Forex EA?
Richeith Forex EA is an automated expert advisor whose developers aim to see you succeed. Automation to eliminating human-induced errors during trading. The traded pairs include EURUSD, GBPUSD, and AUSUSD.
The team has used novel stealth technology to initiate and close trades systematically. All you have to do is set up the software, deposit the required amount and let the bot do the work.
The robot uses algorithms to allow fast entry and exit into trading. The owners claim that this is a sure way to make a profit.
The strategy for this EA is to trade with the least possible risk. It is set to operate on the best risk and lot size parameters automatically. This all leads to a favorable risk-reward ratio. More so, it offers advanced broker protection. This is meant to protect the investor from the prying eyes of brokers. There are options in the settings of this robot where you specify what exactly the broker can view.
Richeith Forex EA Features
- Fully Automated EA
- Full support and lifetime updates
- Unlimited Licenses
- Uses MetaTrader4 platform
- 30-day money-back guarantee
- Multiple timeframes
- Any Leverage
Market places are selling this EA for $99. We consider this inexpensive.
Now, let’s see if this robot works at all. Is the stealth technology provable? What about the algorithm that makes quick trading decisions? See details of our unbiased review.
Claims for evaluation:
- 30 days money-back guarantee
- Astounding results
- A solid and stable strategy
Richeith Forex EA Review
We headed to the website to see an indication of this EA performance. What we expected to see was Backtest results and accounts setup that show how the bot is performing. But at the time of publishing this review, the website was down.
However, forex marketplaces are still selling this EA. While there, we realized that there is no clear-cut strategy for winning trades. Marketers for this EA are pointing to its ability to make quick trading decisions. The robot’s algorithm assists this approach. The best way to find if this is true is to look at the customer reviews.
There is no single customer experience we could find on the internet. Five years since its launch, we expected to see some customer reviews. Therefore, we could not independently verify if the said stealth technology works.
The owners had also set up a demo and a live account to show the trading activities of this robot. We verified the existence of these accounts. However, updates on these accounts ceased a long time ago.
We also checked on Myfxbook. There is a huge difference between absolute gain and overall gain. This indicates that the team pumped in cash to avoid the account from slumping completely. Monthly growth at 14% is not bad; however, the drawdown stands at 17%. The EA wins 576 out of 1083, which represents 53% of the total trades. The average trade length is 14hours.
Although it shows some significant equity growth, live updates stopped in 2017.
We searched around and found another real account on FX Blue. The results are totally different from what is available on Myfxbook. Total returns are completely in the red, while the risk to reward ratio is at -15.9. Simply put, the results are terrible, with the risk of ruin at 100%.
The other concern is the refund policy. Some marketplaces state that there is a 30-day money-back guarantee. But since the proprietor’s website is not active, this is not verifiable. Once you purchase this EA, it is doubtful that you will get a refund.
We checked the Whois database for this EA’s domain. Currently, the domain is available for sale. Therefore, it seems that the developers abandoned their website completely.
We also searched around to try and find out the team behind this EA. Unfortunately, there is no information about them. All we know is that they aim to make traders successful. Therefore, we are uncertain about the credentials of this team. Are they professional traders, software developers, or are they just scamming people?
- 30 days money-back guarantee: Not guaranteed
- Astounding results: False
- A solid and stable strategy: Strategy not clearly articulated
The fact that this robot is currently not supported by a website is worrying. Moreover, updates on their demo and live accounts stopped a long time ago. The results we have seen are not encouraging at all.
More over, this EA completely fails our transparency test. Investing in an EA requires outmost clarity for the investor. This bot fails to achieve this.
So what’s with the stealth tech? We have no real reference of how the this tech works. It seems that the developers just want to mask the methodology this EA uses.
For us, Richeith Forex EA is a NO-GO. It’s best to avoid this EA until the owners avail credible and verifiable information.
If you have any experience with this expert advisor, kindly leave a comment below.