In this post, we review the Everex Elite EA. This EA runs on the famous MetaTrader4 platform.

There are many forex EAs out there. We want to see where this EA stands among the rest. Is it legit or not?  We will also look at how this EA works, the strategy, and reviews. Finally, we shall give out our verdict.

What is Everex Elite EA?

Everex Elite EA is a fully automated trading software. It is meant to manage trades on behalf of a user. It requires the user to have a forex trading account in order to utilize this EA. Users can follow a manual to install this bot on the MetaTrader 4 platform easily.

Once you successfully install the EA and open an account, you are entitled to free lifetime updates, user support, a demo account, and licenses for your accounts.

The team behind Everex Elite EA says that their system works on a stop loss system and decisions based on adaptive mathematical models. The strategy is to ensure that trades are always positive for the user. The currency pair traded by this EA are EURUSD and GBPUSD. The minimum deposit required is $1,000. Howver, you can open a cent account with as little as $10.

Strategy

The EA works in certain hours. It analyzes and determines the movement of price for the next couple of hours or days. Next, It opens a trade at favorable entry points to try and be profitable. It trades 24/5; therefore, a VPS is recommended.

Everex Elite EA Features

• H1 Timeframe
• 1 License
• 60 Day Money Back Guarantee
• Full Support
• Lifetime Updates
• Detailed Instructions
• No Minimum Deposit
• Any Leverage
• MetaTrader 4

For this EA, we evaluate the following claims:

• 70% winning on trades
• 60 day money-back guarantee

Everex Elite EA: What we found out[Surprise! Surprise!]

We searched the internet and the information we found took us by surprise. Despite various market places trying to sell this EA, the Everex website is no longer active.

Early on, Everex FX had set up a live account for demo purposes, and it was shared with the public.  However, It was realized that the test results were misleading. See the message below with the clarification:

An attempt to follow the link that would provide the alternative method of calculating the percentages, led to a dead end. It is, therefore, surprising that some sites are still trying to sell this EA. Our search has led us to confirm that this EA is no longer operational.

The owners of Everex Elite FX cited frustration by brokers as the reason behind the closure.

Everex Elite EA: Stats and Community Trust

There are several backtests dating back to as far as 2010. The backtest used data spanning a period of 5 years.

The backtests had a modeling quality of 99%. The results were for currency pairs they offered on the EA. However, as we have seen, the results were not an accurate reflection of trading. Therefore, it is clear that they did not use actual variable spreads or commissions.

We could not find any real verified account for this EA. However, we cam across a demo account on Myfxbook. Although not authoritative, we can analyze the results and get a hint of how the EA performs.

Gain stands at 87,959% same as absolute gain, which is a humongous figure. Monthly growth averaged 18%, which is really incredible. The drawdown is 0%. Remember that this is only a demo account, and we should not give it any credence.

The demo account was shutdown in 2017, therefore we have no current performance data.

Additionally, authoritative websites have picked up on the fact that the Everex Elite bot is not active. Reviews and recommendations indicate that the forex community has realized that this site was taken down.

Refund Policy

It is not clear what the refund policy for this EA is. We always state that traders should avoid robots that do not offer money-back guarantee.

Claims Evaluation

• 70% winning on trades: unverifiable
• 60-day money-back guarantee: Not clear

Transparency

We could not find any details about the developers of this EA. The data at the domain register does not give much about the owner’s information either. However, we see that the registrant resides in California.

Check the Whois data below.

Final Thoughts

Everex Elite bot first ran into headwinds with the FPA. The results the EA was producing on a live public account were found to be misleading.  This and the fact that the owner was facing challenges with brokers compounded the EA negatively, leading to its closure.

Additionally, If the Everex Elite bot were to come back to the market, the owners need to re-engineer their bot. They need to regain public trust by providing verifiable back tests or setting up another real live account.

We recommend that you avoid buying this EA. If anyone is offering you this bot even with an enticing package, do not commit.