Forex Armor Review: Does it Work?
The Forex Armor creators make bold statements on their website. Today’s series presents you a Forex Armor review aimed at determining if what they claim is true.
Forex Armor is a forex expert advisor created by developers claiming to have extensive knowledge and experience in creating forex systems. Allegedly, the team has been doing this since 2005. The website states that traders can use their preferred brokers as long as they allow Expert Advisor Trading.
We want to share our honest review with you; let’s delve deep to determine if Forex Armor is worth your time and money.
What is Forex Armor?
Forex Armor is an automated trading software that is designed to place trades for you automatically. They have purchase plans, including economy, business, and first-class plans. The purchase price for these class plans ranges from $997 to $1299.
The recommended currency pairing includes GBPJPY, EURUSD, and GBPUSD. You will be required to install the EA to the MetaTrader 4 in your VPS. They are able to help you with the installation provided you give them your VPS login information.
Forex Armor recommends that you should start with a minimum deposit of $500 for 0.01. What stands out is the claim that their software guarantees to give you “a stable automated income of minimum 20% monthly”. More so, they state that their systems have been used by many professionals and corporations around the world.
We evaluate the following claims:
- 20% monthly return
- No broker restriction
EA Review: Forex Armor
Their information on this EA is scarce and sketchy at best. There is no clear explanation of how their automated system works. Provided that they recommend a minimum deposit of $500, there is no clear insight on how things work. It is a challenge to fathom investing that amount with no clear elaboration on what the product is precisely about.
Additionally, at the time of writing this review, the Forex Armor website is not available. Their outlines are only found in several EA market places with overly catchy phrases. What’s more, their refund policy is something to watch out for. Basically, there’s no such thing as a refund policy with Forex Armor.
We found zero verifiable reviews on user experience to back Forex Armor claims of working with professionals and corporations.
For any forex robot to succeed, transparency and accountability is critical. For Forex Armor, they have missed these two pillars by a mile.
At the moment of publishing this post, the domain for this site is expired.
Data from Whois shows that the website was registered to an organization/individual from China.
We found a real account for version 2 of Forex Armor. It is a USD microcent account.
The overall gain stands at 45% over a period of 2 months. However, the absolute gain also stands at 45% which indicates that the owner of the account tried to shore it up at some point to avoid losses.
The monthly growth stands at 44% which is rather impressive. However, what’s not impressive is that the drawdown is at 40% which is big concern.
Moreso, further probing has shown us that market updates for currency pairing have stopped. This is true even for the updated versions of the software. We went further and checked for information from Myfxbook, and the last update was in 2020.
Version 1 settings
Here are some of the specifications provided by Forex Armor.
- Here are some of the specifications provided by Forex Armor.
- Timeframe: H1-H4
- Settings: Default and provided set files
- Leverage: 1:100-1:500
- Money Management: Minimum $300/0.01
- Strategy: Double OsMA and price action-based signal, zero-Martingale Averaging.
- Very low deposit drawdown
Version 2 settings
This forex robot opens buy and sell continuously and aims to close each trade in profit. The developers claim that this version is stable in any condition. More so, they state that it works in extreme range, trends or in high volatile situations
- Default currency pair setting EURUSD
- Timeframe M5
- Minimum balance: $10,000
Obviously, the website does not give any direction on the refund policy. The EA market places that are selling this EA do no commit to any refund policy. Therefore, from our experience, EAs that do not specify their refund policy does not have any! Do not expect your money back if this EA does not meet your expectations in the first 30 days.
Check on claims
- 20% return on your investment: False
- No broker restriction: True
With their economy class-plan starting at $997, this robot is exceptionally pricey. What makes it even more damning is the fact that there is no clear explanation on how the software aims to achieve the margins it has stated.
Additionally, the online presence for Forex Armor is not exciting. We could neither find verified customer reviews nor previous backtests. The website is not available.
In the meantime, we recommend that you avoid this bot altogether. This will remain so unless its owners clean up their act and provide factual and verifiable information.