FXAutoPips Review: Legit or Scam?
We review a forex robot known as FXAutoPips. Its website dubs this EA as a faithful trading assistant. The developers guarantee 14 pips per trade. Is this viable for this EA?
Our post deeply analyzes this robot to determine its legitimacy. We check customer reviews and performance results. Finally, we give you our verdict on this forex robot.
What is FXAutoPips?
FXAutoPips is a forex robot whose developers were inspired by forex scalpers.
The creators admit to admiring the trading style of scalpers. However, they state that the only drawback for the scalpers-based robot is that they earn 2-4 pips per day, resulting in a lot of problems.
Moreover, they claim that this EA is capable of earning 14 pips from a trade.
Using algorithms, this EA waits for certain price ranges to determine entry and exit from trades. All this happens during the night.
This EA is compatible with all brokers and does not require any special trading conditions. It works on USDCAD currency pair. The minimum deposit required is $26 using 0.01 lot.
Despite not using the martingale approach, the developers incorporated a loss recovery mode if StopLoss is reached. The developers also aim to trade less frequently but ensure it is profitable when they trade.
Some features of this EA include:
- Intraday trading
- Does not use scalping
- Does not use martingale
- Compatible with any brokers
The cost of this forex robot is $255. The developers also offer a 30-day money-back guarantee.
Purchase for this EA includes:
- 1-lifetime license
- User Manual
- Free updates
- 24/7 friendly support
Claims to check:
- 14 pips per trade
- Compatible with all brokers
EA Review: FXAutoPips Performance Results
The developers have provided backtest results. The results show two results, one on a high-risk mode and the other on lite mode. Both modes ran for a period of 7 years.
For the lite mode, the EA showed a net profit of $26,413. On the other hand, with the high-risk mode, the EA showed a growth of 21.6 million growth.
We went further to check if these backtest results correlate to real account results. Data from Myfxbook shows that this EA gained by +665% over a period of 6 months. A closer look shows that the absolute gain is +562%, which indicates that the owners of this account added some money to shore up this account. Therefore, the net gain recorded is 103% which is commendable considering the account was live for 6 months.
The account grew from an initial deposit of $600 to rake in a profit of $3,375. This over a period of 6 months. On the downside, drawdown stood at around 70%, which is extremely high. Another concern for us is that updates for this account ceased in July 2020.
This account was setup using a real USD account at FXOpen broker.
In 2020, the EA managed to be consistent for the most part. However, two months experienced negative growth. The dips were significant, with the worst standing at 32%. We consider this extremely dangerous, although the EA recovered exceptionally well the next month.
This EA has a win rate of 68% having carried out a total of 115 trades. The average trade length is 1 day.
EA Review: FXAutoPips Customer Reviews
To understand how an EA is performing in real life, we normally look at user reviews. Trust levels for a forex robot are a vital indicator of its legitimacy.
We searched reputable sources to check how users feel about this EA. However, we did not find a single verifiable review.
The FXAutoPips website shows that this EA is powered by Forex Store. A quick WHOIS search only shows the mailing address of the owners of the website(Mailing Address: Kalkofnsvegur 2, Reykjavik, Capital Region, 101, IS).
So, we are not sure if Forex Store are only promoting this EA or own it.
The website offers a 30-day money-back guarantee for this EA. However, the refund is conditional.
They provide a full money-back guarantee during the first 30 days after purchase. If the EA doesn’t work properly on your account and cannot do anything about it, they will return your money. If the drawdown on your account exceeds 35%, they will also initiate a refund process. This is on condition that you have used the recommended settings and provided proofs of that
- 14 pips per trade: False. The EA averaged 8 pips per day.
- Compatible with all brokers: From the evidence we have, this is true for the MT4 platform.
Our look at backtests results shows exceptional results. However, real money accounts take precedence over backtest results.
Real account results were last updated in 2020. The monthly growth stood at 8% for the period the account was live, while the drawdown stood at 69%. The drawdown is dangerously high, which is not good.
More so, The robot is not able to make the 14 pips per trade as advertised.
Our Final Thoughts
For the price of $255, this forex robot is not really that expensive. We are somewhat encouraged by how the developers tried to explain their strategies.
However, the creators should reinstate the real account. This will serve to give investors confidence and a stamp of legitimacy. As things stand, we recommend that you avoid this EA, primarily based on its performance. It will not make you any money.
If you have used this EA, please leave us a comment.