FXMath X-Trader: A Forex Robot Review
FXMath X-Trader is a fully automated EA. Aptly named, it is highly dependent on mathematical models. The developers dub it “a perfectly automated algorithmic trading system”.
In today’s post, we will tell you all about this forex robot. We scrutinize all major aspects, including performance and user reviews.
What is FXMath X-Trader?
It is a fully automated forex trading robot. The owners call it the best forex robot for traders. Additionally, they claim to eliminate all risks and need for technical and experience.
This EA is offered in three account types including silver, gold and diamond. Prices range from $99 for the silver account to $149 for the diamond package. All accounts have a lifetime license.
Requirements and Features
Some of the requirements, abilities and features of this EA include:
- MT4 Account with Leverage 1:100 – 1:1000
- Any MT4 Brokerage Account without Errors
- Basic currency pair – EURUSD(now). Possible other currency pair too.
- Works on REAL LIVE accounts
- Adapts itself to changing market conditions
- Analyzes the market 24 hours for you to find the best trading opportunities
- 100% automated FX trading without any human intervention
- Account type: Cent account, Micro account, or Mini account
- Standard Account, Pro or ECN Account
- Operates with any MT4 broker
- Operating system: Windows 2003, Windows XP, Windows Vista, Windows 7, 8, 10
FXMath X-Trader Strategy
The website states that this EA was developed by a team calling itself the financial software team. They have previous experience developing end-to-end trading systems for quantitative hedge funds and institutional trading groups.
FXMath X-Trader is based on a profitable mathematical model. The model seeks the highest possible profit and the lowest drawdown. The logic behind the mathematical model is to find the trend direction in the market and then open orders. These orders will be valid at a certain point in the future – say a few days after the order is placed and at a specific time.
Moreover, due to the use of the mathematical model, signal calculations are accurate. Therefore, the system wins 90% of the trade it opens.
The developers state that this EA is easy to install. More so, traders can set their trading preferences once they have the software.
FXMath X-Trader: Performance stats
The website claims that in its first version, FXMath X-Trader EA made a profit of 2,310%. This was for USDJPY currency pairs, with the account running for almost 98 weeks.
In this section, we look to validate these claims. We will use backtest results – provided by the developers and real-live verified accounts.
The backtest results show an initial deposit of $99. Over a span of 2 years, the EA was able to rake in $44,472. The currency combination was EURUSD and timeframe used was 1-hour. Maximal drawdown stands at 23%.
Next, we examine real live results.
The developers of this FXMath X-Trader EA provided a direct link to a real account on FX Blue. Results show a monthly return of 20%. Trades per day stand at 0.4 trades. The stats also show that this EA wins 96% of its trade. The risk-reward ratio stands at 3.46. However, the drawdown is not shown. This account is 143 days old and is updated continuously.
We also found a a real trading account for this EA on Myfxbook. Results here paint a completely different picture. The gain is in the negative territory. The drawdown stands at 98% which means you are likely to loss all your deposit. However, this account was last updated in 2016.
We also find another set of stats for this EA. On this account, this forex robot is trading in the positive territory. The test is shown to be running from late 2020.
FXMath X-Trader Community Trust
We got a single user review from a reputable source. The client believes that this EA is a scam. Despite not working for him, the owners of the EA refused to refund the cash.
The FXMath X-Trader website provides several testimonials. However, they do not provide any evidence of their purchase. Moreso, we cannot verify if any of these individuals actually purchased this EA.
The website does not mention anything about money back guarantee. For that we assume that traders will not get a refund if they spend their cash on this EA.
The user review also seem to confirm that there are no refunds offered by this EA.
The developers of this robot are anonymous. We do not have any background information about them. Therefore, there is no way we can verify their track records when it comes to forex trading.
The website provides a google map which supposedly should show us the area/city where the owners of the bot are located. However, the google map throws an error.
High Profit: The website claims to generate extremely high profits. However, we evaluate this claim as false. From the results we have seen, especially the Myfxbook account, shows dismal results.
Additionally, the account on FX Blue show a risk of ruin at above 80%. This is extremely high for any account. The chance of this account blowing up is extremely high, therefore, profitability is highly unlikely.
The EA is not expensive. The creators have made a thorough list of their features and system requirements.
However, we found a mixed bag of results, especially for real live trading results. One set of results were good while the other was awful. All results, however, invalidated the claim that the EA is capable of making a profit of 2,310%. The EA also took a hit based on the user review we saw.
So what’s our verdict? We believe there is more than meets the eye with this EA. We reckon the opposite results are because of the difference in time when the accounts were live and the account settings. So, we do not recommend this EA for beginners. The fact that the owners do not refund money after an initial experience with the EA is a big concern.