Manhattan FX Review: A Scam?
Today, we review a forex robot known as Manhattan FX. This is a fully automated forex robot that operates on the popular MetaTrader4 platform.
In this post, we check to see if this EA is a scam or if it has the capability of making you money. We look at the performance statistics, what traders say, and finally give you our verdict.
What is Manhattan FX?
This is a forex robot that is designed to operate on auto-pilot. The developer – Richard Gray, calls this the best EA from the USA. He also claims that this EA is capable of making $1,500,000 annually.
The Manhattan FX website terms this as an EA that brings you only profit. More so, it states it is an innovative risk-free trading algorithm.
Apparently, this robot uses a combination of 12 unique strategies. All these strategies apply to different market situations to bring you profit, even in a global crisis. More so, the site insists that they provide ultra-high profit, with up to 600% growth per month, without the risk of losing your deposit.
This forex robot is offered in three packages. The normal package, which is the cheapest, will set you back $80. The most expensive package dubbed “Maximum” will cost you $133. It trades on several currency pairs, including EURUSD, GBPUSD, and EURGBP.
This forex robot is riddled with adjectives to describe its capability – from the most profitable to the most innovative. Some of the standout claims we see on the website include:
- Best EA from the USA
- Ability to make $1,500,000 annually.
At the latter stages of this post, after evaluating all evidence, we tell you if these claims qualify as true or false.
For now, let’s check if the stats correlate to all these claims, or it just another way to scam people.
EA Review: Manhattan FX Price Statistics
This EA has provided backtest results. If done correctly, backtests results offer a good indication of which direction an EA can take in the real world.
These results are over a span of 7 years with the EURUSD currency pair. The results were generated on the MetaTrader4 platform. With an initial deposit of $2,000, a net profit of $3,929, and a relative drawdown of 15%. The results are near modest.
Results from Real accounts usually provide data for better judgment of any EA. In this instance, we have two sets of results from the website and an account hosted on Myfxbook. However, both accounts are flagged as demo accounts; but their results could not be more different.
The data from the website shows that the drawdown stood at 0%, which is extremely odd as no EA is risk-proof. The monthly gain stood at 52%. What raises the eyebrows is that absolute gain and gain are the same. More so, the last update for this account was in 2017.
On further investigation, we realized that this EA lost more trades than it won. Consequently, the demo data represented on the Myfxbook chart seem to be manipulated.
We found a second account hosted on Myfxbook. The result shows the complete opposite from the first Myfxbook report. The robot is in a complete loss position over a period of 2-months. Although a demo account, it is being updated frequently.
Lets now look at customer reviews to get a sense of how users feel about this robot.
Manhattan FX: Community Trust Level
In determining the legitimacy of a forex robot, customer reaction plays a significant role.
We got a single review on a reputable site concerning this forex robot. The review is not good at all. It points out the issue we saw before where the backtests give a rosy picture, while it leads to losses in real life.
We also found something interesting on the website. The site seems to be discouraging users from opening demo accounts citing hacking.
Apparently, there have been a number of complaints against this bot. As seen, the website has a comprehensive sales page that uses all tricks to try and get traders to buy this EA. The promise of massive profits yearly is a trap to get unsuspecting traders into buying this EA.
Moreover, we did not find any background information about Richard Gray on forex trading. Richard claims to have more than 20 years of experience in trading forex. There is also no information about the other team members behind this robot.
Due to the unregulated nature of forex robots, Manhattan FX seems to want to take advantage of this to scam people.
- Best EA from the USA: This is False. There are better EAs in the USA, which give good results in the real world.
- Ability to make $1,500,000 annually: From what we have seen from results, there is no way this EA will make you over a million dollars. These are false claims.
The way this EA shouts about massive profits was a red flag from the get-go. The developer insists on using only backtests results and the Myfxbook chart they have on their website. This is all meant to hoodwink potential investors. Although the price of acquiring this EA is not too high, we reckon there are better ways to spend that cash.
Our Final Thoughts
The developers seem more interested in selling the idea that copies of the EA are selling off fast. Moreso, they seem to want to bait traders into believing the results posted on his site only. Well, it doesn’t work that way.
Bottom line, there’s no chance of becoming a millionaire as advertised. We recommend that you avoid this EA completely.
If you have any experience with this EA, please leave a comment below.