EA Review: Algopound

Algopound is a new Forex expert advisor which looks to solidify an average return of 3% to 6% per month while keeping the drawdown below 15%. They feel that with these numbers, traders get easily grow their trading accounts on a consistent basis in the Forex marketplace. In this review, we will be analyzing these numbers, the trading results provided and anything else we feel provides insight and value to the reader.

The vendor provides no information about who they are, where they are located, or what type of trading history they had in the Forex market. It’s our recommendation, that they add this information to their website sooner than later, as it will provide the community with valuable insight.

In order to get in touch with support, traders can email contact@algopound.com or message them via their social networks. They are active on Instagram, Facebook, YouTube and Telegram.

Algopound Review

The Algopound robot is advertised as a hands-free automated Forex trading system that can be connected directly to your MT4 account. They want the community to be aware that they no longer have to worry about manual trading losses or missing signals sent from signal providers.

They feel that there are 3 good reasons to use the software. These reasons include saving you time, inspiring you spiritually and provide performance you demand.

While the website comes across as professional, the majority of the content is written quite poorly and needs to be fixed as it is wrought with grammar mistakes.

Trading Strategy

The vendor provides very little information about their overall methodologies and trading approach. They tell us that the Algopound system “trades on an impulsive move from a certain market conditions,” but this is really vague, and doesn’t really make sense grammatically.

Overall, the information provided about the strategy is poorly put together, and doesn’t really explain how the system works. If they want to be considered one of the best Forex robots on the market, they need to change their vague approach, remove the fluff and tell us how this actually works.

Robot Analysis

• Type: Forex Robot
• Price: Deposit
• Strategy: Undisclosed
• Timeframe: M15
• Pairs: EURUSD, EURJPY, CHFJPY, USDJPY, EURNZD, USDCAD, GBPJPY

In order to get access to the Algopound EA, traders have to sign up for a live trading account with the MultiBank FX broker through an affiliate link. After creating the account, traders are required to provide all the information to the vendor, including their MT4 login and master password. This is obviously a risky scenario, as you are giving your full credentials to an absolute stranger.

Considering the vendor provides very little information about who they are, it makes it very difficult to trust them with full account access.

Trading Performance

It’s important to go back to the front page of the Algopound website, as it’s on this page where the vendor claims that they can “make 3-6% average return a month consistently with less than 15% drawdown.” Yet, the results provided tell a very different story than the one they are selling on their sales page. They even have an entire section of the website dedicated to transparency, where they claim to provide both real and demo accounts hosted on Myfxbook.

When you go to their performance page, there are only screenshots of trading accounts, and no real Myfxbook access. In doing further research, we did find a trading account labeled “Algopound 2019 2K Challenge,” but when we click it, we get a message that the “page you’re looking for was either removed or doesn’t exist.“

That being said, even looking at this account from the outside which no longer exists, we can see a gain of 139% and a drawdown of nearly 50%. This drawdown is much higher than the 15% the vendor claims to achieve consistently, and if we have to speculate, it’s very possible that it went even higher, which is why the account is no longer available.

The vendor at what point did provide a Myfxbook account, but now they are much like many of the other robot providers we’ve reviewed recently including the Forex EA Trader, and Forex Trading Robot DAVE.

Conclusion

Our Algopound review certainly leaves us with quite a few questions about the service, that remain unanswered. We really like to see some actual transparency when it comes to trading performance, and learn more information about who the vendor is, and whether we can trust them with our live account details. Until this information is provided, we won’t be able to recommend the service.

If you have anything you would like to add to the review, please leave your questions and remarks below the article now.