Today I’m looking at a new automated expert advisor the claims to be generating seven-figure profits on autopilot for their clients, Finwe Forex Robot. According to the sales page, this is a “completely automated underground Forex robot.” Yet, if this is so underground, then why is there normal sales page, and why my reviewing it right now? While this may be an effective system, it is not an underground software, and that is a weird marketing approach if I may say so myself.
We are not provided with a location for the offices for this development team, and are not introduced to any of the members. Generally, I prefer dealing with companies and people that have some sort of reputation in the Forex market and for that reason I recommend emailing firstname.lastname@example.org before you sign up.
Finwe Forex Robot Review
Advertised as an underground, shocking and closely guarded secret the Finwe Forex Robot is advertised in a less than professional manner. In the original days of automated online trading, sales pitches like these were frequent and relied upon by marketers heavily to sell their products. Yet, as we’ve grown in this marketplace, real statistics, trading strategies and analysis have replaced this type of marketing fluff. Every once in a while, we still come across this type of marketing, but it is best to be left in the past.
In terms of strategy, we are told that the software uses “advanced detection systems to automatically determine specific and profitable breakout opportunities.” The rest of the sales page, is focused to heavily on marketing fluff.
I hope that the developers read this review, and realize that they are taking the wrong approach in their attempts to acquire new clients.
- Type: Forex EA
- Price: $149-$299
- Strategy: Breakout
- Timeframe: M15
- Pairs: EURUSD, GBPUSD
Depending on how many licenses you want to acquire, the price for the Finwe Forex Robot fluctuates. For one license the software goes for $149, for 2 licenses, $249 and for 4 licenses $299. Oddly, the developers don’t specify whether or not these licenses can be used for live or demo accounts. I would hope that we can run multiple demo accounts, but there is nothing that specifies this on the sales page. So, it is possible that we can only run one license at a time, either demo or live.
In doing further research, we can see that this product is associated with Optimum Forex Robot, Avail Forex EA, and Best Forex Robot Info, but the relationship between them is not disclosed.
The vendors are providing us with one trading account that is currently hosted on FX Blue. Personally, I prefer hosting accounts with Myfxbook because they are much more transparent and secure. I have seen many weird accounts on FX Blue over the years that make me question their authenticity, or at least their ability to verify the accounts uploaded to their statement sharing services.
That being said, the Finwe Forex Robot is currently showing a 21.1% weekly return, but the account has only been running for 24 days. In this 24 days, the software has already traded 577 times, with the average winner at 14 pips, and the average loss at 33 pips. This is a moderate win loss ratio.
There really isn’t much we can say until this account start running for a longer period of time. At just under a month, we can’t say whether or not this is going to be sustainable.
At this point in time, it’s your best bet to wait and be patient with the Finwe Forex Robot. If the developers had a reputation in this market, or were more forthcoming about their trading strategies that I would consider buying a license to test immediately. Yet, their account is hosted with an unregulated statement sharing service provider, and there are quite a few questions unanswered about the development team and what they have to offer this community. Until all of those questions are answered, and we can see a larger scope of trading results, I won’t be signing up.
Please leave comments and questions below the article now.
I decided to take the risk and test this EA on my account.
Last week it had issues on both pairs it trades (EU and GU), where the EA was stuck in a loop and was not opening new trades because it was searching to close some trades it had closed earlier. The log was repeating the error message:
3 00:00:00.828 Finwe Forex Robot EURUSD,M15: unknown ticket 51234549 for OrderModify function
3 00:00:00.828 Finwe Forex Robot GBPUSD,M15: unknown ticket 51234548 for OrderModify function
3 00:00:01.920 Finwe Forex Robot EURUSD,M15: unknown ticket 51234549 for OrderModify function
3 00:00:01.920 Finwe Forex Robot GBPUSD,M15: unknown ticket 51234548 for OrderModify function
3 00:00:03.012 Finwe Forex Robot EURUSD,M15: unknown ticket 51234549 for OrderModify function
3 00:00:03.012 Finwe Forex Robot GBPUSD,M15: unknown ticket 51234548 for OrderModify function
3 00:00:04.119 Finwe Forex Robot EURUSD,M15: unknown ticket 51234549 for OrderModify function
3 00:00:04.119 Finwe Forex Robot GBPUSD,M15: unknown ticket 51234548 for OrderModify function
This week it seemed a little quiet, and the GU had moved some distance from its Take Profit target on the one open GU trade. No errors were in Journal or Expert, so I attempted to check the chart using F7. The MT4 terminal stopped responding, and after a restart Finwe suddenly opened three new trades with new TP targets.
This does not bode well for the EA. It seems to have a few bugs that need fixing to ensure smooth continual operations.
I have emailed both issues to Support but received no response. My contacts with Support has been very few: when I changed accounts they did not tell me. I only discovered the EA stopped trading on the original account so I assumed the account had changed.
Good day everyone!
Any updates on the specific ea?
I just found from fpa web site the below statistics.
Looks promising but dont know if i trust this ea
Average Pips per Week:
-109 (Gross Pips: -1,835)
Average P/L per Week:
+9.47% (Gross P/L: +361.21%)
Maximum Equity used:
59.79% (Jan 25, 2018, 9:02:00 AM)
Nov 7, 2017 (Running 16.9 weeks)
You don’t want to be losing over 100 pips per week, I prefer EA’s that win more pips.
Can you please advice any better eas?
Your best bet is our top robot page here, https://forexrobotnation.com/best-forex-robot-and-expert-advisors-top-3-tested/