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EA Review: ForexBot28

In today’s review, I’m analyzing a new Forex expert advisor that focuses on reliability and stability above all else, ForexBot28. Named after its ability to trade over 28 different currency pairs, the developers believe that their robot sets itself apart from the pack due to their three-year trading history.

The developer provides us with no information regarding their trading history, expertise, company background or location. In order to get in touch with support, traders can fill out a contact form on the website. I highly recommend emailing support, and finding out more about this developer, if you are interested in the product. I never recommend signing up with the vendor that provides absolutely no information about these important aspects.

ForexBot28 Review

There are really only a few sentences in the entire ForexBot28 sales page, which is way too minimalist for the Forex robot marketplace. If this was an application or some sort of web service, this lack of information would be suitable, but for an investment opportunity, the consumer always wants more information.

What we do know, is that the software uses a strategy based around neural networks. What that strategy is, and how neural networks play a role, is not elaborated by the vendor. They do tell us that depending on how much a trader has to invest, there are 3 different account modes. An aggressive mode which requires a $3500 deposit ($350 on micro), a normal mode which requires a $5000 deposit ($500 on micro), and a conservative mode which requires a $10,000 deposit ($100 on micro). None of these modes are discussed, but this does show us that the robot does require a sufficient starting balance, especially if you are interested in trading conservatively.

The 4 main points that the vendor wants to get across, is that the software is profitable, stable, compatible with all brokers and capable of controlling the drawdown. This really isn’t saying much, as every single expert advisor in the market pushes these concepts. You can see this in my most recent reviews of TradeRobo, and FX Ekspert.

Breakdown

  • Type: Forex Robot
  • Price: $255
  • Strategy: Neural Networks
  • Timeframe: Any
  • Pairs: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNZD, EURSGD, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPUSD, NZDCAD, NZDCHF, NZDJPY, NZDUSD, USDCAD, USDCHF, USDHKD, USDJPY, USDSGD

At $255, the ForexBot28 is moderately priced. With this package traders get one live license, free updates, user manuals, 24/7 friendly support and a 30 day moneyback guarantee.

The expert advisor trades on many different currency pairs as you can tell above, which the creators of the software feel helps mitigate risk through diversity.

Trading Results

The vendor provides one ForexBot28 trading account which is hosted on FX Blue. Generally, I prefer the verification process of Myfxbook much more, but there is nothing to suggest that this trading account is being fabricated in any way. The results aren’t outlandish, so I believe that these are most likely legitimate.

The account is currently showing a growth of over 220% in nearly 1000 days trading. This makes for a monthly gain of just over 3.6%, a profit factor of 1.52% from 8.6 trades per day and an overall winning percentage of 67.5%. The average trade length is 3.2 days, with the average win coming out to 11.21 pips, and average loss coming out to 15.28 pips. In the course of the 974 days, the software has accumulated over 25,000 pips.

A couple of the reasons I don’t like FX Blue as much as Myfxbook is because their reporting makes it difficult to see the overall drawdown, or a monthly breakdown of the results. In the risk, I was able to find that their deepest equity value was -31%, and the worst day the system ever had resulted in a -30.4% loss, which is quite substantial. Eventually, I did also come across the monthly results which tend to show that the product peaked when it first started trading in 2016, and has slowly started to diminish in the rate of return.

Conclusion

It’s very difficult to come to a true conclusion where I could either recommend or condemn the ForexBot28 software because the vendor provides very little information about their services. With products like these, I tend to recommend that we take a wait and see approach. That is certainly the case today as well, as it’s imperative that we get some sort of feedback from the vendor about their trading history, and methodology: approach to this Forex trading software.

If you have anything you would like to contribute to this review, I urge you to leave a comment or rating below the article now.

About Patrick Ryan

Patrick is a Forex enthusiast, with over 10 years of experience in finance, and market analysis. He's eager to help traders achieve their investment goals, whether they are short or long-term. Patrick's penned thousands of reviews, and is always available to discuss trading with anyone who's interested.

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