Today I am analyzing a new EA developer that is providing multiple trading systems, for traders that sign up with their recommended brokerage, iForexRobot. Instead of paying directly for the system, traders can access these robots by signing up with the FormaxPrime brokerage. I have not heard of this brokerage, and I am quite skeptical of this approach, considering how poorly binary options trading systems perform, that use this same method.
This EA service is owned by PlanInvest, which is run by Sebastian van Hilten. The head offices for the company are located at Raadhuisstraat 24, Amsterdam, NL. To get in touch with support, traders can call +44 20 3239 5772, +359 24518410 or email email@example.com.
The iForexRobot mission statement is “trading made simple by using complex algorithms.” In terms of the way they promote their software, and explain it to the marketplace is different than most expert advisors. They seem to be taking a more rounded edges approach, without ever getting into real detail about the trading strategies and explicit methodologies of their Forex robots.
They currently offer 3 trading systems, the Torque EA which requires a minimum investment of $10,000 to access, the Longbow EA H1, and the Longbow EA M15+H1 which both require a minimum investment of $5000 to access. I mentioned above how this works, but I’ll go through it again quickly. If you want to utilize one of these expert advisors, you either have to invest $5000, or $10,000 with the Formax Prime brokerage. I have not used, or tested this brokerage, so I will have to consider doing a review of this, in the very near future.
In terms of features, the developers tell us that the systems come with free updates, ongoing support, a free VPS after trading 5 lots, and that even though this is an automated software that traders can stay in control of the system by turning it on and off at any moment. This is normal with all systems, and prevalent with recent reviews I’ve done like Pipbreaker, and Trillionaire EA.
- Type: Forex EA
- Price: $5000-$10000
- Strategy: Undisclosed
- Timeframe: M15, H1
- Pairs: AUDCAD, AUDNZD, CADJPY, EURCHF, GBPUSD
While there is no direct price for the iForexRobot, I still do consider a broker deposit of this magnitude as a purchase because the money is coming out of your account. I believe that the vendor would be better suited by selling his trading systems directly to the client, as opposed to having them sign up with the recommended brokerage.
In the trading results section, I actually found something quite peculiar about the connection between their results in this brokerage. So, let’s get into that now.
The vendor is currently providing us with 3 trading accounts, to demo accounts, and one live account. In my research of these accounts, I’ve found something very strange, and it’s the fact that none of the iForexRobot EA’s are running on their recommended brokerage.
The developers require that we deposit money, and trade with a specific brokerage in order to get access to this collection of robots, but none of their trading results are with the Formax Prime broker. Instead, there are 2 demo accounts with AxiTrader, and 1 live account with Alpari RU. It doesn’t make any sense to me, why this vendor can’t prove their system works on the brokerage they are forcing us to utilize.
In terms of the results, I’ll focus on the main live account they provide. This is the Longbow account, and it shows a 157% gain, and 30% drawdown since August 2016. This makes for a monthly gain of 5.78%, on over 1600 trades taken. The average win is 150 pips, with the average loss being 73 pips. This is an effective risk/reward ratio.
The Torque EA account which requires a $10,000 deposit is less impressive as far as I’m concerned. Even though it’s going for much higher deposit, the advanced statistics of this EA show that it’s losing pips hand over fist, but still finding a way to profit. I’m a little more skeptical of the strategy that I am the Longbow.
I’m not exactly sure what to think about the iForexRobot service. On one hand, the website is very professional and straightforward. Yet, I’m not a big fan of the fact that we have to deposit with a broker in order to gain access to this software. Also, I’m concerned by my revelation that the vendor wants us to sign up with a broker, but none of the results being provided are actually with that broker. I would like to get some clarification regarding this issue, before I make my final decision.
Please let me know what you think about this software, by leaving your comments below this article, now.
So are they legit ?
Hi Rob, the review covers it quite well. We found that there is an issue with the broker / results. Please let me know if there’s something in the review you want clarity on.