EA Review: TraBot

TraBot is an automated Forex robot developed for the South African marketplace. With this program, traders don’t get access to the robot itself, but a mirror trading system that automatically copy the trades of the expert advisor from a separate server, to your trading platform. Unlike most expert advisors utilize either MT4 or MT5, this robot requires the cTrader platform, and platform that we really haven’t spent much time with here at Forex Robot Nation.

The creator of the software is Johan Uys, located in South Africa. There is no head office for the company, but they do have both phone and email support. To access, traders can email admin@trabot.co.za or phone 0618685164.

TraBot Review

It’s quite apparent, that the TraBot system is quite different from what we are used to in the Forex EA marketplace. Traders are required to sign up with ICMarkets, and then provide their account information the vendor, so that the vendor can connect the mirror trading system to the client account. The process itself does come across as a bit convoluted and over-complicated compared to what we are used to. Generally, we prefer to have full control and access to the robot so that we have final say and full confidence in the trading approach.

Strategy

In terms of strategy, the robot focuses on trading 3 currency pairs (EURUSD, USDJPY, GPBUSD) simultaneously for added diversity. Sadly, this is the only information the vendor provides about their strategy. There is really no way of knowing the TraBot methodology, because the vendor doesn’t provide that information.

While this is still frequent in the best Forex robot marketplace, vendors that fail to provide adequate information rarely get a recommendation.

Robot Breakdown

• Type: Forex Robot
• Price: $70
• Strategy: Undisclosed
• Timeframe: Undisclosed
• Pairs: EURUSD, USDJPY, GBPUSD

The TraBot service is sold for R1000 South African rand, which comes out to about $70 USD. With the package traders get access to the IC Markets cTrader Android App for cell phones, or a separate cTrader platform if they prefer to use their PC.

The issue with their process, is that in order to utilize the system, traders have to provide their cTrader ID and password. Which gives this group full access to your trading account. They also claim that “it is very important to notify us first before you make any withdrawals from your account since we will have to change the ratio that you are mirroring our robot with.”

So, there is quite a bit of red tape and convolution that makes this a less than attractive proposition.

Trading Results

The vendor provides some trading account screen shots, which are supposed to show us the performance of the TraBot EA. None of these screenshots are verified, or can be relied upon heavily because they are disjointed and unproven.

All of the results provided are around 5 months old as well, which is just another reason why this vendor needs to use some sort of statement sharing service to verify the results.

With what they are providing, they are going to lose quite a few points in our overall rating.

Conclusion

It’s possible that the TraBot is a good option for South Africans, but at this point in time we don’t see competing with the majority of the Forex robot marketplace. While it’s possible that this system offers some great benefits, it’s really difficult to know, because the vendor provides very little information. With no real trading results, and a trading platform that we have no interest in learning, or using, we see no reason to recommend this product to the community.

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