Forex Enigma EA Review (forexenigma.eu)

Forex Enigma EA is a new automated robot developed exclusively for the MT4 trading platform. The software combines 3 different trading strategies, scalping, trend and half grid, in order to provide trading opportunities. Today we will provide a full review, and let you know if this is a viable expert advisor.

The developers of the service do not introduce themselves to the public in at any point of their sales page. They do not give us any information about who they are, where they are located, or the type of trading history they have in the Forex markets. This information is all vital when dealing with a new developer, and it’s a red flag that this team fails to provide it. A WHOIS search shows that their website is hosted in the Czech Republic, but this comes from our additional research, not from the vendor.

Forex Enigma EA Review

The Forex Enigma EA sales page is very simple, consisting of an FX Blue account, some minor strategy details, a couple back tests and a pricing section. It’s fair to say that we expect more from Forex developers in 2020, as we have grown tired of taking chances and making mistakes. We find that the best Forex robot developers all provide a significant amount of detail on their website, so that we go in to the process knowing exactly what we get.

Trading Strategy

The developers of the Forex Enigma EA promise to use a “3x innovative trading strategy.” This strategy uses a combination of scalping, trend trading and grid management in conjunction with a news filter to improve trading efficiency. The vendors claim that their robot is all about “easy money without effort.”

The robot works best on the EURUSD pair, and the H1 timeframe. It aims to achieve stable profits and can be traded with $1000 on a standard account, or as low as $10 on a cent account. The recommended leverage to be successful with it, is 1:100 and higher.

They don’t provide much detail about the strategy, or really give any technical insight. This is in line with most of the website, as it looks like something that was thrown together rather quickly. It’s our recommendation that this robot creator goes back, and redevelops their sales presentation if they want to compete in this market. Rest assured, we are not being harsh to just this one vendor, in this one review, we have given this exact same advice to many other products, as you can see in our reviews of News Scope EA, InstantEA and WinFX.

Robot Analysis

• Type: Forex Robot
• Price: $149-$249
• Strategy: Scalping, Trend Trading & Grid Management
• Timeframe: H1
• Pairs: EURUSD

For traders interested in the Forex Enigma EA, there are three packages available, basic, standard and professional. All of the packages come with the exact same service, but there is an additional cost for traders who want more licenses. The basic plan goes for $149, offering 1 real account and 1 demo account license. The standard plan goes for $199, offering 2 real accounts and 2 demo account licenses. Lastly, the professional plan goes for $249, offering 3 real accounts and 3 demo account licenses.

Trading Results

The Forex Enigma EA team provide a single FX Blue account and a few backtests. As it’s 2020, we won’t be analyzing the backtests, but we will take a closer look at the FX Blue account to see how the system is performing. We do prefer Myfxbook accounts, but that’s a discussion for another time.

The FX Blue account is showing a gain of 261%, over a two month span. The average trade length is 7.7 hours, and the system has an 85% win rate. The risk reward ratio is approximately 1:1, with the average win at 7.32 pips and the average loss at -6.54 pips.

We like what we see from the trading results so far, but would like to see the results uploaded to Myfxbook, as it’s a much more reliable platform. Historically, we have seen some pretty strange accounts on FX Blue, so we aren’t always sure of their legitimacy.

Conclusion

Despite a poor presentation in general, the Forex Enigma EA does show some promising trading results, which is all that matters. While we don’t believe this is ready to be purchased just yet, we do believe it’s worth watching over the next few months to see how it continues to perform. Ideally, we would like to hear more from real users, and see their results before we sign up.

If you have anything you would like to add, please leave your experiences and comments below.