Forex Store is a well known Forex robot developer, that ranks most of the expert advisors in the market. If you’ve done a search for automated trading systems at any point in time, then you’ve probably been inundated with this store’s advertising, as they advertise heavily with Google.
The website is currently showing over 150 different Forex robots, and rating them out of 10 based on their trading results. What the store isn’t clear about is their relationship with the products they are reviewing. It’s apparent that the featured products, hottest price offers or “new and interesting” robots listed on the site are all owned by the Forex Store. This is not a major issue, but it’s something we will discuss throughout the review.
Started in 2017, the website is owned and operated by the “FXS Company.” This company does not have an address, or any contact details outside of a contact form on the website. I believe this vendor needs to be a bit more transparent in many areas, which I’ll be covering in this review.
Forex Store Review
The Forex Store is certainly one of the most aesthetically pleasing Forex robot websites available. The design is unique, but straight forward at the same time, guiding traders to Forex robots based on their ratings.
The only issue I have with the website, is the unsubstantiated bias. As I write this review, the developer of the store is not clear about owning the majority of the highest rated products on the website. I have great experience with this myself, as many have made the same claims about me personally. Once I realized this was an issue, I made sure to put my company name on every service that I offer so there can be no complaints.
In each Forex robot review the Forex Store team provide a link labeled “visit the developer’s website.” Yet, in most of the products provided, they are the vendor.
How do I know Forex Store owns the robots?
Well, this really doesn’t take a genius to figure out. There are a few steps that I’ve used to make the connection between the robots and the Forex store creator.
Firstly, when the Forex Store first started, it was populated only with their products. Then, over time they started adding in a few other trading robots to make the platform look more like a marketplace than a sales page. While I don’t have images to show this now, it is just the first part of the process.
The next step I took was locating the IP address of one of their servers, and then seeing what websites are on this server.
You can see in this image, that on this one server are a bunch of the Forex Store’s top rated robots. This shows that they own the FXRapidEA, FXCharger, FXAdept, PowerfulForex and FX Stabilizer, as they’re all on the same server.
What are the consequences?
So, I’m not here to act like this is some major conspiracy like most would in order to get more likes or views. I’m just pointing out the facts in order to help the community make better purchasing decisions.
The consequences of Forex Store owning the products they are ranking, are obvious. They will be more likely to rate their robots better than the other robots they are reading. This is just human nature. This doesn’t mean that their products shouldn’t naturally be above other robots, but it does call into question their authority a little bit. They are a large company, with the ability to produce many systems, so for the most part, I would rather they be developing automated solutions over some kid in his basement without their experience.
I don’t believe that they are evil in any way, or trying to pull the wool over our eyes. It may be considered a deceptive marketing practice, but it’s not the end of the world.
What about the Robots?
Now that we’ve gone through the developer side of the review, it’s important to make a note that the Forex Store robots are pretty effective. I don’t have them rated in the top 5% of expert advisors, but they are serviceable.
I do feel that they produce too many systems to take advantage of launch excitement, but each robot they create usually has a period of time where it’s successful. They prove this by providing Myfxbook accounts with every trading product they release. This puts them a step ahead of most vendors in this market.
The only thing I haven’t seen much of, or really any of with the Forex Store products is client trading results. It’s clear that the vendor is able to produce winning trading accounts, but I would like to see if their clients are able to reproduce a similar result.
In terms of how many robots are owned by this developer, there are quite a few. There are likely many that we are missing out, as they produce many robots, but please tell us if we do. Here is the list:
- Trader’s Sun/Moon EA
- Forex Truck EA
- Forex InControl
- FX Stabilizer
- FX Adept
The prices for each of these expert advisors ranges from $249-$739. This is on the higher-end in terms of Forex robot pricing. Generally, I’m looking to spend somewhere between $150-$250.
What’s next for the Forex Store?
As a website, I think they are well on their way to being one of the more effective Forex robot rating tools. I believe their best next step would be to simply increase the amount of transparency.
They can do this by putting their names, and headquarter address on the website. Also, by claiming the products that they own and telling the community which systems are theirs.
Again, I don’t think it’s a big deal that they haven’t been up front about this, but I’ve received quite a few emails and comments about this so it’s worth noting.
What do you think the Forex Store should do next? Leave a review, or comment and let me know.
Forex Store $249-$739
- Client Feedback
Forex Store is a unique robot developer, and product reviewer.
Unbias reviews of their own products