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FRT Review: Reaper Forex Robot

Reaper Forex Robot is yet another in a long line of expert advisors developed by the Forex Robot Trader team. They believe that this system is a next generation Forex robot “that will change the way you trade.” Considering the historical performance of their trading systems, I have my doubts that this robot will perform to expectations. That being said, let’s dig in and see if they are finally providing the transparency we require.

ForexRobotTrader.com is a long-standing expert advisor vendor, but it’s unknown who purchased the website after the original owner, Don Steinitz passed. While the website is one of the most impressive aesthetically, it’s hard to know whether or not the people who took over this website are traders were marketers. Considering the flashy design, page speed and lack of real trading information, it’s likely the website is run by marketers. In order to get in touch with support, traders can open up a ticket at forexrobottrader.kayako.com.

Reaper Forex Robot Review

The Forex Robot Trader team advertises the Reaper Forex Robot as a system that “tips the scales back in your favor with powerful trades that brokers can’t manipulate.” This paranoid thought of broker manipulation is brought up in their other sales pages as well, as you can see in my recent review of the Ganon Forex Robot. They are essentially telling us that the robot can be something that they haven’t even proved exists, which is broker manipulation. As far as I’m concerned, the Forex broker marketplace is very transparent, and I trust 99% of the brokers available.

In terms of strategy, the reaper “trades daily price breakouts to find explosive trades.” The software looks for hidden areas of support and resistance, and opens trades that are likely to run through reversals and provide large returns. During this process, the robot “actively managed to stop levels to secure profits.” While this explanation isn’t very in depth, it’s much more detail than provided in past reviews of Odin Forex Robot and Vader Forex Robot, so it’s at least a step in the right direction.

They believe that patience is a virtue, and that the reaper system is the perfect automated strategy, because humans are likely to will under the pressure of a potential reversal. This strategy requires a great deal of moxie.

Breakdown

  • Type: Forex Robot
  • Price: $99
  • Strategy: Support and Resistance
  • Timeframe: Undisclosed
  • Pairs: GBPCAD, EURAUD, EURGBP, CHFJPY, GBPNZD, EURSGD, NZDUSD, NZDJPY, EURCHF, AUDCHF, GBPAUD, USDJPY, NZDUSD, AUDUSD, USDCAD, EURUSD, GBPUSD, SGDJPY, CADCHF

As you can see in the breakdown, one notable aspect about all Forex Robot Trader products, including the Forex Reaper is there ability to trade many pairs. While many see this as a positive, I feel that it’s a detriment, as the strategy is more likely to fail when it doesn’t have a specific guideline for each pair. In my experience, I find that systems the trade too many pairs in the same account, are destined to fluctuate aggressively.

According to the sales page, the software is going for $99, which is 50% off the regular price of $199.

Trading Performance

The performance numbers for the Reaper Forex Robot are unrealistic, and likely manipulated by the Forex Robot Trader team. They claim that the software has made over $119,000 in the last 30 days, over $90,000 in November and over 1.1 million so far this year. In order to prove this, they provide us with trading statements. This method of providing results is old, and lacking in transparency greatly.

The problem with direct trading statements like these, is that the vendor can easily manipulate them, and control the numbers to meet whatever promises they are making on the sales page.

This vendor desperately needs to start providing trading accounts linked to Myfxbook or FX Blue to prove that their expert advisors are winners. There is way too much indecision in the marketplace, and past clients claiming that the systems perform nothing like what is shown in the sales page trading results.

Conclusion

While the Reaper Forex Robot gets an improved grade for providing some actual strategy insight, the trading results are still a black eye on the ForexRobotTrader.com product line. Until this vendor can start providing verified trading results, we just can’t recommend them to the public. It takes less than 5 minutes to sign up and connected trading account to Myfxbook, so there is really no excuse, unless the vendor is manipulating the trading results.

If you have anything you want to contribute, please leave your questions and remarks below the article now.

Reaper Forex Robot $99
  • Price - 70%
    70%
  • Strategy - 70%
    70%
  • Trading Results - 50%
    50%
  • Client Feedback - 50%
    50%
  • Customer Support - 75%
    75%

Pros

Decent strategy insight
Low price
Flashy site

Cons

Likely falsified results

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.

4 comments

  1. Great one. We’d like to have a video on how it works

  2. Has the author of this review actually tried this EA in real trading?
    Things like: we don’t think it works or we don’t believe it can make this much, or we believe its over hyped etc. are not objective, unless you really put it to work on a real account.

    Otherwise this review is simply based on hearsay and should be rejected in its entirety.

    • Hi, if you do not accept our review, you can avoid it, and judge based on your own experiences. We feel it’s the vendors job to prove that an EA is reliable before we test it. We also have written many other reviews of Forex Robot Trader products, and thus have established our opinions on the vendor. You can read those reviews, and see the many comments from our reader base. Also, here are the Reaper Results:

  3. All the representations and claims they make about this EA are fake. It is completely useless. Don’t waste your money on this or any products that are advertised on their website. I tried the robot for two months – predictable loser.

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