FX Rapid EA is a new automate trading software developed by the Forex Store team. The main features of this product is that it’s highly profitable, trades rapidly, compatible with all brokers and does not trade against the trend. Today we will be providing you with as much insight as possible so that you can make an informed purchasing decision.
The Forex Store owns the software, but despite releasing many different robots over the past few years we still know very little about their group. They don’t provide a location of their headquarters, and don’t give us any information about the members of their team. They’ve been very busy releasing new robots every 2-3 months. This level of production is quite high, and means they likely have little time for updates on their older projects. Their most recent systems include FXAutoPips, XFXEA and FXStabilizer Pro. We generally prefer vendors that stick to a single release every few years, and then spend the rest of that time working on ways to improve their active projects.
FX Rapid EA Review
The FX Rapid EA website is pretty basic. There’s a couple of Myfxbook accounts, nine back tests and just a few sentences about the software.
They believe that this system is ahead of their competitors because it trades rapidly, while protecting profits with a drawdown control system.
However, if they want to qualify for the best Forex robot rankings, they will have to add more detail to their sales page. It’s very difficult to come to a strong conclusion, or feel confident about any system that leaves you with more questions than answers.
All we really know about the FX Rapid EA strategy is that it’s designed for trend trading. According to the creators, the system relies on special algorithms to determine market direction, and then opens trades in that direction. If the price moves further along with the trend, the robot will open more orders in the same direction to increase profits. If the system predicts the markets incorrectly, and goes “against the trend, the EA CLOSES open trades as they are, often at a loss.” Though, they feel that they will always be able to cover previous losses when new trends are formed.
Up until this point, they have been successful in doing so, but with drawdowns over 50% on both accounts, it’s clear that this isn’t a risk free strategy.
In terms of recommendations, the minimum deposit for trading is $460.
- Type: Forex Robot
- Price: $269-$349
- Strategy: Trend following
- Timeframe: Undisclosed
- Pairs: URUSD, NZDUSD, AUDUSD, USDJPY
For traders interested in the FX Rapid EA, there are two options available for purchase. Traders can buy the DUE version for $269 which trades EURUSD and NZDUSD. Or, traders can buy the QUATTRO version which trades EURUSD, NZDUSD, AUDUSD and USDJPY. You essentially get the same product, but one version trades two pairs, and the other version trades four.
They do not have any trials available, but do have a refund policy. Their policy requires that traders show a loss of more than 35% in order to return their funds. This is a very specific policy, and the vendor may try and make you jump through some hoops to prove the results.
There are currently two Myfxbook accounts available. One for the FX Rapid EA Due version, and another for the Quattro version. Both systems are showing significant gains over a short sample size, but for our analysis we will focus more on the Quattro results.
This version is showing a gain of just over 1000% since it was launched December 3rd, 2019. During this time, the robot placed 249 trades to win a total of 1378 pips. The average win is 33.24 pips and the average loss is -48.88 pips, which makes for a normal risk reward ratio.
Most of the statistics are quite positive, the only negative we have found is the drawdown is at 56%. Which means, at one point in time during the few months this account has been open it once had 56% of it’s entire account floating in a negative trade. Generally, we prefer to keep our drawdown below 30%, but this appears to have some high risk and high reward tendencies.
The FX Rapid EA is a very interesting trading system. We appreciate the fact that they are sharing their Myfxbook accounts, and are transparent in most areas. We would like a little more information on their trading strategy, and details about who the developers are. Though, the project does seem like one we should be watching over the next few months to see how it performs for real clients.
If you have anything you want to add to the review please leave your questions and comments below the article now.
FX Rapid EA $269-$349
FX Rapid EA is a Forex robot that utilizes a trend following strategy to pickup pips.
Trades multiple pairs
Free lifetime updates
Verified Myfxbook results
Little strategy insight
Small sample size