FXAutoPips is an automated expert advisor that wants to use the principles of scalping without being considered a scalper. Essentially, they want fast trades, but without the small take profit of just 2-4 pips per opportunity. They use an intraday approach that they feel works perfect in the current market conditions. Today we will be providing a review, and letting you know if the robot is living up to expectations.
The creator of this service appears to be the owners of the Forex Store. They’ve created many different robots, including XFX EA, ForexBot28, FX Helix and more. Despite owning these different products, they don’t mention this relationship on their website, which is fine, but we prefer a little more transparency. They don’t provide any information about their coders or their history in the Forex marketplace.
To get in touch with support, traders can fill out a contact form on the sales page.
The FXAutoPips website doesn’t provide a lot of detail. There are only a few paragraphs of content, a backtest and a Myfxbook account. While we appreciate vendors that take a succinct approach, we find that this is a little too succinct. In our experience, traders are always interested in understanding how a software works in full before spending their funds.
In order to qualify for best Forex robot status, more information will have to be added to this website at some point in the near future.
As we mentioned in the introduction, the FXAutoPips expert advisor uses an intraday trading approach, that has some scalping tendencies. The vendors tell us that they developed the “robot under the inspiration of scalpers, but it is actually not a scalper ea.”
It trades during the Asian session like most scalpers, and when the price reaches a certain range, they take advantage of those opportunities. They don’t use a martingale strategy, but do use a loss recovery mode which is a common feature of martingale robots. So, this robot appears to be borrowing elements from many different trading strategies, which we feel is a positive.
The minimum deposit for the robot is $26 trading 0.01 lots, and it works exclusively on the USDCAD pair.
- Type: Forex Robot
- Price: $255
- Strategy: Intraday
- Timeframe: Undisclosed
- Pairs: USDCAD
For traders interested in purchasing the FXAutoPips software, it is currently priced at $255. At this price, traders get access to 1 lifetime license, a user manual, free updates and 24/7 support. The product also comes with a 30 day money back guarantee.
In terms of licensing, we prefer systems that provide some demo account licenses as well, so that we can do our own tests while trading live simultaneously.
The FXAutoPips team provide a backtest and a Myfxbook account. We really won’t spend any time with the backtest, as we find backtesting useless in 2020.
The Myfxbook account is showing a 331% gain since it was launched in June, 2018. During this time, the software placed 92 trades, with the average win at 26 pips, and average loss at 33 pips. This makes for a close risk rewards ratio, and definitely a ratio that is in line with the strategy they claim to trade. The average trade length is 1 day, and the win rate is approximately 67%.
The only negatives are recent, as the robot recently hit a 50% drawdown which saw them lose 300% of their overall gain. This is really the first time that the robot had much of an issue, and it’s likely due to the market fluctuations caused by the COVID-19 virus.
So, the results for the most part are impressive, but we would like to see the software level out and return to winning ways before we jump on board. We don’t want to join a ship that is sinking.
The FXAutoPips presentation is professional, but lacking any real detail. They need to provide much more information about who they are, and their trading approach if they want the market to take them seriously. At this point we are happy with the Myfxbook account they have shown us, but would like to see if it recovers from the 50% loss that they just hit last week. We will keep our eye on the service and update the review when necessary.
If you have anything you would like to add, please do so now.
FXAutoPips is a Forex robot with an intraday trading methodology.
History in the market
Little detail on the site
Huge loss last week