Premium FX Bot is a new MT4 expert advisor that promises to be the “new generation of trading.” They claim to be a leader in software development, focused on high quality programming solutions. Today we will be providing a complete review, and letting the community know all the facts.
Launched 08-30-2020, as we write this review, the service has only been on the market just over a month. So who is behind this fresh faced product? Well, this information is not yet disclosed by the vendor. In fact, there is no information provided about the creators of the service at all. We do not know where they are located, who they are, or the type of trading experience they have in the Forex markets. This is very basic information that we expect from every single vendor we review. So, it is obviously disappointing, and now the right foot to start this review on.
In order to get in touch with support, traders can phone 377 -19 2912820 or email email@example.com. We highly recommend getting in touch with the vendor before purchasing given they don’t offer any details about their identity.
Premium FX Bot Review
The Premium FX Bot website consists of information about the service, portfolio, price, trading results and contact details. As a whole, the website is poorly designed with large empty spaces, squeezed images, and an overwhelming lack of professionalism. It’s really difficult to sign up with any service that looks the way this does, especially when the best Forex robots in the market all have professional looking designs.
There’s a few aspects the developer wants us to know immediately. This is that they provide free installation, default settings that work, compatibility with all MT4 brokers and comes with free updates.
The website is clearly written by a trader who speaks English as a second language. This is fine, as native English speaking isn’t a prerequisite to being a good trader. Yet, it is hard to not question the vendors judgement for not hiring a copywriter or at least an editor to analyze their work. In order to be successful in anything, you have to be able to recognize your flaws, and it doesn’t seem like this group is capable of doing this.
The developers of the Premium FX Bot provide very little information about their trading strategy. There is an odd paragraph written about how the Forex market is a great way to practice live trading skills, but it just seems out of place. They make note of money management and risk allocation, but never anything in a sentence that makes any sense.
This goes to our earlier comments about hiring a writer. It seems as though this developer is unable to get across their ideas properly, which makes the service incredibly unprofessional. They are unable to provide any real information about their trade approach for one reason or another, and will be rated poorly in this section.
Premium FX Bot Analysis
- Type: Forex Robot
- Price: $109-$149
- Strategy: Undisclosed
- Timeframe: Undisclosed
- Pairs: GBPUSD
For traders interested in the Premium FX Bot, it is available for $109 to $149 depending on the amount of licenses required. The basic package comes with 1 real account, 1 demo account and goes for $109. The standard package comes with 2 real accounts, 2 demo accounts and goes for $129. Lastly, the pro package comes with 3 real accounts and 3 demo accounts and goes for $149. The price point is affordable, in a range with most automated expert advisors, if not a bit lower than the average.
At this point in time the vendor is providing a single FX Blue account, and no Myfxbook accounts. We much rather prefer Myfxbook for trading results, as they have a much more comprehensive verification process to ensure the results being provided are real.
The Premium FX Bot results are showing a 57% gain over its short 20 day history. During this time, the software placed 29 trades, with a 90% win rate and an average trade length of 7.3 hours. As this is on FX Blue, there is no clear information about the potential drawdown, but at this point, only 20 days into the account, it wouldn’t be very clear yet regardless.
From what we see so far, the results are impressive, but we would much rather see them on Myfxbook for verification purposes. Based on the quick gains the account is likely utilizing a high risk trading approach, and we will be shocked if it doesn’t crash at some point in the near future.
We really see no reason to recommend the Premium FX Bot to any of the Forex Robot Nation readers. Maybe this will change in the future, but the overall unprofessional nature of the website and lack of transparency isn’t something we plan on overlooking. They know all of our critiques now, so it’s really up to the development team to analyze the feedback and respond to it in kind. We will check back soon and see if they’ve made any changes.
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Premium FX Bot $109-$149
Premium FX Bot is an automated trading system that’s still in its early days. We expect to see more from this vendor in the near future.
No strategy insight
Lacking overall transparency