Renko Scalper EA Review (NewsFX, Pro)

Renko Scalper is an automated robot provider offering multiple products including the Renko Scalper Pro +C, Renko Real Scalper, NewsFX and Newset Fix FX. The developer believes that these high quality products will help “you plan a bright future” in Forex trading. In today’s review, we will analyze each of these systems, and give a general analysis of the vendor.

The vendors claim to be a group of MQL4 coding language experts that have been producing automated systems for “nearly 5 years.” Yet, there website has only been active for just over a single year according to the WHOIS data. It’s possible they’ve been developing and learning for years, but there’s nothing to prove their 5 year claim.

They are located at 153, Kakirawa, Zip code 40000, Sri Lanka, with a business registration number of NCP/MIH/2017/54. They do not introduce us to who they are, or the type of reputation they have in the Forex market. Increased transparency in this area would be much appreciated going forward. In order to get in touch with support, traders can email help@renkoscalper.store.

Renko Scalper Review

The Renko Scalper EA website is poorly put together with bad image usage, poor formatting, and many other aspects which make it seemingly unprofessional. The main site offers a few articles, but no real detail on the products. In order to see the products, traders have to go to the renkoscalper.store link.

Once in the store, each product comes with a brief description, and a YouTube video scrolling through results. Each product is presented a bit different than the other, but for the most part the presentations don’t compete with any of the best Forex robots. They need to find a way to be more clear, and concise with the data they are offering, as it feels thrown together at the last minute.

Strategy

Both the Renko Scalper Pro and Renko Real Scalper systems don’t offer any insight into their trading strategy in their descriptions. Instead, the description just gives a few recommendations on account size, tells us the best pairs and promises a weekly profit of 60-70%.

This is not a good sign, and the vendor needs to provide more transparency.

They do provide strategy insight for their NewsFX and Newset Fix FX robots discussing arbitrage trading. This team should better organize their approach, and be more straight forward if they want to compete in this market. The disorganization is worse than my most recent review of FX Neuro Bot, Ruby Forex EA and Xautoprofits.

Robot Analysis

There are multiple robots, but the following analysis is for the Renko Scalper base models:

• Type: Forex Robot
• Price: $360-$800
• Strategy: Scalping
• Timeframe: M30
• Pairs: AUDUSD

Pricing ranges anywhere from $360 to $800 for the Renko Scalper product line. These prices are very high, and not exactly in line with the presentation that we are seeing. With the lack of transparency, and disorganization, we expected to see prices more in the $100 region.

Trading Results

The trading results provided for the Renko Scalper products is limited. They provide backtests and YouTube videos, but very few verified trading accounts.

The only products with Myfxbook accounts are the FunnyTrade EA and NewsFX software. The FunnyTrade results stopped over half a year ago, and the NewsFX robot results are incredibly strange.

You can see these NewsFX results are showing an absurdgain of 273,472% over the course of half a year with a drawdown of 8.13%. We are unsure how they are showing these numbers, but they definitely come across as too good to be true.

The system has only trades 352 times, with an average win of 7 pips, for a total of 2000 pips gains. So, the overall gain percentage is certainly misleading.

So, they really don’t have any trading results for their Renko Scalper products, and the only results they do provide are highly suspicious. The theme here continues to be transparency, and the vendor needs to address this quickly if they want to compete.

When something seems too good to be true in the Forex market, it always is.

Conclusion

At this point in time, we have very little interest in the Renko Scalper expert advisors. They are all priced highly, come with little to no strategy insight, and the same goes for the trading results. Hopefully the vendor addresses some of our concerns, and then we will reconsider our position.

If you have anything you would like to add to the review, please leave a comment now.