Today I’m looking at an exorbitantly priced Forex robot that’s built to take advantage of an adaptive trade management algorithm, AlgoTradeSoft’s Innovative EA. Being sold for nearly $30,000 for a single license, I really don’t see how anyone would purchase the rights to the system. With the price take this high, it’s hard to see the real benefit unless you are trading millions of dollars, and this generally isn’t the market for traders with accounts of that size. It really makes me question what the developers are really doing here, and if this price point is just this high so that traders overvalue the system and try to negotiate the price down.
There is no address for the ISIT GROUP INC. company, but we do know that they are located somewhere in the Ukraine. Traders can get in touch with support by emailing firstname.lastname@example.org, or adding algotrade.support on Skype.
Innovative EA Review
Considering the ridiculous price of the Innovative EA, it makes me wonder if writing this review is even worthwhile.
I might be doing exactly what they want, and giving AlgoTradeSoft publicity, as it’s very possible that this is the main purpose of this advertisement.
Regardless, the EA “is based on the breakdown of the most important support and resistance levels.” The developers tell us that they’ve back tested and optimized the software properly, to ensure that it has passed every single stress test they’ve put it through. They believe that through statistic collection and slippage control that they are able to control the quality of every single trade that is placed.
The robot takes advantage of trailing stop, specific operation hours and built-in money management for those that are interested in using it.
- Type: Forex EA
- Price: $29999
- Strategy: Support & Resistance
- Timeframe: M30
- Pairs: EURUSD
Again, I don’t want to beat a dead horse here but it’s hard not to look at this price tag and run in the opposite direction as fast as I can. It’s possible that the vendor is attempting to reach some sort of premium market, but I’m not seeing a product that is head and shoulders above its competition. In fact, there are systems going for around $200 that would certainly out trade the Innovative EA.
I’m not exactly sure why the developers are taking this approach, but I believe it has something to do with getting traders to sign up with the AlgoTradeSoft partnership service. This is a sort of PAMM type investment where the developers promise large gains as long as the traders deposit big chunks of money for them to invest. I’ve never seen this as a viable opportunity, nor have I ever wanted to hand over thousands of dollars to a company with no sign of a registered license.
There is a link to the Innovative EA’s “real account monitoring,” at the top of their sales page, but it no longer works. According to the page, the “EA signal is diabled and unavailable.” This is quite concerning, as it leaves us with nothing to go on except for a handful of old back test images. None of the back tests go beyond 2015, so they all need updates pretty badly.
With nothing but back tests, and the live account trading results no longer being available, I’m still searching for reasons to justify why this EA’s being priced so highly. I also have major concerns about why these live trading results are no longer available. We have to wonder if the account crashed, and if I paid for $30,000 for something to crash an account I’d be pretty upset to say the least.
There are currently 13 reviews for the product, which makes for a total of 4 out of 5 stars. I assume at some point the product was being sold at a much smaller price point, and that’s when these traders were able to get their hands on it. There hasn’t been a review since mid 2016, so it’s been quite some time since this Forex robot was being actively traded.
At the current price point, with no real trading results to go on I can’t stomach purchasing the AlgoTradeSoft Innovative EA at this point in time. I hope that this review helped you make the right decision regarding this software, and that you come back to Forex Robot Nation again soon to read more of our reviews. Please leave your comments and questions below the article now.