Today I’m looking at a new Forex expert advisor that’s built to work on 13 pairs and provide traders with profitable trades, Bingo Trading EA. The entire sales page is essentially just a contact us page, a handful of sentences and one Myfxbook account. It is quite clear, that their entire marketing plan is to promote their one trading account and have that be the only reason traders sign up. This is going to make reviewing the product difficult, but I’ll still do what I can to give it a fair shake.
The creator of the software claims that their offices are 445 E 86 W 27th St # 601, New York, NY 10028, USA. In doing a search for this address, there are quite a few companies claiming that this is where there headquarters are located, but in doing a quick Google maps search, all I see is a Starbucks. It’s common for companies to use fake addresses, and I believe that’s what’s happening in this case. In order to get in touch with support, and potentially ask them about this traders can fill out a contact form at the bottom of their website.
Bingo Trading EA Review
In terms of strategy, the developers of the Bingo Trading EA don’t give us very much at all. They do tell us that the system is based on an intraday strategy that trades with the trend and utilizes some sort of counter reversal measures. It’s quite clear that the developer of this system does not speak English as their first language. This is likely the reason why there is very little written information about the system on the website. That being said, any smart businessman knows that if he has a weakness, he should address it. My recommendation for this developer, is that they should clearly pay someone to do a better write-up. There is nothing stopping them from doing this, but it’s certainly getting in the way of their business.
Small judgments like these are sometimes irrelevant, but in my eyes they can be quite important. If the creator of a trading system isn’t taking the proper steps in certain areas of their business, then it’s possible they could be making missteps in other areas as well.
Hopefully this isn’t the case, but we have to be careful when dealing with developers that are putting forth obvious flaws.
- Type: Forex EA
- Price: $69.99-129.99/month
- Strategy: Intraday
- Timeframe: Undisclosed
- Pairs: AUDJPY, AUDUSD, CADJPY, EURGBP, EURJPY, EURUSD, GBPJPY, GBPUSD, NZDUSD, USDCAD, USDCHF, USDJPY, XAUUSD
The pricing for the Bingo Trading EA offers 4 different trading plans. Traders can receive signals by email, for $69.99 per month, by SMS for $89.99 per month, get access to the actual EA for $99.99 per month, or even trade the software on the developer’s server for $129.99 per month. The price for the system is relatively high when you consider that most robots in this market are going for anywhere between $100-$300 for the full license without any monthly fees.
One of the more intriguing aspects of their pricing model, is the option they provide to have the EA trade on their server. This would essentially give the vendors no excuses if the software didn’t perform just as their Myfxbook account does. Yet, this puts a lot of trust in a vendor, as they would have access to your account, and they aren’t even providing us with a real address for their offices.
Currently, the developers of the Bingo Trading EA are providing us with one account. This account is a Cent account with RoboForex, showing a gain of over 5,000%, since the beginning of August 2017. This makes for a monthly gain of 200%, with a drawdown of 50%. This is a pretty significant drawdown, and in looking at the results, I’m not sure if this is going to be a stable system in the long term. They do not provide us with their open trade history, so we cannot see how many open trades they currently have. I would like to know if this 50% drawdown is constantly floating, or if it’s just something that happened one time. Either way, it does signify that there is an increased level of risk here.
The second element I’m looking at is the monthly gain percentage. In the first 2 months the software gained almost all of its gains. In fact, over 98% of the gains we are seeing today, came from the first 2 months of trading. This leads me to believe that the developers were using extremely risky tactics in order to quickly grow this Myfxbook account, and then drawback the risk so that they can promote the system.
This essentially means that the EA doesn’t gain 200% per month. This number is only as big as it is, because the developers used overly aggressive money management tactics to inflate the numbers. This is not representative of how the system would trade for actual clients.
At this point in time, I don’t see myself signing up with the Bingo Trading EA. There are quite a few discrepancies with the trading results, and I don’t believe that the way they are presenting their results is truly indicative of how this robot is going to perform moving forward. I plan on revisiting this page from time to time to see how clients are reacting to this software, so please share your experiences now.