Robot Review: Forex Armor EA

Forex Armor is an expert advisor created by the team that’s been developing automated trading robots since 2005. They tell the community that their “systems has been used by many professionals as well as corporations around the world, we dedicated to integrity and excellence in profitability and trading consulting.” This certainly isn’t written well, but they feel that they are able to offer a professional service because they’ve been through so much with their trading experiences. They believe that even when the market is difficult, they can still provide opportunities and avoid the potential negative effects.

The contact page shows that the company is located at Jalan Kubung Batu Raya 10/04, Jimbaran, Bali, but the Google Map on their website says they are located at Storey Ave, San Francisco, USA. Yet, if you zoom in to the map, it shows that the address they’ve chosen is actually for Brian Lynn Financial Services, a website that has no relation to Forex Armor at all. It’s confusing as to why the developers would utilize this map on multiple pages on their website, as it’s clearly not their address. This is certainly a concern, and does put a shadow of a doubt in our minds that something deceptive is being attempted by the development team. In order to get in touch with support, traders can phone +6 281 717 5678, +1 212 386 5577 or email support@forexarmor.com. Their team is available Monday to Friday between 10 AM and 6 PM (GMT +8).

Forex Armor EA Review

The initial impression isn’t overly positive, as the Forex Armor EA website is poorly written, and the strange Google maps debacle put a bad taste in our mouths as well. That being said, we will still do everything in our power to provide an unbiased review.

The vendor provides very little information about the software, which makes it difficult to classify it in the best Forex robots category. In fact, all we really know is that they offer a free installation, there are no broker restrictions and the promise “a stable automated income of minimum 20% monthly.”

On top of this, they provide an experience headline where they claim to be proficient in customer satisfaction, safety, ease-of-use and overall accuracy.

Specifications

There really is no formal explanation of the expert advisor or how it works. They just provide a handful of specifications, which will add to our normal breakdown section.

• Type: Forex Robot
• Price: $997-$1599
• Strategy: Double OsMA and price action based signal, Zero-Martingale Averaging
• Timeframe: H1 – H4
• Leverage: 1:100 – 1:500
• Money Management: Minimum $300/0.01
• Pairs: EURUSD, GBPUSD, EURCHF, USDCHF

In the specifications the Forex Armor EA developer gives us a very brief outline of their trading approach, but this is missing elaboration. Considering the product is going for over $1000, it seems extremely necessary that the vendor spends much more time providing insight. It’s very difficult to stomach spending over $1000 for product we really aren’t sure about.

The 3 packages available are all very expensive. The economy class plan provides one live account, one demo account and free installation for a single year. The business class plan provides the exact same aspects of the economy class, but traders get lifetime access. The first class plan goes for $1599, and gives traders access to 3 live accounts, one demo account, free installation, free updates for life. It’s worth noting that both of the economy class plan and business class plans do not have free system updates, so there are likely even more charges coming down the line with these plans.

The pricing is simply too expensive, especially considering that the vendor provides us very little information about the software altogether. This is way too common in the robot marketplace, as you can see in our recent reviews of Titan Scalper EA and PipHiker EA.

Trading Results

In terms of trading results, the Forex Armor EA vendor provides a Myfxbook backtest, and an FX Blue live account. The only account really worth analyzing, is the live account. This account is showing a total return of 103%, over 97 days with a maximum drawdown of 25%. During this time, the system opens .6 trades per day, with the average length of trade being 45 hours long. Winning trades average 21.42 pips, and losing trades average -15.22 pips, which is an effective risk reward ratio.

The results over a small sample size are impressive, but that doesn’t mean there aren’t issues.

The main issue we see with these results, is the fact that the vendor has proven that the software can earn $103.78. This certainly isn’t in line with the pricing model setup by the software developers. It’s really quite asinine that the developers believe that they can charge nearly $1000 for a system, they’ve proven can make just over $100.

They need to drop the price drastically to account for this.

Conclusion

There are certainly positives when looking at the Forex Armor EA software, but at this point in time they do seem to be outweighed by the negatives. The developer needs to do a much better job at providing information about the system, and providing a price point that is more in line with the trading results they are able to achieve.

If you have anything you would like to add to the review, please leave your questions and remarks below the article now.