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Robot Review: Gold Elevate EA

Today I’m providing a review for new automated trading robot specifically designed for trading XAUUSD, Gold Elevate EA. The developers of this software believe the traders can easily secure profits with their plug-and-play trade technology. The sales page itself looks like something you would see 7 to 10 years ago, and this is consistent with the copywriting as well, as the developers state the traders can watch their “bank account explode with huge profits.” This type of aggressive marketing isn’t as prevalent in the Forex robot market in 2018, which makes this presentation a bit of a throwback.

I completed a WHOIS domain search, along with other extensive research, but there is no information provided anywhere about the developers of this software, and what type of trading history they have in the Forex marketplace. We do not know who the developers are, or where they are located. Hopefully this information will be added to the sales page after my review is published. In order to get in touch with support, traders are required to fill out a contact form located at the bottom of the original sales page.

Gold Elevate EA Review

My initial impression of the Gold Elevate EA is not overly positive, because the developers are doing a very poor job at providing any sort of transparency at all. Providing information about the creators of a product, and the development team is not a difficult task for any product producer to provide, but it’s certainly an important part of the process. I feel much more comfortable with a product, when I know who the developers are, or they at least have someone I know backing them up. In this case, I have neither of those details.

In terms of strategy, the developers claim to utilize custom-made indicators, a risk reward stabilizing system, a supply/demand price predictor, and auto adaptive profit trade technology. While all of these aspects sound very impressive, there is actually very little information provided about any of these features. The developers easily could be making up different technologies in order to make the software seem more important, and advanced that it is. There is really no way of us knowing, because the developers do not go into detail about these features, and leave us guessing as to how the software looks to determine trade opportunities.

This type of product with very little information is certainly something we’ve gotten used to over the years, and have seen recently and reviews of AssarV10, PowerfulForex and EOS Forex EA.

Breakdown

  • Type: Forex Robot
  • Price: $179-$499
  • Strategy: Undisclosed
  • Timeframe: Undisclosed
  • Pairs: XAUUSD(GOLD)

Traders signing up for the Gold Elevate EA have 3 different account types to choose from. For $179 traders get access to one real account, and one demo account. For $249, traders get access to two real accounts and two demo accounts. Lastly, for $499, traders get access to four real accounts and four demo accounts. There are no other differences between these account types, other than the amount of licenses provided.

Other aspects in the breakdown include the strategy and timeframe which are both undisclosed, as the developers do a poor job at providing information. The one positive aspect of the software is that it is focused on one currency pair, the gold asset, which at least hints at the fact that the developers are utilizing a strict and distinctive strategy.

Trading Results

Despite an overarching lack of information throughout the sales page, the Gold Elevate EA vendor does provide us with a single FX Blue trading account. This account is showing a weekly return of just over 12%, and a monthly return of over 65%. Yet, at this point in time this information cannot be relied upon as the results have only been active for 14 days. Considering that the results were just started 2 weeks ago, the vendor is probably jumping the gun with the release of this product, and should be waiting for couple months of proof before attempting to sell copies.

The software trades quite frequently, with a total of 156 trades being taken, 77 of those being winners and 79 of those being losers. The developers are obviously using an effective risk reward ratio as the account is positive, despite having more losing trades then winning trades.

Conclusion

My review of the Gold Elevate EA is unfinished for a handful of reasons, and all those reasons have to do with the developers of the software. It’s my opinion that the vendors of the system need to provide much more information about their overall trading strategy, and the features of the EA that they discuss with little to no detail at all. On top of this, I expect the vendors to provide us information on themselves, so we know what type of trading history they have in the Forex marketplace. Lastly, we are in a bit of a holding pattern as we monitor their trading account, to see how it performs over a longer sample size.

If you’ve anything you would like to add to the review, please leave your questions and comments below the article now.

About Patrick Ryan

Patrick is a Forex enthusiast, with over 10 years of experience in finance, and market analysis. He's eager to help traders achieve their investment goals, whether they are short or long-term. Patrick's penned thousands of reviews, and is always available to discuss trading with anyone who's interested.

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