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Robot Review: XoForex EA

Today I’m providing a review, and analyzing a new trading robot called XoForex EA. The people behind the service believe that their software makes trading currencies easy. They provide traders with a 100% automated Forex trading system that is built by a private group of traders. One of the elements that sets the software apart from most robots, is that it can be used on MT4, MT5 and cTrader. Most systems utilize just MT4, which in my eyes is still the best platform available. Yet, it doesn’t hurt to have other options.

There is no address for the company, but they claim to operate from Belize, France and the United Kingdom. It’s likely that there is no single office, and that the developers and team members all work remotely. Traders can get in contact with the developers by filling out an email form found on the bottom of the sales page. For a full list of the Best Forex Robots go here.

XoForex EA Review

When the XoForex team first started out, they wanted to develop a strategy that’s unique and safe. They want to provide traders with good results every month, even if traders only have $200 to start with. The robot comes with automatic updates so traders don’t have to worry about self installing more than once.

Details

Type: Forex Robot
Price: $99/month
Strategy: N/A
Timeframe: N/A
Pairs: AUDCHF, AUDJPY, AUDUSD, CADJPY, EURAUD, EURGBP, EURUSD, GBPCHF, GBPJPY, GBPUSD, NZDJPY, NZDUSD, USDCAD, USDCHF, USDJPY.

As you can see above, everything is quite normal except for the price. This EA developer wants $99 a month, which is very steep and extremely rare in this marketplace. Maybe they are new to the marketplace, but I would expect them to change this at some point in time. A monthly subscription model like this for a Forex robot is not exactly the best way to do business. It doesn’t make sense why the XoForex EA would advertise being able to work on a $200 account if they wanted to charge $99 a month. No client on a $200 account gaining 20% per month would ever make any profit. In fact, a client on a $200 account would lose approximately $50 every single month, just to the subscription costs.

Results

The XoForex EA developers provide us with one my FX book account on the FX open brokerage. We can see that the account has been running just over a month, and has gained 43% with a 22% drawdown. This is an approximate gain of 24.49% per month, which is a very nice number. The software does tend to keep a handful of losing trades floating at any given time. At the time of this review, there are 5 open trades that are currently -7.70%. This is not a major issue, because these trades could easily bounce back. This would only become a real issue if the drawdown started to increase drastically, but the highest drawdown we’ve seen with this account is currently at 22%.

There is a little discrepancy between the equity growth and the growth of the account, showing that the equity is actually quite a bit lower at points but it looks to be catching up. This shouldn’t be a major issue either. Throughout the month and a half the robot has traded on average 3 to 4 times per day, which seems frequent but it utilizes many different pairs to ensure that it’s not forcing itself on the marketplace.

Conclusion

There are certainly some positives and negatives here to look at with the XoForex EA. The website doesn’t provide us with a lot of information, but the my FX book results are quite impressive. As of right now, I’m going to give this product a 3 star review and then revisit the review when we have some real user feedback and some actual client accounts to analyze. This robot can definitely do with some breathing room, to see how it performs on a longer-term basis. Hopefully during this time, the developers see my point of view and lower the monthly price or provide the option for traders to buy the system for a one time fee.

Thank you for stopping by and reading my review, I hope that you spend more time here on Forex robot nation getting to know myself and the rest of this magnificent community.

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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