Today I’m looking at a new Forex robot service that just recently started to get more attention in the marketplace, United Forex Traders. This development group has 5 different EA’s that can be accessed when traders deposit a specific amount of money with one of their recommended brokerages. This is more of a binary options trading approach, so it’s interesting to see this leak into the Forex market when it has been a very unsuccessful model in the other market.
The parent company for UFT is PlanInvest. They are located at Raadhuisstraat 24, Amsterdam, NL. The CEO is Sebastian Van Hilten, and the support for this product can be contacted via skype, support.unitedforextraders, email email@example.com and phone UK: +44 20 3287 5203, NL: +31 20 894 3930, HK: +852 8125 6515, NZ: +64 4 889 0910.
United Forex Traders Review
Unlike most Forex robots that require a fee from between $100-$200, the United Forex Traders will give you access to their trading systems as long as you register with either AxiTrader, or Varianse and deposit a specific amount with these brokerages. There are 5 years in total, and they all have different minimum deposit requirements in order for you to gain access.
- Acceleration EA – $3,000 deposit
- Turbine EA – $3,000 deposit
- Torque V.6 EA – $3,000 deposit
- Backdraft EA – $10,000 deposit
- Metal V.2 EA – $10,000 deposit
- Exclusive Account – $100,000 deposit
Each of the robots comes with a very small one line explanation. The Acceleration system apparently slowly and steadily looks for trades, the Turbine EA “uses the latest algorithm” and so does the Torque V6. These explanations are short, and not reliable. This type of brief explanation is rare in the Forex market, and is frequently used by developers that have limited Forex knowledge. I’m not saying that’s the case here, but it’s obviously something that we have to consider because historically it’s an issue.
- Type: Forex Robots
- Price: Deposit $3,000 – 10,000
- Strategy: Undisclosed
- Timeframe: Undisclosed
- Pairs: Undisclosed
There is a list of United Forex Traders features, but these don’t give much insight into the systems either, which is my main interest at this point. They claim to provide free robot installation, robot testing with a free trial, default settings, free updates a VPS service and were FCA regulated partners.
While we aren’t told what the United Forex Traders strategy is, they do provide a my FX book account for each robot. While some of the results seems impressive, there are a lot of hidden elements. The acceleration software doesn’t provide us with the open trades, or history so we really can’t do any analysis or draw any conclusions. The Turbine robot runs on a $10,000 demo account, but it’s showing a current drawdown with nearly 40 trades open totaling a -36% of the entire account.
The Torque EA is another one that hides the open trades and history. Hiding open trades is normal, so you don’t have other traders copying your system but hiding history is something I can’t wrap my head around.
Some of the results look impressive, but there’s a lot we don’t know, and even more hidden from us.
There’s not a lot of feedback for the United Forex Traders service, but there are some cautionary tales. One of the testimonials I found most interesting is from a trader named Rob Gee who claims that “their systems are relatively unsophisticated averaging strategies” which will essentially blow up your account if the market moves hard enough in one direction.
The software is very effective for generating profit for the UFT team, because the systems all trade very frequently and the developers get a cut of each trade’s spread.
It’s very interesting what the United Forex Traders team, and Chris Cooper are offering to the Forex market, but I don’t see myself depositing $3000 with either of these brokers. I believe that their systems do have some promise, but there are certainly some detractors and there’s very little information to go on. If I’m going to deposit $3000 for anything, I need to know a lot more about the system and have much more transparency in the process. While the results look impressive, I can’t verify the open trades or history of trades to really get a handle on how they trade, and if they are dangerous or not.
Thanks for reading my review, and please let me know if you have anything you would like to add.