Trade Explorer is another Forex robot developed or acquired by the LeapFX team. They advertise this expert advisor as “proven to generate 38% profit per month trading on 27 currency pairs even in the most volatile market conditions with limited risk.” Today I will be providing a complete review to let you know if it’s worth the exorbitant $697 price tag.
If you do a search for the Trade Explorer it’s difficult to find, because Forex Factory has a tool by the same name. So, they really didn’t do their research before naming the product.
The LeapFX team is a well known developer with 8 years of producing products in the Forex market. They appear to release 2-4 systems every year, with the most recent being the Bounce Trader and The Skilled Trader robots. They always provide impressive Myfxbook results, but I’ve yet to see any of our readers able to produce the same result as the vendor. This is really the only thing holding these products back, because their sales presentations are always great too.
Trade Explorer Review
The Trade Explorer website uses a classic long-form sales page where they go through their features, trading results and strategy. A lot of the information provided is marketing fluff that has nothing to do with the robot itself, but this is to be expected in the Forex robot marketplace.
In the image above you can see what the Trade Explorer looks like on an MT4 or MT5 chart. The design is very clean, providing information about the account, the open trades and broker spreads. In this print out traders can see the leverage, server time, amount of open trades, drawdown, margin usage and more. I definitely like the way that it looks, and I’m happy to see many more robots provide more in-depth print outs. It doesn’t mean that it’s going to qualify for best Forex robot status, but at least it looks good.
The LeapFX team really want to push the idea that this robot is a plug and play trading product. They claim that traders don’t have to worry about settings, brokers, or any other requirements, and that they handle all of it. This is a great concept, but historically, I find that plug and play is never what it seems in the Forex robot market. Generally, the client will have to do a little tweaking with any expert advisor to get it to function to their desires.
The Trade Explorer sales page tells us a story about a “gentleman named Jack,” who always refused reveal his trading strategies. Yet, the LeapFX begged and pleaded for 6 months. When Jack finally revealed this strategy, they were blown away.
I’m really not sure why this fairy-tale type story is part of the sales page, as I find it only takes away from the professional nature of any trading software.
Despite telling us this story about how they were entrusted with the unique strategy, they don’t share that information with us. They make mention of the Trade Explorer working on 27 pairs, but don’t explain why it trades that many pairs or how it works.
This lack of information seems to be part of their approach in selling something easy to use for the masses, but they’re neglecting real traders, like the readers here at Forex Robot Nation.
I hope they add some actual strategy insight in the future.
Trade Explorer Analysis
- Type: Forex Robot
- Price: $697
- Strategy: Undisclosed
- Timeframe: Undisclosed
- Pairs: 27 Pairs
There are two plans available for traders interested in purchasing the Trade Explorer EA. Both plans come with the trade explorer software, settings, free updates, customer support, recommendations and a 30 day money back guarantee. The only difference between the plans is the length, as they offer a one year membership at $397 or a lifetime membership at $697.
These are certainly high price tags, which means it’s important to do your due diligence before you purchase.
The LeapFX team always do a great job at producing impressive Myfxbook accounts, and they do this again with their Trade Explorer robot.
They show four Myfxbook accounts on their website, two with major gains, and two with modest gains. Yet, for some reason I can’t explain, the two accounts with major gains can’t be accessed and don’t seem to exist. I’ve gone into their Myfxbook profile page, and they just aren’t there.
This is certainly strange, and something I would like answered before purchasing, especially considering the two accounts that can’t be accessed, are clearly the two winning the most.
The two Trade explorer trading accounts that are accessible are showing gains of 93 and 45% with drawdowns of 4% and 58%. Considering these two accounts are running the same software, with the same pairs, on the same broker, I find it strange that they have such different drawdowns.
I really can’t explain why one of the accounts is showing a significantly higher drawdown than the other, unless there is some sort of intervention from the LeapFX team.
For the most part, the trading results are impressive, but we would like to see trading results from the community that verify the numbers they’re showing.
The Trade Explorer is certainly an interesting robot. The results provided are impressive, but they don’t give us any information about their trading strategy. I still have a lot of questions about the software, and hope that the Forex Robot Nation readers will fill in the blanks. Once there are some real user reviews and results, it’ll be much easier to come to a final decision.
Thanks for reading, and please comment or review below the article now.
Trade Explorer is a new Forex robot that trade on 27 pairs simultaneously.
Trades 27 pairs Verified Myfxbook results Professional company
No strategy information Lots of sales page fluff Expensive