Your Algo is a new Forex copy trading service promising “the best trading algorithms currently available.” The difference between this service and most others in the market, is that it’s fully controlled by an android application on your phone. While they have an iOS button on the website, the software does not appear to be available on iTunes at this time. Today we will be analyzing the application, and letting you know if it’s a viable way to increase your trading accounts safely.
This new app is owned by the developers of iForexRobot. We have a checkered history with this development team, and have found them to be a bit adversarial and deceptive at times. In fact, we caught them trying to sell a fake version of one of our products for profit. This is obviously concerning, and something that we have to factor in to the review when providing recommendations. There is no headquarters or detail provided about their team’s history in the Forex market.
To get in touch with support, traders can email firstname.lastname@example.org.
Your Algo Review
The vendor claims there are eight different benefits to using the Your Algo application. These include the ability to adjust risk settings and trade multiple strategies simultaneously all under a platform with maximum security. They also promise 100% live results, no VPS requirements, constant monitoring, 24/5 trading capability and full control over your trading account.
They make the process for utilizing their service seem very simple. Traders are required to download the application, connect it to their MT4 account, select a strategy to copy, complete a suitability question, enter the amount of funds to risk, and start copying.
Historically, trade copying service have come and gone without much success. It’s a bit of a mystery why social trading hasn’t really taken off, but the results just haven’t been there. Most traders find more success with the best Forex robots when it comes to automated trading.
There are many different strategies available for traders to choose from on the Your Algo application. There are 30 strategies in the “hot right now” section, and 4 strategies in the “spotlight” section.
When clicking on each strategy, traders can see the amount of followers, copiers, trade achievements and some statistics. Even though there are many different strategies to pick from, none the strategies are actually explained. There is no area within the strategy describing the methodology of the trade approach. So, when traders are choosing an algorithm to copy, they are doing so based only on the numbers provided.
This is not ideal, as the readers at Forex Robot Nation demand a certain level of transparency before signing up with any service.
- Type: Copy trading
- Established: 2020
- Price: Undisclosed
- Strategy: Undisclosed
- Trading Time: 24/5
- Copy Trade Options: 34
Despite downloading the Your Algo app, there doesn’t appear to be a clear price for the service anywhere. The website makes reference to “premium strategies” provided some of the best traders using the application, which we are sure would come with some sort of a price tag, but it isn’t provided.
We feel that the developer should be more up front about their service, as trader’s like to know what they are getting into before investing their time.
Each of the Your Algo strategies, comes with a trading results section showing a few different trade statistics and the ability to go through each trade. This section needs a better interface, as it takes much too long to go through the trading history, and the main statistics aren’t very clear. They show the total gain of the account, the total points won and that’s it. This section does not cover drawdown, or show any percentages at all. We hope that the vendor will listen to these critiques and make the necessary changes to have their results more in line with statement sharing services like Myfxbook.
In terms of reliability, we see no reason to believe that the results are falsified, but by that same token, they are not verified. There is nothing to say that these accounts will perform as shown until they are proven. This is another step that the vendor needs to take if they want to compete in this market.
It’s still early, so we don’t want to judge the Your Algo app harshly, but it’s clear that there are many changes that should be made to make this market ready. The most popular algorithm they provide only has 9 people copying it, so this is obviously all still very new. Your best bet is to wait and see how the service flushes out in the coming months.
If you have anything you would like to add to the review, now would be the time.