Forex Ea Trader Review: this is the name of a Forex Expert Advisor vendor that seems to be based in Italy. Is forex-ea-trader.com a scam Forex EA vendor or legit?
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What Are Forex Signals or Indicators?
Most Forex indicators are created for the purpose of giving traders trading signals that are accurate as well as consistent. With a legit indicator system, traders can afford to spend less time monitoring the market.
Traders are provided with what can be termed expert advice from these robots, this is why they are called Expert Advisors (EAs). EAs are sold by indicator vendors.
When we open the page of the vendor, we find an Italian flag above it, this is why we assume it is based in the country. This can of course a wrong as we find no information about the vendor nor the company address. It touts itself as the “#1 Forex trading robot” and tells clients that they can become successful Forex traders.
It is totally in character for Forex EA vendor to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit vendors at the bottom of this article.
How Forex Ea Trader Works
While it is not uncommon for this to occur, even among popular EA vendors, we do not encourage it. Traders would like to get some level of understanding how the robot works and to ascertain if the vendor is not just some rookie trying to deceive people.
We however found some benefits of using the product summarized on the page, they are as follows:
Stress Free Trading
With Forex Ea Trader traders can do away with trading related stress as it comes with a trading algorithm designed for easy use. It is said that the system continually looks for high probability trading opportunities. It then enters a trade after finding this with SL and TP features.
100% Rules Based Trading
The robot is not a product of guess work but rather all its trades are from analysis carried out by the system. Traders can remain in full control of their account and have confidence while the EA sets the SL and TP.
Broker Spy Module
This is said to be a first of its kind. It is engineered to protect trading capital and traders from unethical brokers. Traders can monitor brokers in case they try to use high negative spillage, high spreads or delayed execution.
Profit Protection System
Because of the disappointment that traders feel when they have to close a position. Such they have made profit from at a loss or when it hits stop. Forex Ea Trader comes with a near-stop level protection for position. This assures traders of at least minimum profit when it becomes possible and helps monitor optimum closure of each position.
Broker Protection System
This uses a Stealth Mode to protect against unethical brokers. In this mode, Forex Ea Trader SL and TP levels are not shown to brokers and an emergency SL level is given to the broker. The level is not reached before the Stealth Mode kicks in.
High-Spread Protection System
Guards traders from trading at the times when brokers broaden the spread above levels acceptable to you.
Advanced Money Management
The robot fixes volumes chose by traders in any particular deal. This measures comes alongside the standard options and allows traders select current drawdown compensation.
Forex Ea Trader Pricing Structure
It is unclear what the price for the robot is as it is not stated. On the page, traders are invited to get free copies by filling a form requiring their email addresses and phone numbers. This is quite strange for a Forex EA vendor and looks shady. We found on another website that it costs $237.
On the page, we find about 4 reviews from clients that are all hailing the product. This is to be expected but not trusted because they could be fabricated. On FPA, we find many negative reviews especially about their customer service.
Trading results are provided on the page and also on Myfxbook, which is a third-party website. While this is good, one of the result show 53% gain and a drawdown of 58%. The rest are dubious and not verified.
To contact the vendor or a customer care agent, send an email to email@example.com
The provision of results on Myfxbook by Forex Ea Trader is encouraging but the results in themselves are not good. Negative client reviews are always a warning and deterrent to traders as well. As at this time we would need the vendor to fix up issues before better ratings are given.