Mt4bot EA Review: this is the name of a forex indicator or an Expert Advisor that claims to provide automated trading services. Is Mt4bot.com legit or a scam?
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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.
Mt4bot EA like was earlier stated is a forex robot and the sales page claims that it has been existing since 2014. The creator of this product is a person called Hendro Winarko and he is based in Indonesia. An address is provided that places it at:
Kerrawang, West Java, Indonesia.
We could not find out much about this vendor as a Google search does not give any relevant information linking the name to forex trading. From the name and claims, it is compatible with MetaTrader 4 trading platform.
How Mt4bot EA Works
It is said that the robot makes use of a “simple strategy with automatic stop loss and take profit”. Mt4bot EA is touted as versatile and being able to work for all brokers. The robot is “simple, easy and profitable” according to the page.
Although the strategy is touched on, we do not find this enough. Since this is an EA that is said to have been around for nearly 5 years with not much popularity, the vendor could at least be more detailed with how it works. Just mentioning the “stop loss and take profit” is not enough. It does not make it unique as many EAs claim to use this as well.
Many currency pairs are listed to maybe show that the robot trades lots of options. The features that are listed for this product are:
Automatic news filter
Smart stop loss and take profit
Full automatic trading
Use smart indicator for safe trading
24hours nonstop trading
Pricing Structure for Mt4bot EA
To purchase this product, clients are to pay $750 and this can be done via: PayPal, Western Union, MoneyGram, Perfect Money, Bitcoin, Ethereum, and Ripple. A balance of at least $300 is also required.
Clients Feedback on MT4bot EA
It is disheartening that the product does not have clients reviews on any third party website where we can confirm them. The results that are provided are backtests that many traders no longer trust.
To contact the vendor, call: +62 82 227 227 027, WhatsApp: +62 82 227 227 027, Skype ID: live:91aea6281af918, Telegram: @mt4botsupport
The website of Mt4bot EA seems to lack much details and the absence of clients’ feedback and results are not good. Strategy is not spoken about much and the price is quite high and not competitive. This vendor should try and fix these holes to get more positive reviews.