Chameleon EA Review: this is the name of an Expert Advisor that is provided by FreshForex. Is profit.freshforex.com a scam or a legit EA?
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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.
The Forex robot is from a Forex broker and is said to be effective and able to “provide everything what every trader wants”.
It is totally in character for Forex educators 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 Chameleon Works
We are told on the sales page that this Expert Advisor works on the MetaTrader 5 platform. It is said to be able to make entries based on standard MetaTrader platform indicators like: MACF, RSI, Stochastic, CCI, Moving Average. The trade amount is increased using the Martingale strategy.
On the website, it is mentioned that the software has been tested with the FreshForex broker. It seems that the EA is currently either available for only clients of the Forex broker or free for them.
We have not seen much about the EA and we can conclude that it is new. However, the Forex broker providing it is not new. It is located in the offshore location of St. Vincent and the Grenadines. However, most of its clients are in Russia and Asia.
Although it has no license that traders can trust it has some sort of popularity in the two locations mentioned above. However, traders have been told countless times to be wary of this kind of brokers. Offshore locations are popular for harboring scammers because of their lax laws.
Traders are advised to always consider licensed brokers because authorities monitor their activities. Misappropriated funds can be recovered with ease.
Pricing Structure of Chameleon EA
The Chameleon EA from FreshForex is said to be free now. We find a $500 price slash on the page and we are not sure what the statement, “We give an effective Forex Expert Advisor to all our clients”, mean.
Clients Feedback on Chameleon EA
As at when this review was compiled, there is no clients’ feedback on this EA. However, the Forex broker providing it has been suspected by FPA in the past of “fake and highly” suspicious reviews.
Much information is lacking regarding Chameleon EA and we are not surprised that contact details are left out. Even the FreshForex broker does not give a means of contact on the page.
We do not encourage traders to try out this EA yet. It looks like Chameleon Expert Advisor is not legit and the vendors would have to improve the presentation to change this opinion.