Trading financial assets, especially forex has become immensely popular among traders who have an appetite for risk, due to the huge potential for profit presented by the market. Traders who possess the skills and knowledge of forex trading are able to earn decent profits and fare well in this market. On the other hand, novice traders can often find themselves daunted by the complexities of forex trading, preventing them from making the most out of it.
To aid traders in overcoming these complexities and reaping the true benefits of forex trading, several automated trading systems known as forex Expert Advisors (EAs) or forex robots have appeared in the market. The trading software automates the trading process, taking crucial decisions on behalf of the trader.
While the robots are meant to be an aid for the traders, many fraudsters have used this as an opportunity to rob traders. Scam EAs are not an uncommon occurrence in the market today. Traders are thus required to be careful about the automated trading system they choose and seek necessary information about it beforehand.
Best Robots FX and Defender Forex Robot – Overview
Best Robots FX is a web portal that claims to develop and offer traders the best EAs to assist them in earning profit. Best Robots FX is a partner of two well-known brokers – Equiti and AxiTrader, who are both regulated by the FCA. The web portal does not offer any other insight into the minds at work behind the forex robot. The absence of a dependable name taking responsibility for the robots creates a suspicious image for the EA.
Best Robots FX offers three distinct EAs to the traders – Defender Forex Robot, Index EA Forex Robot, and the Striker Forex Robot. In this review, we will be focusing on the Defender Forex Robot. The traders can also apply for a MAM account through Best Robots FX.
Forex Robot Trading Strategy
The Defender Forex Robot has been designed for the MetaTrader4 and the MetaTrader5 trading platforms. To use this EA, one must have more than $3000 in their trading account. The forex robot can be used 24/7 and can be accessed via remote desktops too.
The web portal, however, does not provide any relevant information about the trading strategies employed by the Defender EA. For traders who wish to have complete transparency, the lack of necessary trading information is a major red flag.
The trading results for Defender Forex Robot have not been directly presented on the website. Rather, the platform offers a link to the verified FXBlue account of Defender EA. On following the link, one can find trading results for a period of 301 days (as on 30th May 2019).
As per the FXBlue trading results, Forex Robot has maintained an average profit factor of 2.30, offering a return of 354% over the period, with a 2:1 winning trade to losing trades ratio.
|Reliable Trade Results Available||Lack of Information About the Developer|
|Free If used with Partner Brokers||No Insight into the Trading Strategy Employed|
|Compatible with MT4 and MT5||Priced Highly if not used with Partner Broker|
|Absence of Trustworthy User Reviews|
Defender Forex Robot has a unique pricing scheme. The traders have three distinct options for the purchase of the robot:
- Free – The robot can be used for free if the trader chooses to open an account with their partner brokers.
- Purchase – If the traders wish to trade with a broker of their choice, the robot can be bought for $1,299.
- Subscription – Traders can also subscribe to the robot for $129 a month.