Forex Breakout Bot Review

Forex Breakout Bot presents itself as a brand new Expert Advisor, with a bold claim of being able to “revolutionise your trading account in record 30 days.”  However, after going through their website, no relevant information on the developer’s identity is mentioned. This is of course not uncommon when Forex EA and bots are concerned. However, the lack of transparency can raise a few questions among their user base.

The sales page which seems decently designed indicates that the application is designed for scalpers, swing traders and even day traders, with the algorithm designed to identify shifts in momentum. However, apart from a few examples, detailed information regarding the rules and parameters they follow remain missing. This can appear as a definite red flag to a lot of traders.

Features

As mentioned before, a detailed explanation regarding the strategy in use is absent in this platform. The robot seems to trade using a one hour time-frame which exhibits the characteristics of a momentum trading bot. Several currency pairs such as EUR/USD, GBP/USD, NZD/USD and USD/CAD are supported by this robot, which is priced at $77.

According to the website, the original price was fixed at $997 and was later lowered to $77 after offering a 92 % discount. Their payments are handled by JVZoo.com and accept Visa, MasterCard. AMEX and PayPal.

Trading Strategy

As mentioned before, the vendor of forex Breakout Bot does not include many of the pertinent information related to transparency. This includes its trading strategy. Even though it appears as a momentum trading bot, there is not enough relevant information on their website to confirm it.

Forex Breakout Bot Performance Tests

For evaluating trading tests or backtesting, we normally use information from a real (paid) account on authoritative sites such as myfxbook or fxblue. However, in Forex Breakout Bot’s case, the developers do not provide any such proof, providing several screenshots of a client’s demo account. Even though it is a new product, the lack of proof from any authoritative site raises more questions than it answers.

Advantages and Disadvantages

3.1

Verdict

Because of the myriad of forex EAs and trading bots available in the market today, traders must exercise caution to avoid getting conned by fraudulent projects. In Forex Breakout Bot’s case, the lack of trading samples makes it very difficult to evaluate its effectiveness. Moreover, the anonymity of the developers puts into question the legitimacy of the product as a whole. Thus, it is advised to conduct thorough research and seek client feedback before using this particular trading bot.