Forex Steam is a Forex EA built for the MT4 trading platform. Its developers claim the robot has been in existence since 2010 and that they’re based in multiple regions globally.
Robots can be one of the most controversial forex products online. Thus, it’s pretty essential to understand the risks involved. Based on our research, we don’t believe Forex Steam is worth your money due to several red flags, which we’ll get to in due course.
Product offering
| TYPE | Forex Robot |
|---|---|
| COMPATIBLE TRADING PLATFORMS | MT4 |
| CURRENCY PAIRS AVAILABLE | 13 |
| TIMEFRAME | N/A |
| MINIMUM DEPOSIT | $300-500 |
| STRATEGY | Undisclosed |
| PRICE | $117.99 |
| LICENSES | 4 |
| MONEYBACK GUARANTEE | 30 days |
Forex Steam developers’ team highlight the following top features of this EA:
- Advanced retrace technology (for securing wins and limiting losses)
- Advanced holiday filter (a pre-installed list of holidays to avoid unpredictable market moves)
- Spread filter (to ensure the most optimal number of pips in spread)
- Trailing stop and break even parameter
The creators claim that Forex Steam offers a low-risk automated system providing long and short-term profits with customizable parameters.
Price
This EA comes with four licenses (meaning you can use it in up to four different accounts), including lifetime upgrades and no upsells. Forex Steam’s robot will cost you $117.99 once-off. Although this value is much lower than the average with most robots, it’s not worth the money for this product. The EA comes in a ‘light’ and standard version, both of which are worth the same price.
The exceptions are that the robot uses variable parameters, like different time frames, entry points, and trade frequency on each one.
Forex Steam’s developers recommend users fund a minimum of $300-$500 for their live accounts. Fortunately, a return policy exists with Forex Steam. Users should provide 30 days of demo or live trading history to qualify for a refund.
Trading strategy
Sadly, little information exists on what strategy the EA was programmed to apply. As with most robots, Forex Steam is likely a time-restricted scalper built to operate on smaller time frames. The light version trades M5 and the normal version trades M30.
The developer failed to provide info about which exactly currency pairs the EA trades. However, based on research from the backtest reports and Myfxbook, we can say the following currency pairs are supported:
- EURUSD
- AUDUSD
- EURAUD
- EURGBP
- EURJPY
- GBPAUD
- GBPJPY
- GBPUSD
- NZDUSD
- USDCAD
- USDCHF
- USDJPY
Trading results
Transparency is one of the most pivotal components of any expert advisor, which is where Forex Steam fails dismally. Although some literature advocates for back-testing results, having verified live trading performance is more crucial.
Forex Steam shows a screenshot of results from their EA as below, claiming 30 straight wins. Unfortunately, it’s relatively simple to show a positive trail as such conclusions are usually taken from a simulation and not live trading. Plus, the sample size is too small and old (from 2013).
The other red flag, which might lead some people to call this robot a scam, is the trading outcomes from Myfxbook. This is a go-to resource to see the live verified track record of any trading account linked to it.
If you searched for the robot’s performance on this site, most records show a loss-making account, as in the example below. Aside from the evident negative performance, this account was last updated in March 2016, another bad sign.
Forex Steam’s website claims winning percentages between 83% and 91% from 2019 to 2021. Based on our research, these figures haven’t been proven. Moreover, there is no live trading account to analyze the actual system’s performance and efficacy.
Customer reviews
As with any robot, assessments from customers are mixed. On TrustPilot, Forex Steam has an average star rating of 3.7 out of 5 from 52 reviews (with 10% from average to poor).
We also looked at Forex Peace Army (FPA) reviews for a more unbiased site. Based on 206 assessments, the average rating was 2.9 stars. Yet, what looked concerning is that FPA reported a suspicious number of review spammers, further adding to our overall doubts of the EA’s legitimacy.
Some other reviewers accused the robot developers of showing fake testimonials using photos of people taken from other sites.
