Progressive EA is a Forex robot, designed to make money – this information is everything the developers want us to know about the trading system they designed.
The dev thinks it is enough to make traders invest in Progressive EA. However, it is not so.
Product Offering
Their website has a one-page presentation, which consists of short product info, live trading results, EA features, requirements, pricing, and a contact form. There is no word mentioned about the developer or team that stands for this EA. We know neither their location nor what type of trading experience they have in the Forex market. We have decided to conduct additional research and find something about the website. As result, our whois.domaintools.com research has shown that the website was created on November 6, 2020:
Vendors are not highly informative about their software. Thus, it was hard to gather and point out the main information about its features and settings:
- The robot runs on the MetaTrader 4 platform
- The devs claim that the robot can generate up to 50-200%of monthly gain (really? How is it possible? What about market volatility factors?)
- The EA used an advanced algorithm that keeps it updated to the market conditions
- The EA closes automatically all trades by the end of the day
- It uses hard SL to protect a trader’s account
- Developers recommend Roboforex broker or any other broker with a minimum spread
- The robot supports only GBPUSD and GBPJPY currency pairs for trading
- Minimum required balance is low and equals $10
- The recommended balance to trade with Progressive EA is $100. For mini/cent account it is 1000 cents
- Recommended leverage is 1:200-500
- The devs recommend using VPS
- 24/7 customer support
Under the ‘EA Features and Requirements’ table, we see the following message to traders:
What does it mean? Is it a joke? It looks odd and suspicious.
Those who are interested in the software can subscribe to Progressive EA on the official website for a € 25 /week subscription or € 80/month subscription. In case you want a lifetime license, you will need to pay a one-time payment of € 499. To start trading, traders have to buy a subscription via PayPal that doesn’t support refunding if something happens.
Doubled? Is it a joke? Nobody is interested in paying €1000 for a suspicious, new expert advisor, which lacks trading strategy info, vendor transparency, and money-back guarantee. It looks like the devs just want to sell out their product and harvest our money.
Shock!
A day after our review, the devs raised the price for their EA and now one-time payment equals € 999!!!
Their presentation looks like a scam, aiming to grab traders and blow out their trading accounts (you will find more details in the ‘trading results’ section).
Trading Strategy
We know that the robot uses a ‘unique’ algorithm, closes trades by the end of the day, and uses hard SL for account protection. The information provided tells us nothing about its trading approach. So, how does Profit EA MAKE MONEY?
The vendors of Progressive EA should show some level of transparency in terms of their trading strategy approach and methodology. Lack of information is a red flag for any trading system. Nobody wants to invest its funds in suspicious products with zero transparency. We also have a lack of info about settings, money-management, timeframe, currency pairs, and recommended deposits.
Trading Results
The developer of Progressive EA failed to provide backtesting results on their website. The one thing they share with us is their live trading account verified by myfxbook:
This trading account was launched on November 9, 2020. It is a Real USD account that is working on the MT4 platform with RoboForex brokerage and a 1:500 leverage.
The initial deposit was divided into 2 transactions of $ 0. 08 and $9, 84:
The dev decided to invest only $10 to trade with this EA. Why? Does the dev not trust the system he developed? If so, then why should we trust this robot?
We have seen very odd and rapid trading changes in terms of trading activity data of Progressive EA. When on December 1, 2020, the total gain of the EA equaled +202, 27%, the next day on December 2, 2020, we’ve seen another picture which literary shocked us:
What? Gain equals – 99, 90% (instead of 202, 27%), Drawdown is 99, 98% (instead of 59, 46%), Daily gain is -25, 94 (instead of 5, 16%) and Monthly gain is -99, 99% (instead of 202, 27%).
December 1, 2020:
December 2, 2020:
What is going on? As you may see on the screenshot, its growth fell from 187, 62% to -99, 9% only in one day of trading.
What we see on myfxbook now has nothing in common with safe trading.
The account ruined and all the funds (both deposited and earned) vanished:
Customer Reviews
Forex Peace Army has a page of Progressive EA. As you can see, the system has nothing good which could prove its productivity and effectiveness for trading:
We have found no customer review on FPA. It is not odd, as who wants to run the EA, bringing losses and stealing money? The answer is obvious – NOBODY.
