Thorex is an MT4/MT5 compatible expert advisor that comes with 15 separate FX EAs in a single EA. This is a fully automated Forex robot that is easy to install and use. It works on multiple currency pairs and does not use dangerous methods like the grid, Martingale, night scalping, or averaging methods. 

Product offering

The official site shows information about the FX EA including the facts, risk/broker recommendations, the parameters, and pricing. Links to the live account and backtesting reports are present. 

Lorenz Vauck is the author of this FX robot. He is based in Germany and has more than 6 years of experience in the FX industry. The author has developed two products and 4 signals. For contact, the messaging feature on the MQL5 site is the only method present. 

Price $399
Trading Platforms MT4, MT5
Strategy N/A
Timeframe H1
Recommended Deposit $250
Recommended Leverage 1:30
Money Management Yes

You can buy this FX EA for $399.  When compared to the price of competitor systems, we find the pricing is expensive. There are no other details present concerning the features available with the package. No money-back guarantee is available which raises doubts about the dependability of the product.             

Trading strategy

As per the author, the EA has 15 strategies in total from which you can choose any that suits your custom portfolio. While the author fails to mention what strategies are used, he claims that the strategies are backtested and can be combined as per the user preference. He states that the approach does not involve toxic strategies like the grid, Martingale, night scalping, entry averaging, and recovery trades. 

Every trade is protected by a tight stop loss ranging from 17 pips to 88 pips. It works on the AUDCAD, AUDUSD, CHFJPY, EURAUD, EURGBP, EURJPY, EURUSD, GBPAUD, GBPCAD, GBPJPY, GBPUSD, USDCAD, and USDCHF pairs. Recommendations for the system include:

  • A minimum account balance of $250 is required
  • The minimum leverage needed is 1:30
  • IC Markets or other brokers with low spreads 
  • A timeframe of H1 is recommended

Trading results

A few backtests are present for the EA on the MQL5 site. Here is a backtest done from 1986 to 2022 that uses a lot size of 0.01 per $1000 balance.

Backtesting result for Thorex EA on the MQL5 site.

From the above report, we can see a total net profit of 4,258,947,950,025.42 was generated for an initial deposit of $1000. A total of 50,194 trades were executed with profitability of 65.03% and a profit factor of 1.69. The maximum drawdown for the account was 5.72%. From the results, it is clear that the strategy was of low risk. The high profits indicate good performance. 

A real live EUR account using the IC Markets broker and verified by the Myfxbook site is present for the FX robot. Here are a few screenshots of the trading results.

Growth curve for Thorex EA on the Myfxbook site.

Trading stats of Thorex EA on the Myfxbook site.

From the above stats, we can see that automated trading using 1:500 leverage on the MT5 platform has generated a total profit of 8.84% with a daily profit of 0.06% and a monthly profit of 1.83%. A drawdown of 31.84% is present for the account that started in January 2022. From the growth curve, it is clear that the growth is irregular with frequent ups and downs indicating poor money management. 

A total of 546 trades were completed with a profitability of 59% and a profit factor of 1.04. The lot size used is 0.01. While the lot size is low, the drawdown is high indicating a risky approach. Further, the total profits are also low indicating poor performance which is contrary to the backtesting results analysis. 

Customer reviews

A few user reviews are present for the FX EA on the MQL5 site. However, we could not find feedback for the FX robot on trusted third-party sites that support the user reviews on the promoter site. Since MQL5 promotes the product, there is a high chance of the testimonials being manipulated.

It is a fully automated system
Verified real trading results
No strategy explanation provided
Expensive pricing
No refund policy
Thorex provides 15 independent EAs in a single system. The multicurrency supporting EA has backtesting results and verified real trading results. However, the real trading stats reveal a high-risk approach and poor performance. Other drawbacks we identified in the ATS are the expensive pricing, lack of strategy explanation, and the absence of a refund.

Leave a Reply

  +  81  =  89