BlackQueen Review: Can You Trust This EA?

BlackQueen is a fully automated trading system which uses the Metatrader 4 or Metatrader 5 platform to analyze and open executions. It requires a hedging account and doesn’t use strategies such as pipsing and scalping. Let’s review the algorithm to know the credibility and functionality in volatile market scenarios.

Vendor transparency

Mikhail Sergeev from Russia is the developer of BlackQueen. There are 108 reviews left on his user ID with a rating of 3.7/5. Unfortunately, there are no proofs like certifications, biography, or anything else that could state his Forex market expertise.

The developer listed a few more expert advisors on the MQL5 platform. All the major SEAs are deficient, which makes the credibility of Black Queen more suspicious among traders.

How BlackQueen works

The ATS comes with the following features:

• The algorithm is 100% automated.
• The robot is compatible with multiple trading involving several symbols.
• It can open executions using the MT4/MT5 trading terminal.
• The bot is easy to set up and install.
• The expert advisor supports hedging accounts.
• The bot EA uses a one-hour timeframe chart.

To install the EA, use the following steps:

1. Buy the system from the MQL5 marketplace
2. Open Metatrader 5 and log in to your account
3. Download the product to your computer
4. Drag the EA to charts to start trading

While analyzing all the relevant currency pair, it will open positions and manage them from a single chart.

Timeframe, currency pairs, deposit

The expert advisor is compatible with performing trades on multiple symbols, including EURUSD, GBPUSD, AUDUSD, NZDUSD, USDCHF, USDCAD, USDJPY, etc. The minimum deposit recommended by the developer is $50, and the EA trades in the one-hour timeframe.

Trading approach

The developer only mentions that the robot does not use scalping or piping strategies. Other than this, there is no information on the topic, so we head over to the live records on MQL5. From there, we observe that the system uses hedging strategies with an arithmetic increment of lot size in case of a losing trade.

Pricing and refund

The lifetime license of BlackQueen is available to purchase at the cost of $371. The developer has also mentioned a monthly renting option starting from $40 and a three-month renting option, which comes at $68. The asking amount of the expert adviser is a bit high, and the absence of a money-back policy is a red flag.

Trading results

The expert advisor vendors don’t provide the backtesting stats. A picture is present on the MQL5, which states that the system generated $10000 from $1000 in just two years. The unauthentic repost with no mentions about currency pair, timeframe, lots size, account type, etc., cannot be trusted and fails to convince the traders.

Unverified live trading records are available on MQL5 which shows that the developer deposited an initial $100. The algorithm placed its first execution on 2021.04.14, has been live for 57 weeks, and comes with a profit factor of 2.46. The EA participated in 92  trades with a winning percentage of 89.13% and a loss of 10.87%. The bot’s trading frequency is very low, which can cause him to miss good opportunities to win trades.

The bot stands at monthly growth of 129.6% and a recovery factor of 4.09. The average holding time of an order is one day. The account’s equity stands at $231.44, and the system made a profit of only $130.64.

The drawdown value of the system can be seen at an alarming 72%. Analyzing the chart, we observe that the account saw a high drawdown in the past.

People say that BlackQueen is…

There is no customer feedback on reputed third-party websites such as Quora, Trustpilot, Forexpeacearmy, etc. A total of 24 reviews are present on the MQL5 platform. One trader states that the trading frequency is very low, and the EA hasn’t opened any trades for two weeks.

Another customer wrote that it’s better to try free expert advisors than to use BlackQueen.

An investor took it to another level by using a sarcastic approach to criticise the robot and compared it with a retired surgeon.

Verdict

Advantages

• 100% automated solution

Disadvantages

• No verified live trading and backtesting records
• Vendor transparency
• No refund policy