Forex Enigma is an expert advisor that works exclusively on the Metatrader 4 platform. It combines three distinct trading strategies in a single algorithm. It is compatible with multiple pairs and according to the vendor, delivers a stable profit every month.
The vendor shares the verified trading results and backtesting data for this robot. They also offer a refund for unsatisfied customers. However, the trading account has not been active for too long. Also, we know virtually nothing about the parent company behind this EA. Therefore, our first impression of this system is not very positive.
One of the most disappointing aspects of this expert advisor is the lack of vendor transparency. We don’t know whether the company is located and the kind of trading experience the team has. The vendor has not revealed the identities of the team members and we have no idea when the company was founded. There are no contact details available for this company but there is a form on the website you can use to message the support team.
How Forex Enigma works
Forex Enigma operates 24 hours a day, 5 days a week. Unless you turn the system off, it keeps searching for profitable opportunities. Unlike humans, it does not take decisions based on emotions and only relies on mathematical calculations.
Timeframe, currency pairs, deposit
Forex Enigma works bests with EURCHF, but the vendor has mentioned that it can be used with multiple pairs like USDCAD, AUDCAD, AUDUSD), EURUSD, GBPUSD, and EURGBP. You ought to use this robot on H1 charts. The vendor claims that the robot is profitable with all brokerages offering MT4 accounts. For a standard account, you can use a minimum deposit of $1000. The minimum balance for a cent account is $10. You should use leverage of 1:100 or more.
This expert advisor combines three different strategies, namely Half Grid, Trend, and Scalping. It also uses a news filter with all of these trading schemes. Scalping is a high-frequency strategy that involves placing a large number of traders on a daily basis. It is not suitable for beginners who find it quite stressful. The vendor has not explained any of the strategies in detail, which is quite disappointing.
Pricing and refund
There are three distinct pricing plans for this robot namely Basic, Standard, and Professional. These plans provide you with 1, 2, and 3 real accounts, in exchange for $149, $199, and $249, respectively. With all of the plans, you get an unlimited number of demo accounts. The vendor provides you with free upgrades and support. Also, there is a 30-day money-back guarantee for this product.
Here we have the backtesting results for the EUR/CHF pair. This test was carried out from 2021 to 2021 with an every tick model. The EA started out with an initial deposit of $1000 and conducted 493 trades. As a result, it generated a total profit of $312.95.
The win rate for this backtest was 77.69%. There were 17 maximum consecutive wins and 4 maximum consecutive losses. The profit factor and the relative drawdown were 2.42 and 16.90%, respectively.
This live trading account on FXBlue has been active for only 168 days. During this time, it has conducted only 160 trades, winning 73.8% of them and generating a total profit of $301.34. Compared to the backtest, the win rate is slightly low. The daily, weekly, and monthly gains for this account are 0.22%, 1.10%, and 4.72%, respectively, while the profit factor is 1.75.
For this account, the risk/reward ratio is a bit high at 4.43. This indicates that there is a high chance of losing your trades while using this robot.
People say that Forex Enigma is…
Doubtful. Since there are no user reviews for this expert advisor on third-party websites, we can’t tell what kind of experience traders have had with it. The lack of reputation is a major red flag that we cannot ignore.
Forex Enigma is a risky investment because it is largely unproven in the live market. Every trader wants a robot that has performed consistently for several months, but this is not the case for this EA.
|Short trading history
|Lack of vendor transparency
|No user reviews
Forex Enigma Conclusion
Forex Enigma is not an expert advisor that you can rely on. Having spent only a few months in the live market, it has not proven itself resistant to different market conditions. Also, we know very little about the parent company behind this robot.