For traders looking to profit from forex trading with minimal risk, FX Scalper X assures compounded growth. This FX Robot does not use any of the high-risk approaches like the Martingale, Grid, or the Hedging methods. The vendor offers backtests and has a verified track record. However, the results shown are unrealistic and do not correlate with the claims of this ATS. Our initial overview of this MT4 tool reveals that it is not a trustworthy system.
There is no info on the site as to the developer or the vendor behind this FX robot. Details like location, founding year, experience in the field, etc. are not revealed. Instead of the usual online contact form, messaging via telegram is the only support available for this FX EA.
For users to trust a product, the vendor must be transparent about their experience in trading, the team behind the software development, and their location. Since none of these criteria are met by this automated EA, we find the system untrustworthy.
The vendor claims that this ATS has made profits ranging from $100K to $150k in 2020. Some of the important features include myfxbook verified results, easy installation, automated trading, high profits without losing money or blowing accounts, and compounded growth of the investment.
Timeframe, Currency Pairs, Deposit
We could not find info related to the timeframe and currency pairs that the robot is designed to work on. Whatever info provided on the site is very minimal and does not include details like the leverage used, recommended settings, and more. The minimum balance required for starting the trading is $100. But the vendor recommends using a higher balance for better profits.
One glaring deficiency we spotted on the website is the absence of an explanation of the strategy used. Besides the mention of the trading algorithm not using hedging, Martingale, and grid trading the strategy used is not disclosed. We find this suspicious as the first thing a user looking for a Forex robot would want to know is the trading approach used. With the strategy not disclosed we find this FX EA is not a trusted software.
Pricing and Refund
The FX Scalper X is offered as a bundle consisting of the X, XX, and XXX FX Scalper robots. For an unlimited license, the package costs $277. Subscription packages are also available in the form of three months, six months, and one-year license packages. No refunds are offered by the vendor which is disappointing. The lack of a money-back guarantee confirms our suspicions that the EA is unreliable. While the cost is not very high and comparable to similar automated robots, the lack of refund raises a red flag.
Backtest reports are provided by the vendor on the site. The strategy tester report shown below reveals a modeling quality of 99.9% for the EURUSD pair trading using the M1 timeframe. A drawdown of 1.38% and a profit factor of 2.48 are shown. The total net profit for the deposit of $100 is 14237310 for the tests done over 10 years.
A demo account trading verified on the myfxbook site is shown on the site. Here are a few screenshots that reveal the trading stats and history.
From the above screenshots, we can see the system shows a high-profit percentage of 610.52%. But the drawdown is very high at 49.75%. While the daily gain is 1.32%, the monthly value is 261.22%. For a deposit of $5000, this demo account has a balance of $35,525.
However, since the account started in December 2020, has closed in January 2021. Although the vendor claims the robot does not blow accounts or losses, this trading result reveals the false claims. We also found a real account for this FX robot. Here is a screenshot of the account.
The live real USD account using the leverage of 1:300 shows a profit of 42% and a drawdown value of 14.91. A balance of $4,035 is present for a deposit of $2850. Since the account does not reveal much of a profit for 5 months, we assume the vendor has not included it on the official site. Comparing the backtests and the real account results we find that the values do not correlate. Furthermore, the results are unrealistic and do not match the claims of the vendor.
People say that FX Scalper X is …
A scam. Not only does the robot not work, but the customer service is very poor. Here are a few of the user reviews found for this ATS on the Trustpilot site.
From the reviews, we could see the FX robot had a heavy drawdown and led to the user losing his money. As we mentioned the only contact for customer support is via the telegram channel and the response is very poor. Furthermore, since the vendor states that no refund is provided, users stand to lose their money with such a scam EA.
|Fully automated system||The strategy used is not explained|
|Verified trading results||Drawdown is high|
|Poor customer support|
FX Scalper X fails to meet user expectations of a profitable trading tool. Despite revealing verified track records and backtests, the FX robot reveals a system with several flaws. The high drawdown and unrealistic profits raise a red flag. Furthermore, the lack of vendor transparency and absence of strategy explanation make the EA unreliable. In short, this is a scam EA that traders should avoid.
User reviews: 3.5/10