Forex Cyborg is an FX robot that uses innovative approaches for ensuring profitable returns. This completely automated MT4 tool can work on multiple pairs at the same time. The vendor provides verified trading results and backtesting reports for the system. However, we find that real trading results show a risky approach. Further, the product is overpriced and there is not much info on the vendor. Our initial conclusion is that this is not a trustworthy expert advisor.
What is Forex Cyborg?
As per the vendor info, the significant features that make this FX EA competitive are:
- Does not need manual trading as the software is completely automated.
- The vendor provides 24/7 support.
- This FX EA works on multiple currency pairs.
- Commissions, real variable spreads, and real slippage are employed in the back testing.
- The MT4 tool works on 18 currency pairs using the M15 timeframe.
As per the vendor, there is no minimum account balance or size needed for using this ATS. It is compatible with any broker and account and the vendor recommends using only the capital that you can afford to lose.
Official Forex Cyborg website
The website is well-designed with all sections present on a single page. Details about the features, portfolio, pricing, specs, and others are present on the home page. We could not find details concerning the company like its year of establishment, the developer team and their experience, and other such info. There is no location address or phone number present. For support, an online contact form is the only method present. We find the lack of vendor transparency and inadequate customer support suspicious.
How can we use Forex Cyborg?
According to vendor info, this MT4 tool uses unique features that include technical analysis ensuring a high winning rate in the backtesting. The complex algorithm helps the robot to dynamically adapt to any type of market situation. As per the vendor, the trading settings are integrated into the software. It trades from 17:00 up to 23:30 GMT based on the currency pair you choose.
Pricing & refund
A gold package costing €499.99 and a premium package costing €599.99 are present for this product. The features included in the package are an unlimited number of demo licenses, one real account, dedicated lifetime support, and updates.
While the Gold package has one real license, the premium package offers 3 real licenses. An instruction manual for setting up the software and a 30-day money-back guarantee are present for the account. When compared to the price of competitor products, we find this FX robot is overpriced and not worth the money.
According to the vendor, this FX EA does not use dangerous methods like arbitrage, hedging, or the Martingale method. It uses integrated money management which can be optimized as per your requirements. The vendor does not divulge the approach used and the vague explanation provided raises a red flag for this EA.
One of the backtesting reports provided by the vendor is shown here. The backtesting done with 99.9% modeling quality was done from 2010 up to 2020 using the M15 timeframe on the AUDCAD pair.
From the above test, we can see the test had generated a total net return of 3532.95 for an initial deposit of 10000. A total of 888 trades were executed with profitability of 74.10% and a profit factor of 3.42. The maximum drawdown for the account was 1.01%. From the low profits, we find the performance is not good.
A myfxbook verified real EUR account using the Darwinex broker and the leverage of 1:200 on the MT4 platform is shown here.
From the above trading stats, it is clear that the system has generated a total profit of 348.98% and an absolute profit of 71.04%. The difference in the two values is very high and indicates a risky approach. Other trading stats include a daily and monthly profit of 0.09% and 2.86% respectively. The drawdown for the account is 29.27% which is very high and also indicates the risky strategy used. For this account started in 2017, a total of 3114 trades have been executed with a profitability of 69% and a profit factor of 1.18. The trading history reveals varying lot sizes that show the risky approach used.
What are the real customers saying about Forex Cyborg?
We found one review for this FX EA on the FPA site. As per the feedback, the system has high drawdowns but the user claims that it has brought decent profits.
Summary: is Forex Cyborg a trustworthy EA?Forex Cyborg
Trading Results3/5 Neutral
- Fully automated software
- Verified trading results
- The strategy used is not disclosed
- Real trading results show a risky approach
- Product is overpriced