Forex Flex EA claims to be the best performing expert advisor in the market for the past seven years. This FX robot supports the MT4 and MT5 platforms and is in version 4.95. Verified results for the EA are present on the site along with backtests. While the vendor provides verified proof of the working of the system, the results reveal poor performance with high drawdown and low profitability. Our initial evaluation of this FX EA is that it is not a dependable system.
What is Forex Flex EA?
The main features this FX EA claims to have include compatibility with the MT4 and MT5 platforms, support for all brokers (MT4 and MT5), money management, all currency pair support, and free updates. Optimized settings and 12 strategies to choose from are other significant aspects of this ATS. The system avoids major news and is capable of taking up any trading style. You can make use of the free updates and the member forum for knowing about the ATS and how to use it effectively.
The main currency pairs the system supports include GBPUSD, USDCAD, NZDUSD, USDJPY, EURUSD, USDCHF, EURJPY, EURGBP, EURCHF, and AUDUSD. But the vendor states that it can work on any chart except the few pairs to avoid, which is mentioned in the setup manual. No info on the timeframe, deposit, leverage, and brokers recommended is present.
Official Forex Flex EA Website
The design of the website is simple and all info provided is present on a single page without any additional sections. We find the main focus is on the verified results and features of the EA. There is no info on the developer or the team responsible for the creation of the system.
We could not find details concerning the founding year, location, and phone contact. Instead, an FAQ section and online contact form are the two options the vendor provides for support. We find the lack of transparency and insufficient support are indicators that the FX robot is not dependable.
How Can We Use Forex Flex EA?
This ATS uses an innovative method that comprises virtual trades. As per the vendor, the EA opens trades virtually and with its constant market monitoring, it determines the ideal entries and exits during which time the EA opens trades and manages them automatically. The vendor claims that the system is updated consistently and in an automated way.
Pricing & Refund
Different price packages are present for this FX EA. The MT4 compatible and the MT5 supporting packages cost $399.96 each and come with features like a single account license, set files, private forum access, and an unlimited number of demo accounts. A third package that supports MT4 and MT5 software are also present and it costs $594. The additional features in this combined package are two licenses and access to correlated hedge accounts. A 30-day money-back guarantee is present. Compared to the price of other FX EAs in the market, the price of this system is exorbitant and not worth it.
According to the developer, the EA can trade using any strategy. The different packages present include the entire setting configuration of the system which offers 12 trading approaches. You can choose from the list of strategies. However, there is no further explanation of the trading approach. A couple of backtests are presently done on the GBPUSD and the EURUSD pair of 99.9% modeling quality. Although the vendor does not provide the detailed strategy tester report, there is info on the drawdown, pips, and gain made by the backtesting.
Many trading results verified by the myfxbook site are present on the site. Here is a live real USD account using FXOpen broker and automated settings.
From the above stats, we can find a total profit of 378.9% and an absolute profit of 125.05%. The huge discrepancy between the two values indicates high trading risks are involved. Other stats of import include the drawdown value of 56.61% and profitability of 69%. The profit factor is 3.96 and the trading history reveals varying lot sizes ranging from 0.11 up to 0.90. We can see that the SL and TP values are hidden which raises our suspicion regarding the reliability of the system.
What Are the Real Customers Saying about Forex Flex EA?
We found user feedback for this EA on the Forexpeacearmy site. Here are a few of the reviews:
From the reviews, we can see that the performance is poor and involves the risk of blowing up your account if you are not careful about the settings and management. The reviews also criticize the high drawdown and the learning curve needed to understand the system and make it work.
Summary: Is Forex Flex EA a Trustworthy EA?Forex Flex EA
Trading Results5/5 Amazing
- Fully automated EA
- Money-back guarantee
- High drawdown
- Poor performance in live real accounts
- Strategies used are not explained