Forex Fury claims to possess a 93% successful performance history on verified accounts. According to the seller, it is the most effective expert advisor on the market right now. Since most vendors make these kinds of claims, we need to carry our own investigation to determine whether this is a profitable EA or not.
There are multiple live trading accounts for this system and the vendor also offers a money-back guarantee. But there are no proper backtesting results for this EA and the trading accounts exhibit high drawdown, thus indicating a high risk of loss. Therefore, we don’t think it is trustworthy.
What is Forex Fury?
Forex Fury works on the Metatrader 4 and 5 trading platforms and it complies with the FIFO policy of NFA. There are three trading schemes for this EA, each having different risk levels. It has ECN support and a money management feature that allows for the adjustment of the trading lot sizes based on your account balance.
You can make it work with MT4 and MT5 brokers and there are several filters to deal with different market scenarios. When you purchase this EA, you get a detailed user guide with videos. You can start with as little as $100 for a micro account. The vendor states that the EA can be used with small as well as large accounts.
Official Forex Fury Website
On the official website of Forex Fury, the vendor has outlined the main features and shared the links for the live trading accounts. We also have the pricing details along with a list of client testimonials. There is also an FAQ section, a Members Area, and an About Us section where we can learn a thing or two about the company.
We know this company is located somewhere in Canada, although we don’t know where exactly. The CEO of Forex Fury is Patrick Ryan, while the Head Analyst and Head Developer positions are occupied by Joe Damien and Hossein Nouri, respectively. We don’t know anything about these people or their qualifications, so our expectations from this EA are not too high.
How Can We Use Forex Fury?
After signing up, you will receive an email containing the registration link. The software starts scanning the market after the installation process is complete. It will open and close trades based on preconfigured settings. You can only run this using a VPS, MAC, or PC.
Pricing & Refund
There are Gold and Diamond plans for Forex Fury, priced at $229.99 and $439.99, respectively. The only difference between the two plans is that with Diamond, you get access to two live accounts. There is a refund offer only for the Gold plan, and for this, you need to provide the trading results for 30 days, within 60 days of purchasing the product. The price of the robot is close to the market average.
Forex Fury follows a range trading strategy that works best with low volatility. The vendor has not provided adequate information pertaining to the strategy, which will be a bit disappointing for most traders. Moreover, they have not provided the backtesting data in the proper format, so we can only see the gain percentage, drawdown, pips, and modeling quality.
This live trading account on Myfxbook has been active since March 25, 2020. The EA has placed a total of 1508 trades through this account, winning 96% out of them. At this moment, the daily and monthly gains for this account are 0.42% and 16.82%, respectively, while the drawdown is extremely high at 43.10%. This tells us that the robot is following a risky trading scheme.
As we can see from the recent results, the EA has suffered back-to-back losses. This makes it difficult for us to rely on this system for real-time trading. Its performance in 2021 has been quite dismal, hence it is evident that it has trouble adjusting to the current market conditions.
What Customers Say
We found several user reviews for Forex Fury on the Trustpilot website. One user has criticized the poor customer service offered by the company and has claimed that he had never received a refund.
Summary: Is Forex Fury a Trustworthy EA?Forex Fury
Trading Results3/5 Neutral
- Money-back guarantee
- Verified results
- High drawdown
- Lack of strategy insight
- Proper backtesting results are not available