Forex Steam was developed by traders who claim to have over 25 years of experience in the financial industry. It has many built-in functions that allow it to trade only during specific hours, avoiding holidays and news. After unbiased analysis, we come to know the real performance of the system and the idea behind the fraud.
What is Forex Steam?
Forex Steam has the following features:
- It comes with an easy video guide to help new traders in the installation
- Updates are made to algorithms frequently
- The EA can be run on four accounts simultaneously
- Provides results for over nine years
The developer does not provide any information on what type of leverage a trader should use. The required minimum deposit required to start trading is $300-$500. There is no recommendation on currency pairs.
Official Forex Steam Website
The product is present through the developers’ website, where they try to detail all the information under different tabs. Different faces are presented forward as the system developers, which we can not confirm to be real or not as there is in the biography. Lack of transparency on their experience and information raises concerns over the performance of the algorithm.
How Can We Use Forex Steam?
You can download the product after the developer sends it to your email. Place it inside the experts’ directory on the MetaTrader platform and enable auto trading. Drag the robot on respective charts to begin trading.
Pricing & Refund
The robot is available for $117.99. There is no money-back guarantee. It comes with the set files, continuous support, and upgrades from the developer. In contrast with other systems in the market that track their performance via Myfxbook and provide authentic results the asking price is high.
The developer states that the robot comes with two different versions in the FAQ section, i.e., light and normal. The former works on the M5 chart while the latter on the M30. They both work based on the current market trend. On looking at the detailed statement, we see that it trades EURUSD and uses a fixed stop loss, and take profit with every position.
The developer does not provide any backtesting results that would verify the system’s performance for an early duration. Scammers usually follow this type of activity in the financial markets.
The system’s current performance is only available through the detailed statement on the website, which only shows the history of trades and the closed P/L. The robot started trading on 22 November 2012 with an initial balance of $1000 (currently it is $11658930.23). The developer chooses not to present the statistics or track the performance through verified sites such as Myfxbook, which raises even further concerns.
What Are the Real Customers Saying about Forex Steam?
Customer reviews are only available on Forex Peace Army, which gives the system a rating of 2.929 for a total of 201 pieces of feedback. There are multiple warnings issued by the FPA that state the submission of a large number of highly positive reviews, which are likely bought and written by the company. Customers say that the results presented on the website are fake, and the statement is manipulated. The company hides all the losses to attract novice traders.
Summary: Is Forex Steam a Trustworthy EA?Forex Steam
Trading results2/5 Bad
- Customer support is available readily
- No live account statistics
- No good customer reviews
- No proper backtesting results are available