FXCipher Review: Does It Win or Lose?

FXCIPHER

FXCipher is more of a loser than a winner. Of course the vendor will not tell you that. That is why they present the EA as a dependable and lucrative tool. As you will see in this review, the system hardly makes profits and its dangerous strategy has led it to lose a significant portion of the money invested in it. 

What is FXCipher?

The features of FXCipher are:

  • Runs on both the MT4 and MT5 platforms.
  • Is compatible with NFA regulated and FIFO brokers.
  • Supports different currency pairs: GBPUSD, EURUSD, AUDUSD, EURJPY, and USDCAD.
  • Has a special drawdown limiting system.

Official FXCipher website

The presentation of FXCipher is simple and concise. We only have a short description of its features. A large part of the website is devoted to backtest reports and live trading results that illustrate its past and present performance respectively. The last part of the site displays the pricing plan and a “contact us” form. 

Sadly, information on the vendor is not shared in detail. All we know is that the EA is powered by Forex Store. Obviously, the developers did not deem it appropriate to reveal their true identities and profiles. This misconception will come at a great cost. Traders who are keen on dealing with transparent vendors may not give this EA a chance. 

How can we use FXCipher?

FXCipher makes automatic trades based on its 2-inbuilt strategies. The EA particularly comes with what the vendor calls a special preset selection mode. This feature enables the trader to select the mode whose settings were either optimized since 2010 or from 2017. 

Pricing & refund

The EA’s price
The EA’s price

FXCipher is currently retailing at $295. With this offer, you will get 1 license, MT4/5 versions, user manual, free updates, and 24/7 technical support. A money-back guarantee is also present.

Trading strategy

The vendor provides a vague description of the strategies used by the system. They just say that the approaches are created to adjust to market conditions and are interchangeable. We are afraid that the developers are hiding the fact that their system executes martingale. Probably, they decided not to mention this because they do not want to scare away potential traders. 

Backtest results
Backtest results

According to this report, the EA was tested using the AUDUSD pair for about 11 years, from January 2010 to July 2021. The initial deposit was $10000, and out of it, a total net profit of $283625.40 was made. This can be attributed to 1675 trades completed. 

However, we noted that these trades did not do well, as the system only won 52.53% of the short positions and 55.33% of the long ones. We also could not help, but be concerned about the high drawdown value of 37.16%. The strategy present was bringing in numerous losses. 

Current performance

Live trading data
Live trading data

When you see the 407.24% gain, you would think that the EA is trading successfully, but this is not the case. The drawdown of 51.22% is dangerously high. It is even higher compared to what we have observed in the backtest data. The live market has further proved the ineffectiveness of this system’s strategy. 

From September 24, 2020, to date, the system has generated $10181.05. This has caused the balance to increase from $2500 to $12681.05. 

Performance of trades
Performance of trades

A closer look at the performance of the trades also reveals a pitiful trend. Out of the 221 trades executed, only 58% of the long positions and 51% of the short positions have been successful. The profit factor is 1.85. The average win is 61.37 pips while the average loss is -67.90 pips. This indicates that the system engages in bad trades quite often. 

Table highlighting the account’s risk of ruin
Table highlighting the account’s risk of ruin

From the table above, we can see that the poor performance of the EA has weakened the account. It has reached a point where 107 consecutive losses are enough to wipe out the account completely. 

Trading history
Trading history

From the trading history, we noted that a dangerous strategy is in place, i.e., martingale. Whenever the system incurred losses, it increased its spending. It’s only a matter of time before the account runs out of money. The EA skips trades for many days as well. 

What customers say

FXCipher has not received any reviews from customers yet. This is worrying, given that it has been around for some time. 

Summary: is FXCipher a trustworthy EA?

FXCipher
2.6 5 0 1
FXCipher is not a trustworthy system. From having an anonymous vendor to playing around with the trader’s investment by using a betting-like strategy and generating small returns, we cannot bring ourselves to recommend it. The system has already lost half of the account’s capital. Therefore, the same fate awaits you if you decide to buy it.
FXCipher is not a trustworthy system. From having an anonymous vendor to playing around with the trader’s investment by using a betting-like strategy and generating small returns, we cannot bring ourselves to recommend it. The system has already lost half of the account’s capital. Therefore, the same fate awaits you if you decide to buy it.
2.6 rating
2.6/5
Total Score
  • Strategy
    2.0 rating
    2/5 Bad
  • Feature
    2.0 rating
    2/5 Bad
  • Trading results
    4.0 rating
    4/5 Good
  • Reliability
    2.0 rating
    2/5 Bad
  • Pricing
    3.0 rating
    3/5 Neutral

Like

  • Backtest data is available
  • Live trading results are present

Dislike

  • Vendor is unknown
  • Martingale on the board
  • No customer feedback
  • Low return rate
Total
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