iProfit Forex Robot Review: Does It Win or Lose?

iProfit Forex Robot

iProfit Forex Robot works based on the neural network system within. The algorithm can trade multiple currency pairs and comes with backtesting records with multiple risk settings. The developers list all the details about the system to attract potential investors into their program. To understand the output and consider investment, we will analyze the algorithm and give our feedback.

What is iProfit Forex Robot?

iProfit robot has the following features:

  • Traders can install it easily within 5 minutes.
  • The robot can trade multiple currency pairs.
  • The algorithm uses a hidden stop loss for protecting against losses.
  • Live trading records show performance for several years.

There is no recommendation on the leverage and the minimum balance requirement to use the product.

Official iProfit Forex Robot website

The robot is available on the developers’ website, where all the information about the system is scattered. This form of representation is not professional. We have to dive into the records to see if the system is good enough.

How can we use iProfit Forex Robot?

You can use the robot by purchasing it from the website. Afterward, traders have to place it in their experts’ directory and attach the robot onto charts to start trading. It only works on the MT4 platform

Pricing & refund

The robot is available for $899, and there is no money-back guarantee provided. Traders have the option to rent it for one year at $470.

Fee structure for the robot
Fee structure for the robot

Trading strategy

The developer shares that the robot uses a neural network for trading purposes. It works on the H1 chart on multiple currency pairs and has a success rate of 62% with a risk-reward of nearly 1:1. The robot reads the price action on the H1 time frame and provides respective buy or sell signals. It also employs moving averages, support, and resistance for confirming trades. From the history at Myfxbook, we can see trades with a high stop loss of upto 1000 pips. The algorithm closes them before they reach the designated target. 

Trading history on Myfxbook
Trading history on Myfxbook

Backtesting results are available for an unknown currency pair where the relative drawdown was around 6.31%. The winning rate was 56.09%, with a profit factor of about 1.16. All the tests were done with a starting balance of $10000. The robot tanked an average profit of $3306.18 during this period. 

There were 1724 trades in total and the best trade was $119.57, while the worst one was -$123.24.

Backtesting records
Backtesting records

Current performance

Live trading results on Myfxbook are available from August 28, 2013, till the current date. The robot had an average monthly gain of 1.06%, with a drawdown of 25.47. The high value of drawdown provides us with a bad percentage risk-reward of 25:1. There were 5410 trades in total, with 112.65 lots traded. The expert advisor traded with a winning rate of 58% with a profit factor of 1.12. The average winning trade was 67.08 pips, while the worst one was 74.87 pips. 

Live records on Myfxbook
Live records on Myfxbook

What are the real customers saying about iProfit Forex Robot?

There are no customer reviews present on noted forex forums. This shows the lack of interest from traders in the company and their algorithm. Without any good feedback, we can say that the robot might not be functioning for retail traders. 

Summary: is iProfit Forex Robot a trustworthy system?

iProfit Forex Robot
3 5 0 1
iProfit Forex Robot is not a good trading tool due to the high value of a drawdown. This means additional risk on your account which can be bad for trading.
iProfit Forex Robot is not a good trading tool due to the high value of a drawdown. This means additional risk on your account which can be bad for trading.
3.0 rating
3/5
Total Score
  • Strategy
    3.0 rating
    3/5 Neutral
  • Features
    2.0 rating
    2/5 Bad
  • Trading results
    3.0 rating
    3/5 Neutral
  • Reliability
    3.0 rating
    3/5 Neutral
  • Pricing
    4.0 rating
    4/5 Good

Like

  • Live records available on Myfxbook

Dislike

  • No detailed statement for backtesting
  • No information on the developer
  • A high drawdown
Total
0
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