PROP FIRM EA is a Forex expert advisor that promises a monthly profit of 10% to 20% and a low drawdown of 4.20%. It is compatible with multiple currency pairs and provides users with a funded trading account.
This EA uses a non-martingale strategy and works on both personal and funded firm accounts. That being said, it is an overpriced EA that fails to deliver a decent performance in the live Forex market. Also, we don’t have much information on the vendor. As such, our first impression of this system is not very positive.
What is PROP FIRM EA?
The EA has a spread control feature that lets you avoid trading when the market is volatile. When you purchase this system, the vendor provides you with a setup guide PDF and video.
The currency pairs compatible with the trading system are AUDCAD, AUDUSD, CADCHF, CADJPY, EURAUD, EURGBP, EURJPY, EURNZD, EURUSD, GBPAUD, GBPNZD, GBPUSD, USDCAD, and USDJPY. In the beginning, you need to make a minimum deposit of $1000 or more. You can use this system with funding firms like My Forex Funds and FTMO. For the live trading account, PROP FIRM EA uses a leverage of 1:500.
Official PROP FIRM EA website
On the official website, the vendor provides a short description of the system followed by the funding firm challenges. We have a list of features and a brief explanation of the trading strategy. There are a couple of videos showing the backtest and the installation steps. Finally, we have an FAQ section where you can find the answer to several queries.
The company behind this expert advisor is known as Sinry Advice. It is a Malaysia-based company with its headquarters in Selangor. We don’t know who the developers behind this system are and whether they have the required experience. Looking at the unprofessional presentation and the lack of vendor transparency, we don’t have high expectations from this EA.
How can we use PROP FIRM EA?
PROP FIRM EA provides users with a funded trading account up to $200,000. You can activate the news filter to make the EA stop trading on days where major market events are scheduled to occur. There is a 5-minute installation process for this EA and the rest is set up beforehand.
Pricing & refund
There are two pricing packages for this EA. For the 6-months license key, you have to pay $388, and the 1-year license key costs $588. Compared to other providers, the prices are quite expensive. There is a 14-day refund policy for this EA. We don’t think 14 days are enough to test the performance of the system.
PROP FIRM EA uses a top-bottom reverse strategy with a grid system. For taking trading decisions, it also uses a news filter and smart indicators. The strategy insight shared by the vendor is quite inadequate and this comes as a disappointment. Also, we don’t have the details of the backtest performed on this system. From the backtesting video, we cannot determine the important trading parameters.
Since August 01, 2021, the EA has placed 475 trades through this account. However, the vendor has not updated the account since October 25, and we can clearly see why. Despite having a win rate of 67%, the EA has suffered some heavy losses, due to which the account is currently running at a loss of $516.91.
The daily and monthly profits for the account are currently -4.80% and -87.64% respectively. Looking at the high drawdown of 99.84%, we can tell that the EA follows a risky strategy, and this can be confirmed by studying the trading history.
What customers say
There are multiple user reviews on the official website, but since they are not monitored by a third party, we cannot consider them genuine. The lack of verified reviews indicates a lack of reputation.
Summary: is PROP FIRM EA a trustworthy EA?PROP FIRM EA
Trading Results2/5 Bad
- Verified results
- High drawdown
- No customer reviews
- Lack of strategy insight