Robinhood FX EA Review: Does It Win or Lose?

Robinhood FX EA

Robinhood FX EA is promoted as a safe trading tool. The devs reiterate that it does not use the martingale strategy and has a stop loss technology to minimize losses. Furthermore, they note that they have designed the EA to permit good trades to run to optimize gains. But are these measures enough to make Robinhood FX a winning EA? Although the live trading stats show that it wins trades, we have found out that it is implementing a grid. The bad reputation of this methodology cannot be underestimated. 

What is Robinhood FX EA?

Robinhood FX EA has several features:

  • It is 100% automated.
  • Runs on the MT4 platform. 
  • Works in all market conditions, even during bad news.
  • Can work with all brokers, STP, ECN, Micro, or Cent accounts.
  • Has an easy parameter, built in magic number.
  • Mainly focuses on the EURUSD currency pair and works on the H1 time frame. 
  • Traders are advised not to trade more than $200/0.01 lots.
  • Customer support is present.

Official Robinhood FX EA website

The robot’s official website looks disorganized and confusing. It lacks a clear structure because the vendor does not group the different sets of information accordingly. For example, info about the bot’s features is spread out in different sections of the presentation. Also, the support page doesn’t include the contact info. This data is instead displayed at the end of the page. 

The vendor of this EA is anonymous. By hiding their identity, the devs make it hard for the public to determine their expertise and consequently conclude if their creation is worth trying. Furthermore, it would be illogical to hand over your money to people you don’t know. 

How can we use Robinhood FX EA?

Being an expert advisor, Robinhood FX monitors and trades the Forex market using algorithms. It identifies trading opportunities based on its in-built parameters and then opens and closes positions automatically in the trader’s Forex terminal. 

Pricing & Refund

The EA’s pricing packages
The EA’s pricing packages

Compared to other EAs in the market, this EA’s pricing is reasonable. The basic plan is $127, the regular one is $147, and the business pack is $167. The number of real and demo accounts offered is dependent on the option chosen. A 30-day money-back guarantee is included. 

Trading strategy 

The information about the robot’s strategy is vague. The vendor mainly states that the system targets specific market conditions, and if all of them align, the EA will place a trade. Anyways, we have ascertained why the devs are beating around the bush. As you will see in the next section, Robinhood FX EA uses the grid style. 

Backtest results
Backtest results

This is the data for the EURUSD pair. With a deposit of $900, the EA completed 1251 trades between January 2017 and June 2021. As a consequence, a total net profit of $1,564,437.07 was attained. The maximum drawdown was safe – 14.83%. The winning rates for short and long trading positions were 96.55% and 84.50% respectively. 

Current performance

Trading statistics of Robinhood FX EA
Trading statistics of Robinhood FX EA

Since July, the system has made a profit of 346.76, increasing the balance from $752.94 to $1,099.70. The loss made is -$157.39, while the free margin is $821.91.

Performance of trades
Performance of trades

As you can see, the system has traded for 82 days and makes a profit of 32.1% monthly. So far, the total return rate is 80.1%. Unfortunately, we don’t know the drawdown generated since we are not supplied with this information. The trade win is  82.4%, while the pips made are 593.7. 

Account’s risk of ruin
Account’s risk of ruin

The average trade length of the robot is 20.4 hours. We are told that the account has a 3.8% risk of ruin. It is safe for now. The worst week and month recorded wins of $2.20 and $78.27 respectively. The risk/reward ratio of 2.37 is not worrisome. 

Trading history
Trading history

The data above reveals that a risky strategy is in use (grid). As expected, the approach has led to many losses. 

What customers say 

There is only one customer feedback for Robinhood FX on FPA. A trader says that he tested the robot and was impressed that it sustained profits in volatile markets. However, we don’t know if other customers feel the same way. We need them to come forward and narrate their experiences with the EA. This way, we can understand the general viewpoint of traders. 

Customer review
Customer review

Summary: is Robinhood FX a trustworthy EA?

Robinhood FX
3 5 0 1
Robinhood FX EA is definitely not a trustworthy system. We do not know who created it, their location, professionalism, goals, contact details, and their modus operandi. The devs have also integrated a dangerous trading style into the EA, an indication that they care less about the safety of your account.
Robinhood FX EA is definitely not a trustworthy system. We do not know who created it, their location, professionalism, goals, contact details, and their modus operandi. The devs have also integrated a dangerous trading style into the EA, an indication that they care less about the safety of your account.
3.0 rating
3/5
Total Score
  • Strategy
    2.0 rating
    2/5 Bad
  • Features
    3.0 rating
    3/5 Neutral
  • Trading Results
    3.0 rating
    3/5 Neutral
  • Reliability
    3.0 rating
    3/5 Neutral
  • Pricing
    4.0 rating
    4/5 Good

Like

  • Backtest data is present
  • Live trading statistics are available on FXBlue

Dislike

  • Vendor is unknown
  • The strategy used is risky
  • Customer reviews are not sufficient
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