Trade Explorer Review: Does It Win or Lose?

Trade Explorer is promoted as a winning Forex robot. Apparently, it helped one of the clients to generate 377% profits within a month of trading. So, the vendor concludes that the EA can make steady, consistent profits even as the market rages with volatility. 

What is Trade Explorer?

Here are the features included in the EA:

• It supports 27 different currency pairs, including AUDCAD, AUDCHF, EURCAD, EURNZD, GBPUSD, and many more.
• It works on the MT4 terminal. 
• Is fully automated and beginner friendly.
• it has automatic, built-in settings. 
• The system comes with free lifetime updates 

Official Trade Explorer website

The official website includes different sets of information relating to the robot. We are provided with screenshots of several accounts the system is operating on Myfxbook and  some statements attempting to convince traders to purchase it. The vendor also mentions the strategies used, the robot’s features, pricing details, user reviews, etc. 

Leap FX is responsible for creating this robot. This company is renowned for developing Forex robots. Some of the products it has produced so far include Arbitron, Funnel Trader, InstantEA, AX Trader, The Fund Trader, Bounce Trader, etc. Unfortunately, we don’t know the names and profiles of the individuals working behind the scenes. 

How can we use Trade Explorer?

Trade Explorer trades automatically on multiple currency pairs. To use the EA, attach it to your MT4 account, and it will take over your trading. 

Pricing and refund

You can either purchase Trade Explorer at $397, a plan that is renewable yearly, or at a one-time price of $697. Both packages include superb customer support, free lifetime updates, best settings and recommendations, support for 27 currency pairs, and a 30-day money-back guarantee. 

Trading strategy

The vendor states that the EA monitors the market trends and price action, and ignores sharp movements and market noise. Nonetheless, they don’t explain these strategies in detail. Anyway, the EA’s trading history proves that the grid strategy is also used. 

There are some screenshots on the vendor’s website showing the robot’s backtest results. However, they are unreliable as they can’t be verified and are not presented in a proper format. 

Current performance

Trade Explorer is currently running a real USD account on Myfxbook. The account was initially deposited at $5000, and the EA has traded on it since May 13, 2020, to date. A profit of $16251.36 has been realized from 9727 trades. Consequently, the account’s value has risen to 328.81%. The monthly profit is 7.58%, while the drawdown is 17.29%. So, the risk reward ratio is 2.3:1. This indicates that the robot has a higher likelihood of ending up with losses than wins during trading. 

Till now, the robot has attained win rates of 76% for long positions and 80% for short ones. Unfortunately, the average loss (-70.82 pips) is nearly 3 times higher than the average win (23.97 pips). So, for every dollar made, $3 is lost. This trend is undesirable. 

The EA held some trades for long periods. It mainly traded with a 0.01 lot size and attached a take profit to each order. The grid approach was applied as well. 

What customers say

Trade Explorer lacks customer reviews on trusted verification sites such as Myfxbook, Trustpilot, and FPA. This is a setback, especially for traders who rely on the insight provided by such reviews to make purchasing decisions.