High returns in Forex are not just for the professionals. Newbies who are still on the learning curve also can rake in money in the field. This is possible because of the various Forex related software and analysis tools in use now.
As one of the prevailing analysis tools in Forex trading, Easy Forex Pips assures great results with its effective signal service. With the generated signals, you can find the optimal trading time and methods, choose a suitable currency pair, and more.
We have reviewed this signal service to analyze the system and provide our expert opinion on the feasibility of the service.
Easy Forex Pips: To Trust or Not to Trust?
The reliability of a system stems from the transparency shown concerning the strategy used, support offered, and performance. User reviews, risk management measures, and a money-back guarantee are other factors that reveal the reliability or trust factor in a system.
Our initial perspective of Easy Forex Pips is that the service, despite boasting more than 4 years of experience, has some important shortcomings that it needs to look into before we can deem to trust it. Let us go through the main features of the system first.
The key features of the system include daily Forex signals and analysis done by professional traders ensuring the accuracy of 79% and diverse signal types. With the VIP Telegram channel of the system, signals of the short and long term are provided giving you guidance on executing profitable trades. Although the strategy used is not explained, the vendor maintains that different manual approaches are used with the assistance of technical indicators.
Pricing is based on the subscription package you choose, which includes a one-month membership that costs $45, a 3 months membership costing $75, a 6-month membership costing $105, and a 12 months membership that costs $150. The features are the same for all the different packages except for the price and duration.
This service works for all currency pairs and timeframes. Based on the vendor info, choosing the broker recommended (XM) by the vendor will offer the best results. Support is offered via the Telegram Channel and through the contact form via the official site. And, no phone or live chat options are available with this service.
Confusing Trading Results
No backtests are provided, which is surprising considering the system has been operating for over 4 years. Strategy reports reveal historical data that can give a better perspective of the system, which we are unable to assess.
However, the service provides a real and live trading account with a track record and trading privileges verified by the myfxbook.com site. We found a few discrepancies such as the name of the trading account, which is mentioned as Aurus-Investor-VM, the automated trading, and the use of Activ Trades broker (the vendor specifically mentions that XM is the recommended broker). Here is a screenshot of the trading result:
Further delving into the stats, we found the system posts a profit of 206.11% and an absolute gain of 195.02%. We are puzzled at the difference in the two values as, in general, the two values are similar more or less.
Furthermore, the system posts a daily gain of 0.29% and a monthly gain of 9.03%. A 40.01% drawdown is indicated. Other stats including trading history are hidden which makes us suspicious of the authenticity of the results.
From the real and verified trading results, a 40.01% drawdown looks overboard for a system that promises assured profits with more than 70% accuracy. Clubbed together with the hidden trading data, including the lots, commissions, best and worst trades, and more, the system appears to have questionable results that it wants to keep hidden.
Transparency is lacking with this service. To begin with, there is no mention of the developer team but just a general reference to a team of professionals working on the analysis and signal generation. Secondly, the system does not explain the trading approach it uses.
Other obvious features include the lack of a money-back assurance and plenty of hidden data in its trading results. The system needs to tweak its transparency features, be open about its results and improve its price package and trading account to make the system a trusted one.