Forex Steam is a Forex robot that claims to have an active group of developers and a track record of more than a decade. Apparently, it is a system that has consistently improved its profitability over the years, with the current win rate being 90%. It also provides free lifetime upgrades and the ability to run the Forex EA on 4 accounts simultaneously.
Forex Steam: To Trust or Not to Trust?
At first glance, Forex Steam seems like a legitimate service, and its main features are clearly highlighted on the official website. We can also see that the vendor has shared the verified and independent trading results. There are sections detailing how the software works and what are the settings that you can modify.
Apart from these, we have an FAQ section where answers to general as well as support questions are answered, and a blog section where you can find articles about Forex trading tips and techniques. If you wish to get in touch with support, you can drop them an email or send a message using the contact form. Overall, the presentation looks quite professional, and it is what you would expect from a trustworthy service provider.
Forex Steam is an entirely automated Forex robot that trades mainly in pairs like AUD/USD, EUR/USD, GBP/JPY, GBP/USD, USD/CAD, USD/JPY, etc. While ample information is provided on the website about the Forex EA, we don’t exactly know the kind of strategy the system uses. It would be great if the vendor could include some technical details about the trading strategy in the future since many individuals assess a system based on them.
This Forex EA trades in the timeframe of 0:00 to 6:00 GMT every day, using the Steam retrace technology to maximize wins and minimize losses. Since the system trades with a low level of risk, both experienced and novice traders can work comfortably with it. It also has a holiday filter that lets you avoid trading during holidays where the market is often affected by random and unforeseen events.
Furthermore, Forex Steam has a built-in spread filter that makes sure the robot trades only when the market conditions are favorable. Since it has a trailing stop feature, you can secure bigger profits by shifting the stop losses behind the trades. If you don’t wish to move the stop loss, you can use the break-even functionality.
Support is provided by the team between 9-5 PM EST, and users will always get a reply in 3-4 hours. From the expert advisor properties, you can change the settings like Take Profit, Stop Loss, Retrace Exit, etc.
Unverified Trading Results
On the official website, the vendor has provided trading results that they claim are verified by an independent source. We have the details of all the trades in tabular format, with profits, stop losses, take profits, and prices outlined. However, we have no way to verify if the results are genuine, hence we cannot consider them while assessing the system’s profitability.
Seasoned Forex traders don’t want to invest in a Forex robot unless it has a live trading account that is verified by FXBlue or Myfxbook. All the reputed companies share their trading results on these platforms, and it is considered a sign of authenticity. Without verified trading results, we cannot verify the claim of high profitability made by the vendor.
As per vendor claims, the Forex Steam team has a combined experience of 25 years in the Forex market. Although the team members are spread all over the globe, the corporate headquarters of the company is located in Richmond, British Columbia, Canada.
The lead support member for this Forex robot is Paul Demonde, and he has been with the company for more than 6 years. Dmitri Kozlov, an expert MQL4/MQL5 developer, heads the coding team, while the marketing team is headed by Julie Zhang. Allan Brisebois is the chief market analyst and he has been a part of the team for several years. We certainly appreciate the vendor choosing to reveal the identity of the team as well as the physical address of the company since this is a mark of legitimacy.
On the Trustpilot website, we found several positive reviews about Forex Steam. In one of them, the user has praised the retrace feature that keeps the losses to a minimum. They have mentioned that the default settings are quite easy for a beginner to use and that they will help them earn easy wins.