ForexBot 28 is a trading advisor that has a mediocre and typical for powered by Forex Store presentation. We are not sure why they decided not to write a professional presentation.
ForexBot28: To Trust or Not to Trust?
We are sure now the system is a scam because the robot was stopped at the end of April 2021. May wasn’t traded at all. The robot has a zero rate on Forex Store.
Let’s talk about features we could find and predict. Alas, there are no many of them:
- ForexBot28 can trade for us fully automatically.
- We can use the advisor on both MT4 and MT5 platforms.
- The system can trade all available currency pairs (28) on the terminal.
- There’s a Neural Network that manages to find Entry Price, Take Profits, and Stop Loss levels.
- The advisor is a frequently traded solution.
- There’s a drawdown control.
- The robot has a zero rate on Forex Store because trading activity was stopped.
- The system works under NFA regulation rules.
- The margin requirements vary depending on the type of account.
- Aggressive trading requires $3500 on balance minimum. The micro accounts require $350. The cent accounts require $35.
- Standard trading requires $5000. The micro accounts require $500. The cent accounts require $50.
- Conservative trading requires $10000 on balance. The micro accounts require $1000. The cent accounts require $100.
- These parameters tell us about the possibility of high drawdowns.
Forex Store gave the robot three badges:
- The license can be delivered automatically.
- We may rely on a 30-day refund policy.
- There’s a verified trading result.
ForexBot28 costs $255 for a lifetime copy. The robot’s package is featured by a real account license, two versions of the system – MT4 and MT5, a user guide, free updates, and 24/7 knowledgeable support. There’s a 30-day refund provided. If drawdowns are higher than 40%, we can get our money back.
Verified Trading Results
The presentation doesn’t include backtest reports. It means the developers wanted to hide something about the robot functionality.
The advisor worked a real USD account on the FBS broker house automatically on the MetaTrader 4 platform. The leverage was 1:1000. The account had a track record verified badge. It was created on March 21, 2020, and deposited at $10,000. Since then, the absolute gain has become +58.94%. An average monthly gain was 3.48%. The maximum drawdown was 54.79%.
There were 2831 deals with -2815.3 pips traded. An average win was 49.10 pips when an average loss was -100.34 pips. The win rate was 70% (934/1333) for Longs and 63% (948/1498) for Shorts. An average trade length was 4 days. The Profit Factor was 1.38.
The system traded all pairs in the terminal. The most profitable currency pair was GBP/AUD – $506.07 (-8.1 pips). GBP/NZD was the most frequently traded symbol, with 194 deals.
The robot preferred opening trades during European trading hours.
The trading activity during the week looked smooth and predictable.
The advisor worked with medium risk to the account balance.
We have no idea why it was stopped because the last page was good. The robot used conservative Martingale.
As we can see, in 2021, the system has lost 8100.78 pips. So, it was profitable only because of luck and Martingale.
There are no May and June 2021 trading results. The account is abandoned.
The vendor has no transparency at all because we have no idea who they are. They provide not even a piece of intel that would prove that they understand the Forex market.
Forex Robot 28 has a page on Forex Peace Army without comments or rates.
Forex Store has decreased the rate of the advisor to the lowest possible 0 from 10. It means that people will avoid it. So, it’s the end.