iProfit is a Forex Robot that works on the MT4 platform. It relies on the neural network approach for identifying and executing profitable trades. As per the vendor, the system aims at providing profitable and reliable solutions for investors. The FX EA works by dynamically adapting to the recent price action and provides updates on the hourly price highs and lows.
iProfit EA: to trust or not to trust?
As an expert advisor using the neural network method for its strategy, this ATS has verified trading results and backtests to show its efficacy. Our analysis of the performance, price, support and other characteristics reveals the approach is not as effective as claimed by the vendor. Further real trading performance is also below average. The lack of vendor transparency is another factor that makes us suspect this is not a trustworthy system. Let us look at the features of this EA before analyzing the major drawbacks of the MT4 tool.
Features
Some of the important features that the vendor focuses on for this FX EA are:
- Use of a self-contained neural network method for trading
- Seven years of consistent performance verified by the myfxbook site
- Backtests of 12 years duration done with 99% modeling quality
- A profit of more than 8000 pips with an average monthly profit potential of over 170 pips
- Avoids using dangerous methods like the grid, hedging, or Martingale
- Works on the EURUSD, AUDUSD, XAUUSD, and EURJPY pairs
As per the vendor, the system has been trading since 2013 and has remained profitable in all kinds of market conditions. On a closer evaluation of the approach and results, we found the following drawbacks in this FX EA.
- Verified but bad live trading results
- Lack of vendor transparency
- Overpriced product
Here is a detailed assessment of our experts that shows this is not a trustworthy FX robot.
Verified but bad live trading results
A high-frequency trading result verified by the myfxbook site is shown here. This is a real AUD account using the IC Markets broker and the leverage of 1:500 on the MT4 platform.
In the above screenshot, we can see the drawdown is very high at 25.47%. The account shows an absolute profit of 183.71% and an absolute profit of 97.13%. We find the difference between the two values is very high and indicates a risky approach. Further, the vendor has hidden details like the balance, equity, profit, deposits, lots, etc. The high drawdown, the difference between the absolute and total profit, and hidden values suggest the account is performing badly. The hidden values also raise a red flag for this ATS.
Lack of vendor transparency
Phibase Technologies is promoting this FX robot. As per the company info, the developer team provides regular technical reports and the customer support is the best in the industry. The company assures responding to emails in 6 hours or less time. However, there is no info on the founding year, the developer team, their experience, the location, phone number, etc.
The lack of transparency makes us suspect this is not a reliable company. For support, an online contact form and an email address are present. The support is inadequate and does not match the claims of best support by the vendor.
Overpriced product
To purchase this product, you have the option of choosing the annual license package or the lifetime license package. The cost of the annual package is $470, while the lifetime license costs $899. On purchase of any of the packages you get the trading software, MT4 Strategy tester compatible setting, use of two real or demo accounts, and the ability to set risk for each trade separately.
A refund offer is present for 30 days that you can use if you are not satisfied with the product. The annual and lifetime license packages are overpriced and are not worth the money. When compared to similar FX EAs in the market, we find the price is overboard despite the money-back assurance.