Maxturbo EA is a new automated trading robot launched on 24 August 2019. It is positioning itself as one of the best automated trading software in the market. The developers claim that their robot helps every user interested in increasing his profit and ROI.
In this Maxturbo EA review, we will be analyzing vendor transparency, trading strategy and performance data, risk factors, drawdown performance, and the other important details to decide whether this EA does hold up to its promises.
Is Maxturbo EA a Good Choice?
After our detailed Maxturbo EA review, we have concluded that this software cannot be trusted. Here are some reasons why Maxturbo EA received a cautious pass mark from our team:
– Veracity of claims
– No strategy insight
– High drawdown
– Lack of vendor transparency
Veracity of Claims
We have noticed a few things that look suspicious and strange. They contradict some of the claims made by the vendors of Maxturbo EA. Have a look at the statement on the Maxturbo EA website:
We have reviewed their website and found some contradictions:
The developers claim that they are trading “only on a real account”, but later on they say that they offer both real and demo accounts, which come in different packages. Is it a major spelling mistake or their inattentiveness?
We have conducted another research and found the Maxturbo EA account on mufxbook. The screenshot below shows that trading is performed on the demo account. See the area marked off in red below:
It contradicts the claims of developers of this robot. Moreover, our additional research has shown that another account on myfxbook is also a demo account, not real-money one:
We would like to see snapshots of real trading accounts represented on the Maxturbo EA official website. The vendors who want to be trusted should be transparent with their clients.
No Strategy Insight
The main Maxturbo EA trading approach is to focus on providing stable profits. Sadly, but they provide little to no detailed information about their trading approach and methodology. They promise to meet your and “unique Auto Trading System with all the advanced features”. However, the fact is they fail to provide any proof of the “proven strategy that has been used by experienced traders for more than 7 years”.
The entire Maxturbo presentation is a bunch of open-ended questions without real answers. If the developers want be trusted, they should provide much more information in terms of trading strategy.
The Maxturbo team does not provide any verified accounts on their website for analysis. However, we have found 2 myfxbook accounts and both of them are demo accounts. Let’s review one of them:
This is a Demo account with IC Markets brokerage. The account started on Sep 30, 2019. It is showing a gain of +47.65% with a daily gain of 0.14%. Its deposit is $3000.00 and the current balance $4429.61 ($0.00 withdrawals).
It has traded 1749 trades and lost 433 out of 1749 trades (25% of total trades) with the average loss of -$3.02 and the average win of $2.08. The best trade is 41.85 and the worst one -34.73. Average trade length – 8 hours and 58 minutes. The profit factor is 2.09.
Let’s compare monthly gain in 2019 and 2020. The account started trading in September 2019. The best period of trading of that year was in October – 11, 57%:
The screenshot below shows a monthly gain of 2020:
The best period of trading was in March – 14, 73% and it is higher than the best trade of 2019. The account is live and it is strange it had no trades since April 2020. Why? What is the reason? We have many questions to ask.
We see the problems in terms of drawdowns with the Maxturbo EA. The peak drawdown is 53.74%.
A high drawdown is very dangerous for any trading account. It can increase risk or ruin and destroy your trading account.
The vendor provides no information about who the developers are, where they are located, or what their trading history in the market is. They say that their system was created “by the legendary Forex Trader“, but they do not provide any information about who the trader is. We know nothing about the developers who stand for this robot. It is a red flag for Maxturbo EA.