Pterodactyl Forex Robot trades on the MT4 platform and works with all sorts of currency pairs. The developer states that anyone with zero market experience can use the algorithm and enjoy passive income. It is one of the most advanced bots available on the website. In this review, we will go through the vital characteristics of the product so that traders can better understand the drawdown and the profitability.
Pterodactyl Forex Robot: to trust or not to trust?
The authenticity of this algorithm is not very clear as there are no customer reviews present on trusted-third party sites like TrustPilot and Forex Peace Army. Also, there is no contact information like telephone numbers, emails, or addresses about the company provided on the website.
The features include:
- Works on the MetaTrader4 platform
- Executes trades at a very high frequency
- Comes with robust stop management and trade closure
- Contains a built-in stealth mode
- Has user-friendly interface
To go ahead with this system, follow the following steps:
- Purchase the system from the website
- Download the EA files on your computer
- Launch the MT4 platform on your desktop
- Drag the EA files into the charts section
- Enable auto-trading
The system operates by calculating the strength of a particular trend in the market and then deciding upon the best market entry based on retracements. It can automatically scan the timeframe from one month down to five minutes.
From the history present custom records on the website, we can see that the algorithm places a fix stop loss and take profit for each trade. However, it will close the trade before it reaches the destined exit point.
The EA is available for an asking price of 49 USD. It is a one-time cost that customers must bear. This seller accepts payments through credit cards and PayPal, but there is no financial transaction security system to ensure safe transactions.
Their website clearly says that no refunds are offered. Also, the seller fails to inform whether they provide customers with user-manual, post-purchase upgrades, etc.
Unfortunately, we could not locate the backtesting results of this robot on the website. This conceals the historical performance of the EA as we are rendered blind from knowing key metrics like profits, drawdown, profit factor, etc.
Live trading results for April 2022 are given on the site. These are for the USD currency. From there, it can be seen that the deposits/withdrawals stood at 0 USD. Closed Trade P/L was 7653.10 USD. The margin was reported as 8723.02 USD and the total net profit amounted to 7653.10 USD. The absolute drawdown value is stated as 140.40.
The system participated in a total of 104 trades of which 28.85% resulted in a loss. The profit factor was 4.04, with an expected payoff value of 121.95 USD. It should be noted that these results are not verified by any credible third-party website like Myfxbook, FxBlue or FXStat.
On the EA’s official site it can be seen that Don Steinitz is the owner of this robot. This individual is based in the USA. They have many other products listed for sale like Odin Forex Trader, Hedge Forex Trader, etc.
The author fails to show any legitimate proof like diplomas and certificates. Information about their whereabouts, company office address, or emails is also not present reducing the level of transparency of this person.