Is FX Cipher for your trading account? Should you buy this EA for a better trading experience? Read this review to find out if FX Cipher is worth your money or not.
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About FX Cipher
FX Cipher is a forex robot available on vendor’s website. The creator of this product is not known as well as no information about his trading experience.
According to the vendor, the EA offers:
- 1 license on any type of account
- Possibility to change the account number online without a limitation
- Version of the EA for MT4 and MT5
- Detailed User Manual
- High-quality and friendly technical support 24/7
- Free updates
Price of the EA is sold at $295 and an offer of 30 day guarantee which is attached with a condition. Here, you must have a drawdown on your account that is more than 35% after using the vendor’s provided settings.
Fx Cipher claims to give advantage in the financial market with its expert strategies. Here, the EA recommends currency pair like GBPUSD, EURJPY, AUDUSD, USDCAD, EURUSD.
FX Cipher: Reasons to Avoid This EA
FX Cipher is a forex robot that fails to pay attention to details. The sale pitch of this EA shows some transparency issues of the product.
The customers’ feedbacks are pretty worrisome. There are no reviews on Forex Peace Army nor Trust Pilot. It means customers are not satisficed with the EA despite the promises.
There is no free trail for forex traders to know the viability of Forex99 EA. We are met to have an option to test the product so we don’t purchase a product that is a total scrap.
The vendor refuses to share enough insights on how the trading strategy actually works on trades.
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Accounts
Free Trial
Projects
SSL
2
Strategy: Scalping
Time Frame: M1, M5, M15 and M30
Currency Pairs: All Pairs
License fee: $147
30 Day Money-back Guarantee
1
Strategy: Stop and Reverse
Time Frame: All time frames
Currency Pairs: EUR/USD, EUR/GBP and USD/CHF
License fee: $149
60 Day Money-back Guarantee
3
Strategy: Scalping
Time Frame: M1, M5, M15
Currency Pairs: All Pairs
License fee: $147
30 Day Money-back Guarantee
Fx Cipher Trading Strategy
Fx Cipher uses what it called two built-in strategies. According to the vendor, it switches to another strategy in case of certain circumstances.
The EA recommends that forex traders use the preset optimized strategy of 2010 on five currency pairs: GBPUSD, EURJPY, AUDUSD, USDCAD, EURUSD . Or the preset optimized of 2017 on GBPUSD, EURJPY.
No time frame provided.
FX Cipher Trading Results
According to the trading result of this EA on myfxbook.com, the account traded on USD, FXOpen, Technical, Automated. The account dated 2010 with a daily gain of 0.53%, a monthly gain of 17.05% and drawdown of 36.17%.
Conclusion: Is FX Cipher a Reliable Forex Robot?
FX Cipher does not seem like a reliable forex robot for traders even though it promises offers that look good to be true.
The lack of details on important insights is a turn off. EA like this one should provide enough information for traders to have some level of trust.
It is our duty to review forex robot and also share reasons. For now, we do not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.