Spy-Fx as the name implies is a copy trading service, but for some strange reason they refer to themselves as Signal providers. Is paying for SpyFx worth it? Read through our review to see what experts have to say about the Spy Fx
Table of Contents
What Are Forex EAs, Signals or Indicators?
An expert advisor (EA) is software that directs and guides you on what trades to make or pass on. It even starts and carries out trades according to a set of already programmed instructions. Expert advisors are most often deployed on the MT4 or MT5 forex trading platforms.
Do You Know You Could Get Back Your Money If You Have Been Scammed? Great News! Click HERE to Get Started
We cannot overstate the advantages and usefulness of Expert advisor. Among the many advantages is the slight learning curve involved in using the Expert Advisor. That is to say, you need little learning to use an EA as the trades are being carried out by a set of instructions already made by an expert. Another advantage is that it can consider a lot of variables that humans may not have the time or potential to handle.
It is normal and not out of character for a Forex EA vendor or signal providers to lay claims to their product being a sure-fire way for you to get richer (it is mostly just marketing.). This is because anyone who is looking for a signal provider is searching for a hassle-free way to make some profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are just out to deceive and steal your funds. Considering what they offer and proofs are effective means of discovering fraud and reading our reviews and comparing the offers to those of other legit vendors at the bottom of this article.
Spy Fx Review
On opening, one thing that bothers us about this vendor is how they identify themselves as signals provider when they are really a copy trading service.
The team behind this provider was not provided.
How Spy Fx Works
In this section, we cover the strategy of the EA. We also looked at the trade result if they provide any. We hold Trade results posted on myfxbook to be standard but we also consider fxblue and other alternatives.
This EA works on the MT4 Platform, it works on multiple currency pairs: EURUSD, EURGBP
Spy Fx doesn’t provide an in-depth explanation or insight how their strategy works. The sales page claims that the EA works by focusing on 3 currency pairs at a time, reling on specific market fluctuations and trends that may lead to consistent profits.
They call their system of trading, “Dollar Cost Average.” They claim this system minimizes risks by ensuring that “ we do not trade with any single anticipated risks.” This
Spy Fx Robot Price
Our understanding of the pricing of this is a bit skewed. The sales page say one must have a minimum deposit of $2000 then send then send a request to [email protected] to connect to their account at 177640.
You might want to consider reading our recent reviews on these brokers that impressed us, forexsignals, GPS forex, deriv
Client Feedback
Customer feedback is a vital instrument for us to offer a quantitative review and analysis of an EA. We mostly consider feedbacks on third-party sites, as the EA team can concoct or pay for manipulated reviews on the official page.
We could not find many reviews by customers who had used this EA before, at least not enough to form a conclusive decision.
Conclusion
After going through all aspects of this EA, they do not satisfy us with gaps between what it promises and what they deliver, especially when considering the price range.
This EA is on the expensive side, and as such we won’t be recommending the use today as we aren’t sure of its efficiency.
EXPERT RECOMMENDATION: Use the Best Forex EAs/Robots in the Market Below
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