Is Waka Waka EA reliable for your trading account? Should you buy this system for a better trading experience? Read this review to find out if this forex robot is worth your money or not.
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About Waka Waka EA
Waka Waka EA is a forex robot available on MQL5 website. The developer of the EA is Valeriia Mishchenko from Russia.
According to the vendor, 1 copy out of 10 left at $599, but the developer further sets to sell the product at $699 next price.
Waka Waka EA claims to give advantage in the financial market with its expert strategy. Here, the system uses one chart setup, multiple currency, and 3 lines of instructions.
Waka Waka EA: Reasons to Avoid this Expert Advisor
Firstly, Waka Waka EA is a forex robot that fails to pay attention to details. The sale pitch of this Expert Advisor shows some transparency issues with the product.
Secondly, the system has no cash back for the product. There is no guarantee that your money will be refunded if the product does not work as it is claimed to be.
More so, the customers’ feedback is pretty worrisome. There are many customer reviews on MQL5 where the product is sold of which they all sound too good to be true. It is a way to lure traders into buying the Expert Advisor.
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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
Waka Waka EA Trading Strategy
Waka Waka EA uses a strategy called advanced grid system which developer claims it exploits existing market inefficiencies.
Also, the system operates on AUDCAD, AUDNZD, NZDCAD currency pair, and on a M15 time frame.
In addition, the provider advises the use of ECN broker and recommends AUDCAD.
Waka Waka EA Trading Results
The back test report from 2006 to 2021 showed trades of 5157 with a deposit of $1000. The total profit factor is 2.06 and a maximum drawdown of 17.14%.
Here is a real USD account using the ICE-FX broker and the leverage of 1:300 on the MT4 platform.
According to the result, the system has 2402 trades with daily and monthly profit of 0.29% and 9.04% respectively. The drawdown shows 26.70%.
Conclusion: Is Waka Waka EA a Reliable Forex Robot?
Waka Waka EA does not seem like a reliable forex robot for traders even though it promises offers that look good to be true.
More so, not guaranteeing forex traders a refund for their money if the system does not prove trustworthy as it claims is a con.
Because this EA does not consider it necessary to provide information, we do not recommend this forex robot for trading.
Kindly share your comment about this broker in the comment section.