The AX Trader opens and closes trades automatically. It requires no intervention or monitoring. The developers allege that the EA is capable of generating 10%-39% monthly profits for the user with default settings. For instance, the account can increase a deposit of $1,000 to more than $10,000 in as little as six months.
The trading results show that the system has attained more than 100% profit in less than 3 months. However, the profit made is dependent on the lot size chosen, movements in the market and the size of the account. The EA has a user manual that provides guidance to the trader on selecting the risk to use based on the return they want to attain.
Is Investing in the AX Trader a Good Decision?
In general, the EA does not look trustworthy. Also, the trading results are not that impressive.
AX Trader Profile
The developers present the robot as a powerful new high frequent trading currency robot that is capable of handling the trader up to 39% profits monthly. They also highlight the EA’s features, trading strategy, and screenshots of the trading results. The bot’s earning potential, installation steps, a live verified trading account, a live video testing, and pricing are provided as well.
Vendor transparency is absent. The developers do not provide any background information about themselves. Consequently, it was hard to tell who they really are, what they do or even if they have created other Forex trading bots.
The EA has the following features:
- Trades on GBPUSD, USDCAD, EURUSD, USDJPY, USDCHF and AUDUSD currency pairs on the MT4 platform
- Has an inbuilt auto money management
- Is adaptable to market conditions
- Includes a full installation guide and customer support
- Has Grid + Martingale combo
- Comes with user manuals and free updates
According to the vendor, the robot is custom-engineered to create profits for the user from the 6 specific currency pairs it trades on. It uses a combination of grid and martingale trading strategies. The EA analyzes the market trends to ascertain if a certain currency pair is engaged in an uptrend, downtrend or just confined to some trading range. It then selects an entry point. The martingale strategy entails doubling the trade size after every loss. The vendor promises that the AX Trader will grow the user’s account without interference and without modifications.
The EA has 2 pricing plans. The one-year deal costs $297 while the lifetime plan is $497. The first payment option comes with a 1 year license. The software will automatically turn off if the trader fails to renew it yearly. The second payment plan features a lifetime license and will never turn off. Both options provide a 30-day money back guarantee. We believe that the EA is quite expensive. There are other effective robots that are way cheaper.
The backtesting data for the EA are absent. We cannot tell how well the robot performs in the long term. Historical results show the strength of an EA, and if a vendor does not share them, their trustworthiness should be put into question.
The system has been in operation for 3 months. During this period, it has grown the account from $5,000 to $12, 180.91. It has generated a profit of $7,180.91, which represents a gain of 143.62%. The daily and monthly profits are 0.94% and 32.39%. The drawdown which is 67.99% is extremely huge. This is dangerous as the user’s risk of making losses is elevated.
The EA has carried out 6302 trades so far. It has attained win-rates of 79% for longs and 78% for shorts. The profit factor which is 1.64 is quite mediocre. The pips made are 4801.7. The average win (8.12) is three times lower than the average loss (-27.01). This is risky because the account has a high probability of losing money invested. The lot size is 179.46. This figure is high and further demonstrates the account’s heightened risk of incurring losses.
The grid strategy is evident. The system places buy orders below the set price, generating a grid of orders at incrementally reducing prices. Also, the lot size increases nearly twofold every time the system makes a loss. It means that the robot uses Martingale to recover after losses.
There are no user reviews for the AX Trader. We visited Forex Peace Army, Quora, Myfxbook and Trustpilot websites but could not find any user testimonials. For this reason, we were unable to ascertain if traders are satisfied with this bot’s performance or not.
AX Trader Review Summary
- Easy to install
- 30-money-back guarantee provided
- Customer support and user manuals
- Absence of backtesting results
- The EA uses grid and martingale strategies
- Customer feedback is lacking
- Lack of vendor transparency
- High drawdown
- Expensive pricing
We advise against purchasing this robot. It is associated with a high risk of losing money. Since backtesting results are lacking, there is no way of telling how the robot performs over a long period. The EA is also expensive and hence not worth the investment. Background information about the developers is lacking. Therefore, it is hard to trust them. Lastly, users have not indicated their experience with the robot. So, we cannot ascertain if the EA is reliable or not.