Forex Astrobot is an automated system that comes with various risk management features to control the drawdown. The website tries to capture the attention of a novice trader by using different catchy images that show profitable conditions. By diving deep into the page and analyzing the system’s actual performance, we come to know that Astrobot might be another scam service.
Is Forex Astrobot a Good EA to Invest In?
Forex Astrobot is just another fraud system that tries to lure beginner traders into their get-rich-quick scheme. We have thoroughly analyzed each aspect of the trading system and learned that the results presented by the vendor might be fake.
The company fails to provide any good evidence of its whereabouts and the trading and coding experience of the developers behind the algorithm.
Forex Astrobot has the following features for traders:
Fully automated systems that analyze the markets on auto mode
Uses trailing stops and built-in money management systems to control risk
It comes with 24/7 support from the developer
User-friendly interface that any trader can use
The developer fails to provide any good information on the strategy of the system. They only state that the expert advisor should be used when the market is trending and activated only outside major news announcements. Several images on the website show a few trades and depict that the EA tries to follow a trend. However, that does not answer the complete strategy of the algorithm. The robot works on the M15, M30, and H1 time frames on all currency pairs. No robot can work on all instruments given the market conditions, which raises other red flags on the claims. Lack of transparency from Astrobot shows that the EA might not be based on a proper game plan and all the statements are fake.
The robot comes with two different price plans: ultimate and simple. The developers claim that the former is more profitable in contrast with the latter. You’ll get a lifetime license for simple at $99 while the ultimate costs $228. There is a 30-day money-back guarantee in case you are not satisfied with the product. In contrast with other systems, the price point is relatively high considering that the robot offers no live or backtesting results.
Lack of transparency continues here, as well as there are neither backtesting nor live results that we could use to understand important aspects of the system such as drawdown, risk of ruin, monthly gain, etc. The developer only shares an account statement for one month from 1st to 29th May 2020. The robot starts with one lot and progressively moves up to 1.63 and bags in $16124.90 in profits. Unfortunately, we can not see the statistics and therefore are unable to conclude if the performance is on live or demo or even a backtest.
There are no customer reviews available on noted review forums such as TrustPilot and Forex Peace Army. This shows that, as of now, no one has bought the underperforming system. On FPA, there is a post under the scam alert section where a trader cautions others to beware of the service.
So many hidden aspects of the algorithm have raised enough alert signs for us to consider the Forex Astrobot as a scam service. All the claims made by the developer have no supporting pillars and are therefore rendered fake or misleading. This is a common trend in the financial industry where various scammers try to lure beginners into their fake schemes. Stay away from Astrobot if you love your financial capital.