FXRapid is a Forex expert advisor, developed by a well-known Forex Store group. The main features of this trading software is that it trades rapidly and does not trade against the trend. The developers claim that this EA is compatible with all the brokers, has a drawdown control system, and is easy to install even for newbies.
Today in this FXRapid EA review, we will provide you with a detailed analysis of this trading tool so you can make an informed purchasing decision.
Is Investing in FXRapid EA a Good Decision?
For making a correct decision, we have checked FXRapid EA performance on the real FXRapid EA Quattro and FXRapid EA Due accounts. As a result, we have found that this software shows high drawdown and poor trading results for the last 2 months. Undoubtedly, this is a very interesting trading system, but lack of vendor transparency and trading strategy insight make us say that this software is not the best choice for the price it is being sold.
FXRapid website looks quite simple and has basic design. The Forex Store team offers 2 versions of FXRapid EA: FXRapid EA Due ($269) and FXRapid EA Quattro ($349). Each version comes with a 1-lifetime license, user manual, free updates, and full-time support. Each package comes with a 30-day money-back guarantee. However, this is a very specific policy, because the vendors can refund you funds only in case “you get a loss of more than 35%” or if “the trading on your account is different”. The vendor may make you jump through some hoops to prove the results.
The Forex Sore group represents live myfxbook results, 8 backtest results, and a few sentences about the software on their sales page.
They also point out the following features of FXRapid EA:
Our first impression of the website was not positive, as it is basic, contains very little information about the product, and includes no information about its trading insight. If the developers do want to gain reputation and trust among traders, they need to add more details to their sales page. Nobody is interested in paying for a trading system that leaves more questions than answers.
As we have already mentioned, there are 2 myfxbook results currently available on the FXRapid EA website: one for FXRapid EA Due version and the other one for FXRapid EA Quattro version.
Both these trading accounts launched on December 3, 2019, and since that time they have been showing significant gains. Let’s analyze each of them separately.
- FXRapid EA Quattro
This is a real USD account, which started trading on December 3, 2019 and since that time, it has obtained a gain of over 719.86%. It deposited $2000 and gained $14397.15 of profit. For over 8 months, the account has placed 326 trades and won 62% out of them (202 trades). It trades 2 currency pairs: AUD/USD and USD/JPY, but the best trading results are with AUD/USD – 13259.46 dollars of profit.
It has traded over 420 pips with a higher average loss of -51.06 pips than the average win of 33.43 pips. This is a normal risk/reward ratio. Its profit factor is 1.39 and an average trade length is 1 day.
Dwindling Trading Performance
The monthly gain chart shows that the best trading results were in March 2020 and equaled 183, 04%. The next month the gain was lower but stilled to be impressive – 90, 68%. Since May 2020, its trading performance has significantly dropped down from 90% to -19, 35%. June did not show better results because the robot brought nothing but a loss of -9,27%. Oddly, but since July up to the current days, the software has not shown any trading activity. If the software is so profitable, then why has its monthly gain dropped and why has there been no trading activity for the last 2 months?
The other negative we have found is the drawdown that equals 40.74%. High drawdown performance is risky for any trading account, but this appears to have high risk and reward tendencies.
- FXRapid EA Due
What is about the trading performance of FXRapid EA Due? Is it showing better results? Let us have a look.
This is a Real USD account that launched the same day as FXRapid EA Quattro – on 3 December 2020. It deposited the same sum of money as FXRapid EA Quattro ($2K) but obtained a twice-lower amount of profit – $7910.29. Its total gain is over 395.51%. For the whole period of trading activity, it has placed 344 trades and won 192 out of 344 trades, which represents 56%. It trades 2 currency pairs: EUR/USD and NZD/USD, but the best trading result is achieved with the EUR/USD currency pair:
It has traded -1039 pips with an average win of 35, 03 pips, and an average loss of -51, 08 pips. The average trade length is 2 days and its profit factor is 1,29.
Similarly to FXRapid EA Quattro, it has unstable trading activity and the last 2 months ( July and August) have shown nothing but negative results in terms of monthly gain:
The drawdown is as high as 59.95% that does not look good.
Moreover, there is a 75.96% chance of losing 10% of the account, so the risk of money loss is close to real.
We know that the developers of FXRapid EA are the Forex Store group. Despite the fact that the Forex Store group has already released many different robots, we still know very little about people who stand for all those products. We know neither the location of their headquarters, nor the names of members of their team. Oddly for well-known people who have been in the Forex marketplace for years. These vendors are regularly releasing new robots every 2-3 months. Probably it is the main reason that could explain why they have very little time on their previous projects. They are too busy developing and releasing new robots that have no time to improve the old ones. To tell the truth, we prefer vendors that stick to a single release every few years, and then spend enough time and effort on ways to improve their active projects. This kind of vendor is more preferable for traders too because they consider them safer and more reliable than those, who are more focused on producing new robots than on updating their old projects.
We think that FXRapid EA is an interesting trading system. We do appreciate that the vendor provides us with live myfxbook results, but it is not a good sign that the developer does not provide any information about themselves or their location. There is no information about their trading approach or methodology on their website. Moreover, having analyzed myfxbook results, we have found that both FXRapid EA Quattro and FXRapid EA Due are showing high drawdown performance and poor trading results over the last 2 months. Its developers should pay more attention to their product and its update to provide traders with smooth trading experience.