News Scope EA Pro is an FX robot that uses high-impact news for its trading. It claims to use a lucrative approach that is successful in generating pips of more than 100 in a few seconds. This FX EA works on multiple currency pairs and is a fully automated system that is easy to set up and make live trades. The vendor claims that the approach this EA uses is of the low-risk category.
Is investing in News Scope EA Pro a good decision?
For our review of this FX robot, we have evaluated the various characteristics of this ATS including its vendor, features, functionality, real trading and backtesting results, support, user feedback, and more.
From our analysis, we find that the expert advisor does not generate high profits as the vendor claims. Despite the low drawdown, the high lot size and low profits indicate poor performance and ineffective strategy. Our initial conclusion is this is not a trustworthy FX robot.
FXautomater promotes this FX EA. It specializes in completely automated FX robots. As per the company info, it has been developing the EAs since 2009 and the developer team has more than 15 years of experience in developing automated and hybrid trading tools.
Other products of the company include BF Scalper Por, Grid Master Pro, Smart Scalper Pro, and more. We could not find info on the year of establishment, the location address, phone number, and other relevant company details. The lack of vendor transparency makes us suspect this is an unreliable FX robot.
As per the info on the official site, the features of this FX EA include the use of Trailing stop or back-tick detection for exits, fully automated and semi-automated trading modes, low drawdown, backtests of 17 years, multiple currency support, and Friday exit setting. Users receive notifications via email. Filters present in the EA include an advanced news filter, filters for precise news and time detection, and a high spread identifying filter.
The EURUSD, AUDUSD, GBPUSD, USDJPY, and USDCAD pairs are the supported pairs. The M1 timeframe is recommended for this EA. According to the vendor, the approach used is of low risk and has an algorithm that is ATR-based for SL calculation. This algorithm helps in minimizing the drawdown and increasing the profit factor value.
You can purchase this FX EA for $97. The price includes one real account, three demo accounts, 24/7 support, and a 60-day money-back guarantee. Regular updates and a detailed user manual are other features available with the package. When compared to the price of competitor systems in the market, the price is affordable.
A few backtests are present on the site for the different currency pairs the EA supports. Here is a strategy tester report for the GBPUSD pair using the M1 timeframe and every tick model of 99.9% quality.
For an initial deposit of $5000, the account has generated a profit of $31331 and a profit factor of 2.12. For a total of 1093 trades executed from 2009 up to 2021, 57% of the trades are profitable. This account uses a lot size of 1.00. The drawdown is 5.84%. From the results, we can see that the profits are not high indicating poor performance and an unsuccessful approach.
The vendor provides a demo USD account using the Alpari RU broker on the Metatrader 4 platform verified by the myfxbook site.
From the trading stats, we can see the total and absolute profit values are similar at 18.57%. A daily and monthly profit of 0.08% and 2.36% are present and the drawdown for the account is 4.48%. For a deposit of $3000, the live demo account that started in January 2021 has completed 92 trades with a profitability of 58%. The profit factor is 2.17 and the EA uses a lot size of 0.18. Comparing the backtesting results with the live account results we can see the profit factor value and the drawdown are similar indicating the performance and approach are not effective.
There are no user reviews for this FX EA on reputed sites like Forexpeacearmy, Trustpilot, etc. We prefer feedback present in these sites as they are unbiased and provide a better insight into the performance, approach, support, and other significant factors related to the EA. The lack of reviews shows this is not a well-known FX EA.
News Scope EA Pro promises steady account growth with minimal risk. Our evaluation of the functionality, live trading and strategy test results, and other aspects show that this is not a reliable expert advisor. The low profits and high lot sizes the system uses signifies a high-risk approach. Further, the lack of vendor transparency, inadequate support, and the absence of user reviews confirm our suspicions of the unreliability of the FX robot.