Automated trading systems are a big boon for Forex traders. They make the entire process simple, error-free, and profitable. Screti Forex Robot is one such system that claims to be the only system that traders will want to use. This software boasts of monthly profits and soaring balance with its revolutionary design.
Is this Forex robot a nice investment decision? Will it bring you hassle-free profits? Read our review to find out.
Is Investing In Screti Forex Robot A Good Decision?
From the analysis done by our expert reviewers, our initial assessment of this Forex robot is that it is not worth trying. Our evaluation of the company profile, features, pricing, and performance revealed several shortcomings in this software. Without meeting some of our key review criteria, we do not find this system to be a trusted one. Here are the main drawbacks and our detailed assessment of each of them.
Unlike many expert advisors that fail to reveal details on the developer or the team behind the software, the Screti Forex Robot provides pertinent information. Mario Daniele Screti is the developer of this software. He is a programming engineer with three years of trading experience and in MQL5, C, and C++ programming.
Contact details are not provided including phone number and email address. The contact form which is a staple of all contemporary expert advisors is not found. Since customer support is essential for users to resolve their complaints and queries, not having a proper support system shows a lack of credibility.
This Forex robot works solely on the EURUSD pair and uses a timeframe ranging from M1 up to H1. As a fully automated system, Screti Forex Robot works based on identifying the ideal analytic and trend trades. From the website info, we find that the developer uses indicators like RSI, CCI, Moving average, and Stoch.
Three different products Alexia EA, Jack Flash, and Pro are made available by the developer. While the Alexia software works on the MT5 system and uses averaging Martingale strategy, the Jack Flash software uses trend filters and indicators for its strategy along with Martingale averaging.
In our opinion, the Martingale system can be a tricky and high-risk approach that many traders avoid at all costs. This makes us suspicious about the performance and risk management approach this system uses.
With a lifetime license, free updates, and 10 real accounts the Jack Flash Bundle 7EAs package is offered at €129 as a Christmas offer. The original price of the bundle is €299. You can purchase the Jack Flash systems separately too at a lower price ranging from €69 to €129.
For the Alexia Pro package, which comes with one real account, the price is €199. When compared to the competitor software products, the price is a bit steep and considering the system uses a high-risk strategy, we do not find the product worth the money it is tagged at.
A live real account verified by the myfxbook site is displayed on the site. From the screenshot of the result shown below, we find that the track record and trading privileges of this Forex robot are verified.
This account uses a leverage of 1:500 and is used for this USD account on the MT5 platform. The gain is shown as 451.28%, while the absolute gain is just 298.49%. This difference in the two values is strange as the two values should be more or less similar.
Other details include a daily gain of 0.84% and a monthly gain of 28.63%. A drawdown of 9.75% is shown for the deposit of $1002.43 and a balance of $2294.59. The profit factor is 2.92 and lot sizes range from 0.01 to 0.02.
Strategy testing done for 3 years is provided by the developer. From the screenshot of the test, we could see that it is of 100% modeling quality with details on the ticks, profit factor, drawdown, etc. are shown. However, the information on the commissions, spread, etc. is not shown. When comparing the backtesting results and the real account results, the values are similar. But, we would like to know the reason behind the discrepancy in the gain and absolute gain values.
User feedback for this Forex robot are not available on trusted sites such as Forex Peace Army, Trust Pilot, etc. Without the feedback on the performance and support provided we could not evaluate this system properly.
Wrapping up our Screti Forex Robot review, our initial assessment of the automated system being an unreliable one remains unchanged. Without favorable customer support and user feedback, traders have no way of knowing whether the system can be trusted or not.
And, despite the results being verified on the myfxbook site, the values do not signify proper performance. Moreover, the pricing is also expensive even after the developer has discounted the price. With so many downsides it is clear that this is a Forex robot that we would not recommend.