Designed as a fully automated Forex trading system with the assurance of high monthly returns, the Trade Explorer Forex robot claims to work effectively even in highly volatile conditions. This expert advisor boasts of limited risk and profits ranging up to 38% per month.
Working on 27 currency pairs, this system is designed to be user friendly and has multiple verified accounts to prove its claim. Are the claims of this Forex robot true? Does it measure up to the expectations of the average trader looking to make appreciable profits with minimum risk? Our experts delve into this software and its features and reveal whether it is a suitable investment or not.
Is Trade Explorer a Good EA to Invest?
After looking at the features, presentation, and trading results of this automated Forex trading system, the first impression formed is not a good one. We have arrived at this initial conclusion because this Forex robot has failed to meet some key criteria, we use to assess such as vendor transparency, strategy presentation, price, and trading results.
It is disappointing to note that this system has not scored well in any of these criteria. Let us look into each of these criteria in detail to help you arrive at an informed decision regarding investing in this software.
Trade Explorer is part of the automatic Forex trading systems managed by the LeapFX Team. Other than this information, we could not find details about the developer of this particular system or the location. This lack of transparency needs to be addressed appropriately by the LeapFX Team.
Regarding the website layout, the site requests an email address to access the site, which is annoying. After entering the email address, we could see a long-drawn-out explanation of why this system is needed and the story behind its origin. But, we could not find any clear explanation of how it works or the specific strategy used to generate the profits this Forex robot claims to deliver.
Trade Explorer provides full software access to users with detailed instructions on installation and use. This is an automatic system with inbuilt settings. Some important feature highlights include free lifetime updates, 24/7 monitoring, customer service, and best recommendations.
The working mechanism of this automated software is that it efficiently monitors price action and market trends without taking into account the sharp shifts and unwanted market noise. 27 currency pairs are supported by this system and it uses dynamic trade management to ensure users have very low drawdown and high returns.
Two types of price packages are offered: a yearly membership that costs $397 and a lifetime membership that costs $697. Both packages include the trading software, free lifetime updates, automatic settings, customer support, recommendations, and money-back assurance of 30 days.
Plus, both packages are highly expensive when compared to the prevailing costs of competitor trading software packages. The only redeeming feature about the price is the money-back guarantee of 30 days.
Four trading accounts verified on the myfxbook site are displayed on the official site of which we could access just two accounts. Two of the four accounts do not exist on the myfxbook site at the time of our access. The screenshots of both the accounts that are active now are shown below.
FXChoice is the broker used by the two accounts, and the two accounts use the leverage of 1:200 and the MetaTrader 4 platform. However, the similarity ends here. One account shows a gain of 51.31% and a drawdown of 4.97% while the other shows a gain of 93.61% and a drawdown of 58.64%.
The difference in the drawdown between the two accounts, which are using the same trading system with almost similar lot sizes, looks suspicious. This difference indicates that the system used is not efficient and does not produce consistent results.
We could not find customer feedback for this Forex robot on any of the trusted sites, such as Forexpeacearmy, Trustpilot, etc. The absence of user reviews both on the official site and on other third-party sites does not give a nice impression of this system.
Trade Explorer Review Summary
Despite the high claims by the vendor, it is clear from our Trade Explorer review that the system does not measure up to our expectations in all the pertinent aspects. Starting from lack of explanation about the trading strategy up to the absence of user reviews, the downsides dominate the system irrevocably.
And, what keeps us from recommending this automated system is its suspicious trading results. Further two of the trading results shown on the official website cannot be found on the myfxbook site. We also found the price to be exorbitant and not worth it considering the minimal features, unclear strategy, and suspicious trading results.