Best FX Networks uses neural networks to think and learn from the outcomes of its trades. The EA is compatible with brokers having ECN, STP, Micro or Cent Account. The developer claims that the robot comes with 24/7 customer support. Read our full review for a more detailed analysis and learn about all the pros and cons of this EA.
The EA is available for an asking price of $129, called the business package. The purchase consists of one real account, one demo account, a lifetime license, free upgrades, and email support.
The robot offers two more pricing deals, a Standard Package (149$) with two license keys and demo accounts, and a Premium package (169$) coming with three real and demo accounts. The pricing is average compared with other algorithms in the market. Visa, MasterCard, and PayPal can process the payments, and 2Checkout payment systems verify the transactions. There is no money-back guarantee which raises reliability doubts about the product.
On the official website, there is no detail about the company history, location, or the program’s original developers provided. Customers can only contact them through email or fill out an online form on the website. There are no website links, addresses, or telephone numbers available. Little information raises transparency issues and creates suspicion among customers.
The robot has the following key features:
- It can trade on the Meta trader 4 platform.
- The robot does not use an averaging and scalping strategy.
- The system comes with 24/7 email support.
- It can work during volatile news events.
Best FX Networks trading approach
The developer states that the robot uses averaging and scalping strategies to trade the markets. They also comment that it uses an advanced neural system with technical and fundamental analysis. From the trading history at FX Blue, we learned that it trades on EURJPY and uses the averaging strategy. This goes against the previous statement of the developer.
4-hour backtesting stats are available on the EURJPY from 2019.01.02-2021.12.01. The records are based on 72136819 modelled ticks with a 90% modelling quality. The system made a total number of 342 trades, of which 327 were winners.
The value of absolute drawdown was 40.07%, which shows that the system traded with high risk. The gross loss is shown to be -$11435.09, with a profit factor of 26.53.
Best FX Networks live trading results
Trading stats and records from FXBlue are available on their official website. The performance record is public only from the past 94 days, which started in November 2021. The algorithm data exhibits an average monthly income gain of 63.4%. Until today, the system took part in 78 trades with a winning ratio of 91.0%.
The best value trade was $49.04 and worst at -$8.56. The gross and net profit values were $889.94 and $861.67. The average win was 1640.1 pips, while the average loss was -45.2 pips.
What are the risks with Best FX Networks?
We can observe the following risks while trading with the robot:
- The lack of information about the company and developer questions vendor transparency.
- Live trading and backtesting analysis show a high drawdown.
- No user reviews were present on reputed review websites like Forexpeacearmy, Trustpilot, etc.
The developer claims to provide free customer support with each purchase. Traders can only contact them via the email address available on the Best FX Networks website. No customer reviews are present on noted review forums such as Forex Peace Army or TrustPilot.
What are the pros and cons of investing in Best FX Networks?
|Availability of more than one pricing package||Lack of vendor transparency|
|Live verified results||A high value of drawdown in backtesting|
|No refund policy|
Best FX Networks Conclusion
Best FX Networks is a fully automated robot that claims to have profitable results. Evaluating backtesting and live verified results shows a high drawdown. The lack of developer transparency, no user reviews on reputed platforms, and no clear money-back assurance policy are factors that one should consider before buying this EA.