Forex Cyborg is a completely automated FX robot that works on the MT4 platform. The FX EA uses a complicated technical analysis for ensuring profitable returns. As per the vendor, the robot has a high winning rate on different currency pairs based on results from 10 years of backtesting. There is no info on the company like its founding year, location, phone number, etc. The lack of info on the company and the developer team raises a red flag for this FX robot. Further, only an online contact form is present for support.
To purchase this FX EA, you have to select from the two available packages namely, the gold package priced at €499.99, and the Premium package that costs €599.99. An unlimited number of demo licenses, lifetime support and updates, and the capability to work on 18 currency pairs are the common features of both packages. While the Gold package offers one real license, the other package offers 3 real licenses. A 30-day money-back guarantee is present for the FX Robot.
As per the vendor, the main feature highlights of this FX Robot are:
- It uses an innovative and complex FX trading system that is completely automated. It does not need manual trading.
- The FX Robot uses the MT4 platform and can be used on any broker supporting the platform.
- This ATS works on multiple currencies using its default settings. It supports 20 currency pairs as listed below:
- A timeframe of M15 is recommended for this EA. As per the vendor, there are no minimum leverage or account size parameters. Users can trade with any capital they are comfortable with.
Forex Cyborg trading approach
A complex trading algorithm is used for setting the operating conditions along with technical analysis that helps the FX Robot to adapt to conditions in the market. As per the vendor, the MT4 tool does not use arbitrage, hedging, or Martingale methods. But the vendor does not disclose the strategy used by the system. The lack of strategy explanation raises another red flag for this FX EA.
A few backtesting reports are present on the official site. A screenshot of the strategy tester report done for the AUDCAD pair from 2010 up to 2020 is shown here.
From the backtesting report, we can see a modeling quality of 99.9% was used. For a deposit of $10000, the total net profit generated was 3532.95 for a total of 888 trades. A profit factor of 3.42 and profitability of 74.10% was present for the account. The maximum drawdown for the account was 1.01%. From the results, it is clear that the system is not performing well as indicated by the low profit. Although the drawdown is low, the small profits reveal poor performance.
Forex Cyborg live trading results
The vendor provides live trading results verified by the myfxbook site. Here is a real EUR account using the Darwinex broker and the leverage of 1:200 on the MT4 terminal.
From the above screenshots, we can see the EA has generated a total profit of 349.07% and an absolute profit of 71.04%. The big difference between the two values suggests a possible risky approach. Other stats include a daily profit of 0.09% and a monthly profit of 2.83%. A drawdown of 29.27% is present for the live account that started in July 2017.
For a total of 3137 trades, profitability is 69% and the profit factor is 1.18. From the trading history, we can see varying lot sizes are used ranging from 0.21 up to 0.38. The high drawdown and big lot sizes indicate a risky strategy. Further, comparing the backtesting results with real trading, we find the live trading shows a higher drawdown and a lower profit factor value.
What are the risks with Forex Cyborg?
On assessing the various aspects of this MT4 tool, we find that it is not a reliable and safe trading system. The main risks we identified in the FX EA are:
- A lack of vendor transparency indicates unreliability of the product.
- No strategy explanation is present.
- Real trading results show a high-risk approach.
We found one review for this FX EA on the FPA site. Here is a screenshot of the feedback:
From the above feedback, it is clear that high drawdowns occur with this system which can make it a risky venture.
What are the pros & cons of investing in Forex Cyborg?
|Fully automated EA||No vendor transparency|
|Verified trading results||The strategy is not disclosed|
|Real trading shows a risky strategy|
From analyzing this FX Robot, we found many downsides including vendor transparency, undisclosed strategy, and a risky trading method. Because of these findings, we do not recommend this EA.
Forex Cyborg Conclusion
Forex Cyborg provides verified real trading results and backtests. But the results reveal a risky strategy and lack of vendor transparency. Further, the vendor does not disclose the approach used and the price is expensive. We do not recommend this FX EA.