Forex Enigma is a Forex robot designed for the MT4 terminal. It uses an approach that consists of a fusion of three methods. As per the vendor, the 3x strategy and the new filter help in boosting profits.
There is no info on the official site related to the company or the developer team responsible for the making of this EA. We could not find details like founding year, the experience of the developers, location address, phone number, etc. The lack of vendor info makes us suspect this is not a reliable product.
For support, an online contact form is the only method provided. Pricing packages for this FX EA are of three types. The cost ranges from $149 for the basic package to $249 for the professional package. An unlimited number of demo accounts, a fully automated system, free support and upgrades, and a 30-day money-back guarantee are part of the packages. They differ in the number of real accounts available.
Some of the main features the vendor focuses on for this FX EA are:
- The system uses an automated FX strategy and a programmed analytical method. Once you set the limits and scales, the robot will take care of the trades.
- It works 24/5 finding profitable opportunities for placing the trades and relies on calculations mainly.
- A timeframe of H1 is used by this ATS and it works mainly on the EURCHF pair. It also supports multiple pairs like the EURUSD, GBPUSD, EURGBP, and the USDCAD, AUDUSD, and AUDCAD.
- Recommendations for using the EA include a minimum deposit of $1000 or $10 if you use a cent account. The leverage is from 1:100.
Forex Enigma trading approach
Other than mentioning that the system uses the scalp, half-grid, and trend methods along with a news filter, the vendor does not elaborate on the approach. The lack of explanation makes us suspicious of the reliability of the FX Robot.
The vendor provides a few backtesting results for this FX EA. Here is one of the strategy tester reports.
From the above screenshot, we can see that the test was done on the EURCHF pair using the H1 timeframe with a modeling quality of 99.90%. For an initial deposit of 1000, the system had generated a net profit of 496.96 for 12 months. A total of 777 trades had been executed with profitability of 76.58%. The profit factor was 2.68. A drawdown of 21.54% was present which is high and indicates a risky approach. Further, the profits are also low indicating a below-average performance.
Forex Enigma live trading results
A verified real USD account verified by the FXBlue site is provided by the vendor. Here is a screenshot of the trading stats.
From the above screenshot, we can see the account has generated a total return of 30.1%. The monthly and weekly returns are 4.7% and 1.1% respectively. A profitability of 73.8% is present for the account and the profit factor is 1.75. The trading history is 168 days. Comparing real trading results with the backtests we can see the profitability and profit factor values are less in real trading. The low values indicate that the backtesting results cannot be used to predict real trading performance.
What are the risks with Forex Enigma?
From our evaluation of the various aspects of this FX EA, we find it is not a safe and reliable trading system. Here are the main risks you face with this FX robot:
- A lack of vendor transparency indicates this is not a reliable ATS.
- The backtests and real trading results show a risky approach and below-average performance.
- Inadequate support methods show the unreliability of the EA.
We cannot find user feedback for this FX robot on trusted review sites like Forexpeacearmy, Trustpilot, etc. The absence of user reviews shows this is not a popular product among the trader community.
What are the pros & cons of investing in Forex Enigma?
|Fully automated software||No explanation is provided for the strategy|
|Money-back-guarantee||Trading results show a risky approach and below-average performance|
|Lack of vendor transparency|
On evaluating the various important characteristics of this FX robot, we find it is not a trustworthy expert advisor.
Forex Enigma Conclusion
Forex Enigma assures stable profits with its automated system. Our analysis reveals several risks in the system including a risky strategy, poor performance, and lack of vendor transparency. From the drawbacks, it is clear that this is not a reliable trading tool.