Forex Steam claims to be the longest-running successful robot with full automation. It is developed by a team with experience of more than 25 years. The vendor claims this FX EA can give growth over the long term without much risk. Compatible with the MT4 and MT5 platforms this EA assures immediate profits. The About Us section provides info on the team members and their expertise.
From the copyright info, we can see that this is part of the team behind Forex Fury which belongs to Rypax Inc. Located in Richmond, VC, the company provides a support email address for queries and a location address, but there is no phone contact. This FX robot costs $117.99, which includes instant access, four licenses, free upgrades, free installation, and all versions of the EA. No money-back -guarantee is present which makes us suspect the reliability of the system.
The significant features of this FX EA include the Steam retrace technique that ensures more wins and fewer losses. As per the developer, the method has been optimized over a decade and updated to current market conditions.
Other features include filters for spread and holidays. With the trailing stop, the EA can move the SL effectively resulting in bigger wins. Two different versions are present. A timeframe of 5 minutes is used by this ATS for the light version and the M30 timeframe for the normal version. The vendor recommends a minimum deposit of $300 to $500. There is no mention of the recommended leverage.
Forex Steam Trading Approach
A time-restricted trading approach is used by this EA. There is no further explanation of the approach which is disappointing. The default currency pair for this system is the EURUSD. As per the developer, the Light format is more profitable and preferred by a majority of the users of this EA. Since the Normal version involves a risky approach, the vendor states that the version is not recommended to new clients.
No backtesting reports are present for this FX EA. Although the backtests are based on historical data and the results are not predictive of future performance, they help to know about the strategy used and its effectiveness. The lack of strategy tester reports makes us suspect the dependability of this ATS.
Forex Steam Live Trading Results
The vendor claims to have verified trading results. Here is a screenshot of the trading results the vendor provides:
From the above results, we can see a live trading account of the system for the EURUSD pair. A deposit of $1000 has resulted in a profit of 11658930.23 for the duration between September 2013 and July 2021. We prefer results verified by sites like Myfxbook, FXBlue, and FXStat as they reveal a better insight into the system. We can know about money management info like the lot size used, the drawdown, and more. The absence of verified results and backtests confirms our suspicion about the trustworthiness of the FX EA.
What are The Risks With Forex Steam?
From our in-depth analysis of this ATS, we find that it is not a reliable and safe trading system. We have arrived at this conclusion due to the following risks posed by this FX robot:
- No explanation of the trading approach used
- Absence of backtests
- No verified trading results
We found 201 reviews for this EA on the Forexpeacearmy site with an overall rating of 2.929/5. The site reveals that there have been suspicious positive reviews for the FX robot in 2016 and 2012. Here are a few of the reviews:
From the above feedback, we can see that the EA has resulted in big losses, and one review indicates it is a scam service.
What are the Pros & Cons of Investing in Forex Steam?
|Fully automated software
|Inadequate explanation of the trading approach
|Absence of verified trading results
From the above pros and cons, it is obvious that this FX robot does not provide a proven track record despite boasting a huge client base.
Forex Steam Conclusion
Forex Steam claims to have more than a decade of successful performance. But our evaluation of the FX EA reveals that it does not provide a proper explanation of the trading approach it uses. There are no backtests and a proven track record results provided. Thus, we couldn’t check the veracity of the vendor's claims concerning the high performance of this trading system. While the price looks affordable when compared to the cost of other competitor systems, the absence of transparency concerning the performance is a major downside that prevents us from recommending this EA.