The FX PostThe FX Post
    What's Hot

    Best 10 Crypto Trading Indicators to Choose & Make Profit

    May 26, 2022
    Diagram of growth in real estate prices. 3d illustration on white background.

    US Pending Home Sales Edged Down 3.9% in April on Rising Mortgage Rates

    May 26, 2022
    Close up of businessman hand pointing at abstract glowing grid with index and candlestick forex chart. Trade and financial data concept. Double exposure

    US Economy Shrank at 1.5% Annual Rate in Q1 of 2022

    May 26, 2022
    The FX Post The FX Post
    • Forex
      • News
      • Forex 101
      • Forex Forecasts
      • Broker Reviews
    • Crypto
      • News
      • Crypto 101
      • Crypto Forecasts
      • Crypto Reviews
    • Indices
      • News
      • Analysis
      • Commodities
      • Reviews
    • Automated Trading
      • Forex Signals
      • Forex Robots
      • Copy Trading
    • Best FX Post
      • Best Forex Robots
    The FX PostThe FX Post
    Home » Foreximba Review: Is It a Good Robot to Buy In 2022?
    Automated Trading Forex Robots

    Foreximba Review: Is It a Good Robot to Buy In 2022?

    February 21, 20224 Mins Read
    Facebook Twitter Pinterest LinkedIn Reddit
    Foreximba
    Share
    Facebook Twitter LinkedIn Pinterest Reddit

    Foreximba claims to be a simple system that traders of any experience level can use easily. It works mainly on two currency pairs, namely the AUDUSD and EURUSD pairs. As per the vendor using this automated system will ensure you achieve high returns every time you trade with it.  

    ForexStore is the company that promotes this FX EA. Other than the mention of the EA being powered by the company there are no details concerning the firm. We could not find details like the founding year, location address, developer info, etc. 

    For support, an online contact form is present. You can buy this FX EA for $194.99. The package includes a lifetime license for a real account, three demo accounts, friendly support, a user manual, and a 30-day money-back assurance.

    Key features

    Some of the significant features that the vendor highlights for this FX EA that make it highly competitive are:

    • It uses a fixed lot size.
    • The ATS does not use the Martingale approach.
    • It has a good drawdown control.
    • The FX robot is compatible with any broker.
    • The AUDUSD and EURUSD are the only pairs the system works on.

    We could not find info on the recommendations like the minimal deposit, leverage, timeframe, and other settings. 

    Foreximba trading approach

    The vendor does not disclose the approach used by this FX robot. Instead, there is mention of drawdown control and the use of a fixed lot size. As per the vendor, the Martingale approach is not used by the FX EA. The lack of info on the approach makes it difficult to know the efficacy of the system.

    Backtesting results

    A few backtests are present on the official site. Here is one of the backtests done for the AUDUSD pair using the M30 timeframe.

    Backtesting results for Foreximba on the Myfxbook site
    Backtesting results for Foreximba on the Myfxbook site

    From the above details, we can see the test was done from 2013 to 2015.  For an initial deposit of $1000, the total net profit generated was 449955401. For a total of 869 trades, the profitability of 77.68% and a profit factor of 3.23 were present. The maximum drawdown for the account was 11.93%. From the results, we can see that the system uses a low-risk approach that was successful in achieving high returns.

    Foreximba live trading results

    A real USD account verified by the myfxbook site using the FXOpen broker and the leverage of 1:500 on the MT4 platform is shown here.

    Growth curve of Foreximba on the Myfxbook site
    Growth curve of Foreximba on the Myfxbook site
    Trading stats for Foreximba on the Myfxbook site
    Trading stats for Foreximba on the Myfxbook site

    From the above results, we can see the EA has generated a total profit of 209.17% and an absolute profit of a similar value. The daily and monthly profits are 0.04% and 1.19% respectively. From the growth curve, we can see the system has several peaks and downward slopes indicating a risky approach. The high drawdown of 61.78% further confirms the risky approach used. For an initial deposit of $1500, the account that started in April 2014, has completed 925 trades with a profitability of 72% and a profit factor of 1.09.

    From the trading history, we can see that a lot size of 0.20 is used. The high drawdown and low profit factor indicate a risky approach. Further, comparing the backtesting result with real trading stats, we can see the drawdown is high and profits are low. The comparison shows that backtests cannot predict future performance.

    What are the risks with Foreximba?

    If you are interested in this FX robot, here are the main influencing factors we identified in this system:

    • There are no details present concerning the developer team, their experience, location, etc. which shows a lack of transparency.
    • When compared to the market average the price is not very expensive and comes with a money-back offer.
    • Real trading results show a very high drawdown that indicates a risky strategy.

    Worth noting!

    Unfortunately, we could not find user reviews for this FX EA on trusted sites like Forexpeacearmy, Trustpilot, etc.

    What are the pros & cons of investing in Foreximba?

    Pros Cons 
    It is a fully automated software Lack of vendor transparency
    Verified real trading results High drawdown
    Refund offer

    Although the vendor offers verified trading stats and backtesting reports, the high drawdown and lack of vendor transparency are factors you should mull over.

    Markets are invaded by algorithms. Learn 5 tips to secure your passive income with algo-based trading systems.
    Learn more

    Foreximba Conclusion

    48% Summary

    Foreximba guarantees high profits with minimal risk. The vendor provides backtesting and verified real trading stats for the FX robot. On analyzing real trading stats, we found the drawdown is very high indicating a risky approach. Further, the absence of company info shows a lack of vendor transparency. However, when compared to the market average, we found the price is not very expensive and the vendor provides a refund offer.

    • Features 5
    • Pricing 7
    • Strategy 4
    • Performance 4
    • Reliability 4
    Share. Facebook Twitter Pinterest LinkedIn Reddit

    Related Posts

    BlackQueen
    6.0

    BlackQueen Review: Is It a Good Robot to Buy In 2022?

    May 26, 2022
    Galileo FX
    3.6

    Galileo FX Review: Is It a Good EA to Buy In 2022?

    May 25, 2022
    MyForexPath
    6.0

    MyForexPath Review: Is It a Good EA to Buy In 2022?

    May 25, 2022
    Haasonline
    7.2

    Haasonline Review: Pros, Cons, Recommendations

    May 20, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    34  −    =  24

    Recent Posts
    • Best 10 Crypto Trading Indicators to Choose & Make Profit
    • US Pending Home Sales Edged Down 3.9% in April on Rising Mortgage Rates
    • US Economy Shrank at 1.5% Annual Rate in Q1 of 2022
    • US Fed Likely to Hike Rates by 50 Basis Points in Upcoming Meetings-FOMC
    • BlackQueen Review: Is It a Good Robot to Buy In 2022?
    Editors Picks

    Best 10 Crypto Trading Indicators to Choose & Make Profit

    May 26, 2022

    Best 10 Ways to Earn Free Crypto & Profit Fast

    May 20, 2022

    Best 10 NFT Marketplaces

    May 17, 2022

    Best 10 Cryptocurrency Mining Platforms

    May 16, 2022
    Featured Reviews
    Pionex

    Pionex Review: Pros, Cons, Recommendations

    May 12, 2022
    TradeSanta

    TradeSanta Review: Pros, Cons, Recommendations

    May 18, 2022
    Bitsgap

    Bitsgap Review: Pros, Cons, Recommendations

    April 29, 2022
    © 2022, Thefxpost.com.
    • Contact

    Type above and press Enter to search. Press Esc to cancel.