FXRapidEA is an expert advisor that employs the trend-following technique for its trading. It uses distinct processes for spotting the price direction and opening trades. As per the vendor, the system is set to trade by following the trend and it closes trades when the price momentum is not favorable. This EA works on four currency pairs.
The vendor does not provide info on the company, the developers, and their experience and expertise. We could not find a location address or phone number for contact. An online form is the only support method the vendor offers.
This FX EA is available in two packages, the Due and the Quattro. The Due package costs $269 and the Quattro package costs $349. While the former works on the EURUSD and NZDUSD pairs, the latter works on the EURUSD, USDJPY, AUDUSD, and the NZDUSD pairs. The packages include a lifetime license, free updates, and a user guide with 24/7 support. A 30-day money-back guarantee is present for the product.
A few significant features the vendor focuses on for this FX EA are:
- The FX robot trades quickly and takes not more than 2 days max and often for just one or two hours. As per the vendor, this is possible by the trend trading and a not too big TP level.
- It works well with any broker (NFA regulated and FIFO compatible).
- The EA does not require special conditions for successful trading.
- A minimum deposit of $460 is sufficient to start trading with this FX robot.
- Installation and settings configuration require just a few minutes.
FXRapidEA trading approach
This FX robot uses the trend trading approach. It finds the trend direction with its proprietary algorithms and executes trades. If there is a drop in the price, the robot opens a fresh trade in the expected trend momentum to improve the returns. It closes the order if the conditions are not suitable. The vendor claims that the losses thus incurred are tackled by the new trades that the robot opens when a fresh trend is formed.
A few backtests are present for this FX EA. Here is one of the backtesting reports.
From the above report, we can see that the test was done from 2017 to 2020 for the EURUSD pair using the H1 timeframe. For an initial deposit of $5000, the test had generated a total profit of 10949216.39 on completing 963 trades. The profit factor was 3.39 and profitability 61.37%. A maximum drawdown of 89.11% was present for the account. The high drawdown indicates the approach is of high-risk type.
FXRapidEA live trading results
A real USD account using the FXOpen broker on the MT4 platform verified by the myfxbook site is present for this ATS. Here are a few screenshots of the live trading results.
From the above stats, we can see the account has generated a total profit of 1645.48% and an absolute profit of similar value. A daily and monthly profit of 0.61% and 20.12% respectively are present for the account. The drawdown of 66.88% indicates a high-risk approach. This account was started in July 2020 and has completed 855 trades until now with a profitability of 56%. The profit factor value is 1.74.
From the trading history, we can see that a varied lot size is used ranging from 0.11 to 1.11. The big lot sizes and high-drawdown indicate the strategy used is dangerous and can put your capital at risk. Comparing the results with the backtests reveals a high drawdown common to both the reports, which corroborates our assessment of the risky approach.
What are the risks with FXRapidEA?
From our evaluation, we find this is not a safe and reliable trading tool. The main reasons for our assessment are:
- A lack of vendor transparency indicates this system is unreliable.
- High drawdown in backtests and real trading stats indicated a risky approach.
We could not find user reviews for this FX EA on trusted sites like Forexpeacearmy, Trustpilot, etc. The lack of feedback shows this is not a popular product in the market.
What are the pros & cons of investing in FXRapidEA?
|Fully automated software||High drawdown indicates a risky approach|
|Verified trading results||Lack of vendor transparency|
Our evaluation has revealed the above pros and cons from which it is clear that this is not a reliable FX robot.
As an automated MT4 tool, FXRapidEA fails to impress with its trend-based approach and verified results. The high-risk approach, lack of vendor transparency, inadequate support, and overpriced product are downsides that make this an unreliable system.