Galileo FX claims to be the only automated FX EA that is designed with three loss protection levels and expert support. The FX robot boasts attractive features such as no minimum balance required, a video tutorial, and the facility to start a live or demo account within 5 minutes. We could not find info on the vendor as there are no details provided about the company such as its founding year, the location, team members, etc.
Although the vendor mentions safe payment and the absence of monthly fees, there is no info on the official site related to the pricing, the features offered with the package, and the presence of a money-back guarantee. For support, the vendor provides a video tutorial and access to its private trader community consisting of more than 1500 traders.
The important features of the FX robot that make it competitive as per the vendor are:
- It is fully automated.
- The FX robot is compliant with MT4 and MT5 brokers.
- It uses a loss protection system.
- You can start using the robot immediately after purchasing the software.
- The ATS has free future updates and expert support.
- It is legal and fully compliant.
- There is no minimum balance limit for using the FX EA.
- The vendor does not provide recommendations on the currency pairs, timeframe, leverage, brokers, etc.
Galileo FX trading approach
According to the vendor, the main approach used is the loss protection system that comprises three levels. The first level includes the use of limited trades that reduce 27% of the losses, an SL for each trade that results in 89% fewer loss trades, and the opening of trades when there is the lowest risk which causes 54% lower drawdown.
A few backtesting strategies are present for different currency pairs for the FX EA on the myfxbook site. Here is one of the backtesting reports done on the USDJPY pair from February 2021 to August 2021 using the H1 timeframe.
A total profit of 43.77% was generated by the backtesting with a daily profit of 0.19% and a monthly profit of 5.77%. The drawdown for the account was 12.97%. An initial deposit of $10,000 was used for the testing. A total of 10 trades were completed with 100% profitability. A lot size of 1 was used. From the results, we can see that the profits are not high given the fewer number of trades but the drawdown is low indicating a low-risk strategy.
Galileo FX live trading results
Although the vendor mentions results verified by the Myfxbook site, there are no real live trading results verified by the reputed site. The lack of verified results makes it difficult to analyze the performance and the effectiveness of the approach.
What are the Risks With Galileo FX?
If you are considering investing in this FX EA, here are the main risks you need to consider before you decide on using it:
- There is no information on the company, team members, and other related details indicating a lack of vendor transparency.
- While the vendor claims real verified results and backtests, only backtesting results are present.
- We could not find info on the pricing of the system, the features provided, and whether there is a refund offer or not.
We found 4 reviews for the company on the Forexpeacearmy site with a rating of 1/5. From the user feedback, it is clear that the EA is not working properly and one of the users claims it is a scam. Further, the Forexpeacearmy site claims that many fake and suspicious reviews were submitted for the EA.
What are the pros & cons of Investing in Galileo FX?
|It is a fully automated system||Lack of vendor transparency|
|Multiple loss protection features||No info on the pricing|
|No verified real trading results|
While the FX EA boasts a 96% accuracy, the vendor does not provide verified performance proof. Further, other features like lack of transparency concerning the vendor and the pricing are other drawbacks of the system that you need to consider with care.
Galileo FX Conclusion
Galileo FX claims to limit losses with its three-layered protection approach. The backtesting results show low drawdown indicating a low-risk approach. However, the absence of verified real trading results, a lack of vendor transparency, and the absence of pricing details are major downsides that you need to take into account while considering this system.