Red Fox is an FX robot that claims to provide low drawdown and consistent profit growth with its aggressive and low drawdown settings. This EA works on the MT4 platform and boasts of working with 5 to 9 currency pairs and an automated money management feature.
My EA Academy promotes this FX robot and is part of the SinryAdvice Worldwide group. The vendor does not provide further information on the company such as the founding year, location address, phone number, etc.
Support is provided via email only. The lack of vendor transparency and insufficient support makes us suspect the dependability of the product. To purchase the product, you have to pay $226. A user guide is provided with the product and it comes with a 14-day refund policy.
The main features of this FX EA as per the vendor include a news filter, automated lot management, inbuilt smart indicators, and spread control. A drawdown of less than 9% for the low drawdown setting and less than 15% for the aggressive mode, andprofits ranging from 17% to 28% per month for the aggressive mode and 10% to 28% for the low drawdown setting are assured by the vendor.
Recommendations for this ATS are a minimum deposit of $1000 and the use of Opoforex broker for better auto trading results. An ECN account with the leverage of 1:500 is recommended and the currency pairs this EA works on include EURCAD, GBPUSD, GBPCAD,EURUSD, and USDCAD for the low drawdown trading mode, and AUDUSD, EURAUD, EURNZD, EURUSD, GBPAUD, GBPCAD, GBPNZD, GBPUSD, USDCAD for the aggressive mode.
RED FOX EA trading approach
The vendor claims that this EA uses a market reverse price approach and analysis of the market is done using the inbuilt custom indicators. Besides mentioning that the approach helps in low drawdown and low risk, there is no further explanation of the approach.
No backtesting results are present for this FX EA. The absence is disappointing as backtests are used by traders to understand the strategy and assess its effectiveness.
RED FOX EA live trading results
A real live USD account of this EA using automated trading and the leverage of 1:100 on the Opoforex broker on the MT4 platform is shown here:
From the myfxbook verified results above, we can see the system shows a total profit of 23.71% and a similar value for the absolute profit percentage. A daily profit of 0.26% and a monthly profit of 8.16% are present and the drawdown is 47.51%. For a deposit of $10,000, this live account started in June 2021 has executed 438 trades with 77% profitability and a profit factor of 1.91. From the trading history, we can see a lot size of 0.12 is used. From the high drawdown value and big lot size, it is clear that the approach used is risky causing low profits.
What are the risks with RED FOX EA?
After assessing the features, working method, trading approach, and real account trading results, we find that this EA is not a reliable trading system. Here are the main risks you face by using this FX robot:
- A vague strategy explanation that provides very little info on the approach and its effectiveness
- High drawdown and big lot size indicating a risky approach
- Insufficient support and lack of vendor transparency
We found 41 reviews for My EA Academy on the Trustpilot site. Here are a few of the user feedback:
From the above reviews, we can see that the system has caused a big drawdown causing users to lose big amounts of their capital. The users also complain about the lack of the refund and claim that it is a scam product.
What are the pros & cons of investing in RED FOX EA?
|100% automated trading
|The strategy is not explained
|14-day refund policy
|High drawdown and big lot size used for trading
|Negative user reviews
The pros and cons of this FX EA reveal that the software is not effective and users stand the risk of endangering their account with this EA.
RED FOX EA Conclusion
Red Fox EA claims to provide consistent profits with low drawdown. Our analysis of the expert advisor’s various characteristics and working method reveals the claims are false. The high drawdown, insufficient explanation of strategy, lack of vendor transparency, and negative user reviews confirm that this is not a trustworthy FX robot.