WrenFX EA is an FX robot that uses artificial intelligence to provide a versatile and customized trading platform for users. The vendor claims that this software is easy to install and provides proven results. Programmed with MQL4 code this FX EA is designed for the MT4 platform.
We could not find info on the developer or the team behind this system. There is no location address or phone number provided. For customer support, an online contact form is provided. The insufficient vendor info raises suspicion about the dependability of this EA.
To purchase this EA, you need to choose from the three available packages namely the Basic, Pro, and Enterprise packages. The basic package costs $299 and includes two accounts, 18 months license validity, free updates, and 24/7 support. For the Pro package, you get 3 accounts and 24 months license validity for $399. To purchase the Enterprise package, you need to pay $499 and it includes 4 accounts with a lifetime license. The vendor does not offer a money-back guarantee.
Some of the main features found in this FX robot include automated trading that does not require prior experience, a minimum balance of $200, easy-to-navigate features, compatibility with all types of trading accounts, smooth management of trades, and smart money management. The vendor claims that this MT4 tool does not use scalping or hedging approaches. 24/7 support is assured by the vendor with the help of the experienced and expert team present.
The EURUSD, USDJPY, EURCHF, and USDCHF are the currency pairs this EA works best on. There is no info on the recommended brokers, the leverage, and details of the trade settings.
WrenFX EA trading approach
As per the vendor info, this ATS uses many approaches but the main strategy is the trend-following approach. It follows the market trend on higher frames and considers an entry when a reversal occurs at a lower timeframe. We could not find further explanation of the approach which is disappointing.
The vendor provides a few backtests on the official site. Here is a screenshot of the strategy tester report for the EURUSD pair with testing done from 2018 to 2021.
From the above report, we can see the modeling quality is 90% which is inadequate as it does not reveal important info like the slippage, commission, etc. For a deposit of $1000, the total net profit is 454265.90. The profitability is 89.53% and the profit factor is 4.69. A maximum drawdown of 33.96% is present. The high drawdown indicates the approach is of the high-risk category.
WrenFX EA live trading results
A real USD account using the CryptoRocket broker and the leverage of 1:500 on the MT4 platform is provided by the vendor. Here are a couple of screenshots of the trading stats for this account:
From the above stats, we can see a total gain of 61.06% and an absolute profit of 67.95% present for the account which started in May 2021. The deposited amount is $7961.55 and the balance present is $8,397. A drawdown of 47.07% is present for this account which is very high and indicates a risky strategy. The total number of trades executed is 36 with a profitability of 75% and a profit factor value of 2.17. From the trading history, we can see the lot sizes used are high ranging from 1.03 up to 1.62. The big lot sizes, high drawdown, and low profitability indicate a risky strategy and poor performance. Compared with the backtest report, we can see the real account trading shows poor performance.
What are the risks with WrenFX EA?
On evaluating the various features of this FX robot, we do not find it reliable. Here are some of the key risks associated with this EA:
- Ineffective trading approach
- Poor performance of the EA as shown in the real trading results
- Lack of vendor transparency
We could not find user feedback for this MT4 tool on reputed sites like Forexpeacearmy, Trustpilot, etc. The lack of reviews indicates this is not a popular system among traders.
What are the pros & cons of investing in WrenFX EA?
Our assessment of this FX EA reveals it has several drawbacks that eclipse the few positive factors we identified in the software. From the pros and cons tabulate below it is clear that this is not a viable investment option.
|Fully automated software||Inadequate explanation of the strategy|
WrenFX EA Conclusion
WrenFX EA claims to provide proven results with minimum risk. Our analysis of the strategy, trading performance, and other aspects of the ATS reveals this is not a trustworthy FX EA. The high drawdown in the backtests and real trading results, big lot sizes, and low profits confirm that the approach used is risky and can result in big losses. Furthermore, the expensive price and lack of refund offer confirm our suspicion that this is an unreliable EA.