Are you searching for the Bingo Trading EA reviews in order to find out what is Bingo Trading EA and how it works? The EA works on 13 pairs to provide profitable trades, so is it a scam or legit? You are absolutely in the right place because here, within our Bingo Trading EA review, you are going to find out the complete truth about Bingo Trading EA.
Actually, we don’t recommend anyone to use Bingo Trading EA. If you want to know why, then you can find the details within our Bingo Trading EA review below. If you don’t want to find out more details on it, but instead want to find out the legit Forex trading software, then you can click this link:- Best Forex Robots.
OK, let’s begin with our Bingo Trading EA review in order to find out what is Bingo Trading EA in real.
Bingo Trading EA Contact: This vendor claims that they are located at 445 E 86 W 27th St # 601, New York, NY 10028, USA. But a little Google map search shows that this is not true. That address belongs to another business called Starbucks.
How Bingo Trading EA Work
In terms of strategy, the developers of the Bingo Trading EA don’t give us very much at all. They do tell us that the system is based on an intraday strategy that trades with the trend and utilizes some sort of counter-reversal measures. It’s quite clear that the developer of this system does not speak English as their first language. This is likely the reason why there is very little written information about the system on the website. That being said, any smart businessman knows that if he has a weakness, he should address it. My recommendation for this developer is that they should clearly pay someone to do a better write-up. There is nothing stopping them from doing this, but it’s certainly getting in the way of their business.
Small judgments like these are sometimes irrelevant, but in my eyes, they can be quite important. If the creator of a trading system isn’t taking the proper steps in certain areas of their business, then it’s possible they could be making missteps in other areas as well.
Hopefully, this isn’t the case, but we have to be careful when dealing with developers that are putting forth obvious flaws.
Summary
- Type: Forex EA
- Price: $69.99-129.99/month
- Strategy: Intraday
- Timeframe: Undisclosed
- Pairs: AUDJPY, AUDUSD, CADJPY, EURGBP, EURJPY, EURUSD, GBPJPY, GBPUSD, NZDUSD, USDCAD, USDCHF, USDJPY, XAUUSD
The pricing for the Bingo Trading EA offers 4 different trading plans. Traders can receive signals by email, for $69.99 per month, by SMS for $89.99 per month, get access to the actual EA for $99.99 per month, or even trade the software on the developer’s server for $129.99 per month. The price for the system is relatively high when you consider that most robots in this market are going for anywhere between $100-$300 for the full license without any monthly fees.
One of the more intriguing aspects of their pricing model is the option they provide to have the EA trade on their server. This would essentially give the vendors no excuses if the software didn’t perform just as their Myfxbook account does. Yet, this puts a lot of trust in a vendor, as they would have access to your account, and they aren’t even providing us with a real address for their offices.
Performance
Currently, the developers of the Bingo Trading EA are providing us with one account. This account is a Cent account with RoboForex, showing a gain of over 5,000%, since the beginning of August 2017. This makes for a monthly gain of 200%, with a drawdown of 50%. This is a pretty significant drawdown, and in looking at the results, I’m not sure if this is going to be a stable system in the long term. They do not provide us with their open trade history, so we cannot see how many open trades they currently have. I would like to know if this 50% drawdown is constantly floating, or if it’s just something that happened one time. Either way, it does signify that there is an increased level of risk here.
The second element I’m looking at is the monthly gain percentage. In the first 2 months, the software gained almost all of its gains. In fact, over 98% of the gains we are seeing today, came from the first 2 months of trading. This leads me to believe that the developers were using extremely risky tactics in order to quickly grow this Myfxbook account, and then drawback the risk so that they can promote the system.
This essentially means that the EA doesn’t gain 200% per month. This number is only as big as it is, because the developers used overly aggressive money management tactics to inflate the numbers. This is not representative of how the system would trade for actual clients.
Review Verdict – Bingo Trading Robot is a Scam
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Our best advice for you
At this point in time, I don’t see myself signing up with the Bingo Trading EA. There are quite a few discrepancies with the trading results, and I don’t believe that the way they are presenting their results is truly indicative of how this robot is going to perform moving forward. I plan on revisiting this page from time to time to see how clients are reacting to this software, so please share your experiences now.