This review explains why we are not impressed and confident with the FX Scalper X robot presentation.
PS: We want to know who stands for this EA, what trading experience they have, and what their location is. Until now, we think that FX Scalper X is not a good trading software to be trusted. However, the best Forex robots showcase commendable transparency. You can easily find and verify trading result data present in a reputable 3rd party website like myfxbook.com and FXBlue.
FX Scalper X Review
FX Scalper X claims to be a next-generation 100% automated trading software on MetaTrader to help unprofitable traders become profitable.
You can choose between 3 subscription plans for the FX Scalper X bundle (3 robots for the price of 1).
FX Scalper X is claiming to make profits in autopilot with 3 profitable robots.
That said, you may want to look at these most profitable Forex EAs since we’ve always felt that they are the best for getting started in the Forex markets.
FX Scalper X is also claiming that they are trusted by over 14000 traders worldwide and therefore a legit expert advisor. But is it true?
FX Scalper X Owners
FX Scalper X does not introduce any of their developers, yet they claim to build next-generation profitable trading software.
The site has been around for quite some time now and we expected the vendor to provide a proper introduction of who they are so they can be trusted.
Currently, the team is anonymous and we can’t even verify their location or their years of trading experience.
If they’ve failed to include this information on their site all this time, chances are that they may never introduce themselves ever.
- FX Scalper X robot is designed for the MetaTrader platform
- We get that the robot works using a scalper strategy
- Recommended timeframe and currency pairs were not disclosed
- The minimum subscription is $115/3 month
The vendor is using fluff on their website to market this robot. They are not giving us any unique reasons why we should trust the robot to trade our accounts.
Likewise, the screenshots of the alleged 14k users making profits with these robots cannot be verified anywhere. Somehow vendors find it easy to exploit loopholes and present fake reviews to their clients.
At this point, we’re interested in finding out whether they truly have a trading performance record.
FX Scalper X Result Analysis
FX Scalper X provided a myfxbook.com result hosted on the LQDFX brokerage platform.
It’s important to note that these folks are not putting their money where their mouth is since they’re using a demo account.
A serious vendor must demonstrate confidence in their strategy by actually investing their own funds in a live account.
You cannot proclaim that your robot is profitable when you cannot demonstrate the same on a live account.
Secondly, this myfxbook.com account shows a monthly gain of 9.57% with a very high drawdown of 41.84%. This is totally unacceptable.
The developers provide a trading account purported to be from myfxbook.com. to substantiate the veracity of their claims. All the same, when you click through it, an error message appears saying the system was deleted. This happens any time we tried clicking on each of the myfxbook.com screenshots provided.
However, we did extra research to find at least 1 live trading account to analyze the FX Scalper X trading performance.
Above is a myfxbook.com account belonging to a user, Tarek2750. The account was launched in December 2022, and less than 3 months later, it achieved a profit amount of $1,764.64 from a $10,000.00 deposit. The peak drawdown was 10.15%.
The EA opens 15-20 trades in a day. It is no wonder that the system has completed more than 2,900 in barely 3 months of activation.
We saw a second myfxbook.com track result belonging to another user Forexgroentje. It is a real EurCent account hosted on the RoboForex MT4 platforms. Having existed for almost 2 years now (Launched in March 2021), this account provides us with a better picture of the robot’s performance in the long run.
The account shows a monthly gain of 2.09% with a very high drawdown of 80.44%. This is totally unacceptable.
The EA has completed more than 8000 trades. Unfortunately, the win rates for long (68%) and short (70%) positions are far from excellent. Also, the profit factor (1.13) shows that the returns on investment are not substantial enough. In fact, more losses than wins are made, as evidenced by the average loss (-49.01 pips) which is almost thrice higher than the average win (23.96 pips).
Trading activities were totally hidden by the user. You cannot see the EA performance in open and completed trades.
We feel that FX Scalper X is not a reliable Forex robot service. Links to their myfxbook.com accounts lead to an error page and it seems that the developer is pretty much less concerned. The robot does not appear to be profitable which is why they’re not linking clients to an active myfxbook.com account.
Of course, their anonymity is something that we don’t take easily. Transparent vendors will provide a proper introduction and give us legitimate reasons why they want us to use their robots.
But this FX Scalper X has not lived up to expectations. So they are possibly a clever scam.
Furthermore, the best Forex robots attract a pleasing trade experience. A reliable trading approach will generate sensible profits on your hard-earned money. Also, it is best to avoid FX Scalper X until it updates transparency.