FXCipher is a new expert advisor for Metatrader 4 and 5 developed by the ForexStore group. They provide a couple of backtests on their website for us to compare preset settings. In addition to this, they have a myfxbook.com widget on their website to reinforce the reasons they believe their software is above the competition.
Unlike most vendors who sell Forex robots, FXCipher does not make any ridiculous income claims. They want traders to know that this EA is specifically designed to trade the GBPUSD, EURJPY, AUDUSD, USDCAD, and EURUSD pairs.
For $295, traders are getting one license of a Forex robot that works on any MT4 or MT5 account.
FXCipher EA Review
The FXCipher website is very simple and contains just a few details letting us know what strategies are involved as well as licensing options.
We do not know where this vendor is from and their website’s server is also concealed. Probably this developer works for the ForexStore group. Other than this, we do not know their name and development experience.
Anyways, we do not like it when vendors lack transparency because it makes our job difficult. We feel that Forex product vendors can compete better if they have all the required details on their websites.
These should include their name, development experience, and verifiable trading results mostly from myfxbook.com. I still feel that the Best Forex EA is way better and more affordable.
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FXCipher Strategy
There’s a brief overview of how the FXCipher EA works and what trading strategy the EA relies on. Although the explanation is a bit convoluted, we see that the expert advisor can be used in two ways.
Traders can either set this to a preset that has been optimized since 2010 and has a very high-reliability rate or use the Preset with settings optimized since 2017, which provide higher profitability and require a lower initial deposit.
The vendor also claims that the EA comes with 2 built-in strategies, designed to adapt to a situation on the market. According to them, the strategies are interchangeable in order to minimize risks and increase efficiency.
The above statement is a bit vague since the vendor is not providing us with real insights into their strategy.
Trading Result
The first thing to let you know is that we do not generally accept backtesting statistics for performance results. We prefer myfxbook.com due to its straightforward interface which really helps us to catch cheating vendors.
FXCipher provides two myfxbook.com accounts for the available set modes.
The FXCipher set2010 account has been active since 2020 and shows a total gain of +460.57%. The average daily return is 0.54% and the drawdown is 36.17%.
Similarly, the FXCipher set2017 account was started just in 2020 and shows a total gain of +374.11%. The average daily return is 0.49% and the drawdown is 22.94%.
Such a high drawdown is contrary to the vendor’s claims that the FXCipher robot’s ”special drawdown limiting system will not allow you to get a higher drawdown (fixed loss) than you specify in the EA’s settings”.
According to them, the EA is controlled using Stop Loss, as well as constant monitoring of the drawdown, and the emergency closing of trades forcibly at the Market prices. So we were expecting a comparatively lower drawdown.
Also, we would like to see the remaining robot performance since the vendor claimed that the EA preset settings were optimized since 2010 and 2017 respectively. Here, they are showing us result from statistics starting from 2020. What happened to the remaining years the EA was optimized?
Conclusion
We feel that it is always good to say the truth when it comes to judging trading systems so as to save traders from losing their investments.
From lack of vendor transparency, comparatively higher drawdown, and small result samples, many things are not adding up with this FXCipher robot.
If we were to bet between FXCipher EA and our recommended trading systems, we would still choose the systems we are familiar with.
The vendor needs to clarify many aspects of this trading software.
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FXCipher EA
$295
Pros
- Professional website
- myfxbook result
- 2 set modes
Cons
- Poor strategy insight
- High drawdown
- high cost
- Lack of vendor trasparency