In this review, we show that the Goldify EA is an untrustworthy Forex robot with a risky approach. We will first look at the features of this robot before analyzing the main factors that make it unreliable.
Goldify EA Review
Goldify EA is a Forex robot developed by the MAKA Assistant team. It was designed for the XAUUSD to gain 20% to 38% monthly profit with 84% win rate.
The EA was designed with Fixed lot size and auto money management technique.
This FX EA is sold for $198. It comes with two license keys for lifetime use, lifetime support and full user guide. There is also a 14 days refund policy.
The developer claims that the Goldify EA uses an advanced security option that guarantees your balance. It works with a forced exit parameter that will make the chance of account blowing 0%. But is it reliable, can you trust Goldify Forex robot?
Goldify EA Strategy
The developer wants us to know that the robot is not integrated with martingale method for trading strategy. The EA works using 2 private indicators that are based on trend and price action patterns. This means it uses different confirmation to take a trade. For this reason they believe that it will maintain a very high win rate.
According to the developer, this EA was designed with advanced security parameters. The default settings are for the XAUUSD pair using the M15 timeframe. The robot comes with both auto lot management and manual fixed lot size. Spread control limit option is also present.
The EA recommends a standard or ECN account type. The allowed minimum balance is $100 and the recommended leverage is 1:100 on the default input settings. It’s important to use a broker with low fees, low swap and also high speed server. For that reason they are recommending the OpoForex brokerage platform.
- Goldify EA is a Forex robot for MT4 platform
- It works for the XAUUSD pair only.
- Makes use of smart news filter
- Recommended timeframe is M15
- Costs $198
Goldify EA Result
A backtesting report for this robot is present on their site. Here are screenshots of the report.
The latest backtest was started in January and ended in August this year. The report claims a total 182% profits with 17% drawdown.
While the profits look good, we need to remember that the test was based on historical data and hence cannot be used to predict future performance.
We know that it is something some traders don’t want to hear, but backtesting result alone is not reliable. And when you compare backtesting result with a real performance result on a third party site like myfxbook.com or FXBlue, you can quickly see what you are dealing with.
99% of backtesting reports that we have seen and reviewed were manipulated and made to appear profitable.
The vendor provided a real account with 1:100 leverage on OpoForex MT4 platform. The total gain is +30.95%. Monthly gain is just 12.90% while drawdown is very high at 32.89%. The EA shows a win rate of 75%.
This account was opened just September this year and so far it has completed over 189 trades.
The best trade was $17.17 when the worst trade was -$-14.68. An average trade length was 19 hours. The profit factor was 2.94.
Drawdown is high and unacceptable at the moment which depicts a risky trading approach. Monthly gain and win rate is below what is promised by the robot. We needed just a quick look to immediately see that Goldify EA is a scam.
Goldify EA presentation reveals important downsides that make the system untrustworthy.
While the backtesting report on their site reveals appreciable profits, it does not match the results from real trading account. This raises a serious red flag for this robot.
Furthermore, the verified result shows a high drawdown indicating a risky approach. It is not possible to recommend this EA.