FXCharger EA is a Forex robot that claims to ”Use Reliable and tested Settings to Get Stable Profit”. Allegedly, the EA always trade in profit thanks to a smart takeprofit. What’s more, the Charger robot saves your deposit with intellectual stoploss technology.
They also want traders to take note that the FXCharger works on MetaTrader 4 platform and is compatible with any broker. It is very easy to install and set, and after that you will not need to change anything. The EA will do everything instead of you.
Our FXCharger review seeks to determine whether or not the expert advisor is reliable and practical in the life of a trader.
In the meantime, if you are using MT4 for trading Forex and have not found a profitable trading solution just yet, we implore you to take advantage of what these tools and resources can provide.
FXCharger EA Review
FXCharger is promoting itself as a ”High-power CHARGER for your Forex account!” that is powered by the Forexstore.com team.
It is not known the people behind the Forexstore.com or their trading experience in the marketplace. This has been a huge battle in most of our reviews like when we did a post on Signal2Forex, Star Trade and many others.
The ForexStore.com team and FXCharger has a solution for every type of trader irrespective of the broker you choose. The FXCharger sales page reveals that they have settings for both Novice and Pro traders. The FXCharger EA supposedly trades everyday and invented with intellectual takeprofit and stoploss that is unique and adjusted based on the current situation in the Market.
The FXCharger comes in two packages – FXCharger Basic ($385) and FXCharger Max ($495). The FXCharger Basic works only on EURUSD currency pair, while the FXCharger Max supports three currency pairs: EURUSD, AUDUSD and EURGBP.
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The FXCharger strategy boasts of a dynamic takeprofit and stoploss based on special technology. The EA adjust the Takeprofit to the current market condition so that it would always lead to profit. Their Stoploss algorithm is calculated with a special technology that will not allow you to lose more money than you have specified in the settings of the EA, even if the system crashes.
By claiming that FXCharger EA uses a unique Takeprofit and Stoploss based on special technology, the developer believes that they’re communicating the information we’re looking for but the truth is that these statements are pretty basic and don’t add any new value. We need to know more about the underlying trading approach and how FXCharger EA can be able to identify a trade.
We’ll have to look at the vendor’s trading results to see whether they stand a chance for recommendation.
FXCharger EA provides a couple of myfxbook.com verified accounts and back tests for each robot. We are going to concentrate on the myfxbook.com accounts because back tests generally don’t give us the exact picture of how a Forex robot will perform in the future.
The vendor provided two myfxbook account for the EURUSD and AUDUSD currency pairs. Unfortunately, the AUDUSD account was last updated about a year ago. This means that the vendor is currently not trading AUDUSD with this EA.
The EURUSD account is a real account hosted on FXOpen with a deposit of $2000. So far the account have made a total of 564 trades.
The total winning trade is 339(60%) and total losing trade is 225 (40%). The total gain is +1912.72% with a drawdown of up to 57%. We recommend that drawdown should be kept below 35%.
The developer needs to provide information about their experience and where they are running this EA from.
Furthermore, FXCharger claims to be making use of a stoploss technology that limits drawdowm but the result statistics proves otherwise. With a drawdown as high as 57%, one can confidently say that this EA is running on a high risk reward strategy.
Also, the vendor is not trading AUDUSD with this system but they are charging extra amount for the FXCharger Max that includes AUDUSD currency. As it stands now, it is better of purchasing a license for the FXCharger Basic instead of FXCharger Max that costs more since both systems have an account trading on EURUSD only.
The developer needs to update their AUDUSD trading account if they want people to pay extra for the FXCharger Max.
Thanks for reading our FXCharger EA review. Their trading approach appears to have high risk reward strategy that can blow an account if things go out of control.