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FXCharger EA is a Forex robot that claims to ”Use Reliable and tested Settings to Get Stable Profit”. Allegedly, the EA always trades in profit thanks to a smart take-profit setting. What’s more, the Charger robot saves your deposit with intellectual stop-loss technology. Our FXCharger review seeks to determine whether or not the Forex expert advisor is reliable and practical in the life of a trader.
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 Forexstore.com or their trading experience in the marketplace. This has been a huge battle in most of our reviews of their products, like when we did a post on FX JetBot EA, FXParabol, Forex Truck EA, and many others. For any questions and inquiries regarding the software, traders can get in touch by filling out the contact form that is available on the website.
From the result statistics provided, we can see that the upgraded versions of both FXCharger Basic and FXCharger Max show a profitable growth curve.
FXCharger EA Review
The ForexStore.com team and FXCharger have 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 every day and is invented with intellectual take-profit and stop-loss that is unique and adjusted based on the current situation in the Market.
They also want traders to take note that the FXCharger works on MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms 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.
The FXCharger comes in two packages – FXCharger Basic ($295) and FXCharger Max ($395). The FXCharger Basic works only on the USDCAD currency pair, while the FXCharger Max supports five currency pairs: USDCAD, EURUSD, AUDUSD, EURGBP, and USDJPY.
The FXCharger strategy boasts of a dynamic take-profit and stop-loss based on special technology. The EA adjusts the Take-profit 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 a recommendation.
FXCharger EA provides a couple of myfxbook.com-verified accounts and backtests 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.com accounts 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 has made a total of 564 trades.
The total winning trade is 339(60%) and the total losing trade is 225 (40%). The total gain is +1912.72% with a drawdown of up to 57%. We recommend that the drawdown should be kept below 35%.
The vendor released an upgraded version of the FXCharger robot after the effect of the 2020 Covid-19 pandemic.
The robot has been trading live since July 6, 2022. It has made a profit of $7,640.35 representing a total gain of +509.36% from a deposit of $1,500.00 in 263 trades. The current balance stands at $9,140.35 and there are no withdrawals made so far.
To get a test run of the FXcharger Max, the developer also provided a live myfxbook.com result for the AUDUSD supported currency pair (See below). This account was hosted on the FXOpen MT4 brokerage. The robot has made a profit of $4,034.66 representing a total gain of +268.98% from a deposit of $1,500.00 in 138 trades. The current balance stands at $5,534.66 with no withdrawal made so far.
Its average win and the average loss are 1$96.11 and -$71.69 respectively. We must comment that this is a good risk-to-reward ratio.
The FXCharger Max performed well in January with a gain of 14.94% and still maintains a profitable trend with a gain of 5.06% mid-February.
From the result statistics provided, we can see that the upgraded version of both FXCharger Basic and FXCharger Max show a profitable growth curve. The FXCharger Max made a profit of $4,034.66 from a deposit of $1,500 in 138 trades. Its winning percentage was 60% when the maximum drawdown was 38.91%. It had a profit factor of 2.2.
It used a lot size multiplier method and there is no stop loss and take profit targets in place. This already disqualifies one of its main features where the developer states that the EA uses tight stop loss to minimize losses.