Forex Cyborg is an expert advisor that can trade in 18 currency pairs simultaneously. It works on the Metatrader 4 platform, and according to the vendor, is capable of maintaining a high win rate in various market conditions for the short, medium, and long term.
There is no information on the official website about the parent company. We don’t know when it was founded or whether it has built other automated trading systems in the past. It is unclear who the developers are, and the vendor has not shared any official contact information. Also, we don’t have the official address of the company headquarters.
The vendor has claimed that the EA is a profitable one, but we cannot take their words at face value. There are a lot of scam services on the market, and to determine the reliability of an EA, we must conduct an independent investigation. This is why this review is necessary.
Forex Cyborg has been officially recommended by the FXPIG website. Other than that, it has no notable achievements. We don’t exactly know when the robot was launched, but the oldest live trading account dates back to 2017. Thus, the robot has been active in the market for at least 4 years.
What is behind the Forex Cyborg EA?
Once you have completed your purchase, you will get a link that will allow you to download the EA. Then, you need to follow the instructions on the screen to set the robot up on your MT4 trading platform. Depending on the chosen currency pair, the robot conducts trades between 17:00 and 23:30 GMT.
Forex Cyborg is compatible with currency pairs like AUDCAD, AUDCHF, AUDUSD, CADCHF, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPUSD, USDCAD, USDCHF, USDJPY, AUDNZD, and EURNZD. It has money management functionality that you can adjust based on a trading style.
There is a currency correlation risk manager, but the vendor has not explained how it works. The EA has two risk settings, namely Normal and Conservative. Every trader has the freedom to choose their own parameters. You can start trading with any amount and there is no restriction when it comes to leverage.
Oddly enough, there is no information about the trading strategy used by Forex Cyborg. Without strategy-related information, some traders might find it difficult to determine whether the EA will suit their trading style.
This backtest was conducted on the EUR/NZD pair from 2010 to 2020. The EA conducted 525 trades during this time period, winning 77.71% of them. As a result, it generated a total profit of $114910.10. There were 18 maximum consecutive wins and 3 maximum consecutive losses during the testing period. The profit factor and the relative drawdown were 2.90 and 18.66%, respectively.
There are two pricing plans for this EA called Gold and Premium and they provide you with 1 and 3 real licenses, respectively. While the Gold plan is available for 499.99 Euros, you can purchase the Premium plan for 599.99 Euros. The plans are not very cheap, but the vendor offers a 30-day money-back guarantee.
Trading performance of Forex Cyborg
This live trading account on Myfxbook was launched in July 2017. To date, the EA has placed 3148 trades through this account, generating a profit of €11395.74 while maintaining a win rate of 69%. The win rate is slightly lower compared to the backtest. At this moment, this account has average daily and monthly gains of 0.09% and 2.86% respectively. The drawdown is a bit high at 29.27%, and this indicates a high risk of ruin.
There is 24/7 support provided for all users. You can use the contact form to get in touch with a representative, and the website also has a live chat feature.
On the Trustpilot and Forexpeacearmy websites, there is one review each for this expert advisor. This indicates a lack of reputation and it is clear that this robot does not have too many regular users.