FXCIPHER robot works on five different currency pairs and is available for both MetaTrader 4 and 5. It has two different built-in strategies that can automatically turn on and off according to the market conditions. Our article will discuss all the system’s important features and consider if it is worthy of your trading capital.
The robot started tracking its performance on Myfxbook starting from Sep 25, 2020, which means that it might have been launched in the same year. The robot shows a good amount of absolute gains in a year which caught our eye, and we decided to review the product.
What is behind the FXCIPHER?
The company doesn’t share any records of the developer and his whereabouts. We are left stranded while trying to find the associated information.
How it works
The robot sends trades to your broker using the built-in coding structure. It then manages them and closes them out when they are in a profit or a loss. The process is fully automated.
After purchasing the robot, you will need to download it from the email provided. Then you have to place the algorithm in the experts’ directory of the MT 4 or 5 platform and enable the auto-trading button. Attach the EA on respective charts to begin trading.
Key features
The robot has the following key features:
- It works for both MT 4 and 5 platforms
- It comes with a detailed user manual for installation
- The developer offers support 24/7 and gives free updates
- You can change the associated account number online
There is no information on the leverage, and minimum deposit traders should use.
Trading strategy
The developer doesn’t share much information on the strategy except that it uses two presets, one for GBPUSD, EURJPY, AUDUSD, USDCAD, EURUSD, and the other for GBPUSD and EURJPY.
From the trading history on Myfxbook, we see that the expert uses martingale strategy to get out of losing trades. This type of game plan can expose the account to huge risks.
Backtesting results are available for multiple currency pairs. For AUDUSD, the relative drawdown was around 37.16%. The drawdown value is high as the EA loses mostly half of the capital while trading. The winning rate was 53.91%, with a profit factor of about 1.90. All the tests were done on the one-hour chart with a starting balance of $10000. The robot tanked an average profit of $283625.40 during this period. There were 1675 trades in total. The best trade was $8844.50, while the worst one was -$3928.07.
Pricing
The algorithm can be bought for an asking price of $295 from the developers’ website. The dev provides a 30-day money-back guarantee only if the robot doesn’t work appropriately on the account.
Trading performance of FXCIPHER
Live trading results are available on Myfxbook, which show performance from Sep 22, 2020, till the current date for the 2010 set. The system made an average monthly gain of 17.05 %, with a drawdown of 36.17%. This value is similar to that of the backtesting results which conforms to nearly half of the loss in balance. The winning rate stood at 49%, with a profit factor of 1.58. The best trade was $3206.82, while the worst was -$1627.56. There were a total of 699 trades. The developer made $6000 in deposits and $0 in withdrawals.
Customer support
Customer support is only available through the website, where traders will have to fill a form. There is no indication of how long it will take the developer to reply.
People feedback
There are no customer reviews available on Forex Peace Army or Trustpilot that can guide us on the views of other traders. Investors might be afraid of the martingale strategy that is why they had not invested in the robot.
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