FXClassicTrader is a Forex automated trading system that can conduct trades without any manual input. It is compatible with the Metatrader4 trading platform and according to the developer, it is a secure EA that does not expose your account to heavy risks.
Unfortunately, there is no information on the parent company behind this robot. We don’t know who the developers are or where they are located. The vendor has not mentioned the year of foundation and it is unknown whether this company has built other trading systems in the past.
Not all Forex EAs are trustworthy. The market is flooded with scam EAs sold by unscrupulous vendors who wish to cheat their customers. Then there are EAs with excellent backtesting results that fail to live up to their potential in the live market. This is why we must conduct a detailed analysis of the robot and check the veracity of the vendor’s claims.
The EA placed its first official order in the live market on August 19, 2020. According to the vendor, it uses a strategy that is profitable and safe at the same time. It hasn’t had any notable achievements to date.
What is behind the FXClassicTrader EA?
This is a system programmed for avoiding losses. It is a non-martingale trading system that is compatible with FIFO and NFA. Before running it on the live market, you should test it on a demo account. It generates more profits on brokers that offer lower spreads.
To set up the EA, you need to open your MT4 terminal and click on Files, then Open Data Folder. You need to copy the robot’s files into this folder and restart the trading platform. Finally, you need to attach the file to an H1 chart for EUR/GBP and start live trading. For this to work, you must enable AutoTrading on your MT4.
It is recommended that you use a VPS server in case your internet connection or computer is not that great. To operate properly, you must leave the robot running 24/7.
This is an EA that trades exclusively in the EUR/GBP currency pair. The minimum leverage is 1:50, but the vendor recommends using 1:100-1:500 leverage for best results. For the EA to work properly, the broker needs to have a 5 digits price feed. The starting balance should not be less than $200 for 0.01 lot.
This EA trades the price swings between Support and Resistance zones. It performs market analysis with the help of indicators, but the vendor has not mentioned what these indicators are. Unfortunately, there are no backtesting results for this expert advisor.
There are three lifetime plans for FXClassicTrader called Basik, Business, and Premium. You can purchase these plans for $109, $129, and $149, respectively. While the Basic plan only comes with one real and one demo account, the Business and Premium plans come with two and three accounts, respectively. There is no mention of a refund policy.
Trading performance of FXClassicTrader
Here we have a live trading account for FXBlue that has a history of 210 trades. To date, the robot has conducted 57 trades through this platform, winning 40 and losing 15. It currently has a win rate of 72.7% and a total profit of $1508.48. The profit factor for the account is quite high at 3.45. However, we can see that the risk/reward ratio is considerably high at 2.21, which tells us that there is a fair bit of risk while trading with this EA.
On average, the EA conducts 0.3 trades each day, holding them for 6.5 days. We can see that it does not trade every day, which means it only looks for profitable positions. Although it occasionally suffers losses, it manages to recover them in the subsequent trades.
The vendor offers customer support via email.
There are no user reviews for this EA on third-party websites. On the Forex Peace Army, there are two accounts for this robot, one of which has been disabled. The gross profit/loss for these accounts are 165.81% and -103.599%.