FXCONSTANT claims to be a robot with consistent profits. This automated trading system boasts of real trading statistics and ensures the protection of trader’s capital. Other than the mention of Forex Store on the official site, there is no info provided on the company or the developers’ team. We could not find details related to the founding year, the location, or the phone contact of the vendor.
FXCONSTANT Robot Review
Forex traders, especially beginner traders, find it difficult to grasp the nuances of the trading. To even the odds and gain better leverage, they look for automated software. With an ATS, most of the difficult work is taken care of leaving the trader hassle-free. But not all systems are built equal. This is why we are analyzing this FX robot to identify whether it is a trusted EA or not.
Our analysis includes an evaluation of the features, strategy, performance, support, and other aspects of this FX EA. As per the vendor info, this MT4 tool is designed to make accurate entries and exits so the trades are very minimal in number.
What is behind the FXCONSTANT Robot?
According to the info on the site, a proprietary market analysis method is used by the EA. It does not use indicators for the analysis and uses special algorithms instead for assessing price movements.
Based on a specific movement, the EA activates a related pattern. This FX EA has 20 independent patterns. Each of the patterns is compared constantly with the prevailing market conditions and when a match is found, the settings trigger activation, and trade entry occurs.
Management of the trades is also based on patterns. Every pattern has a specific algorithm that helps to identify the closing of an order, opening a new one, and the time to end the trading of a particular pattern.
The bare minimum info provided on the site does not reveal any details of the EA and its specific features. Other than mentioning that the ATS provides real stats and offers capital protection, we could not find any other details. The vendor does not reveal details like the currency pairs this EA supports, the timeframe used, recommended deposit, and other related info. This lack of vendor transparency raises our suspicion about the reliability of this FX EA.
Besides mentioning analysis of the market and the use of special algorithms, the vendor does not divulge info concerning the strategy. Since the trading approach is a vital deciding factor for using an EA, the absence of info raises a red flag.
Backtests done for over 9 years are present on the site. Here is a screenshot of one of the tests:
From the above strategy tester report, we can see a total net profit of 186664625.57 gained from an initial deposit of $200. The testing was done on the EURUSD pair for the timeframe of one hour. A profit factor of 1.55 and profitability of 52.41% are shown for the total of 1824 trades executed. This backtest is done with a modeling quality of 90% which is not adequate to reveal important details like the slippage, spread, etc.
This FX EA is available for $295. The package comes with a single EA license irrespective of the account you decide to use and MT4/MT5 versions. A 24/7 technical support and user guide are other features available with the package. Compared to the price of other competitor EAs in the market, the price of this ATS is very expensive. Further considering our doubts regarding the reliability of this system, we do not find it worth this money.
Trading Performance of FXCONSTANT
Here is a live real account of this EA verified by the myfxbook site.
From the real USD account using the leverage of 1:500, we can see that the absolute and total profit percentages are similar at 371.26%. The drawdown for the account is 17.76%. For deposits worth $1000, this account shows a balance of $4712.63.
A total of 160 trades have been executed from July 2019 which we feel is very minimal. The profitability is 54% and the profit factor value is 1.55. From the trading history, we can see that the lot sizes used range from 0.10 up to 1.34. The huge lot sizes, low number of trades, and low profitability indicate the performance is poor and the strategy used is ineffective.
An online contact form is the only option present for users of this EA to put forth their queries and complaints. We find the support is inadequate.
No user feedback are found for this EA on reputed sites like Forexpeacearmy, Trustpilot, etc. The absence indicates this is not a popular system in the market.