FX Robot GO Review: Is this EA a Scam?

A forex expert advisor, FX Robot GO (Fxrobotgo.com) review was conducted by our team of experts. The robot promises stable returns, especially during spells of low volatility. With a lot riding on this post, we had to ensure that our readers get all the info available. Our first thought on the platform was that it would be ideal if their strategies work. They claim that for users to succeed, they have to follow a specific depository requirement. Now, this is something new from an EA product.

Background of FX Robot GO

From the design of their website, we immediately noticed a pattern with other EA products. And this means that there could be some drawbacks with this robot. FX Robot Go is also a subsidiary or sister robot to other notable robots in the industry. These include ForexBot28, FXEurGrid, and FX Trader Kit. All these products have the same website design and are likely owned by the same developer. The products don’t provide any information on their trading history or where there are located.

Pros of using automated trading robots

Have you heard of automated trading? For those that have, they know too well the benefits of trading with automated robots.

• Ease of use

These are some of the best trading robots to use even for newbies. With an engaging interface, traders get the chance to indulge more with the platform.

You get guidelines and tutorials on how best to use the robots and take advantage of the market by simple click trading.

• Compatible with Android, Linux, and macOS

These automated bots are compatible with all devices and can sync simultaneously on any device you have. That means it makes it easy to trade on the go with your mobile and also desktop. These are the pros that make robots work efficiently for smart traders.

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• Live price streaming

You get live price streaming on demo or even live accounts thanks to the versatility of automated robots. These robots are secure and come with 128-bit encryption that protects traders on all platforms.

• A wide selection of robot strategies

Traders get to choose from a wide variety of trading strategies, these include auto-hedging, statistical strategies, scalping, and market sentiments. All these strategies fit the bill for all classes of traders.

• Customer support

The highlighted trading robots offer 24/7 support that offers much in terms of reliability and support.

Go for robots that will be there when you need help no matter the time zone. That’s why we highly recommend these robots.

• High performance

Another reason to go for these robots is the high performance they bring to the table. Tests indicate most of the listed robots hit over 88 percent in ROI.

And these are trades that offer investors the much needed help for trading.

• Dependable

The robots are fully dependable and offer the best in terms of all round service delivery. These robots don’t crush during live trading sessions.

Back to the robot in question, there is a lot that leaves to be desired with their design layout. They have a simple design website that has no other pages. Users will not be directed to another page unless they choose to purchase the product. The information on the homepage is easy to understand as there is no industry jargon used. They claim to use up to 10 currency pairs for trading. The report alleges that the robot has flat filters and smart trends included.

Breakdown of the robot

With the robot having no specific information on what exactly it does, we have a few details. From our investigation, we found that the robot goes for $275. They use the martingale strategy and use any timeframes available. The ten currency pairs available include USD/CHF, AUD/CHF, AUD/USD, NSD/JPY, NZD/CAD, AUD/CAD, CHF/JPY, EUR/CHF, AUD/JPY, and USD/JPY. After purchasing the product, users get a lifetime license for the stated amount.

Comments from users

What is astonishing with this robot is that there have been no positive or negative reviews. It could mean that no investor has already bought the platform. And it also means that the robot is not a favorite among traders. The reason could be their strategy, which involves high risk. When investors and traders alike dislike and disown a robot, it is best to stay away. If the robot was doing okay, we could have found comments from users. There are no social media comments from anyone since the platform was introduced to the market.

Compliance, license, and registration of FX Robot GO

FX Robot GO is far from being a licensed entity since they have no proof of it. With their servers being located in the United States, we searched for their licensing records. Both the CFTC and the National Futures Association don’t have a licensed entity under this name. And this means that we are dealing with an unregulated robot. The problem with such a robot is the risks involved. There is no security of funds, which is a massive blow to anyone who buys or deposits with the robot.

The problem with an unregulated entity is the fact that there is no money-back guarantee. Their homepage claims to have a 30-day money-back guarantee. One should not trust such a claim since the robot is far from being regulated. The robot should make sure that the deposits get insurance cover. What happens to the trader who deposits $20,000 with the robot and does not get insurance cover? In the event the site winds up, they will not get a dime from this unregulated product.

Designer of the robot

Identity plays a crucial role in establishing trust between a product and the users. What we found out from the website is that they provide no details on who they are. There are no names provided on the team behind this product. For all we know, this could be a recycled robot with a different name. Users should trust online products and trading. With no information on the developer or team behind this robot, a lot leaves to be desired. They even fail to give us the location or headquarters of the robot.

Domain information

Information on a website gives us more precise information on their background and history. A look at a trusted domain checker reveals that the site went live on 27^th August 2019. It means they are barely a year old and still have no rating. There has been no marketing of the product in terms of social media. We also noticed that the platform had made two changes on their servers over the last year. It could mean that ownership of the site has changed. And this means the product is also from a person different from the actual owner.

Features of FX Robot GO

Although the website is designed to engage users, there is a downfall to all this. The site lacks just about every crucial detail that should be flashed to investors. When it comes to online automated trading tools, information is essential. Users want to get as much information on the product as possible. Even though their site is aesthetically pleasing, it doesn’t serve the trading community. The thing with the website is that there is no transparency when it comes to the entire robot’s capabilities.

Positives and Negatives of FX Robot GO

Depository requirement

FX Robot GO is demanding from users that they deposit funds in a structured way. They claim to have three levels of depositing funds, Aggressive, Normal, and Reliable. Those that use the reliable depository option must deposit $20,000 for 0.01 lots. And the normal depository option user must deposit $10,000 for 0.01 lots. The last depository option is the Aggressive one, where users deposit $5,000 for 0.01 lots. And this is what the client demands for a successful trading period.

Support from staff

A closer look at the FX Robot GO contact page reveals that the developer has no intention of communicating with clients. The contact page has a message board where users leave their email and name. One of the biggest problems with such message boards is the time it takes to get a response. After sending a message, we still haven’t received any feedback. They have failed to give a working phone line where users can make direct calls. The developers want to remain anonymous, which is a pointer of their character.

Trading performance, strategy, and results

When it comes to strategy, they claim that the robot has a variety of inbuilt smart filters. They claim that the robot will configure individually for each currency pair. This is the information they provide on their strategy. The martingale strategy boils down on the user’s ability to handle risk. This strategy may completely blow your account, and its best to take out your profit from time to time.

The robot has provided a single myfxbook account showing their trading results since January 2018. Remember that the site went live in 2019, and this could mean that these are just backtesting. A look at the results shows that the robot does produce steady results. It has an overall winning percentage of 74.5 percent and a monthly gain of 3 percent in seven months. Remember that the robot is using the martingale strategy, which is risky.

Scam or Legit FX Robot GO

After looking at the results and strategy, we don’t recommend the use of this robot. For those who will buy the robot, kindly share with us your experience with the robot. It will help to know more about the results and overall performance of the robot. Ensure you deal carefully with FX Robot GO for those who have already signed up.

Closing remarks

Whether you want to use the robot, the final decision is users. Investors must weigh the risks involved when using a particular product.

With industry-backed forex trading robots, users get a realistic chance of making passive income.