Forex Steam is a robot that claims to have more than 10 years of verified track record. As per vendor claims, this EA is active on more than 10,000 accounts and over 6000 clients worldwide trust in this system.
This EA is currently available for a price of $117.99. When you purchase the robot, you get instant access to 4 licenses. The vendor does not offer a money-back guarantee for this system, which is a major red flag.
Is Forex Steam good?
Forex Steam is definitely not worth $117.99. The main reason why we don’t consider it reliable is that it doesn’t have verified trading results. In other words, this robot is unproven in the live market.
Features of Forex Steam
On the official webpage, the vendor mentions the robot using a Steam retrace technology. They have claimed that this feature helps in growing the trading account, irrespective of the level of experience the trader possesses. However, since we don’t have a proper explanation of this technology, we cannot take the claim seriously.
Forex Steam has a holiday filter that allows you to avoid holidays when the market often makes some drastic moves. The vendor has installed some holidays into the EA settings but you can modify them to add the dates when you don’t want the robot to place trades.
With every trade, Forex Steam uses the trailing stop feature where it sets a dynamic stop loss behind the trades. It also has the break-even feature where a hard stop loss is set by the system, and this does not move even when the pip value is reached.
|Trading Terminal||MT 4|
|Money Refund||Not available|
|Customer Reviews||Bad (2.9 out of 5 rating based on 201 reviews on FPA)|
What strategy does Forex Steam use?
On the official website, the vendor does not explain the trading strategy used by this robot. Seasoned Forex traders always look for some strategy insight before purchasing a robot. Hence, the lack thereof might deter many of them from investing.
Backtesting vs live trading results
The vendor has not shared the backtesting results for this Forex EA. It is important for EA vendors to test their strategies using historical data. When an EA has decent backtesting data, you know it is a robust system that can deal with different market conditions. Without backtests, we cannot consider this a reliable system.
The vendor has shared the live trading results in tabular format, and there is no way we can get an idea about the robot’s profitability from these results. All Forex traders look for trading results that are verified by third-party websites like Myfxbook, FXBlue, and FXStat. According to these results, all of the trades are profitable, which is quite unrealistic.
It is highly likely that the vendor has manipulated the results to make the EA look profitable.
The core team
Forex Steam has been in the industry for around 10 years. According to the vendor, the company operations are carried out virtually and the team members are spread out all over the globe. Thus, the company headquarters is located in one of the member’s offices, which is in Richmond, British Columbia, Canada.
We can see some of the team members listed on the official website. Paul Demonde is the lead support member and he has been in the company for more than 6 years. The coding team manager, Dmitri Kozlov, is an expert in the MQL4 and MQL5 coding languages. Allan Brisebois is the primary market analyst for Forex Steam, while the marketing department is handled by Julie Zhang.