Foreximba is an MT4_compliant robot that is workable with the following currency pairs: AUDUSD and EURUSD. According to the developer, it uses a fixed lot size without martingale and has a drawdown control in place. Keep on reading this Foreximba review, to understand whether this system means more boon or bane.
The company sells its algorithm for $194.99 and offers a guarantee for success. There is also a 30-day money-back option available. There is no transparency on the number of licenses.
Is Foreximba good?
Foreximba has a rating of 5/10 on Forexstore and has a higher high drawdown of 61.78%, with a monthly gain of 1.18 %. This is exceptionally high, so traders must be cautious while using this EA.
Features of Foreximba
The algorithm has the following features:
- It’s a fully automated system with money management.
- The EA has a fixed lot size with no martingale.
- It offers drawdown control.
- A 30-day money-back guarantee is included.
|Trading Terminals||MT 4|
|Money Refund||30 day|
What strategy does Foreximba use?
The developer states that the robot trades on AUDUSD and EURUSD and does not use martingale. There is no further information present on the topic so we head over to the live records on Myfxbook to judge its approach. From there we observe the use of averaging techniques. The trades do not come with a fixed stop loss or take profit and the algorithm has a swing methodology with a holding duration of 2 days.
Backtesting vs live trading results
Foreximba’s backtesting records are available from 2013 to 2015 for the AUDUSD currency pair. During this timeframe, the robot had a max drawdown of 11.93%. It participated in a total of 869 trades, out of which 194 went in a loss. The profit factor is shown to be 3.23.
Live trading results present in Myfxbook are available on the website. These results indicate a performance charting from April 2014 till June 2020. The robot makes an average monthly gain of 1.35 % with a higher high drawdown of 64.22 %, which increases the risk involved. The records show that the bot had a profit factor of 1.01. From 980 trades, the best trade ended at 1687.30 USD, and the worst trade ended at -891.43 USD.
The core team
The developers of the robot do not have any contact information about their office of whereabouts on the website, and there are no customer reviews present on sites like Forex Peace Army, Trust Pilot, or their website.