FXCharger Review

Jun 24, 2020 07:04 AM ET
FXCharger Review

FXCharger is a MetaTrader 4 compatible forex robot which claims to make immense profits for its users. The trading system makes trades on a daily basis and includes features such as an intellectual take profit and other useful settings. According to the information provided on their official website, FXCharger seems to be a pretty adaptive software and has efficient stop-loss limits in place. They have security provisions in place to protect user accounts even if they face problems with their MetaTrader 4 terminal or if they are disconnected. 

The website design itself is very basic and highlights all the features provided by the EA. FXCharger also provides us with back-tests and live trading statistics to evaluate its effectiveness. The EA is available in two packages. The first package is priced at $385 and works only with EUR/USD while the second package is priced at $495 and works with EUR/USD, AUD/USD, and EUR/GBP. 

FXCharger EA

Type

Fully-automated EA

Price

$385 and $495

Strategy

Undisclosed

Compatible Platforms

MT4

Currency Pairs

EUR/USD, AUD/USD and EUR/GBP

Timeframe

H1

Recommended Min. Deposit

-

Recommended Deposit

-

Leverage

-

Trading Strategy Explanation

FXCharger provides an explanation when it comes to its trading strategy. Take profit is calculated in such a way that a trade can be closed in profit. This is how the EA guarantees that it trades only in profit and does not leave orders in the market for an extended period of time. The average trade is closed within 1 to 4 days. Each trade has stop-loss and has security provisions to protect trader accounts. 

Back-test Data Analysis

Back-tests are provided by FXCharger on multiple accounts. Backtests help potential buyers evaluate how well the EA’s trading strategy works when working with historical data. We take the first back-test for the basic package as an example. 

FXCharger Back-test Data Analysis

The back-test reveals that a profit of $6865 is generated from $10000, which is also evident from the upward graph provided by the test. FXCharger has made it a point to provide a higher degree of transparency as compared to some of its peers and providing back-tests is surely appreciable. 

Live Trading Data Analysis

Because of the presence of fraudulent EAs in the market, almost every forex robot makes it a point to provide live trading statistics from one of their accounts for transparency. There are several authoritative sites such as fxblue or myfxbook which host such accounts and provide statistics for the potential buyer to see. In this case, FXCharger provides us with statistics on three separate accounts. We shall take the account provided for the basic package which works with the EUR/USD pair. 

Trading Results

Myfxbook Account

Real(USD),FX Open

Started

March 09, 2016

Deposit

$2000

Balance

$40254.33

Gain

1912.72%

Daily

0.19%

Monthly

6.02%

Drawdown

57.29%

Profitability

58-62%

 

FXCharger Myfxbook

As evidenced from the above screenshot, this particular account has gained over 1912.72% which is certainly pretty high. However, the drawdown rate is also quite high at 57.29% which is indicative of a high-risk trading strategy. Usually, such a high drawdown is associated with high-risk strategies such as scalping, although there is no mention of this on the website. 

Review Summary

Pros

Cons

  • Multiple live trading accounts

  • The strategy is not fully explained

  • Multiple pairs

  • Client feedback is poor

 
  • No money-back guarantee

Conclusion

FXCharger certainly displays various likable characteristics which has the potential to make it a reliable Expert Advisor. This includes the live trading account statistics they have provided. However, the EA is priced at a minimum of $385, which may be considered as steep by many potential buyers. At the same price level, there are several other alternatives with proven results that potential buyers could go for. 

Ratings: 7/10


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