FXTrends Review

Mar 26, 2021 11:32 AM ET
FXTrends Review

FXTrends is a Forex Copier that promises a gain of more than 2000 pips every month and claims to be the best Forex copier in the market since 2010. Apparently, the system has been built with high precision and is easy to use even for someone who has just begun trading in the Forex market. 

FXTrends presentation

On the official website, the vendor has provided a video of live trading results for FXTrends where we can see a gain of 682% being generated within 5 months. They have stressed upon the fact that the system’s trading performance is independently verified by the Myfxbook website, and that you should only consider purchasing Forex EAs that furnish verified statistics for their performance.

Apart from this, the main features of the Forex copier have been highlighted. We have a separate tab where it is clearly explained how the system functions. There is also a support section where you can send a message to the service team, and another section called trading course where you can find a list of topics that are covered in the trading course that comes with the copy trade package.

FXTrends

Type

Forex Copier Provider

Price

$29.99

Strategy

N/A

Compatible Platforms

MT4 

Currency Pairs

All

Timeframe

All

Recommended Min. Deposit

N/A

Recommended Deposit

N/A

Leverage

N/A

Trading Strategy Explanation

When you purchase the FXTrends software, you receive an email from where you can download the signal receiver. Next, a new account will be opened in the Auto Trading software that will copy all the trades into your MT4 account, regardless of your time zone. 

You need to register the Receiver using the credentials received in the email. You have the option of choosing any lot size you wish. After this, you will start receiving the signals and can place your trades using MT4. 

Apart from the lot size, you can also modify the take profit and stop losses. You will have full control over which orders you copy from the source account, and you can set multiple filters for this purpose. FXTrends claims to have a team of traders who have more than 10 years of experience in the Forex market, and they are able to identify the most profitable trades. 

The vendor has not provided any details about the trading strategy used by the system. Thus, we don’t know what method it uses for identifying lucrative trades. 

Backtest Data Analysis

No backtesting data is available for FXTrends. While the vendor has highlighted the amount of experience the team has, we would have liked to see some historical data-based performance for this system. It would have revealed some key system parameters that would have allowed us to better gauge its efficacy.

Live Trading Data Analysis 

In spite of highlighting the live trading results on the official website, it seems the vendor has deleted the trading account on the Myfxbook website. This is quite odd, and it leaves us with no way of verifying the average 90% win rate claimed on the website. All Forex traders, novice or experienced, look for live trading results verified by Myfxbook, and they will be thoroughly disappointed by this. 

Without live trading results, we cannot determine the vital system parameters like profit factor, time-weighted return, absolute gain, win rate, Sharpe ratio, etc. We do hope that this is only temporary and that the vendor would soon add another account on Myfxbook showing live trading results.

Vendor Transparency

FXTrends is a member of Traders for Fair Trading Ltd, a company based in Wales and England. The company director is called Robert Guymer and the headquarters of the company are located in Northampton, UK. It was founded on 19th August 2014.

Customer Reviews

FXTrends Customer Reviews

On the Trustpilot website, we found several customer reviews for FXTrends. In some of these reviews, the users have stated that FXTrends is a scam service provider. One of them has claimed that the company has not sent them the download link for the software after they made the purchase. Another user states that the requests for refund are purposefully ignored by the vendor.

From the user reviews, we can gather that FXTrends is not professional in its dealings with customers. It is important for a reputable company to stand behind its promises, but FXTrends seems to be doing the opposite.

Review Summary

Pros

  • Cheap pricing plan

Cons

  • Live trading account deleted

  • No strategy insight

  • Negative customer reviews

Conclusion

In the end, we would like to say that FXTrends is highly likely to be a scam service. It is highly suspicious that they have deleted their live trading account on Myfxbook. Moreover, the trading strategy is not clearly explained, and we have several user reviews saying the company refuses to entertain refund requests. Hence, this is definitely a system you should stay away from.

Rating: 4.4/10


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