GALILEO FX Review

Jun 9, 2021 01:29 PM ET
GALILEO FX Review

GALILEO FX claims to be the best-rated automated trading software in the world. It promises an accuracy of up to 96.46% in both bearish and bullish market conditions. According to the vendor, this robot uses a strategy that has been tested in different market conditions with different settings and on various brokers.

GALILEO FX presentation

On the official website, the vendor makes a detailed and professional presentation. We have a video showing us how the EA functions, along with a list of all the main features. The vendor has also provided us with multiple live trading accounts showing real-time statistics. On the website, we can also find an FAQ section, some comments from satisfied clients, as well as a link to a Facebook group.

Galileo FX

Type

Fully-automated EA

Price

$248.18

Strategy

Consecutive bullish and bearish signals

Compatible Platforms

MT4, MT5

Currency Pairs

GBP/USD, AUD/USD, EUR/USD, USD/JPY, USD/CHF, USD/CAD

Timeframe

M15, M5, H1

Recommended Min. Deposit

N/A

Recommended Deposit

N/A

Leverage

N/A

Trading Strategy Explanation

This Forex EA has more than 60 optimized settings that allow it to adapt to different market conditions. These settings can be customized by the user, however, provided they know what they are doing. The robot uses a strategy that is based on continuous bullish and bearish signals. You have the option of setting the number of signals so that the robot can place buy and sell orders automatically.

For risk management purposes, trailing step and stop loss are available. Although it’s an automated system, you can still close the trades manually, letting the algorithm handle the opening of trades. All future updates for the system are provided by the vendor for free and support is available on a 24/7 basis. 

With this EA, it is possible to trade in multiple currency pairs simultaneously. Installing the software is quite easy and it just takes 5 minutes. You can use different lot sizes while trading with this EA. It requires no additional trading experience and you can even use it in combination with other systems. 

We think the information provided by the vendor on the trading strategy is inadequate. Using bullish and bearish signals for trading is something of a norm, so it doesn’t explain what kind of approach this EA takes while analyzing the market and identifying profitable opportunities. In the absence of strategy insight, it becomes a little difficult to gauge the system’s profitability.

Backtest Data Analysis

It is quite odd that the vendor has not shared the backtesting data for this Forex robot, especially since there is a link provided on the website where backtesting is mentioned. But all we have are the live trading results, and it seems the seller has chosen not to reveal the historical data-based performance. Some Forex traders do not consider investing in a system until it is backed by several years' worth of backtesting data, and they will no doubt find this disappointing. 

Live Trading Data Analysis

Trading Results 

Myfxbook Account

Real (USD), IC Markets

Started

Nov 04, 2020

Deposit

$688.26

Balance

$592.72

Gain

1594.33%

Daily

1.32%

Monthly

48.20%

Drawdown

11.23%

Profitability

0.82

GALILEO FX trading results

This is a live trading account for GALILEO FX that is verified by the Myfxbook website. A total of 379 trades have been placed through this account and the robot has managed to win 309 out of them. This represents a high win rate of 82%.

The daily and monthly gains for this account are pretty satisfactory at 1.32% and 48.20%, respectively. Although there are some losses in the trading history, we can see that they have been recovered in the subsequent trades.

Vendor Transparency

The headquarters of GALILEO FX is located in Lower Dublin, Ireland. We don't know much about the company's history or whether it has built any other automated systems in the past. The identities of the traders and developers have not been revealed, so from a vendor transparency perspective, we are not too impressed.

Price

There are three pricing packages for this Forex EA, namely Personal, PLUS, and PRO. These differ in the amount of profit you can make per month, and the prices for these are $248.18, $ 497.59, and $1121.13, respectively. The vendor has a strict no-refund policy for this product.

Review Summary

Pros

  • Verified live trading results

Cons

  • Lack of vendor transparency

  • No refund policy

  • Lack of strategy insight

Conclusion

We wouldn’t recommend you to purchase GALILEO FX, mainly because it is an overpriced system with a no refund policy. Although the live trading results are satisfactory, we don’t know what kind of strategy this EA uses, so it would be unwise to invest in it.

Rating: 4.4/10


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