Promax Gold EA Review

Jun 10, 2021 11:57 AM ET
Promax Gold EA Review

Promax Gold EA is one of the Forex automated systems that give a clear insight into the FX market by keeping a close eye on each price fluctuation throughout the day. This trading tool was developed by the Sinry Advice team. Promax Gold EA, as the name suggests, was developed for trading Gold (XAUUSD) on the MT4 platform. Its goal is searching profitable opportunities by tracking market movements and generating trading signals, by opening and closing trades automatically. Being equipped with Smart artificial intelligence for news analysis, auto money management, and lot selecting, this EA is advertised as an effective trading system able to generate 20-40% of monthly profit. Is it true? Let’s find out.

Type

Fully-automated EA

Price

$198 (regular price is $390)

Strategy

Grid plus Martingale combo

Compatible Platforms

MT4

Currency Pairs

XAU/USD  (GOLD)

Timeframe

M5

Recommended Min. Deposit

$1000

Recommended Deposit

N/A

Leverage

1:500

Trading Strategy Explanation

Although the dev mentions the past performance results, he fails to provide them on the sales page of the product. The vendor says that the robot trades with above 88% accuracy and in case of drawdown, it applied a grid to close trades in breakeven without loss. The information about using technical and fundamental analysis is mentioned. Taking into account that the trading strategy was not properly disclosed and that the developer decided not to share backtesting reports raises suspicions of the EA’s reliability and vendor transparency.

Promax Gold EA Trading Strategy Explanation

The features of Promax Gold EA are the following:

  • It’s a fully automated trading system that does not require human interference

  • The system comes with an automated  Lot selection and money management feature

  • The vendor recommends trading on default settings

  • The robot analyzes technical and fundamental news

  • Trades on MetaTrader 4 platform

  • It promises from 20% to 40% of monthly profit

  • Trades only 1 currency pair  - XAU/USD (Gold)

  • It works on the M5 timeframe

  • The package is featured by one real and one demo license

  • It comes with free updates and upgrades

  • The offer is a one-time payment

  • It was designed to trade with 88% accuracy

  • The package comes with a detailed user manual

  • It is easy to set up and does not take more than 5 minutes

  • To obtain better trading results, ECN accounts are recommended by the vendor

  • The minimum account deposit should be 1000 USD or above

  • The vendor provides detailed instruction on how to start trading with this EA:

Promax Gold EA. What are the requirements to use this EA

  • In case the robot sits in drawdowns, a grid trading strategy is applied

  • The other recommendations from the vendor are:

Promax Gold EA features

  • The robot requires a VPS service

  • Opo Forex brokerage is recommended by the vendor

  • Promax Gold EA package costs $198. The regular price is $390

  • A package includes 14 days money-back guarantee

Promax Gold EA pricePromax Gold E - guarantee

Backtest Data Analysis     

Backtesting reports are not available for this FX EA. Without them, it is difficult or mostly impossible to say how the robot will perform under various stressful conditions. We cannot compare the past trading results of Promax Gold EA with the present ones. The lack of this sort of important information is a red flag for the EA.

Live Trading Data Analysis    

Trading Results

Myfxbook Account

Real (USD), Opoforex

Started

Apr 25, 2021

Deposit

$1000, 000

Balance

$123,171.40

Gain

23.17%

Daily

0.45%

Monthly

14.71%

Drawdown

15.47%

Profitability

2.36

Here we have a live real (USD) account trading under the recommended by the vendor Opoforex brokerage. It trades with 1:500 leverage on the MT4 terminal. With a deposit of $100, 000 the robot could generate $23171, 40% of profit for over 1,5 months of trading activity (launched myfxbook on Apr 25, 2021). Its total gain is 23, 17 with the same absolute gain. The average daily and monthly incomes stay at 0,45% and 14, 71%. It does not trade with high drawdowns and the peak one was on June 3, 2021, and reached 15, 47%.

Promax Gold EA Myfxbook

Out of 175  trades, it has won 145, which represents a win rate of 83%. It has an average win of $277.06 and a loss of -$566.77. The average trade length is mostly 2 hours, which is a norm for grid trading systems. We have to note that there were no short trades. The profit factor is 2.36.

Promax Gold EA advanced statisticsPromax Gold EA trading results

As you can see, the EA used Grid plus Martingale combo:

Promax Gold EA trading results

Customer Feedback

There are 61 reviews on the dev’s website. Unsurprisingly for us, all of them are positive. We never trust the reviews that are written on developers’ websites, as they can easily be manipulated or purposely written to attract new customers. The system is 2 months old, thus, it is odd that they had so many clients for a short period. The testimonials are fake ones.

Promax Gold EA Customer Feedback

Review Summary                      

Pros

  • Live trading results

  • Money-back guarantee

–°ons 

  • Grid and Martingale combo

  • Absence of backtesting results

  • Lack of vendor transparency

  • Fake people testimonials

This robot is not the system to rely on. It’s a Forex EA that trades XAUUSD with Grid and Martingale combo on the board. The deposit required may be too high for some traders, especially for those with a limited budget. The absence of a backtesting report is another drawback. A package coming for $199 includes only 1 Real license. So in case we need to open a new trading account, we’ll have to buy another license. Lack of vendor transparency and fake customer reviews do not increase confidence and trust in the product or Sinry Advice team.

Rating: 4/10


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