Forex Robots

Best FX Networks Review: A Profitable Tool With Some Risks

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Best FX Networks

Best FX Networks assures the best trades with its fully automated design. As per the vendor, the FX robot can be used by all traders effectively. It uses the neural network theory for finding accurate trades. This FX EA was developed in 2020 by a team of software developers and traders. We could not find further details on the company like its location, phone number, other products, etc.

Best FX Networks strategies and tests

As per the vendor, the expert advisor uses special algorithms for opening trades and closing them. The vendor claims that most of the trades are closed with total profit. This FX robot is 100% hands-free and does not need any manual intervention. The vendor claims that the ATS uses a blend of the best approaches making it a comprehensive trading system. It used fundamental as well as technical info for ensuring the predictions are accurate.

Some of the main features of this FX EA that the vendor focuses on are:

  • It does not use an averaging or scalping method.
  • The parameters are easy to set with an in-built magic number.
  • It is not necessary to disconnect the FX robot when there is a release of important news events.
  • It works with all brokers, STP, ECN, Cent, and micro accounts.
  • Automatic risk adjustment from the total asset.
  • 100% verified real live account stats are present.

A backtesting report is provided by the vendor. Here is a screenshot of the strategy tester report:

Backtesting result of Best FX Networks on the official site

Backtesting result of Best FX Networks on the official site

From the above stats, we can see the backtesting was done from 2019 to 2021 on the EURJPY pairs using the H4 timeframe. For an initial deposit of 900, the account had generated a total net profit of 291975. For a total of 342 trades, the profitability of 95.61% and a profit factor of 26.53 were present. The maximum drawdown was 20.78%. From the results, it is clear that the profits are good but the drawdown is a bit high indicating a moderate risk level.

Best FX Networks live trading account review

The vendor provides a real live CNH account for this FX robot. Here is a screenshot of the results:

Trading statement of Best FX Networks on the FXBlue site

Trading statement of Best FX Networks on the FXBlue site

From the account statement, we find the total return is 361.7%. A monthly and weekly return of 63.9% and 12.5% are present. Profitability for the account that started in November 2021 is 92.8% and the profit factor is 42.23. The risk to reward ratio is 4.30. From the results, we can see that the profits are high but the risk is also high as shown in the risk to reward ratio. Further, comparing the real trading stats with backtesting results we find the profits are high in both. However, the drawdown in the backtesting result and the high risk to reward ratio indicate a risky approach.

Pricing

A business package ($129), a Standard package ($149), and a Premium package ($169) are the pricing packages for this FX EA. The packages include fully automated trading, lifelong license, free upgrades, and free support. We find the main difference is in the number of real and demo accounts. There is no money-back guarantee that raises doubts about the reliability of the system. Compared to the market average, the pricing is not expensive.

Customer support

For support, an email address and an online contact form are present. The vendor does not provide other support methods like an FAQ section, live chat window, phone number, etc.

Is Best FX Networks a good system to rely on?

From our evaluation of the system, here are the main factors that can impact your buying decision:

  • The absence of company details indicates a lack of vendor transparency.
  • Live verified trading results are present.
  • Backtesting and real trading analysis reveals a certain amount of risk in the approach used.
  • The lack of a money-back assurance raises suspicion on the dependability of the product.

Customer reviews

Unfortunately, we cannot find user reviews for this FX robot on reputed review sites like Forexpeacearmy, Trustpilot, etc.

Best FX Networks

5

Best FX Networks claims to have effective money management rules that ensure profitable results. The vendor provides live verified results and backtesting stats. On evaluating the characteristics and trading stats, we find that the system is capable of generating high profits but shows a moderate level of risk. Further, the lack of user reviews, the absence of money-back assurance, and the lack of vendor transparency are other factors you need to consider before you decide on using this ATS.

  • A 100% automated system
  • Live verified results
  • Lack of vendor transparency
  • No refund policy
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