FX Profit Pips claims to have a team of 56 expert traders that work in 11 different countries to provide trades. The company gives signals with a fixed stop loss and take profit. They trade on 12 major and four commodity pairs and promise 90% accuracy on their executions. This certainly caught our interest, and we decided to review their service for traders.
FX Profit Pips strategies and tests
It is simple to follow the service. The whole process is:
- After you purchase their signals packages, you will provide your WhatsApp number to the admin.
- They will add you to the list of receivers and send signals on the designated number
- Traders will have to place trades manually on their platform and use the stop loss and take profit.
- Risk management is at the sole discretion of a trader.
The company is not fully transparent about its strategy. They claim to use a fixed stop loss and take profit on their trades on 12 major and four commodity pairs. From their signal history, we can see that they are using a poor risk-reward ratio of 3:1. This requires a high win rate to stay in the profitable category. This might be one of the reasons why they boast of a 90% accuracy in their trades.
The signals have the following features:
- The company has many subscription packages from which traders can choose.
- The trades have a trading accuracy of 80-90%.
- They trade on multiple trading pairs.
- The company offers account management services for traders.
- Support is available to traders 24/7
The providers are not keen to share their backtesting records with us. It is possible to backtest your strategy on a forex simulator and then share the records with traders. Failure to provide such statistics shows the devs do not want to share them with the public and the main reason could be the strategy showed unsatisfactory trading results in the past. Without backtest reports, we do know whether the system was well-tested before release
FX Profit Pips live trading account review
The company also does not track their live account through Myfxbook, which is again a shady practice. We can not know what drawdown value we can see or the monthly profitability with such activity. They are willing to track the results manually, which is more troublesome. It is easy to change or manipulate manual results and depict the losing trades as winners. With such kind of activity, we can not say that they are profitable. In fact, this puts them amongst the list of many scammers that follow the same approach to attract beginners and amateur traders into their Ponzi scheme.
The company follows a strange methodology to provide its signals. For 20 pips, traders will have to pay $10, which will cover trading on two major pairs only. For $39, there will be 60, and for $49, 120 pips are available. It is quite strange not to provide all the traders with a monthly or weekly subscription.
Is the FX Profit Pips a scam?
FX Profit Pips looks like a scam service as the company is not willing to share its performance statistics with us. This type of approach is not convincing for investors. The company does not share their whereabouts and follows a strange method for providing their signals.