FXRapidEA is promoted as a highly profitable robot that trades rapidly and safely. It has two versions: Due and Quattro. The devs are proud to present us with statistics that showcase the EA’s past and current performance. Unfortunately, the results are nothing to write home about.
FXRapidEA is powered by Forexstore.com. This company has been in this market for some time and has created several trading systems such as XFXea and FXAutopips. Unfortunately, it has never disclosed its team or whereabouts. The members are probably con artists who want to rip off traders who are desperate to make it big in Forex.
FXRapidEA strategies and tests
This robot features the following:
- Compatible with all MT4/MT5 brokers.
- Supports different currency pairs; EURUSD, NZDUSD, AUDUSD, and USDJPY.
- The minimum deposit required for trading is $460.
- Has a drawdown control system.
- Free lifetime updates
- Customer support is offered 24/7.
- Take profits and stop losses are used.
FXRapidEA focuses on the trend strategy. According to the devs, the system utilizes special algorithms to ascertain the trend’s direction and open trades in that direction. At times, when a minor rollback of the price takes place, the EA opens another order(s) in the direction of the anticipated trend for greater profit. Trades are closed when the trend reverses. Even so, the team fails to mention that the grid strategy is also used. Perhaps they don’t want to scare traders away, knowing how unsafe this approach is.
We have backtest results:
From January 2017 to April 2020, the EA placed 963 orders using a $5,000 deposit. A massive drawdown of 89.11% was generated. This figure tells us that the strategy in use was very dangerous. Unrealistic profit values were attained — $10,949,216.39. We had unimpressive success rates of 61.02% for short positions and 61.73% for long trades.
FXRapidEA live trading account review
Live trading data for Quattro are available:
This account has been around for more than a year now. The precarious nature of the EA’s strategy is also evident in the live account. This is illustrated by the huge drawdown, which presently stands at 66.88%. The monthly profitability rate is 20.63%, and so far, the account’s value has increased by 1616.3%.
There are 832 trades completed, and the profit factor is 1.74. The EA has an average trading length of 3 days. More losses are made compared to profits. The higher average loss (-42.87 pips) compared to the average win (34.01 pips) attests to this. We also have worse win rates than the ones attained during the robot’s testing period — long positions (58%) and short positions (52%).
The account has recorded low profitability rates throughout the year, except for February when it made a substantial profit of 18.07%.
The EA engaged in trades every hour. A majority of the orders were placed between 3pm and 5pm.
The EA didn’t trade daily. The large lot sizes and the grid orders placed led to many far-reaching losses. The vendor made us believe that stop losses are used, but we do not see their application in the data above.
The two different versions of FXRapidEA have their own unique prices. You can purchase the Due edition at $269. The Quattro pack is more expensive ($349), and with it, you will get to trade more currency pairs. Both plans have a 30-day refund policy. Compared to the average price in the market, this EA’s prices are slightly on the higher end.
Is FXRapidEA a scam?
Yes, it is. The vendor markets the EA as a lucrative and safe trading tool. As it turns out, FXRapidEA has a low return rate and applies the grid method, which is renowned for blowing up trading accounts.
FXRapidEA lacks user feedback. Its official website does not feature any customer reviews. We could not find any testimonials on FPA either. This is a huge setback. We don’t know whether people are purchasing this product or not.