Forex Robots

WeTalkTrade Review: A Mediocre Service

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WeTalkTrade

WeTalkTrade provides executions on multiple currency pairs and uses copy trading services to copy them onto your MT4 or MT5 accounts automatically. The company provides traders with an economic calendar and signal alerts to capture the trades as soon as they are available. To analyze the product’s performance, we will review it in our article and see if it can be profitable for us.

The developers do not say anything about their whereabouts or names. They only state that they have been in the markets since 2009 and then learned how to implement the strategies later on. They also offer Pip Breaker, Velocity Finder and Session Indicator on their website.

WeTalkTrade strategies and tests

Traders can use the service after following the steps:

  1. After you purchase one of the subscription packages from the website, you can enter the mobile application with the designated id and password
  2. Enter your Metatrader account number and password to copy all the trades automatically

Traders can also choose to follow the signals in manual mode where they are not copied automatically on the account. All the positions must be entered by hand in your respective trading account, and the stop loss or take profits are trailed, respectively.

Strategy explanation

The developer does not state much information regarding the strategy they use. The only statement on the website dictates that they trade on multiple currency pairs and use a fixed stop loss or take profit for each position. There can be many exit points for each trade. Without any live records present on Myfxbook, we can not analyze the methodology on our own.

Features

The service has the following features:

  • Trades are available on multiple currencies
  • Application available for both Android and iOS
  • Automated copy trading
  • Option to copy the signals for free

Backtesting

The company does not provide us with any backtesting records for the strategy they trade with. Without any historical testing, we can not know if the product will be profitable for us in the future.

WeTalkTrade live trading account review

There are no live records present on Myfxbook or the company’s website that could be used to analyze the current trading performance. This is a poor approach by WeTalkTrade as they refuse to provide any transparency on their strategy or results.

Pricing

Traders can purchase the robot for an asking price of $79.9 that provides a copy trading function for all currency pairs. There is no money-back guarantee. It is also possible to copy the signals for free, but no automated copy trading option is available. The winning rate is high for the premium service compared to the free service.

The pricing plan of the service

The pricing plan of the service

Is WeTalkTrade a good system to rely on?

WeTalkTrade is not transparent with us on multiple factors, including the strategy and live records. The company does not provide details on their whereabouts or trading experience in the market.

The company has a total rating of 3.272 for 36 feedback on the Forex Peace Army. One of the traders’ states then, while trading for a month, had a winning rate of 65% and lost 191.8 pips. He says that others should avoid their recommendations for gold pairs.

Customer review at FPA

Customer review at FPA

Another trader says that the technical support available from the company is not sufficient, and they are trying to sell indicators. The news feed does not install on MT4 or MT5 platforms, and traders should avoid purchasing their products.

Customer review at FPA

Customer review at FPA

WeTalkTrade

5

WeTalkTrade is not transparent on multiple factors, which raises many questions about their service. The customer reviews on FPA also dictate that the company loses more than they win.

  • Automated copy trading
  • No proper backtesting records
  • No transparency on strategy
  • No education section
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