Benefit EA is a forex robot that is being marketed by an unknown team. It has no clearly defined strategy and has an elaborate website (not sales page) with a lot of information about other aspects of trading outside of the product itself. A license costs $500, but users are allowed to buy multiple licenses at a progressively cheaper cost. But behind all this, what really is the deal with the Benefit EA? Read the review below to find out.
Benefit EA: To Trust or Not to Trust?
Our team investigated this software and found a number of issues with the Benefit EA that has led us to classify this EA as one that cannot be trusted.
- Deletion of trading history.
- No face behind the name.
- Bad reviews
- Suspicious Intent Behind the Software
Here is a breakdown of how the “not to trust” rating for this software was derived.
Trading History Erased?
There is mounting evidence to indicate that there has been a systematic but deliberate erasure of trade data of Benefit EA on Myfxbook. Pages which previously existed as captured on search engines are no longer available or simply do not exist. Then, of course, we were able to get a data page on Myfxbook where it clearly shows that whoever was displaying the trade data suddenly decided to delete the system and all data with it.
This in itself does not mean that the Benefit EA is an outright scam, but it surely looks very suspicious to have trading history of an EA being deleted all over the place.
Faceless Company
A hallmark of many scam forex robots is the lack of any associated entity. Benefit EA has proven to be no exception. Without a face or recognized company, this is just another EA without an identity. Surely, a sterling product with a solid reputation in the market place would see the company behind such a product flaunting itself proudly in the marketplace. But what is seen with the Benefit EA is the same old pattern of substandard software being produced and sold by faceless people. More often than not, such software fails to pull their weight when subjected to the vagaries of the forex market. While this point is not an outright indication of a scam software, it is a red flag.
Bad User Reviews
There is nothing that tells the story of a forex robot than a review from someone who has actually paid money for it, used it and has the experience to talk about. When it comes to user reviews for Benefit EA, the reviews have been less than complimentary. In fact, a user put out this statement as stone cold as he could:
Yet another user detailed his experience as a trader using this forex EA, along with a startling revelation that the Benefit EA functions without a stop loss. With no stop loss, how are losses ever going to be curtailed?
Such bad reviews speak volumes as to the really poor quality of this EA. Also disturbing is that the revelation from the first reviewer that it had to take an intervention from PayPal (using their chargeback service) for him to recover his funds. Traders just want to make money; nothing more. Adding the extra drama of fighting for a refund to bad performances certainly is not something traders want on their menu.
A Robot for Traders or Simply an Affiliate Earnings Tool?
Perhaps the greatest issue with the Benefit EA software is what seems to be a subtle attempt at deceiving buyers into registering accounts with the so-called “preferred” brokers, citing various reasons such as using a broker that “does not adjust leverage” (whatever that means). They also promise a 50% rebate for a $5000 deposit with their preferred brokers. In fact, what the team at Benefit EA has done is to open an affiliate relationship with these brokers, where the EA can simply trade without any inhibition and generate spreads for the brokers, of which a portion is paid to the Benefit EA team. Clearly, this is not about the EA generating profit for traders. This is about using software to generate as many trades as possible, simply to earn a portion of the spreads as commission.
Conclusion: Benefit EA Is Not to Be Trusted
The findings stated above have led us to put a “not to be trusted” stamp on Benefit EA. There is no face behind the product, bad reviews trail the software and there seems to be a conflict of interest with Benefit EA.