Fx Hunter EA is a forex robot that was built using a unique system of trading forex on the MT4 platform. The vendors claim to have been successfully trading forex since 2018. They also claim that the strategy used is not the usual Martingale but “a very thought-out Martingale strategy”. The martingale strategy is a dangerous system that has caused many robots to fail. The vendors claim that the orders are first placed on a basket, then, when conditions are met, the robot then place the orders. It is best suited for the M15 timeframe and trades about 9 currency pairs.
The robot is priced at $29 per month for the monthly subscription, $69 for the 3-month subscription and $121 for the 6-month subscription. The lifetime membership costs $499.
To prove the efficiency of this robot, the vendors provided a myfxbook account that has been running since September 2013.
For such a high price tag, the pertinent question would be: are the vendors right? Can this forex EA be trusted to produce the kind of returns shown in the snapshot?FX Hunter EA: To be Trusted or Not to be Trusted.
There are reasons why we should not trust this EA. Some of them are:- Risky Trade Strategy
- Vendor Anonymity
- Negative User Reviews
Trading History Analysis
If we take time to study the verified trading history presented by the vendors of this robot, we will discover some things that are quite concerning. The account has been running for almost five years and has made up to 30,873.95% in profits. That is impressive…on face value.
But notice that the account basically plateaued for 4 years prior to November and December 2016, before profits skyrocketed to 21,000.2%. How did it manage to make so much within a month? This is due to application of excessive leverage (1:1000) as well as use of a dangerous Martingale system. However, the absolute gain on the account is actually negative. Drawdown % is also quite high at 30%. This is an account waiting to be blown. But these are not the only factors which make the FX Hunter not to be trusted. Another account on which the robot was used is not showing success.
This account is actually losing money. So is the EA to be trusted? We don’t think so.
Vendor Anonymity
The vendors of this robot are anonymous. No contact address or phone number is provided. No one can even say the name of the country where they operate from. Although, their website is available in English and Russian and their servers are located in Germany. This may only suggest that they are located in Europe. Traders are reluctant when dealing with anonymous vendors because that is exactly the strategy employed by the numerous robot vendor scammers. Furthermore, anonymous vendors have no name or reputation to protect and can easily dupe anybody without a trace.
Lack of User Reviews
There are no user reviews found for this robot. This makes it difficult to substantiate or refute the claims of the anonymous vendors of the Fx Hunter EA. Of course it also means that traders are not sold on the outlandish profit picture shown in the first Myfxbook account.
Conclusion: FX Hunter Cannot Be Trusted
The vendors of this EA claimed to be using “a very thought out” Martingale strategy. They probably came up with this phrase just to attract traders to buy their robot. Martingale strategy is very notorious for blowing traders account and so, many traders zoom off when they hear the name. The anonymity of the vendors didn’t help to promote the robot. Also, the lack of user testimonials also means that no one is ready to take the first risk. So, our verdict is this: do not trust the Fx Hunter EA.