Fx News 999 is a forex robot that is built for the MT4 platform and it promises a monthly return up to 500% in profits. The vendors argue that the chances of winning a forex trade is less than 50% considering the fact that you pay the ‘spread charges’ or commission to the broker. So, a successful trader must figure out how to increase that chance to at least 75%. For that reason, they have opted for news trading as a means of achieving their goals.
The EA uses a primary feed from IQFeed and then compares it with the broker feed. If there is sufficient price shift (like 5-10 pips), it places a trade. IQFeed is an independent company that provides comprehensive news feed to forex traders at a monthly subscription fee. It also uses 5-7 pips stop loss when the price changes abruptly in the opposite direction. It closes winning orders using a trailing stop loss of about 3-5 pips.
It is best suited for the M5 timeframe and works on the major currency pairs. The vendors presented trading results from different sources. One of their accounts shows a gain of 12.4million %.
The price tag of this EA is $999 as base price PLUS an additional $111 per each licence procured. So, if you want one licence, you pay $999+$111 = $1,110. If you want 3 licenses, you end up paying $999 + (3 X $111) = $1,332. This price is for the first purchase. If you want more accounts later, you will pay $333 for each new account. For the EA to work, the user will have to subscribe to IQFeed which costs $30 per month.
Amid all this, the most important question is: Is the FX News 999 EA worth the high price tag? Can we trust this fx robot?
FX News 999: To Trust or Not to Trust
This EA is very expensive. Can it be trusted? Unfortunately, we cannot because there are inherent problems found with the EA. Some of them are as follows:- Negative User Reviews
- Lack of Vendor Identity
- Scam Label
Negative User Reviews
Most of the users who bought this robot are not satisfied and so have returned negative reviews for the Fx News 999. They even warned other traders not to buy this EA as it is a waste of money and time.
Vendor Identity
The vendors of this EA are anonymous and therefore have no reputation to protect. So, dealing with them is a total risk because there are no guarantees. The Twitter account that is being used to answer questions belongs to “Phillip Carnell”, who is located in Australia. But, the picture used for the account is a stock image which is available on the internet. Furthermore, it was discovered that their servers are located in Singapore. So, there is no way to know who the vendors are, or where they are. This is the exact strategy utilized by the many forex robot scammers.
Scam Label
Many of the forex traders who bought the Fx News 99 have gone ahead to describe the vendors of this EA as scammers.
This is because most of them lost their money and got no refund or quality support from the vendors. The robot just blew the accounts of some traders who believed the marketing gimmicks of these EA vendors.
Conclusion
Conclusion The Fx News 999 is nothing but an organized scam. Their anonymous status, the high price tag, the bogus trading results, including user reviews points to the fact that they are fraudsters. Please, do not trust this EA; rather avoid the Fx News 999 EA like a plague.