BlackQueen is an FX robot that uses global price momentum for identifying stable trade entries. This is a fully automated and professional system capable of trading multiple currencies as per the developer. Users can select from the diverse strategies present and the EA offers numerous customization options for any trading instrument.
As per the developer, Mikhail Sergeev, this FX EA has an easy installation process and the interface is user-friendly. It can implement three different trading styles. The auto-7 pairs mode allows trading multiple currencies from a single chart.
With the second mode called auto (This Chart) – 7 pairs, you can trade the currency pair that the EA is linked to. The third mode is a manual format with unlimited settings option for parameters and it trades only on the chart it is attached to. You need to set the parameters for this mode while the other two modes do not need the configuration of the settings.
According to the developer profile, he has more than 8 years of experience and has created 18 products and 5 signals. Support is via the message board on the MQL5 site. The lack of support methods raises a red flag.
Currency Pairs, strategy & timeframe
This FX robot uses the hedging strategy and works on currency pairs like EURUSD, USDJPY, USDCHF, USDCAD, NZDUSD, AUDUSD, and GBPUSD. The hourly timeframe is used and the FX robot is not affected by the quality of your internet connection. One of the main features of the system is it avoids short trades like pipsing and scalping.
As per the developer, users get to choose from two approaches – the BQ and the OneOrder approach. With the former approach, in the event of the account losing money, the EA uses opposite trades and lot size changes to recover the loss. In the latter strategy, the EA waits for a subsequent opportunity to recover the loss. The minimum deposit for this EA is $50.
BlackQueen trading performance
We could not find strategy tester reports for this FX EA. A real trading result of the EA using the RoboForex -ECN broker and the leverage of 1:300 is present on the MQL5 site. Here are the details of the trading.
From the above results, we can see the account started in April 2021 with a deposit of $100.80 has generated a profit of $39 and a growth of 38.69%. The drawdown for the account is 3.7% and profitability is 94.1%. A profit factor value of 8.10 is present. We find the trade frequency is low at 4 trades per week. While the drawdown is low, the profit is not high indicating an ineffective trading approach.
How much does it cost?
To purchase this FX EA, you need to pay $221. The vendor provides rental options for use of this ATS which include a monthly rental costing $35 and a three-month rental that costs $60. A free demo is also part of the price package. No refund offer is present for this FX robot making us suspect that this is not a reliable product.
Reviews from customers
We found a few reviews for this MT5 tool on the MQL5 site. Here is a screenshot of one of the recent reviews from a customer.
As per the user feedback, the EA does not work well and the trading frequency is very low. The user complains of difficulties in setting up and the use of the default settings.
Should you use BlackQueen EA?
From our assessment of the features, functionality, performance, and support, we have concluded that this is not an EA you can rely on. Here are the main pros and cons that reveal the unreliability of the expert advisor.
|Fully automated trading software||The trading approach is not explained|
|Ability to trade on multiple currencies on a single chart||Live trading results show low profit indicating an ineffective approach|
|No money-back assurance is present|
BlackQueen claims to provide accurate trades and high returns. On evaluating the features, functionality, performance, and other aspects of the FX EA, we find that it is not a reliable trading system. Although the developer mentions the strategy used, there is no explanation of the approach, and backtests are also not present. The live trading results on the MQL5 site, reveal a low- profit percentage which indicates the approach is not effective. From the lack of user reviews, inadequate support methods, and the absence of a refund policy, we conclude that this is not a trustworthy expert advisor.