FrankoScalp is a Forex trading tool that uses an automated scalping trading approach. This FX robot works on 20 major currency pairs and is available for the MT4 or MT5 platform. Konstantin Kulikov is the developer of this FX EA. He is based in Russia and has more than 6 years of experience in FX trading. He has developed 18 products and 37 signals. For support, the developer provides the Telegram link and messaging via the MQL5 site. 

FrankoScalp: Characteristics

Features of FrankoScalp.

From the info present on the MQL5 site, there is not much to be known about this FX EA and its features. The details are very minimal and do not reveal much about the key features that make this EA an effective trading system. We can see a few parameters displayed on the site for the GMT offset, money management, news filter, and strategy testing. The lack of info raises a red flag. 

Currency pairs, strategy & timeframe

Parameters for FrankoScalp EA.

As per the developer, the 20 major pairs this EA works on include USDCHF, EURCHF, CADCHF, USDCAD, EURUSD, EURGBP, EURAUD, EURCAD, GBPUSD, GBPAUD, GBPCAD, NZDCAD, NZDUSD, AUDUSD, AUDCAD, AUDJPY, CHFJPY, USDJPY, EURJPY, and USDSGD.

Other than the mention of the system using an automated scalping approach, the developer does not elaborate on the strategy this EA uses. In the parameters, we find mention of the Martingale and Grid approaches. These strategies are considered high-risk and most traders avoid EAs using such risky approaches. The use of the Grid and the Martingale approach raises our doubts regarding the reliability of this EA.

FrankoScalp trading performance

A few backtests are present for some of the currency pairs this FX robot works on. Here is a backtest done on the USDCHF pair using the M1 timeframe from 2015 to 2020. 

Backtest report for FrankoScalp.

From the above backtest, we can see that a modeling quality of 99% was used. For the initial deposit of $1000 and the leverage of 1:500, a net profit of 10,846.27 is present with a maximum drawdown of 9.17%. The profit factor was 7.97 and the percentage of profitable trades was 98.35%. The developer mentions that no grid or Martingale approach was used.

We found a real USD account trading via the ICMarkets broker and using the leverage of 1:500 on the MT5 platform. 

Real account trading of FrankoScalp showing the growth chart and trading stats.
Advanced trading stats and trading history of FrankoScalp EA.

From the trading stats, we can see there is a difference between the total and absolute profit percentages. While the total profit was 84.8%, the absolute profit value was 56.99% for the initial deposit of $250. The discrepancy indicates an ineffective approach and poor performance of the EA.

Other values of importance include the daily and monthly profits of 0.13% and 4.22% respectively. A drawdown of 12.82% is present for the account that started in May 2020 and stopped on July 25, 2021. During this period a total of 406 trades have been executed with a profitability of 93%. The profit factor was 2.67 and the lot size used for the trades was 0.02.  

From the results, it is clear that the system shows very poor profits despite the low drawdown. We suspect that the big lot size and ineffective strategy are the reasons for the poor performance. Further comparing the backtest results with the real trading results we can see the performance in the backtest is not repeated in the real trading. 

How much does it cost?

Pricing package for FrankoScalp EA.

To use this FX EA, you need to pay $238. Rental options are also present at the cost of $30 for a one-month rental and $60 for a three-month rental. There is no money-back guarantee offered. The developer does not provide the details of the features included with the FX robot package. From the minimal info and lack of refund policy, we suspect this is not a reliable ATS. When compared to the cost of other similar FX robots in the market, we find the price is not too expensive. 

Reviews from customers

We found 30 reviews for this FX robot on the MQL5 site. Here are a few of the user testimonials. 

User review for FrankoScalp claiming it is an unreliable EA.
Customer review for FrankoScalp complaining about the big losses by the EA.

From the feedback, we can see that the EA causes big losses and is not worth the money it is priced at. Further, as one reviewer points, the MT5 tool uses the Martingale approach which can endanger the entire account. The reviews confirm that this is not a trustworthy EA. 

Should you use FrankoScalp Robot?

After evaluating the features, backtests, trading results, and user reviews, we do not recommend this FX robot. Here are the main pros and cons that prevent this system from being a trustworthy product.

ProsCons
Fully automated EAPoor performance in the real account trading
Works on multiple currency pairsNo explanation of the trading strategy
No money-back guarantee

Conclusion

FrankoScalp is an FX robot that uses the scalping system for ensuring profitable trades. Our analysis of the features, performance, trading approach and other aspects reveal this is not a reliable EA. The poor performance in real account trading, negative user reviews, use of risky approaches like Grid and Martingale, and lack of money-back guarantee are major downsides we identified in this FX EA. From the shortcomings present, it is obvious that this is not a trustworthy system.