FXCipher by Forex Store is a Forex Robot that claims to boost profitability with its inbuilt presets. This fully automated expert advisor works on the Metatrader 4 and 5 platforms. It also shows compatibility with FIFO and NFA brokers. The FX EA supports 5 major currency pairs. We could not find info on the developer or the team responsible for developing this ATS. The lack of info on the company, its location, and the absence of contact info raises a red flag.
As per the vendor info, this FX EA consists of two preset selection modes. You can choose from the two modes which are optimized for high profitability, reliability, and low initial deposit. Other features include two integrated strategies, a special technology for accurate trade entries, and a special system that limits the drawdown. An SL, constant drawdown monitoring, and emergency trade closure at market prices are used for limiting losses.
Currency pairs, strategy & timeframe
While there is mention of the use of two strategies, there is no further explanation of the strategy and how it helps to provide the profits that the vendor claims. As per the vendor the ATS can choose the right strategy as per the market situation to help lower the risk and increase efficiency.
We find the failure to divulge the strategy used highly suspicious. The five currency pairs this FX robot works on include the EURUSD, GBPUSD, USDCAD, AUDUSD, and EURJPY pairs. There is no mention of the timeframe or the recommended deposit and other details related to trade settings.
FXCipher trading performance
Several backtests and a couple of live trading results are present on the official site. Here is a screenshot of one of the strategy tester reports:
The backtest performed on the H1 timeframe from 2010 to 2021 reveals a total net profit of 283625.40 for an initial deposit of $10000. A profit factor of 1.90 and a maximum drawdown of 34.30% are shown. The profitability is 53.91%. We find the 90% modeling quality used is not sufficient as it cannot provide info on the slippage, commission, etc. From the low profitability and profit factor values and the high drawdown, it is clear that the strategy used is risky and not effective.
Live trading results verified by the myfxbook site are also present. Here is a real USD account using the FXOpen broker and MT4 platform.
From the above stats, we can see the total profit and absolute profit percentages are similar for the account at 471.77%. A daily and monthly profit value of 0.55% and 18.02% are present. The drawdown is 36.17% which is very high and indicates that a risky approach is used. For a total of 676 trades, the profit factor is 1.62 and profitability is 49%.
From the trading history, we can see the lot sizes used are very high and range from 0.16 to 5.43. Comparing the backtest results and the real account we can see a similar pattern of high drawdown and low profitability, which indicate the approach used is ineffective and risky.
How much does it cost?
This EA costs $295. A single license with MT4 and MT5 versions, a detailed user guide, 24/7 technical support, and free updates are features included with the package. The vendor mentions a money-back policy but does not reveal the duration of the guarantee. Compared to competitor FX robots we find the cost is expensive and not worth it.
Reviews from customers
We could not find user reviews for this FX robot on reputed sites like Forexpeacearmy, Trustpilot, etc. The reason we look for reviews on such sites is that they offer an unbiased view of the product. From the lack of user feedback, it is clear that this is not a popular product among the trading community.
Should you use theFXCipher robot?
From our assessment of the features, trading approach, and results, it is clear that this is an unreliable system. Here are some of the main pros and cons we found in this FX EA.
|Fully automated expert advisor||The strategies used are not disclosed|
|Works on MT4 and MT5 platforms||Performance shows risk and ineffective approach|
|Lack of vendor transparency|
FXCipher is an automated trading system that claims to boost profitability. But our evaluation of the performance as shown in the verified trading results reveals that this is unreliable software. The lot sizes used are big and the drawdown is also high. With the backtests and the real trading reports showing a similar risky approach we do not find this system reliable. Furthermore, the lack of vendor transparency and absence of user reviews confirm that this is not a trustworthy EA.