Trading skills are vital for succeeding in Forex. For beginners looking to make the right trades, having the help of signal service is a big advantage. FXTrends is a premium Forex signals copier claiming to deliver consistent profits for its customers. The service aims to assist traders in achieving long-term profits with minimal risk.
Catering to traders since 2010, the Forex Copier service offers 100% automatic trade copying at very competitive prices. In this FXTrends review, you can find out all the important features of this service and decide whether it is what you need.
As a Traders for Fair Trading member, FXTrends is based in England & Wales. The service provides Forex signals worldwide offering verified performance, easy-to-use service, and mathematically precise signal generation. As a decade-old signal copier service, FXTrends offers affordable pricing, 24/7 support, and easy trading with its automatic Forex signal copier service.
Using the service is easy. Once you choose a package and purchase it, you will receive an email link to the signal receiver. Download the link and after the service creates an account in the auto trading software you can sign in and start receiving the signals. According to the service, the software can copy all the trades into the user’s Metatrader account. The lot size is customizable.
Currency Pairs, Strategy & Timeframe
While the vendor provides verified trading results, there is no mention of the strategy used for generating the signals. There is very little info related to the trading approach on the official site. Furthermore, we could not find any details on the developer behind the system. No location or phone contact is provided for the vendor which makes us suspicious of the reliability of the service. There is just an online contact form for support. Information related to the currency pairs and timeframe used is also not divulged by the vendor. The lack of transparency concerning the developer, strategy, and trading details does not make the system seem a reliable one.
FXTrends Trading Performance
We could not find backtests for this service. Although the strategy tester reports do not predict a similar performance in the future, they help in giving a better perspective of performance. However, the vendor provides trading results verified on the myfxbook site. The screenshot below shows the trading stats.
From the information provided we could find that the system has posted a profit of 792.34% and an absolute profit of 117.12%. The huge difference between the two values is confusing. This type of discrepancy indicates that the system uses a high-risk trading approach. This is further confirmed by the 41.05% drawdown.
Other trading details of this active real USD account with manual trading on the MT5 platform using the leverage of 1:400 include a daily profit of 15 and a monthly gain of 34.67%. For the trading that began in July 2020, a total of 837 trades have been executed with a profit factor of 3.05. The average win is at 64.63 pips and the average loss is at 93.91 pips. Since the trading history is not revealed we are unable to look at the lot sizes used and other relevant information.
How Much Does It Cost?
As per the official site info, the original cost of $59.99 has been slashed to $29.99 for this 100% automated service. For the price, which is for a one-month subscription, up to 15 daily trades with a monthly target of over 200 pips and 90% winning trades are assured. The vendor also offers a Learning Channel and a complete Forex Trading Course besides providing Forex and indices signals Channels.
However, a money-back guarantee is not offered. While the price seems competitive compared to the price of other such Forex copier services, the lack of refund makes the system look less reliable.
Reviews From Customers
We found user reviews for FXTrends on the TrustPilot and the Forexpeacearmy sites. The reviews are mixed with some users stating that the service is a scam while a few indicating the signals are good. Here are a few screenshots of the reviews.
Should You Use FXTrends Robot?
From our analysis of this Forex copier service, we found the following pros and cons in the system.
|Automated Copier System||Trading results show discrepancies|
|Price is affordable||High drawdown is present|
|No money-back guarantee|
|No strategy insight|
Summing up our review of FXTrends, the Forex Copier service reveals a few favorable points like posting verified trading results and the affordable cost. However, the trading results shown by the vendor, which indicate manual trading, reveal several hitches like a discrepancy in the total and absolute gain and a high drawdown. The hidden data on the lot size further indicate the high-risk trading used by the vendor. Other shortcomings of the system include a lack of transparency regarding the vendor and the strategy used. In short, we would not recommend this system as we do not find it reliable.