Galileo FX makes similar promises similar to any other trading algorithm in the market. The robot is fully automated and is compliant with both MT 4 and 5. It comes with 24/7 support through email and Facebook groups to help customers. Our article will cover a deep analysis of the expert advisor so we can understand the true performance of the system.
Galileo FX: Characteristics
You can download the trading algorithm after the company sends it to you through their email ID. Open the respective meta trader platform and place the robot in the experts’ directory. Afterward, refresh the experts’ tab, enable auto trading on the software, and drag the robot on respective charts to begin trading.
The robot has the following features:
- Up to 96.47% accuracy in all types of market conditions
- Offers 24/7 support and updates
- Compliant with both MetaTrader 4 and 5 platforms
- A fully automated system that works on its own
Currency Pairs, Strategy, and Time Frame
It is quite sad to note that there is no information present on the trading strategy utilized by the algorithm. The expert advisor trades on multiple instruments in various settings that may or may not include a stop loss. Using no proper exit systems suggests that we may have to close the trades manually, which opposes their claim of full automation. Lack of transparency and false claims raise many red flags around the robot.
Galileo FX Trading Performance
Backtesting results are available for multiple instruments for a specific duration. The company states that traders have to use and tweak the settings in order to make the robot profitable. Beginners can have a hard time searching for what works best. They fail to provide any recommendations on how to set up the trading robot. Backtesting for a short duration is not enough to show that the expert advisor is a reliable trading tool to trade for a long-term. Thus most reputable EAs are tested for years. It’s necessary to analyze their trading performance during different market conditions and find out how efficient and profitable they are. Any algorithm in the market can perform well for a day or two and fail for an extended period which is the case with Galileo FX. No detailed statement is available, and the company only provides the respective settings that are to be used within the expert advisor. We cannot reduce what kind of drawdown, winning percentage, average win/loss ratio, etc., the expert has. YouTube videos show the respective backtest, but the historical quality of ticks is too poor to give any statement.
The developers do not provide any link to live trading records; therefore, we had to do custom research on Myfxbook to find out how the system performs on a real portfolio. The respective expert advisor starts trading on Feb 09, 2020, till May 20, 2020. It gives a monthly output of 24.40% with a drawdown of 17.18%. The winning rate hung around 65%, with a profit factor of 1.47. The average trade duration was 19 hours and 16 minutes. The best trade brought in $173.25 while the worst was -$364.46.
How much does it cost?
Galileo FX comes with three different packages: Personal, Plus, and Pro, each with a cost of $199, $299, and $699, respectively. The three packages are limited in the number of profits they can bag each month, which are $1000, $5000, and unlimited. The profit cap is there to attract the customers by leading them to believe that there will be thousands of dollars for them to make. In reality, the robot can hardly produce any consistent results. There is no money-back guarantee with the program.
Reviews from customers
Real customer reviews are only available at Forex Peace Army as the ones on Trustpilot seem to be manipulated. On the forexpeacearmy.com two reviews give the robot 1 out of 5 rating.
Should you use Galileo FX?
Galileo FX does not provide any information about the trading experience of the developers. There are also no live results present on the website which we could use to confirm if the expert is actually profitable or not. All the negative points do not make it a viable option for investment
- Easy installation
- No live trading results available on the website
- It does not provide proper settings
- No transparency from the developer
All the claims made by Galileo FX on their website are false and are used to scam traders who have no trading experience. In reality, the robot has zero to no profitability and can result in complete liquidation of your account.