iProfit is a Forex Robot that uses a neural network process for its trading. This MT4 trading tool claims to be a reliable and profitable solution for fund managers and traders worldwide. With backtests and a verified track record, the FX EA assures an average gain of more than 170 pips per month. Besides the FX Robot, the company also provides Cloner and Signal services as part of its trading solutions.
iProfit EA: Characteristics
This MT4 tool shows trading performance from August 2013 and does not use the high-risk approaches like Martingale, Hedging, or Grid methods. The money management and trade execution are automated. This FX EA remains profitable in different market conditions including low and high volatile markets. As per the vendor info, this EA has successfully traded during various high-risk market scenarios including data releases, elections, the Covid-19 pandemic, and more.
Currency Pairs, Strategy & Timeframe
Developed to work in most of the market situations, the strategy of this EA is implemented by PhiBase Technologies. The neural network principle is used, which enables the EA to dynamically adapt to any kind of price momentum within a range of 4 hours to 52 hours.
Additionally, the approach includes the use of prior data for decision-making. As per the vendor, this EA does not include any hard-set formulas or rules. All the price movements under an H1 bar are traded and the neural network system helps to predict the high and low level of the price for the subsequent H1 bar. A recursive self-learning algorithm is used for prediction. Five currency pairs are recommended by the vendor including EURUSD, AUDUSD, XAUUSD, EURJPY, and GBPUSD.
iProfit EA Trading Performance
Twenty year tick data is provided for this FX Robot with 1 pip spread and a commission of $0.07 for a lot. The modeling quality is 99.9% and reveals a total net profit of 3306.18 for an initial deposit of 10000. For a total of 1724 trades, the maximal drawdown was 6.31% and the profit factor was 1.16. The screenshot of the strategy test report is shown below:
Trading results of a real AUD account are provided. Here are screenshots of the stats and trading history.
From the trading stats, the total returns are 195.27%, while the absolute gain value is 103.23%. The huge difference between the two indicates that the performance is not as effective as the vendor claims. A drawdown of 25.47% is indicated which is high. Many of the details like the balance, equity, deposits, and withdrawals are hidden in the results. Such hidden data raise a red flag as they denote that the EA is not trading effectively.
From the trading history, we could see 0.04 lot size being used for the trades. The profit factor is 1.13 and the profitability is 58%. Comparing the backtest results with the real trading results we can see a similarity in the profit factor value but the drawdown differs and is high in the live trading results.
How much does it cost?
Pricing plans for this MT4 tool are based on subscription. The annual subscription of the EA will cost $470 and includes the MT4 EA, a strategy tester that can be used on any currency pair, two real or demo accounts, and the risk for the trade set separately for every pair you trade. A 30-day assurance of refund is provided by the vendor with a disclaimer that short-term performance cannot be assured and refunds cannot be claimed based on such issues.
Reviews from customers
We could not find user reviews for this FX EA on trusted third-party sites like Forexpeacearmy, Trustpilot, etc. The absence of reviews indicates the EA is not a popular product in the market despite the vendor’s claims of live results and high profitability assurance.
Should You Use iProfit EA?
After analyzing the trading principle, performance, and results, we find that EA lacks credibility. Here are the important pros and cons we have identified in this FX EA.
|Fully automated||Hidden trading activity data|
|Verified results||Expensive price|
|No user reviews|
iProfit EA claims to be a profitable FX Robot with a proven track record. But our analysis reveals that this is not a reliable ATS. While the vendor provides detailed strategy explanation, backtests, and verified results, we noted several inconsistencies. In the live trading results, most of the vital trading stats are hidden which raises our suspicions about the reliability of the EA. Furthermore, the high drawdown and expensive pricing add to the downsides of this FX robot. Despite the vendor’s claims of the EA being profitable, the hidden data make it impossible to verify the credibility of the account. With so many shortcomings, this is an MT4 EA that does not meet the important criteria that traders look for in an ATS.