Odin Forex Robot is a product owned by the Forex Robot Trader company which has released other robots too besides Odin. The first thing to catch your eye when you visit the website is those dazzling huge numbers that, either promise you riches, or start ringing red alert in your head.
They claim they generate profits worth hundreds of thousands per month and amass more than $1M per year from the robot. Is there something these guys are hiding when they publish those results?
Odin Forex Robot: Characteristics
The company that created Odin and all other subsequent EAs, the Forex Robot Trader was created by Don Steinitz. Some sources claim that Don passed away and the company is now managed by a different team.
If that’s the case, then the new team hasn’t modified their About to represent themselves.
They claim that Odin is an ‘unrivaled expert advisor with brutal trading accuracy’. Odin is a fully automated robot and, as of date, the most popular product from FRT.
They also go ahead to inform you that your broker isn’t your friend and that this robot can also ‘cloak you against a snoopy broker who wants to stalk you’.
Like most other robots, you don’t need any trading experience to start using Odin. That’s why they’ve ensured that it’s easy to set up once you’ve purchased the robot.
Currency Pairs, Strategy And Timeframe
The strategy used by Odin is grid trading. Now, this strategy carries a negative connotation in the industry because it’s almost similar to the martingale. The forex robots open several trades which if a trade goes wrong, your account will drop with a sizable measure.
They use the M5 timeframe making such a robot ideal for scalpers. Of course, with this, you might open 50+ trades in a day and find most closed with a single pip or maybe nothing.
Some of the pairs traded by this forex robot include USDSGD, NZDJPY, EURGBP, USDJPY, EURCAD, EURCHF, NZDCHF, EURUSD, GBPCAD, EURAUD, USDCHF, EURAUD, EURNZD, and AUDCHF.
The results on the website are unverified. And despite years of users demanding proof, they haven’t ever produced verifiable statements from verifiers such as Myfxbook. Due to this, it’s hard to actually determine how worthy is this automated forex trading system. Or any of theirs for that matter.
Once you purchase the robot, they also give you a bonus where you can get one of their other robots for free. Some of the robots you can select from include HAS forex robot, Hedge forex robot, Wave runner among others.
While they can’t produce their trading results, the customers who have purchased Odin and other forex robots from FRT have left hundreds of reviews online. These reviews leave little doubt on the profitability scale of this robot.
Most reviews are of unhappy customers whose accounts have been damaged by the robot. They say it doesn’t work and advise others to stay away from this robot. Considering how even how the owners can’t verify their $1M claims, it’s no doubt that the robot is all hype and fluff.
Pricing And Refund
This robot costs $129. From the website, it shows it’s on discount from $199. But don’t let that deceive you you’re getting a deal. That 35% discount is always there so the actual price is $129.
Once you purchase the EA, it’s unclear how many accounts you get. But it’s safe to assume you get one real and one demo account.
Pros And Cons Of Odin Forex EA
1: Low Price.
For this lifetime license, getting the robot at $129 is sounds incredibly cheap. For this same amount, some forex robots charge it as a monthly fee.
2: It’s a popular product.
The upside to it being popular is the reviews are in plenty, therefore, you have a wide base to consult from. At the case where you need someone to answer you individually, there’s a high probability you’ll find them through the groups or forums.
Also, it’s created by a company that is popular too so you can review its reputation easily.
1: It’s not verified
It’s unfortunate that despite being in the market for years now, Odin doesn’t have a verified Myfxbook account where traders can track its progress before purchasing.
2: Poor customer reviews
With an average rating of 2.4 on FPA from more than 250 users, it’s apparent something is not right with this robot.
Those claims by FRT that they generate $1M per year through this robot are fake. They can’t prove it. And with hundreds of users unhappy with the product, it’s a better option to seek other forex robots elsewhere.