Reaper Forex Robot claims to be an advanced system that provides successful trades that cannot be manipulated by brokers. As per the vendor, this system is completely automated to trade 24 hours a day for five days a week. According to its trading stats, it generated profits of $112,532 in the last 30 days and $81,675 in January 2022.
The Forex Robot Trader is the company that has developed this product. Helmed by Don Steinitz, the other products of the company include Vader, Odin, Ganon, etc. Other than the mention of the company having a team of expert programmers, we could not find company info like the founding year, location, etc. For support, the vendor offers an FAQ section, an online contact form, and a support center.
Reaper Forex Robot: characteristics
The significant features of the system that make it stand apart from its competitors as per the vendor are:
- It does not need manual intervention. You need to just load the software and it will take care of your trading.
- It has been derived from a reliable manual method.
- Installation of the system requires just 5 minutes.
- The FX robot uses margin control and lot sizing to ensure it works regardless of the account size.
- A custom interface is present which makes it easy to use.
Currency pairs, strategy & timeframe
As per the vendor, this system can work on multiple currency pairs simultaneously. It uses price breakouts to find accurate trades. It calculates the hidden areas of support and resistance and waits for the price breakouts through the areas. The vendor claims that it actively manages SL levels to ensure profits. In case of a change in direction, the robot automatically stops and reverses its position. The vendor states that the FX EA is capable of identifying big price surges that enable high returns for traders. It works on all currency pairs. There are no details present on the recommended timeframe, leverage, deposit, etc.
Reaper Forex Robot trading performance
The vendor does not provide backtests for this FX robot. No verified real trading results are present. Instead, the vendor provides monthly performance reports. Here is a report for February 2022:
From the above report, we can see the robot has generated a total net profit of 69.623 and a profit factor of 7.68. For a total of 620 trades, the profitability is 82.58%. The maximum drawdown for the account is 0.00%. From the results, we can see the system shows high profits and no risk. However, these are not verified results. We prefer real trading stats verified by reputed third-party sites like myfxbook, FXBlue, etc. Without verified results, it is difficult to assess the performance of the FX robot.
How much does it cost?
This FX robot can be purchased for $79. Its original price is $199, but the vendor has provided a 60% discount now. There are no other details on the features you get with the package. We could not find a money-back assurance for the product. When compared to the price of similar systems in the market, we find the price of this expert advisor is not expensive.
Reviews from customers
We could not find user reviews for this FX robot on reputed sites like Forexpeacearmy, Trustpilot, etc. However, we found 270 reviews for the Forex Robot Trader company with a rating of 2.262/5. Here are a few of the user reviews for the company:
As per the reviews, the users are not happy with the products of the company. They do not recommend any EA of the company and cite the terrible performance of the robots as the main reason.
Should you use Reaper Forex Robot?
Our evaluation of the FX robot reveals some benefits and drawbacks which we have listed in the table below:
|It is a fully automated software||Lack of vendor transparency|
|Price is not expensive||No verified real trading results|
|Negative user feedback|
Reaper Forex Robot claims to be a self-sufficient system that can provide high returns with low risk. Our evaluation of the FX EA shows the vendor does not provide backtests and real verified trading results for the system. Instead, there are monthly performance reports which show good profits and zero risk. However, we cannot consider them as they are not verified. Other drawbacks we found in the system include the lack of vendor transparency and negative user reviews. While the pricing is not expensive, the absence of a money-back policy makes us suspect the reliability of the system.