ROBO.1 is a fully-automated Forex expert advisor that lets you trade without any prior experience while factoring out emotional decision-making that often leads to lost trades and drained accounts. It projects itself as an affordable and functional system that can help all kinds of trades to earn profits in the Forex market. It mentions that there are several scams in the market these days and that this software is the solution to that problem. However, we need to carry out our own investigation in order to determine whether ROBO.1 itself is a legitimate and trustworthy Forex EA.
ROBO.1 is an easy-to-install system that works with the MT4 trading platform. With this Forex robot, you can start trading with a low balance of $250. The vendor provides you with a lifetime license and a tutorial that will assist you with the installation. The vendor claims that ROBO.1 has an accuracy of 90%. Moreover, customers are provided with 24/7 support.
Currency Pairs, Strategy & Timeframe
ROBO.1 can be used for trading in 28 different currency pairs and is able to place trades on a 24/7 basis. It has 10 special indicators it uses for spotting profitable trades, and each trade is provided with a take profit and a stop loss. However, the vendor has not mentioned what these indicators are and no further details are available about the trading strategy.
We are somewhat disappointed by the lack of strategy insight from this Forex EA. It is important for the vendor to provide potential customers with some information about the trading strategy since the profitability of a system is heavily dependent on it. We hope the vendor decides to supply this piece of information in the future.
ROBO.1 Trading Performance
On the official website, the vendor has uploaded a video that shows the Forex EA being backtested for a period of roughly three months for the USD/JPY pair. This backtest, which has a modeling quality of 27.34% had an initial deposit of $1000, from which a total net profit of $2339.05 was generated by the Forex EA. After conducting 21 trades during this time period, ROBO.1 won 20, and this represents a win rate of 95.24%.
This means the Forex EA lost only 1 trade during this backtest, a minor setback amounting to -1.98. The relative drawdown was quite low at 3.12% while the profit factor was incredibly high at 55.83. 13 consecutive wins were managed by the Forex robot, and although historical performance does not necessarily translate to live performance, we can see that ROBO.1 is certainly capable of closing most trades in profits.
We do not have the live trading outcomes for ROBO.1, which is highly disappointing since most traders don’t want to invest in a system based on backtesting data alone. It is important that a vendor reveals how the system performs in the live market. In the absence of live trading results, it becomes quite difficult to assess the system’s profitability.
How Much Does it Cost?
ROBO.1 is originally priced at $297, but the vendor is currently offering the Forex EA at a discounted price of $147. By paying this amount, you can get access to a lifetime license for the software. However, there are a couple of subscription options available as well.
The monthly subscription requires you to pay $37 each month, while the quarterly subscription requires you to pay $67 every 3 months. It is mentioned by the vendor that a refund is provided to unsatisfied customers. We think the pricing plans are quite reasonable, compared to other Forex EAs.
Reviews from Customers
Even after searching multiple websites like Quora, Myfxbook, Forexpeacearmy, and Trustpilot, there were no customer reviews to be found for ROBO.1. As we said earlier, not many people tend to trust a Forex EA that does not furnish live trading results, so this does not come as a surprise. ROBO.1 clearly has a long way to go before it earns the trust of Forex traders worldwide.
Should You Use ROBO.1 EA?
|Backtesting data provided||No verified live trading results|
|Lack of strategy insight|
|No customer reviews|
After conducting a thorough analysis of different system aspects, we have reached the conclusion that ROBO.1 cannot be trusted. Although the vendor has shared the backtesting data with us, we don’t have the live trading results at our disposal, so it is difficult to trust the claims made by them. This, combined with the lack of information about the trading strategy makes us think that ROBO.1 is not worth your time and money.