Smart Forex Robot is a fully automated Expert Advisor (EA) designed for the MT4 trading platform and it promises 96.3% return on investments. The vendors say that this robot was developed by a team of professional traders with 20 years of accumulated experience in forex trading and development of automated trading systems. It only takes 9 minutes to install and according to the sales pitch, it is 100% guaranteed to make long-term profits. It trades more than 10 currency pairs. The Smart Forex Robot is based on the scalping method which the vendors claim, has generated millions of dollars for the many professional traders that have been using it for ages. They claim that the robot can withstand any market condition as it has been tested for more than 12 years.
To substantiate their claims, the vendors of this robot provided 14 backtests picture results and one instance of results from Myfxbook.com, which only started trading from January 2018 till date. The gain is 48.74% with a monthly profit of 7.82% which is lower than what was promised.
The regular price of the robot is $359 but it is available for a discounted price of $257. It trades best on the M1 and M5 timeframes.
This all sounds good and perhaps this might be the real deal. But we ask again: can this robot be trusted?
Smart Forex Robot: To Trust or Not To Trust?
In order to determine the reliability of this EA, we considered a number of parameters and after careful evaluation, we found the software wanting in several areas. These deficiencies are in the areas of:
- Vendor Identity
- Scanty Website
- User Reviews
We therefore declare the Smart Forex Robot as one not to trust. But do not take our word for it without seeing why we have made this declaration.
1. Vendor Identity
The vendors claim that they are experienced forex traders and software developers but did not provide their identities, company name, office address, phone numbers or even email address. The only means of support is to fill the form provided on the “Contact Us” page of the website. Forex traders would like to know the identities of these experts in order to ascertain the veracity of their claims. If they are truly genuine and sincere, why will they be anonymous? The numerous forex robot scammers use this method to perpetrate their fraudulent acts. They do not provide any info about themselves so that when they abscond with the traders’ money, there will be no trace.
2. Poor Trading Results
This must be one of the worst software we have ever reviewed. Look at this snapshot:
All it took to decimate the trading account was one month of trading. ONE MONTH (July – August 2016). Would you put your trust and your money on such a software.
3. User Reviews
There are no user reviews found for this robot. Even on their own website, no users came up to talk about their experience with this EA. Perhaps, traders were not convinced enough to give the robot a trial, or perhaps the software is simply not worth commenting about. Experience has shown that some users are usually too ashamed to describe their experiences after falling for such cheap robot scams.
Conclusion: Smart Forex EA Cannot Be Trusted
The Smart Forex Robot is an EA that promises excellent results but has so far underperformed in a very big way. The vendors chose to be anonymous and also chose to market their powerful money making robot with a poor, scanty and cheap website. No user testimonials have been found for this robot. Our advice is stay very far away from the Smart Forex Robot as it cannot be trusted.