Trading successfully in volatile conditions is not always easy even for a professional. It is even harder if you are a newbie. Fortunately, automated Forex robot systems have made trading easier. But, without the right automated system, you can end up losing more money than you can afford. Our reviews by leading Forex experts aim at making the task easier for you.
In this Trade Explorer review, we provide a detailed perspective of the system, which will enable you to make the right decision on choosing the system. Trade Explorer is fully automated and has multiple verified trading accounts to prove its reliability. This review will further elaborate on this system’s features and provide a full-fledged analysis.
Trade Explorer: Characteristics
As one of the various Forex products from the LeapFx group, this Forex robot is a fully automated system. Other than the mention of the Leap FX team, the website does not divulge info on the developer or location details. The only form of contact support is through the contact form online, which indicates a lack of transparency on the part of the developer.
As far as the features are concerned, there is very little detail related to the perks offered by the system. From the info provided, the vendor boasts of easy and quick profit opportunities with the system, which you need to just set up and forget. This system is compatible with any broker, but the vendor recommends using a broker that is most compatible with the software.
Currency Pairs, Strategy & Timeframe
27 currency pairs can be traded using this system according to the information by the vendor. Despite offering an elaborate explanation on how the system is an easy and profit-making one, there is no information on the strategy used to generate the profits the vendor guarantees.
The only detail we could glean from the website is that the software monitors the market trends and price action efficiently, ignoring the sharp changes and distracting market noise. There is also a mention of dynamic trade management to ensure a low drawdown level. We could not find any information on the timeframes used.
Trade Explorer Trading Performance
Strategy tester reports (backtests) are not provided for this system. However, there are several live trading results posted on the site that are verified by the myfxbook site. We have analyzed one of the live real accounts here.
From the screenshot of the results shown above, we could see a gain of 65.07% and an absolute gain of 16.87%. This is a real live account in USD with Blaze Markets broker trading on the MT4 platform using the leverage of 1:300. The big difference in the absolute and gain percentages is puzzling as both values are more or less similar.
This is indicative of the performance not being as effective. Further delving into the trading results, the daily gain of 1.03% and a monthly gain of 35.46% are revealed. A 25.34% drawdown is a bit higher than the average drawdown a trader is comfortable with.
Moreover, the sample size provided is over 40 days, which is too short to assess the system’s performance. And, a total of 430 trades in such a short span is also another aspect we are concerned about.
How Much Does It Cost?
One year membership fee for this Forex robot is $397 and the lifetime membership is offered at $697. Both payment methods include the trading software, automated best settings, free updates, customer support, recommendations, and a money-back guarantee of 30 days.
Compared to other automated systems available on the market, the price seems very expensive. With the system not providing proper proof of its performance, we do not feel the system is worth investing in.
Reviews from Customers
We could not find feedback from users for this Forex robot on trusted sites like Forexpeacearmy, Trustpilot, etc. The absence of feedback indicates the system is not as effective as the vendor claims it to be. Furthermore, reviews help in assessing the performance of the system, the support provided, and other pertinent details. Without the user reviews, we are unable to assess the system fully.
Should You Use Trade Explorer Robot?
|Fully automated system||Price is expensive|
|30-day money-back guarantee||The trading strategy is not explained|
|The trading results show a disparity|
Wrapping up our review of Trade Explorer, we do not find this system a reliable one because of several factors. To start with, the trading approach, which is very crucial for such systems, is not explained clearly. Next is the lack of vendor transparency.
Although several verified trading results are provided, most of them are for demo accounts and from the real live account results, we found several disparities that make us doubt the efficacy of the system. To cap it all, the system is priced exorbitantly. In short, we do not recommend this system.