Wrenfx EA claims to enhance your Forex trading experience. According to the seller, the robot is able to monitor multiple currencies and take prudent trading decisions based on sound analysis. Whether it is truly profitable or not is something we need to investigate at our end.
Wrenfx EA: Characteristics
Wrenfx EA is a 100% automated system that is capable of performing all trading-related tasks automatically. To get started with this EA, you need to make a small deposit of $200. It is possible to use this system with different account types like micro, standard, NDD, and ECN. Micro accounts are suitable for those traders who do wish to trade with low risk.
The EA has preconfigured rules that allow it to take care of different tasks like transferring orders, adjusting stop losses, and seeking out profit margins. It has a smart money management feature due to which it can modify the size of the trading lots based on changing market conditions. Wrenfx EA is backed by a support team that remains on standby 24/7 to solve any issues the users might face.
After you complete your payment, you will get an email from the Wrenfx EA website. You need to share your account number after which your account will get activated within 12 hours. If you wish, you can change the account number by contacting the support team. It has been coded using MQL4 and it is compatible with the Metatrader 4 trading platform.
Currency Pairs, Strategy & Timeframe
Wrenfx EA trades in currency pairs like USD/JPY, EUR/CHF, USD/CHF, and EUR/USD. On the official website, the vendor has not clearly explained the trading strategy used by this EA. All we know is that it uses a trend-following strategy for high time frames and looks for reversal points in the low time frames for making its entry.
This is a vague way to describe the trading strategy. We have no idea what kind of indicators the robot uses or how it gauges the strength of a trend. Without proper strategy insight, many traders might think twice before spending money on this EA.
Wrenfx EA Trading Performance
Here we have a live trading account for Wrenfx EA that was launched on May 13, 2021. To date, the EA has placed only 27 trades through this account, which makes it difficult for us to assess the system’s profitability by analyzing the results. To accurately determine the performance of the robot, we need a larger sample size of trades.
Currently, this account has a win rate of 74%, and daily and monthly profits of 0.67% and 22.59%, respectively. One thing we should mention about this account is the extremely high drawdown of 42.93%. This indicates a high-risk trading approach.
As we can see from the trading history, some of the losses have been quite large. The account has a profit factor of 2.26 and has generated a total profit of $2329.91.
This backtest was conducted from January 2018 to February 2021. The EA placed 237 trades during these tests, winning 216 out of them, with a win rate of 91.14%, which is higher compared to the live trading results. Here also we can see that the drawdown is pretty high at 31.97%. Thus, although the system managed to win most of the trades, it can suffer huge losses that can drain your account.
How Much Does it Cost?
There are three pricing packages for Wrenfx EA, namely Basic, Pro, and Enterprise. The prices of these plans are $299, $399, and $499, respectively. They differ in terms of the number of accounts you get access to and how long your license lasts.
We don’t think it is worth paying this much money for an EA that has such a short trading history. The vendor provides a 30-day money-back guarantee for this product.
Reviews from Customers
We were unable to find any customer reviews for Wrenfx EA on websites like Trustpilot, Forexpeacearmy, Quora, and Myfxbook. The absence of user reviews tells us that currently, not many people are using this robot for live trading.
Should You Use Wrenfx EA?
|Verified live trading results||Lack of strategy insight|
|Money-back guarantee||Short trading history|
In the end, we would like to say that Wrenfx EA is not a trustworthy robot. It has only placed a handful of trades during its short live trading stint, and as we can see, it uses a risky trading approach that leads to high drawdown. Therefore, you should not risk spending your money on this Forex EA.