What’s the Echo Trader Copier Robot?
The robot has been introduced to investors and traders as an EA that combines “a highly proven manual trading strategy along with a group of trading algorithms.” The robot will copy master account signals to reach gains. The EA works only for the MetaTrader 4 platform.
To start we have to get just the MT4 brokerage company, no installing, EA loading, VPS buying.
FAQ’s questions
We’d like to write more about the main robot features, etc., but the devs provided no intel about it.
- Account size should be at least $5000
- Hedging restriction (If you have a US-based broker, you will find that some trades may be missed due to the FIFO trading rules. Ideally, you should have a broker who allows hedging. A suitable broker who allows US clients and also who allows hedging is FX Choice)
- The copier service provides on a monthly basis
- No SL shows. Devs explained it like a minor account doesn’t get this data in order to prevent copying, but deals will close at the same with the master account. It should warn many traders. If there no SLs at all, EA blows an account for a day, right?
- Devs provide no refund policy explaining this decision that you buy a subscription instead of EA.
- In a not-welcome way, the devs explain that no support will be provided and they don’t care at all.
- Drawdowns level should be no more than 10%.
- “This is a 100% subscription-based service. No information regarding the strategy or evaluation of trades will be given.”
The list of the suggested brokers
- BlueBerry Markets
- AxiTrader
- Go Markets
- Pepperstone
- CMC Markets
- Fusion Markets
- RockFort Markets
- Infinox
- TradeView
- Pacific Financial
3rd part verified real account trading results
So, we’ve got the data from the main account and it looks disappointing. It’s been funded at $16773 and the robot started trading January 2020. This account is a real USD one, the robot trades through the GO Markets brokerage company, with mixed lots, 1:100 leverage on the MetaTrader 4 platform.
During the period, Echo Trade Copier provided -0.52% of the lost, with -0.23% of the monthly lost. The robot trades with low drawdowns 6.97% (as suggested).
There have been traded 247 trades with 1300 pips. The robot’s win-rate is disgusting and equals between 44 and 52%. The profit factor is less than 1.
The robot tries to trade all available currency pairs with almost no success.
The most of trades go during the scalping hours but with huge losses.
The robot trades with the highest possible risks.
Open trades show that the patterns are far from the well-shaped conditions.
Monthly results are good for nothing.
Pricing
The price is $100/month. It’s so high compared to the results the robot shows.
Echo Trader Copier Review Summary
Advantages
- No pros
Disadvantages
- Strategies explanations not provided
- Bad trading results
- 2 month of the account life
- Trading all supported currency pairs means no great algorithm are behind
- Extremely high min account balance to start
- High price
- No refund policy
It’s a very good signal provider to avoid. There’s nothing that you should pay for. The main account has got no profit as a result of almost three-month trading. We know nothing about the patterns and strategies behind it. We’ve noticed that about half of the trades have been performed during scalping hours with no profit as a result. Trading all existed currency pairs warn us not less than trading results.
