Newbie traders are often in search of a system that can make Forex trading profitable and hassle-free. Many of the automated Forex trading systems aim at these results but not all of them succeed in the efforts. Elite Forex Scalper is one such system that claims to make appreciable returns for beginners and for traders looking to diversify their portfolios. Are the claims of this Forex robot accurate?
With three years’ experience in the field, the vendor states that the results guaranteed are real. But, we did not find any info on the vendor or their location. More often than not, such neglect in terms of vendor details reflects badly on the reliability and reputation of the vendor. Read more on this Forex robot in our detailed review.
As a scalping system that claims to make trading simple and fruitful, Elite Forex Scalper offers a diverse range of features including trading access, support, and free updates for a lifetime, easy installation, risk management, and a few other features. The timeframe used is not disclosed on the site. This system focuses on five currency pairs.
Although the name suggests the use of scalping for its trading approach, the info on the site reveals the use of a combined approach that includes grid, hedging, and Martingale.
Both grid and the Martingale approaches are considered as high-risk methods that many are not comfortable with. This is especially true for newbies who are the target users of this system if the info on the site is to be believed.
How to Start Trading With Elite Forex Scalper?
Trading with this Forex robot is very simple. After purchase, you need to fund the broker account and set up MT4 with the Forex robot and start trading. Recommendations of the vendor include an initial deposit of $300 to $500 with a recommended balance of $1000 to $3000. A leverage of 1:500 and higher is suggested.
This automated system has two types of pricing. The first one is free and offered with one live account and support channel access while the second type is paid. This paid type comes with all the perks like one live and two demo accounts, file and lifetime access, dedicated support, and others.
The paid pack costs $499.99, which is very expensive when compared to the existing price range of other competitor systems. Furthermore, the vendor does not offer a money-back guarantee, which makes us suspect the reliability and efficacy of the system.
Strategy testing is vital for authenticating a system’s efficacy. This Forex robot fails to do this by not providing backtesting results. We would have liked a few backtesting results to know about the performance of this system. Despite the results being based on historical data, they are very useful assessment tools for traders while choosing a viable system.
Verified Trading Results of Elite Forex Scalper
Multiple trading results are revealed by the vendor on the site verified on the myfxbook site. We analyzed one of the real and live accounts shown below:
From the above screenshot, a gain of 139% and an absolute return of 38.46% are displayed. This huge discrepancy between the two gain values is puzzling. Furthermore, the details on the balance, profit, interest, deposits, etc. are hidden by the vendor.
A closer look at the trading history reveals huge lot sizes, which confirm our concerns regarding the high-risk approach used. Since the verified results are shown to know more about the system, having most of the information hidden makes the entire effort futile.
Other than the testimonials found on the official website, we did not find feedback from users on authentic sites such as Trustpilot, Forex Peace Army, and others. Without feedback from traders, it is not possible to evaluate the effectiveness of the system.
Is Elite Forex Scalper A Viable Option?
From our evaluation of the different aspects of this Forex robot, we do not find this system a viable option to consider. Here are our main pros and cons of this system that have made us come to this decision.
- Fully automated system
- Verified trading results
- Developer information is not revealed
- Price is expensive
- Disparity in trading results
- No user feedback
Summing up our Elite Forex Scalper review, the Forex robot has several shortcomings that prevent us from considering it a suitable option. Despite the vendor offering live and verified results, the lack of transparency in the trading details makes us suspect the reliability of the system.
Without backtesting results and reliable performance, the expert advisor loses its credibility. Besides, the absence of vendor info and expensive price tag adds to the downsides. With so many inadequacies, we do not trust this system to provide the results it guarantees.