Forex Enigma is an MT4 trading tool that claims to provide easy profits effortlessly. It uses an advanced trading approach that is a blend of three different methods along with a news filter. The vendor claims the combination helps to improve trade efficiency. The vendor does not divulge info on the developer or the team responsible for developing this FX EA. We could not find info on the company, its founding details, the location address, phone number, etc. The lack of vendor transparency raises a red flag for this FX robot.
Features
Very little info is present concerning the FX EA. As per the vendor, this expert advisor uses an automated trading approach along with a programmed analytical process. It uses the trend, scalping, and half grid methods for its strategy. Once you set the parameters, scales, and other necessary limits for the trading, the robot handles all the operations. It works 24/5 looking for profitable opportunities.
We find the explanation vague. It is not sufficient to know about the approach and its efficacy. Further, the grid approach is considered a dangerous method and most traders avoid it. The use of a half-grid as part of the strategy makes it risky.
This MT4 tool works mainly on the EURCHF and also works on multiple pairs including USDCAD, AUDUSD, AUDCAD, EURUSD, EURGBP, and GBPUSD on the H1 timeframe.
How to start trading with Forex Enigma
To purchase this FX robot, you need to choose from the three packages the vendor offers namely the basic package priced at $149, the standard package priced at $199, and the professional package priced at $249. Complete automation, free upgrades and support, an unlimited number of demo accounts, and a 30-day money-back guarantee are common to all the packages. They differ in the number of real account licenses they provide.
As per the vendor, this EA works in a calculative environment and does not resort to emotional decisions which help in making stable monthly profits. The vendor recommends the use of any broker offering MT4 accounts and the use of a minimum of $1000 for standard accounts and $10 for a cent account. Leverage of 1:100 or higher is recommended by the vendor.
Backtests
The vendor provides a few backtesting results. Here is a strategy tester report for the EURCHF pair on the H1 timeframe done from April 2020 up to April 2021.
For an initial deposit of $1000, the account had generated a total net profit of $496.96. A maximum drawdown of 21.54% was present for the account which had completed 777 trades with profitability of 76.58%. The profit factor value is 2.68. From the high drawdown and low profitability, we find the trading approach is not effective.
Verified trading results of Forex Enigma
A real USD account verified by the FXBlue site is provided on the official site. As per the trading information, the account started in May 2021, has generated a total return of 30.1% for a deposit of $1000. A monthly and weekly return of 4.7% and 1.1% are present with profitability of 73.85 for a trading history of 168 days. The profit factor is 1.75. Comparing the backtesting result with the real trading we find the profits are not as high in the real trading as in the strategy tester. This indicates that the strategy used is not effective.
Customer reviews
We could not find user reviews for this FX EA on sites like Forexpeacearmy, Trustpilot, etc. The reason we prefer such third-party sites is that they are reputed for their unbiased report on the performance, support, and other pertinent details. From the lack of user testimonials, it is clear that the system is not a popular one.
Is Forex Enigma a viable option?
Our analysis of this FX robot reveals several downsides including lack of vendor transparency and strategy ineffectiveness that make it an unreliable system. Here are the main advantages and disadvantages we identified in this MT4 tool.
Advantages
- Fully automated system
- Verified trading results
Disadvantage
- A vague explanation of the trading approach
- Real trading results show an ineffective approach
- Lack of vendor transparency
Wrapping Up
Forex Enigma claims to provide stable monthly returns with its innovative approach. Our assessment of the features, recommendations, support, performance, and other aspects show this is not a reliable EA. The vague strategy explanation, an ineffective strategy seen in the backtesting and real trading results, poor support, and absence of vendor transparency are downsides that make this an untrustworthy FX EA. In a nutshell, we do not recommend this EA as a viable investment.
