ForexBot28 is the system that has a page-long presentation without any explanation about strategy and the system in general. It looks unprofessional. The main claim is that it’s the “Professional’s Set.”
Features
We found everything that’s good to explain the system and its performance:
- ForexBot28 works fully automatically without a need for human intervention.
- The system can be used on MetaTrader 4 and MetaTrader 5 platforms.
- The name informs us that we can work with 28 cross pairs.
- It showed mediocre performance until the last time.
- There’s a Neural Network that helps to calculate Entry Price, Take Profits, and Stop Loss levels.
- The robot frequently trades, providing profits.
- There’s a drawdown control. The developers don’t explain this feature.
- The system has a 7 from 10 rate, based on the Forex Store scale system.
- The system has only an NFA regulation badge. So, it doesn’t follow FIFO rules.
- The margin requirements vary depending on the type of account.
- Aggressive trading needs a minimum of $3500 on balance. The micro accounts require $350, the cent accounts – $35.
- Standard trading needs a minimum of $5000 on balance. The micro accounts require $500, the cent accounts – $50.
- Conservative trading needs a minimum of $10000 on balance. The micro accounts require $1000, the cent accounts – $100.
- Paying $10000 for standard accounts is overkill.
Forex Store gave the robot three badges:
- The license will be delivered automatically after purchasing.
- The vendor provides a refund policy (Forex Store’s requirement).
- The vendor provides us with real-account third-party verified trading results.
How to start trading with ForexBot28
There’s a single package that costs $255. It includes the next features one real account lifetime license, MT4 and MT5 versions of the robot, a PDF user manual, free and lifetime updates, 24/7 welcome support. There’s a 30-day refund provided. The requirements are unprofitability or if drawdowns are higher than 40%.
Backtests
The system was delivered without backtest reports. It’s a significant disadvantage. We don’t know how well the system ran on the past several years data to build our expectations about it.
Verified Trading Results of ForexBot28
The robot works with the FBS broker on a real USD account. It executes automatically on the MetaTrader 4 platform. The leverage was set at 1:1000. The account has a Verified Track Record. It was created on March 21, 2020, and deposited at $10,000. Since then, the absolute gain has become +53.69%. An average monthly gain is 3.50%. The maximum drawdown is 54.79%.
ForexBot28 has traded 2617 deals with -4954.2 pips. An average win 49.26 pips when an average loss -100.98 pips. The win-rate is 70% for Longs and 62% for Shorts. An average trade length is four days, and this is too long. The Profit Factor is 1.37.
The most profitable currency pair is GBP/AUD – $472.81 when the most traded is GBP/NZD – 180 deals.
It mostly opens trades during the European trading session.
Thursday is the most frequently traded day – 582 deals.
The robot runs the account with medium risks to the account balance.
As we can see, not all Grids of orders were closed with profits.
Looking for the past activities, we found weird trades that were on the market for months.
March 2021 had no profit.
People feedback
The developers have a ForexBot28 profile on Forex Peace Army. There are no comments or rates.
Other notes
We don’t know how Forex Store calculates rates. The system still has a 7 from 19 rate.
Is ForexBot28 a viable option?
We don’t think so. March was lost. So, you don’t have to hurry to buy the robot.
Conclusion
ForexBot28 is a risky trading solution that is based on Grid and Martingale. Trading results showed that there’s something wrong with the robot. That’s why March 2021 trading results look out of place. The best way is to wait for several months to check if the system handles this and gets updated.
