Claiming to offer a fast and powerful solution for all the Metatrader 4 accounts, FXClassicTrader is a Forex robot that uses automatic trading software for placing, modifying, and closing trades. Assuring users proper customer service and regular updates, this expert advisor claims to protect your portfolio from any unwanted disruptions. Is this system as effective as the vendor claims? Find out about this expert advisor in detail and our recommendation on using it.
FXClassicTrader has been designed after several years of research and development according to the vendor information on the site. A safe, profitable, and robust strategy is assured by the developer. And, a unique trading algorithm is used by this system for analysis, calculations, and trading as per the vendor information.
Although no mention of the exact strategy used is declared on the official site, the system used is not a Martingale. With FIFO/NFA compatibility, this EA runs on any broker and account type. However, the vendor recommends using it on lower spreads for better gains.
We could not find any information about the name or location of the developer. This absence of vendor transparency makes us doubt the authenticity of the trading profits the vendor claims to deliver.
Further, another prominent fact that we could see on the website is the spelling and grammatical errors that abound here. This indicates that the vendor is not committed to providing the best quality.
How to Start Trading With FXClassicTrader
This Forex robot is available in three different packages namely basic, business, and premium packs. The basic pack includes one each of a real and demo account and costs $109. With the business pack, the cost is $129 and this includes two each of real and demo accounts.
For the premium pack, the cost is $149 and it includes three each of real and demo accounts. All the packs are available with a lifetime license, free support and upgrades, and fully automated trading. Minimum leverage of 1:50 can be used for this Forex robot.
However, the vendor recommends a range from 1:100 up to 1:500. The price feed is of five digits. A minimum of $200 is the recommended deposit. As per the vendor, using a VPS system may be needed if the internet connection or the computer you use is slow.
Backtesting provided on the official site show a modeling quality of 90%, which is not sufficient enough to assess the results properly. Strategy testing for the Forex robot shown above is of 3 years duration.
With a profit factor of 13.23 and a drawdown of around 20%, the report aligns with what the developer claims. But, since historical data cannot predict future performance, the backtesting cannot be used solely to assess the performance of this EA.
Verified Trading Results of FXClassicTrader
We found the trading results of a real account verified on the FX Blue site provided by the developer. From the results, a total gain of 322.9% and a drawdown of -1.0% are revealed. The profit factor is 2.12 and is obtained from a trading history of 240 days with the average number of trades per day being 0.7. Regardless of the results, verification on the Myfxbook site would have given us a better insight into the strategy and performance.
We could not find user feedback for this Forex robot on trusted review sites, such as Forexpeacearmy, myfxbook, etc. While the price is not as expensive as many of the prevailing Forex robots, the lack of proper strategy and insufficient performance both in backtesting and real account trading may act as a deterrent for users resulting in the lack of feedback.
Is FXClassicTrader A Viable Option?
From our review of the various features, backtesting, and real account trading results we do not consider using this expert advisor as a viable option. The following advantages and shortcomings would give you a better perspective of why this automated system is not a feasible one.
- Price is not expensive
- Automated trading system
- Strategy is not explained clearly
- No verified Myfxbook results
- No user feedbacks
- No money-back guarantee
Concluding our FXClassicTrader review, we found this Forex robot to be lacking in several aspects. Firstly, the website design is very shabby with plenty of mistakes in the text that reveal the unprofessional setup. The second shortcoming is the lack of a proper explanation of the strategy used.
Even with backtesting and real account trading results, the performance is difficult to assess. To gain a proper perspective of how the system works results verified on the Myfxbook site would have made the evaluation easier.
While the price is not on the expensive side, the absence of a money-back guarantee and lack of user feedback are downsides that cannot be ignored. In short, we would not recommend this Forex robot.