Red Fox EA is an FX Robot that uses a news filter and automated management of lot sizes. It is capable of fundamental and technical analysis and boasts a low drawdown, and the ability to work on multiple currency pairs simultaneously. This FX EA is promoted by the ‘my EA academy’ site which is part of the SinryAdvice Worldwide group which is based in Malaysia.
The vendor provides a location address but we could not find a phone number for contact. Support is primarily by email. The vendor can be reached via social media platforms like Instagram, Youtube, and Facebook. Contact via Whatsapp or phone is also present but a user has to request the info via email before contacting.
Features
As per the vendor info, the features of this FX Robot include:
- Automated lot management done based on the funds in your account.
- News Filter feature that avoids transactions during big market events.
- Spread control which helps to avoid trading in high volatility.
- Smart inner indicator for market analysis.
The vendor assures a low drawdown for this EA ranging from below 9% up to 15% and monthly profits ranging from 10% up to 48%. Two different trading settings are available for this ATS and these include an aggressive setting and a low drawdown setting.
For the former setting, the currency pairs recommendation includes AUDUSD, EURAUD, EURNZD, EURUSD, GBPAUD, GBPCAD, GBPNZD, GBPUSD, and USDCAD and for the latter setting the recommendations are EURCAD, EURUSD, GBPUSD, GBPCAD, and USDCAD.
How to start trading with RED FOX EA
For using this FX robot, the vendor provides a video guide for installation. This is an MT4 tool that can be used with a minimum deposit of $1000. For the best setting, the vendor provides preset files and it is not necessary for changing the settings. You can just add the software to your MT4 platform and use it.
We could not find info on the timeframe and leverage used for the account. To purchase this FX robot, you need to pay $266. The package includes one demo account and one real account per order, a complete guide for setting up the software, and an approach that does not use the Martingale approach.
Backtests
The vendor does not provide backtesting reports for this MT4 tool. Although the performance seen in the backtests cannot be replicated in the real trading results, the backtests help in knowing the trading approach used and its effectiveness. The absence of backtests makes us suspect the reliability of the product.
Verified trading results of RED FOX EA
We can see a real USD account verified by the myfxbook site using the Opoforex broker, the leverage of 1:500 on the MetaTrader 4 platform.
From the above screenshots, we can see the total profit gained is 29.32 and the absolute gain is also of the same value. A daily profit of 0.22% and a monthly profit of 6.92% are present and the drawdown is 38.55%. For a deposit of $1000 the account that started in May 2021 has completed 606 trades with a profit of $293.13. The profitability is 78% and the profit factor value is 2.06. From the results, we can see the profit is not high while the drawdown is very high indicating a risky approach.
Customer reviews
We could not find user feedback for this EA on reputed sites like Forexpeacearmy, Trustpilot, etc. However, we found a single review for the My EA Academy site.
From the above review we can see that although the low-risk setting was used, the losses are more ranging from 25% to 30%. Further the user complains that the company does not respond to refund requests.
Is RED FOX EA a viable option?
After a thorough assessment of the working method, features, strategy, and performance we find this is not a viable investment option. Here are the main advantages and drawbacks we found in this MT4 tool.
Advantages
- Fully automated trading system
- Money-back guarantee
Disadvantages
- The strategy is not explained properly
- No backtests are present
- Real trading results indicate a risky trading approach
Summary
Red Fox EA promises high profits with a very low drawdown. Our evaluation of the FX robot reveals the claims are not true. For starters, the vendor does not explain the trading approach. The lack of backtests further raises our doubts regarding the reliability of the system. From the real trading results, we can find a high drawdown which denotes a risky approach. With the profits generated being insufficient, we do not recommend this FX robot.
