Wrenfx is a Forex expert advisor that leverages the power of Artificial Intelligence. The developers of this FX EA advertise this system as a ‘customized and versatile platform’ designed to enhance our trading experience to the next level. According to the team that stands behind wrenfx EA, their trading system is a fully automated trading tool that has been written using the MQL4 programming language.
According to their short product presentation, when paying $300-$500 traders obtain a fully automated MT4 system that can work in any trading account, with minimal deposit requirement. It comes with smooth trade managing and smart money management features. Their website presentation includes several backtests and live trading results, key product details, pricing information, contact and FAQ sections.
Unfortunately, there is no information available on the vendor, core team members, their headquarter location, or trading experience they have in the FX market. It creates some serious transparency issues. In a highly competitive FX market, every vendor is fighting for the place under the sun and transparency is one of the main factors that determine its further success. Reliable vendors are always transparent when it comes to the company’s history and background. Taking into account that no word is mentioned about the company or the people that stand behind this product, we consider neither the dev nor the product he/she offers is reliable to invest money in.
Features
We have analyzed this trading tool and grouped up its key features in the list below:
- It is an automated Forex expert advisor that can run without human intervention
- The devs try to convince us that this trading is a great choice for both experienced traders and newbies having little or no trading experience
- With this FX EA traders can trade in EURUSD, USDCHF, EURCHF, and USDJPY currency pairs
- It’s compatible with any broker
- Traders interested in this EA can start with a minimum deposit of $200 for standard accounts using EA’s default settings
- The robot is quick and easy to install, so all types of traders can use the software with ease
- We can use it with different account types, like ECN, micro, Standard, and NDD
- This FX EA was designed with preset rules that allow it to manage multiple tasks that include sending orders, adjusting SL, and finding profit levels
- The system does not use Hedging or Scalping approaches
- Its money management system allows modifying the size of the trading lot according to the account balance and the current market condition
- We can rely on 24/7 customer support
This Forex expert advisory follows the trend on high time frames and looks for the reversal points on lower time frames for the entrance. It is not enough to make the right investment decision. We would like to know more about the system, e.g., what indicators it uses and how it gauges the strength of a trend.
How to start trading with Wrenfx EA
To start with, traders have to choose the investment plan. There are 3 packages offered: Basic, Pro, and Enterprise. They differ in the account number and license validity. So, Basic comes with 2 accounts and 18 months license, Pro includes 3 accounts and 2 years of license validity. Enterprise plan offers a lifetime license and 4 accounts. Each package includes full-time customer support, free updates, and a 30 days money-back guarantee.
After purchase, traders receive an email from the dev’s website that asks for trader’s account numbers. According to the dev, after response, the trader’s account numbers will be activated in less than 12 hours. For trading on standard accounts, using the EA’s default settings, the minimum deposit of $200 is recommended. There is no word about the recommended leverage or the timeframe the EA trades mentioned.
Backtests
It’s a EURUS D backtest report performed on the H1 timeframe. The modeling quality is 90%. The test started on January 2, 2018, and ended in April 2021. The account was deposited at $1000. It had an 89, 53% win rate based on 296 trades performed. The total net profit amounts to $454165. The profit factor was high – 4, 69, and the peak drawdown was 33, 96%, which indicates a high-risk approach. The average win rate for long and short trading positions was 90, 51%, and 88, 68% respectively.
Verified Trading Results of Wrenfx EA
Let’s analyze the live trading results of wrenfx EA which the dev provides on the official website. The first thing that is necessary to point out is that these trading results are verified by myfxbook and that is good. Secondly, the account is Real, not Demo, and has both the track record and trading privileges verified badges. So, we can rely on these trading results. Oddly, but the account is tracked by 5 traders, meaning that the system is not very popular among the FX traders. Nevertheless, let’s analyze this trading account in detail.
Being created on May 13, 2021, and deposited at $5K, the EA could grow its total gain to 34, 89% which amounts to $1744, 75% of the total net profit. The daily and monthly gains are 0, 63%, and 20, 77%. The peak drawdown was 42, 93%. It’s too high and means that a high-risk trading approach is used.
The average win result is 73% (66 % for Longs and 76 for Shorts) based on the 22 trades traded. Its profit factor is twice lower than the one we can see in the backtest report – 2,13. The average trade length is 3 days.
The system trades with insanely high risks to the account balance. In case of 2 consecutive losing trades, 10% of the account balance ($674) will be lost.
The robot does bot trades with fixed Lot sizes. It trades without SL:
Customer reviews
WrenFX has a page on the FPA site. It was created on June 10, 2021. Unfortunately, there is no customer review provided which tells us that very little to no people know about this robot as of now.
Is Wrenfx EA a viable option?
Advantages
- Backtesting reports shared
- Live trading results provided
- 30-day money-back guarantee
Disadvantages
- Undisclosed trading strategy approach
- High pricing
- The system trades with high drawdowns and high risks to the account balance
- Lack of vendor transparency
- No customer reviews
Summary
WrenFX is a just-released Forex expert advisor that trades on the real trading account with the minimum deposit on the account required. Although its trading results showed that the robot could make some profits, the trading risks involved are too high. We will monitor the trading performance of this EA for a year or so to see whether a system is a good choice to run on the real trading account. Until now, we do not recommend you to hurry and invest in this FX EA.
