The Forex Analyzer is a forex analysis tool that functions as an indicator and also a trading robot. It has 25 technical indicators, 10 candlestick patterns and memory management. It is fully customizable and best suited for an expert trader who understands the charts and technical analysis. Forex Analyzer automatically analyzes the MT4 charts using technical indicators and price action patterns. When it finds a trading opportunity, it can either place the trades or alerts the trader depending on the user settings. The Forex Analyzer can be customized to function as an indicator that alerts the trader by email, sms and pop up window. The trader can then place the trades or wait for another signal according to his trading style. It can as well be set to automatically place the trades for the trader. It works on all currency pairs and on all timeframes. The price is $97 and it is designed for the MT4 trading platform.
The Forex Analyzer seems to be an interesting system that serves as an indicator and a forex robot. But, the major question is this: Can the Forex Analyzer be trusted?
Forex Analyzer: To Trust or Not to Trust?
No matter how perfect an indicator or robot sounds, there are certain criteria we must consider before we determine whether it is recommended or not. Having looked at the Forex Analyzer using our performance metrics, we have come to the conclusion that this EA cannot be trusted for the following reasons:
- Lack of Verifiable Trading Results
- Anonymous Vendor Identity
- User Reviews
There are no trading results provided for the forex analyzer. To buttress their claims, the vendors should have provided verified evidence of trading with this indicator/robot. They also did not provide any evidence of current trading. Does it mean that they are not trading and making money with this system? We get a clue as to why there is no evidence of trading from this EA by looking at the Myfxbook page. This is what we found:
Clearly, the fact that the existing trading history was deleted/removed smacks of only one thing: an attempt at a cover-up. What is the team behind Forex Analyzer hiding? Your guess is as good as ours.
Lack of Vendor Identity
The only contact details provided for support is email@example.com. The vendors did not provide a contact address or phone numbers. The problem with anonymous vendors is that many scammers use this strategy to shield themselves from possible arrest and prosecution, since they know that their products are scam products. However, this tactic is catching on with forex traders, many of whom are now reluctant to deal with unknown forex vendors. If the products are genuine, why would the vendors fail to reveal their identity? Email support is usually slow, so phone calls remain the fastest way of receiving support. Unfortunately, anonymous vendors do not provide phone contacts as that will reveal their country of residence and perhaps reveal their identity.
No User Reviews
A thorough search of user reviews for the forex analyzer returned no results. This may mean that the product is unpopular or is simply not regarded as anything worth commenting on by anyone who has used the product.
Conclusion: Forex Analyzer is Not to Be Trusted
The Forex Analyzer seems to be a very good product on face value, but does not show that it was properly tested and proven to work. The vendors chose the popular path preferred by most scammers. They are anonymous and provide no verifiable evidence of current or past trading. So, we declare the Forex Analyzer a forex software not to be trusted.