The Forex Steam Expert Advisor (EA) is a forex robot designed for the MT4 trading platform. The vendors of this EA claim that they have 25 years of experience in the forex market. So, they came up with this automated robot that according to them, has gotten over 90% winning trades since 2015. The strategy used by this robot is not disclosed but it is supposedly equipped with advanced features like; advanced news filter, holiday filter, pip retrace, trailing stop and break even. The vendors further claim to have over 1,000 successful active customers. 1,000? Well, we will see about this later on.
The price of the Forex Steam EA is $117.99 for all versions of the robot including 4 licences. The user testimonials on their website are from 10 customers and it looks convincing. But, the major questions are: Does this robot function exactly the way the vendors claim? Should we trust the Forex Steam EA? How authentic are the user reviews, assuming the ones we see on the website are actually from “users”?
Forex Steam EA: To Trust or Not to Trust?
There are some issues that we have to consider in order to determine the efficacy and reliability of this EA. These are:
Poor Trading Results
With all their claims, it is very disappointing to see that the vendors only presented screenshots as evidence of their years of trading. Traders want to see verified Myfxbook accounts of the robot in order to analyze the trades, drawdown, frequency of trades, settings and other parameters used to achieve successful trading results. So we went digging and were able to find one, used on Pepperstone brokers.
Here we see the Forex Stea EA in action. We must confess; this is for a 3-day period and results do not look as bad as some EAs we have reviewed. But if an EA is not making money, it is as worthless as trade advice given by a 1-year old.
Negative User Reviews
Some forex robot reviewing websites quickly rated this robot very high. This was abnormal especially when the robot was still very new in the market. Probably, some people read the reviews on the site and bought the EA based on what they saw. Unfortunately, many were disappointed to the extent that they believe that the reviews on the site were fake. Traders alleged that the positive reviews were bought by the vendors. Here are some screenshots from www.forexfbi.com.
Here’s another review from a real user.
The vendors of this robot did not leave a contact address, email or phone numbers. Only a contact form is available for support purposes. However, they displayed the pictures and names of the four key officers of the company. Still, it did not help in identifying their location or who they are because the names and pictures cut across different races and countries. They said that they are based in multitude of countries, but Canada is the home base. That is complicated and ambiguous. In any case, buying EAs from anonymous vendors usually always ends badly for the trader.
The endorsement received by the Forex Steam EA from popular websites is at variance with the real user experience. In fact, this robot was developed by the owners of popular forex review website; www.forexrobotnation.com. The robot has no proven trading history and no evidence of trading at all. Users who actually bought the robot had bad experiences and therefore gave negative reviews. Please, do not trust this robot.