In this article, we want to tell you about a robot with the unusual name ForexBot28. The first thing everyone pays attention to is the number at the end of the name. The very first sentence of the official presentation explains to us that the robot can trade 28 currency pairs and this is impressive.
From there, we learn that the robot uses a neural network to achieve outstanding results.
The developers informed us that for a safe trading mode, we need a deposit of $10,000, for a regular mode of $5,000, for an aggressive $3,500. At the bottom, we see the robot’s trading schedule from the Myfxbook website.
They offer us to buy it for $255 by going to the Forexstore website. On it, we see a product rating of 8 out of 10.
ForexBot28: To Trust or Not to Trust?
According to the presentation, we just warned that there’ll be kinda options to get the money-back guarantee.
The conditions for returning the robot are as follows: “We provide a full money-back guarantee for 30 days. If ForexBot28 didn’t make a profit until the end of 30 days period, we will back your money.” At the same time, nothing is said about if ForexBot28 brings a negligible profit, will the refund take place or not? As you can see, there’s no “no-asking-money-back-guarantee” option.
Very low trading results
ForexBot28 runs on the real USD account, uses FBS as a brokerage company, and MetaTrader4 platform. The account has been funded by $86,078 first deposit. It shows the devs could trust the big money to the robot. It’s a huge pro.
Coming back to trading results will see that the robot did 0.03% of the daily gain, 1% of monthly. Frankly say, it’s not the amount of gain you may look for when you pay $255 for the robot.
Trading results during this year’s periods are open. This year’s gain is 17.97% and it’s +15.74% comparing to 2018. So, in 2018 the robot has gained almost nothing. The profit difference is $5543 in 2019 and just $593 in 2018. For the whole period, there have been closed 2412 deals. 67%(1628 deals) was won, 33%(784) was lost. Longs won was 64%, shorts won 70%.
As we can see ForexBot28 has been set to perform with low risks. 10% chance of losing 10% of the account is just <0.01% and required 236 lost trades in a row.
We can see from the chart that there was no month with losing money. It grows by little, but surely.
Low level of Drawdowns
According to the chart, the robot is able to perform with one of the lowest levels of drawdowns we have ever seen for years. This is really impressive and emphasizes the quality of the patterns.
Mid-level of Transparency
A lot of data is open for everyone to check like profitable, balance, growth, drawdowns, but the account owner decided not to share data from “Open Trades” and “Open Orders”.
It’s so impressive, ForexBot28 can really trade all 28 pairs of currencies.
Conclusion: To Trust or Not to Trust?
ForexBot28 looks like a trustful trading assistant. It runs on the real account with no month with a loss. If you’re ok with the amount of gain you can but it to try, first of all, on the demo account. You can contact devs to ask what risk has been set for the robot on the official account.