Richeith Forex EA is a forex robot that is built for the MT4 trading platform and promises daily and consistent income from the forex market. The vendor claims that “this EA was designed to shake the lucrative money tree and scoop up massive profits”. He claims to be using the EA to make comfortable income as a full time forex trader working from home. He however promised the “Aspiring Millionaire” that with this smart EA, one can replicate what he does and quickly achieve the financial breakthrough desired.
The Richeith Forex EA trades three currency pairs (GBPUSD, EURUSD and the AUDUSD). The vendor says that it uses a new secret trading technology to place the trades. When the EA trades, it hides the actions from brokers in order to avoid the brokers from stop loss hunting. The strategy is not further disclosed but a solid and stable strategy is utilized to produce astounding results.
The EA is priced at $99 for a single-user license, $169 for two licenses and $299 for five licenses. The nagging questions are: are the vendors of this product correct when they claim that this software can make insane profits for the users? Can we trust this EA to make us millionaires as promised?
Richeith Forex EA: To Trust or Not To Trust?
From the tone of the vendor and from the trading results presented, we suspected immediately that there seems to be more than meets the eye here. So we decided to take a closer look at this EA and we found some problems with this EA. Some of these are:
Poor Trading Results
The vendor of this EA presented the trading results placed by this EA from 12th December 2016 to 15th September 2017. From the first day, a deposit of $2000 was made into the account. The EA steadily grew the account from $2000 to $5402.91 within a 9 month period. Then, on one bad trading day (15th Sept 2017), the account was blown and the balance was reduced to $0.00.
Since then, there have been no trading activities in the account. Questions arise regarding the strategy used by this EA. Whatever, the unique strategy is, it is a dangerous one.
Lack of Vendor Identity
Even though the vendor told us about himself and how he is now a full time forex trader working from home and living his dream life, he basically did not identify himself. He only urges his readers to do what he does by using the EA he uses. He promised full support but never provided his email address, home address, phone numbers, his/her name or even his country of residence. The only way to contact him is to fill the form he provided on the website. The problem with anonymous vendors is that majority of them are scammers. When they fail to respond to emails, the traders/victims become frustrated, angry and absolutely helpless.
No User Testimonials
A thorough search produced no user testimonials for the Richeith Forex EA. Probably, many traders did not give it a trial. However, the FPA team did a 41 week performance test on this EA and it failed woefully.
Conclusion: Richeith Forex EA Cannot be Trusted
The Richeith Forex EA proved that the claims of its anonymous developer and vendor were bogus. In a whole 9 months, it could only grow $2000 to $5400. How will that make anybody a millionaire within a short while? Suddenly, it blew the account showing that its undisclosed strategy is indeed egregious. Please, avoid this robot as it cannot be trusted.