Forex Steam EA Review

With claims of being the longest-running automated trading system in the market, Forex Steam boasts more than 10 years of proven track record and over 6000 clients from 100 countries. This FX robot uses frequently updated software that focuses on low-risk strategy. Built to work on the MT4 and the MT5 platforms using the 5-minute time frame, Forex Steam assures gains for the long and short term. 

Led by Paul Demonde and other developers including Allan Brisebois,Julie Zhang, and Dmitri Kozlov, the company is mostly virtual with the corporate base being at Richmond, BC, V75 5E3. An email address and social media links are provided for support. We could not find a phone contact or live chat service on the site. 

Forex Steam At A Glance

Price$117. 99
Trading PlatformsMT4, MT5
Currency PairsEURUSD
StrategyTrend Based
TimeframeM5 and M30
Recommended Deposit$300 – 500
Recommended LeverageN/A
Money ManagementYes

Forex Steam Functionality

Forex Steam forex robot

As per the vendor info, this expert advisor is designed to ensure gains via low-risk trading approaches. The installation is quickly done and users can opt for the default settings or make changes to them. By connecting the EA to your MT4 account, it will start trading. Important features of this FX robot include instant download with the user guide, optimization, free updates, and four licenses. 

Forex Steam forex robot

Advanced holiday and spread filters are part of this FX EA to ensure trades are executed at the appropriate time and under favorable market conditions. With the holiday filter, users can forgo trading during holidays and on days that you do not want the EA to trade. The break-even and trailing stop are other significant features found in this ATS.

Forex Steam forex robot price

This EA costs $117.99 and is available in the normal version that uses the M5 timeframe and the light version which runs on the 30-minute timeframe.  

Forex Steam Trading Strategy Tests

There is no mention of the trading approach used other than the info that it is of the low-risk category. The official site explains the Steam Retrace technology which ensures that the EA can secure wins and restrict the losses. This technology has undergone several optimizations and along with the trading approach, the vendor claims that EA is ideal for traders of any skill level. 

No backtesting results are provided as the vendor claims that this FX robot cannot be backtested. The reason provided is that live data is used by the EA during a trade and before it which impacts the approach used.

What About Forex Steam Live Trading Results?

Forex Steam tests
Forex Steam forex robot backtesting

The vendor provides live trading results for the Forex Steam Light version and also posts independent trading results posted by the Forex Robot Nation site. However, we prefer live results verified by sites like Myfxbook, FXStat, and FXBlue as they reveal plenty of insightful info related to the performance of the EA. We could find about the lot size, drawdown, absolute and total gain, and various other details. The results posted by the vendor do not provide such information which makes us suspicious of the efficacy of the system.

Customer Reviews

Forex Steam forex robot reviews

While the official site has several testimonials from users, there is a high chance of the responses being manipulated and false. We found user reviews for this FX EA on the Forexpeacearmy site. 199 customer responses are posted on the site with a rating of 2.89/5. While the recent reviews are positive, the site mentions several of the reviews are suspicious and fake. This makes us doubt the authenticity of the posted reviews.

Forex Steam Review Summary

Forex Steam
3 5 0 1
After analyzing the various features, functionality, results, and other important aspects of this EA, we find that it lacks credibility. Starting with lack of transparency concerning the trading approach used to not posting trading results verified by sites like myfxbook, FXBlue, and FXStat, we find this EA is not reliable. Forex Steam claims to deliver consistent profits with its low-risk approach. However, our evaluation reveals that the claims are false. The absence of explanation on the strategy, lack of verified trading results, and no backtesting are downsides that make this FX EA an unreliable product. Further with user reviews suspected of being manipulated and the lack of sufficient customer support features confirm our suspicions on the trustworthiness of this EA.
After analyzing the various features, functionality, results, and other important aspects of this EA, we find that it lacks credibility. Starting with lack of transparency concerning the trading approach used to not posting trading results verified by sites like myfxbook, FXBlue, and FXStat, we find this EA is not reliable.
3/5
Total Score
  • Functionality
    4/5 Good
    Advanced retrace, spread filters, and holiday filters.
  • Trading strategy
    2/5 Bad
    No explanation of the trading approach used.
  • Live results
    3/5 Neutral
    Results are not verified by myfxbook/FXBlue.
  • Customer support
    3/5 Neutral
    Insufficient customer support options. No phone contact or live chat feature.
  • User reviews
    3/5 Neutral
    Customer responses suspected of being manipulated.

The Good

  • 100% automated system
  • Affordable and one time payment

The Bad

  • The strategy used is not disclosed
  • Trading results are unverified
Total
0
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