FXCipher is an expert advisor that works with two pairs of settings. The presentation is short and not as informative as usual for powered by ForexStore trading solutions. The developers claim: “One of them has been optimized since 2010 and is highly reliable. The other one has been optimized since 2017, which helped to increase the profitability of the robot.” We are going to check everything up.
FXCipher at a glance
The stable can help you to check the most important intel.
|Trading Platforms||MT4 and MT5|
|Currency Pairs||GBPUSD and EURJPY|
The system has the next features and details explained:
- It works fully automatically for us.
- The advisor allows us to trade on MT4 and MT5 platforms.
- The robot trades, taking into account FIFO rules.
- The system works with the following cross pairs: GBPUSD, EURJPY, AUDUSD, USDCAD, and EURUSD.
- “The EA has a special Preset selection mode. That means that after running the EA, you will be able to choose whether to use the mode with settings that have been optimized since 2010 and have a very high reliability rate, or use the Preset with settings optimized since 2017, which provide higher profitability and require a lower initial deposit.”
- There are two different strategies applied.
- We can decide what strategy we can work with.
- It can switch between them automatically.
- It places SL and TP levels for open deals.
The system is available for $295 for a single real account license. We can rely on many demo accounts, a user guide, quick-to-answer support, free updates, and free upgrades. The refund can be for a 30-day period.
FXCipher trading strategy tests
The system was tested on a GBPUSD pair on the H1 time frame. The data was 2010-2021. The modeling quality was 90.00% with 3 pips. An initial deposit was $10,000. The total net profit has become $393,282. The profit factor was 1.59. The maximum drawdown was 24.72%. The advisor traded 4,507 trades with 48% of the win rate for shorts and 47% for longs.
What about FXCipher live trading results
Live trading results are one of the most important parts of any trading system presentation. They help us to analyze the system and how it adjusts to different market conditions. The best option is when the trading results are verified. The good thing is FXCipher provides two live trading accounts to demonstrate their system performance.
The robot has been running a real USD account under FXOpen brokerage without the leverage mentioned on the MT4 platform. The account has a verified track record. It means that the trading results we see are verified by Myfxbook. The account was created on September 24, 2020, and deposited at $2,500. Since then, the absolute gain has grown to 417.97% with an average monthly gain of 14.75%. The maximum drawdown is sky-high 51.22%. Everything that is higher than 20% involves a higher risk.
Based on 223 orders with 786 pips performed, the robot’s profitability is only 55%. It trades with an average frequency of 2 days and the profit factor of 1, 87.
We may note that the system has a Shorts direction win in profits and loss in pips. It means that there’s an aggressive Martingale.
The system works mostly during the European and American trading hours and scalps a bit after Midnight when the market is calm.
The system works during a week, trading a bit less on Friday.
The advisor works with medium risks to the account balance.
We can check closed orders to get some details. We may note that there were many Martingale orders executed.
The system has been providing lower profits since August 2021.
We would like to note
We may check a page of FXCipher on the Forex Store. The system has an eight point five rating from ten possible. There are no testimonials written on Trustpilot or Forex Peace Army sites. We don’t know how the system works on people’s accounts.
FXCipher Review SummaryFXCipher
Functionality3/5 NeutralThe system doesn’t have all the required functionality.
Trading strategy2/5 BadIt uses risky trading strategies.
Live results2/5 BadThe profitability went down.
Customer support2/5 BadWe have no sign that customer support is good.
User reviews2/5 BadTheir presentation doesn’t have testimonials.
- Backtest reports provided
- Trading results shown
- Affordable pricing
- No team revealed
- A very poor presentation was written
- Trading results showed Martingale applied
- No customer testimonials written