FXCipher Review

FXCipher

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. 

Price$295
Trading PlatformsMT4 and MT5
Currency PairsGBPUSD and EURJPY
StrategyGrid, Martingale
TimeframeN/A
Recommended DepositN/A
Recommended LeverageN/A
Money ManagementYes

FXCipher functionality

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.
FXCipher pricing
FXCipher pricing

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

FXCipher backtest report for a GBPUSD currency pair
FXCipher backtest report for a GBPUSD currency pair

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

FXCipher live trading results
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. 

Trading details of FXCipher
Trading details of FXCipher

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. 

FXCipher traded symbols
FXCipher traded symbols

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. 

Hourly activities
Hourly activities

The system works mostly during the European and American trading hours and scalps a bit after Midnight when the market is calm. 

Daily activities
Daily activities

The system works during a week, trading a bit less on Friday. 

Trading risks
Trading risks

The advisor works with medium risks to the account balance. 

Trading history of FXCipher
Trading history of FXCipher

We can check closed orders to get some details. We may note that there were many Martingale orders executed. 

FXCipher monthly trading results
FXCipher monthly trading results

The system has been providing lower profits since August 2021. 

We would like to note

FXCipher’s page on Forex Store
FXCipher’s page on Forex Store

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 Summary

FXCipher
2 5 0 1
FXCipher is an advisor that works with Grid of orders and quite aggressive Martingale to recover after losses. The presentation doesn’t look professional. We don’t know if the system works well on clients’ accounts.
FXCipher is an advisor that works with Grid of orders and quite aggressive Martingale to recover after losses. The presentation doesn’t look professional. We don’t know if the system works well on clients’ accounts.
2/5
Total Score
  • Functionality
    3/5 Neutral
    The system doesn’t have all the required functionality.
  • Trading strategy
    2/5 Bad
    It uses risky trading strategies.
  • Live results
    2/5 Bad
    The profitability went down.
  • Customer support
    2/5 Bad
    We have no sign that customer support is good.
  • User reviews
    2/5 Bad
    Their presentation doesn’t have testimonials.

The Good

  • Backtest reports provided
  • Trading results shown
  • Affordable pricing

The Bad

  • No team revealed
  • A very poor presentation was written
  • Trading results showed Martingale applied
  • No customer testimonials written
Total
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