FxRapid EA Review

FxRapid EA

FxRapid EA comes with two different subscription packages that vary on the number of currency pairs it can trade. The developer names it DUE and QUATTRO. The transparency on the website on the backtests and live results is clear, which we will use in our review to analyze the system’s performance.

The company does not detail the names of the developers. There is no information on their trading experience and their whereabouts, which raises concerns about the product.

FxRapid EA at a glance

Price65 Euros
Trading PlatformsMT 4
Currency PairsMultiple
StrategyTrend
TimeframeN/A
Recommended Deposit$460
Recommended LeverageN/A
Money ManagementYes

FxRapid EA functionality

The company has the following features:

  • It does not require any manual execution.
  • There are two versions of the system available.
  • The robot is compatible with FIFO and NFA regulated brokers.
  • The algorithm is fully automated and comes with a user manual.

FxRapid EA trading strategy tests

The developers state that the system follows a trend trading approach with an average trade duration of a few days to several hours. The robot can close trades when the drawdown reaches a certain level that the trader specifies. From the history at Myfxbook, we can see that the robot uses a grid and a martingale approach to trades. The executions are normally held for three days.

Trading history on Myfxbook
Trading history on Myfxbook

Backtesting results are available for AUDUSD. The relative drawdown was around 89.38%, and the winning rate was 61.01%, with a profit factor of about 2.44. All the tests were done on the hourly chart with a starting balance of $5000. 

The robot tanked an average profit of $30214711.37 during this period in a total of 889 trades. The best trade was $5000720, while the worst one was -$1074673.20. The modeling quality stands at 90%.

According to the statistics, the drawdown of the system is high, which shows that the robot can wipe out a huge chunk of the account balance.

Backtesting records
Backtesting records

FxRapid EA real trading results

Verified trading records on Myfxbook show performance from July 31, 2020, till the current date for FX QUATTRO. The winning rate stood at 46%, with a profit factor of 1.77. The best trade was $3687.08, while the worst was -$2523.48 in a total of 823 trades. The developer made $2000 in deposits and $0 in withdrawals. 

The system made an average monthly gain of 21.06% during the period, with a drawdown of 60.88%. The stated drawdown is high, giving us a risk-reward of 1:3, which is quite poor — the algorithm loses nearly half the account balance amount.

Live trading statistics on Myfxbook
Live trading statistics on Myfxbook

User reviews

There are no customer reviews present at Forex Peace Army, TrustPilot, and Quora. The lack of interest by traders in the system might be due to the implementation of the martingale strategy. Using the robot can be quite risky with such an approach as it can result in a margin call. The developers are also not transparent on their own whereabouts and experiences, making the situation even worse. Without any feedback, we can not find out how other investors feel about the expert advisor.

FxRapid EA Review Summary

FxRapid EA
2 5 0 1
FxRapid EA is not a good system to trade with due to the implementation of martingale structure. Traders have to beware of the robot at all times.
FxRapid EA is not a good system to trade with due to the implementation of martingale structure. Traders have to beware of the robot at all times.
2/5
Total Score
  • Functionality
    2/5 Bad
    The service works only on MT4.
  • Trading strategy
    2/5 Bad
    The developer fails to provide good information on the strategy.
  • Live Results
    2/5 Bad
    Live results show a good amount of drawdown.
  • Customer support
    2/5 Bad
    Customer support is available only through a contact form.
  • User reviews
    2/5 Bad
    No customer reviews are present for Forex Peace Army, TrustPilot, and Quora.

The Good

  • Provides multiple backtesting and live records

The Bad

  • No information on the strategy
  • No transparency of developers
  • It only works on MT 4
Total
0
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