Promax Gold EA promises a monthly profit of 20-48%. It is a 100% automated trading system that trades in the XAU/USD pair on the Metatrader 4 platform. It is sold by the Sinry Advice team that is based in Malaysia.
We don’t know much about the parent company behind Promax Gold EA. The vendor has not shared any details about the company’s history and background. Also, we don’t know whether the developers and traders working for this company have the necessary experience and technical knowledge. The lack of vendor transparency for this Gold EA is a major red flag that we cannot ignore.
This team has previously developed systems like Red Fox EA, MG Pro EA, and others. On the official website, the vendor presents us with a list of all the main features. We also have the link to a live trading account, a video showing how the EA works, and a list of requirements. The vendor has also added an FAQ section where we can find the answer to several questions.
Promax Gold EA at a Glance
Promax Gold EA Functionality
Promax Gold EA is able to analyze fundamental and technical news. It has an auto money management setting that lets it select the size of the trading lot according to the size of your balance. When you purchase this EA, you get a full setup guide. Also, you get access to 1 Demo and 1 Live account.
As per vendor claims, the EA trades with 88% accuracy. This is a bold claim that we need to verify at our end. In case there is a drawdown, the EA uses a smart grid to close the trades in breakeven. The vendor offers only a 14-day refund policy, which is quite odd. We cannot possibly test the performance of the system in just 14 days.
To get started with this EA, you can use a deposit of $1000 or more. It is recommended that you use it on M5 charts. According to the vendor, the installation process takes only 5 minutes. You can use the EA with a Standard or ECN account.
The vendor recommends not running this robot on accounts with balances less than $1000. It is advisable that you don’t use Cent or Mini accounts. You must keep the EA running at all times, so using a VPS is more convenient. According to the vendor, the robot works best with an ECN account having leverage of 1:500.
Promax Trading Strategy Tests
On the official website, the vendor has not provided any explanation for the trading strategy used by Promax Gold EA. Seasoned traders often look for proper strategy before investing in a robot. From the technical details of the strategy, it is possible to gauge the profit-making capability of the EA to some extent. So the lack of information comes as a disappointment.
We don’t have the backtesting results for Promax Gold EA, and hence we know nothing about its historical performance.
What About Promax Gold EA Live Trading Results
Here we have the live trading results for Promax Gold EA on the Myfxbook website. This account has been active since April 25, 2021, so it has an extremely short trading history. To date, the EA has placed 226 trades through this account, maintaining a win rate of 80%. The drawdown for this account is extremely high at 53.02%, which indicates a high-risk trading strategy.
After checking the trading history, we can see that the EA uses a combination of Martingale and Grid. This is a potentially risky strategy that can only generate small gains from each trade.
There are no verified user reviews for this EA. The vendor has shared some customer reviews on the official website, but these cannot be considered authentic.
Promax Gold EA Review SummaryPromax Gold EA
Functionality2/10 Very badIt is a 100% automated trading system with auto money management functionality.
Trading Strategy1/10 AwfullyThe trading history tells us that the robot is using a risky martingale-grid combo.
Live Results1/10 AwfullyThe robot has a short trading history and extremely high drawdown.
Customer Support2/10 Very badCustomer Support is available every day from 9 AM to 5 PM GMT+3.
User Reviews1/10 AwfullyNo verified customer reviews are available.
- Verified live trading results
- Martingale and grid combination
- High drawdown
- Backtesting data not available