As much as professional and great expert advisors have grown in the Forex market, scammer expert advisors have increased as well. Nowadays, there are many users who are only investors and have no knowledge and expertise in using EAs, but their enthusiasm and lack of awareness are the leading cause of widely selling fraud robots. We will examine how to recognize forex scam EA and not fall into their traps. Stay with us!
What is the Forex Expert Advisor?
EAs or trading robots are automated trading systems that execute trades or produce trading signals based on programmed algorithms. EAs are written based on a trading strategy and help eliminate human trading intervention. As far as you became aware of what a Forex robot, It’s essential to notice that you should not use any EAs because most of them are scams.
Forex Expert Advisors scam
Since the Forex market has a comprehensive range of trading robots usage, the scam companies are trying to use this opportunity and sell their expert advisors and EAs to unaware people. We recommend you consider these initial tips below to reduce being trapped:
- Check the credibility of the creator company
- See the long-term performance of the expert advisor in MyFXBook
- Search on the internet and read articles about your desired expert advisor
- Check the age of the website and the expert advisor so that it must be at least more than one year.
How to identify scammers and fraudsters in the Forex expert advisors?
Nowadays, you see various advertisements about EAs or trading robots on the internet and social media that show fake results and graphs. These fake and scam results Indicate that the EAs can execute trades up to 99% correctly.
Be aware that the number of EAs that are designed for fraud and scams has increased. Generally, these EAs have shown strong results in backtesting; they have low prices and tempt you with many splashed advertisements to buy them. It is worth mentioning that the reliable EAs are connected to the MyFXBook website; you can see all the live results with no possibility of manipulation.
List of Forex scam EA
The number of forex scam EA that are continuously being offered to the market is too vast to gather them in a list. You should be cautious and careful about considering all the factors while you buy a expert advisor so as not to be trapped by scammers. We made a list of Forex scam EAs for you in the following:
- swab gird 4.1
Recognizing profitable robots
The only way to decrease being defrauded by scam expert advisors is to know how to recognize reliable and profitable EAs; there are four stages that you should follow one by one:
- Credibility of the creator: Do not buy your expert advisor from an individual. As measuring the performance of robots of the companies is much easier, always try to buy it from the companies. Make sure the creator of the expert advisor is reputable, registered as a technology company, and has an address and correct phone number that can be reported in the case of violation.
- Support and regular updates: in general, the robots that are created by professional companies have full and expert support. These companies provide new and free updates every few months to customers based on the market condition.
- Registered in MyFXBook: MyFXBook is an official website that allows robot creators to introduce their EAs. In this case, traders can see the results of the performance of their robots with no possibility of manipulation online.
- Specialization of the robot: It has never been seen, or it’s just rare to see a creditable robot that executes trades for all time frames and on all currency pairs. Professional trading robots execute trades specifically with a special strategy on specific currency pairs. Overall, if you want a pro trading robot, consider it is specialized to some extent, And check all the features.
Besides these four factors, the expert advisor creator company should give you the ability to test the robot for even a few days so that you can evaluate it on the live market via a demo account. Never trust the backtestings as they are easily manipulated. You can contact our expert mentor and advisor from the Express Advice website to buy reputable Forex robots that are guaranteed. Many EAs and trading robots fully execute the whole process. These expert advisors are provided to the worldwide market by authoritative companies.
Therefore, scammers use this opportunity to sell their fake and forex scam EA to beginners and new investors.
Getting advice before buying a robot
Express Advice is one of the most professional and reputable companies that has created specialized indicators and trading robots for a long time. The Express Advice company provides services to all traders and investors by having a professional and expert team. If you need to buy expert advisors, create, or need advice about Forex EAs, you can quickly contact Express Advice’s expert team to guide you.
What we read in the Forex scam EA article
As we read through Forex scam EAs article, nowadays, the market for selling fraudulent and scam EAs in Forex is too hot. The scammers and fraudsters are abusing investors’ lack of awareness to tempt them to use their robots. In this case, be careful and accurate to get advice from the Express Advice team before buying a robot or, as we said, consider all the factors, such as creators’ credibility, live results in MyFXBook, etc., not to be trapped by scammers. Also, If you want to buy reliable and profitable expert advisor, please check Express Advice website.
What is an Expert Advisor?
Automated systems that are programmed based on algorithms and execute trading tasks automatically are called expert advisors.
Are Expert Advisors useful?
If you have enough expertise and are able to provide a standard and suitable EA, then YES! It could be said that EAs are useful and profitable.
What is the fastest way to evaluate a trading robot accurately?
The fastest way to evaluate a trading robot’s performance is by observing Its performance results on the MyFXBook website.