Forex Flex EA Review: Is It a Scam?

By ETFhead 13th October 20212263 views

Flex EA is a trading advisor that works on real and many demo accounts. The presentation seems to us to be 20-year-old styled. The main claim is “#1 performing EA that has 7 years of running.” We decided to check everything up.

There are many claims about how the system works. We systemized them in a proper order.

The advisor knows how to trade automatically for us. We may do whatever we want.
The trading is allowed on 28 currency pairs.
It places Stop Loss and Take Profit levels.
It follows NFA and FIFO regulations.
The devs provide two versions for us: MT4 and MT5.
There are 12 strategies applied on the board.
“It uses six virtual trades per symbol to find the most precious entry point.”
It doesn’t open trades during high-impact news periods.
There’s broker protection applied either.
It opens from 4 to 8 deals weekly.
Free updates and upgrades will be provided.
We can switch on or off indicators.
We can turn on a Hedge strategy.
We can work on HotForex, FXOpen, or TradersWay brokers.
The deposit should include $1000 for working on a standard account.

Trading strategies and currency pairs

We don’t know what the main strategy is. It can be price action.
The pairs are GBP/USD, USD/JPY, USD/CAD, USD/CHF, EUR/USD, EUR/GBP, NZD/USD, AUD/USD, EUR/JPY, and EUR/CHF.
The devs don’t reveal time frames to trade.

Forex Flex EA trading statistics

We have no backtest reports published. It’s a con because they can’t prove that they own the system. The backtest reports could show us how the system worked in the past.

Forex Flex EA’s live trading results

Live trading results

Verified trading results are the most important part of every presentation because only they can reveal the current state of affairs on the market. The advisor has been running a real USD account on FXOpen automatically, receiving data from MT4. The leverage level wasn’t mentioned. The account has a verified track record. It was deployed on April 15, 2020. The deposit was $15,821.10. Since then, the absolute gain has become 498.17%. An average monthly gain is 10.46%. The maximum drawdown is 56.61%.

Trading statistics

The robot has closed 415 orders with 8189 pips. An average win is 39.56 pips when an average loss is -24.72 pips. The win rate is 68% for longs and 71% for shorts. An average trade length is 7 days. The profit factor is 4.24.

Trading directions

GBPUSD is the most traded pair with 88 orders. USDCAD is the most profitable symbol – $6426.

Closed orders

The advisor doesn’t follow FIFO rules, working with a Grid of orders.

Monthly profitability

The system provides average profits monthly.

Pricing and refund

Pricing details

The system is introduced in three packages. The first and the second packs cost $330 and include MT4 or MT5 licenses. The ultimate pack with two licenses at once costs $495. There are features unlimited demo account numbers, all set files, access to a private forum, and a discount coupon applied. We can rely on a 30-day money-back guarantee.