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Forex Gump Review: Is It a Scam?

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Forex Gump

Forex Gump is an expert advisor that claims to be profitable in all kinds of market situations. It is a 100% automated system that can trade in multiple currency pairs. Since many EA vendors make these kinds of promises, a thorough analysis of the system’s profitability is necessary.

We don’t have any information on the company selling this EA, since the website does not have an ‘About Us’ section, unlike most. The vendor has not provided any official address, and the identities of the team members are kept hidden. We don’t have any contact information available on the web page, and to get in touch with the service team, you must use the contact form. This doesn’t earn the EA any points in the vendor transparency department.

This is a robot that trades daily and uses a unique take profit with every order. It has three settings, namely low, middle, and high. The vendor does not explain what these are exactly, but we assume it has something to do with the risk level.

Forex Gump trades in 9 different currency pairs. These are USD/JPY, USD/CHF, USD/CAD, GBP/USD, EUR/USD, EUR/JPY, EUR/GBP, EUR/CHF, and AUD/USD. According to the vendor, you should run the EA on M1 charts.

This EA trades 24 hours a day, 5 days a week. It keeps searching for trading opportunities during the weekdays unless you manually turn it off. You can use a cent or a standard account with Forex Gump. For the first one, you need a minimum deposit of $40, while a $4000 deposit is suitable for standard accounts. The minimum recommended leverage is 1:100.

Trading strategies and currency pairs

Unfortunately, we don’t have an explanation for the trading strategy used by this robot. The vendor has not provided any strategy insight on the official website, apart from mentioning that the robot uses news filters and rend candles. It is extremely vital to know what strategy an EA uses before spending money on it, so this will deter many Forex traders from purchasing.

It seems the strategy has not been tested using historical data, since there are backtesting results for Forex Gump. Thus, we don’t know whether the system can endure difficult market conditions. While decent historical performance does not necessarily translate to live performance, it is the mark of a reliable EA.

Forex Gump trading statistics 

Growth chart of Forex Gump

Growth chart of Forex Gump

This live trading account for Forex Gump has a trading history of 324 days. The EA has placed 5557 trades to date, winning 4879 and losing 678. It has generated a profit of $135,106.27 from all trades and suffered a loss of $64,454.20, which brings its net profit to $70,652.07.

Right now, the daily, weekly, and monthly gains for this account are 0.53%, 2.67%, and 11.71%, respectively. It is very apparent that Forex Gump trades with high risk since it has an extremely high risk/reward ratio of 21.34. Thus, while trading with this system, you have a greater chance of draining your account.

Pricing and refund 

There are two pricing plans for this expert advisor. The first one costs 199 Euros and it gives you access to 1 demo and 1 live account. With the second plan, you can use 3 live accounts and an unlimited number of demo accounts for 399 Euros. While the first plan is affordable, the second one is a bit expensive. Both these plans come with free updates, 24/7 support, and a 30-day money-back guarantee.

What else you should know about Forex Gump

Customer review for Forex Gump onForex Peace Army

Customer review for Forex Gump onForex Peace Army

It seems this expert advisor suffers from a lack of reputation. Despite trading in the live market for 324 days, it has only one review each on Forexpeacearmy and Trustpilot. Reliable EAs usually have a lot of user reviews on third-party websites, so it is evident that not people trust this robot as of now. The lack of reputation is yet another reason why we think Forex Gump is not a safe investment.

Forex Gump Conclusion

2.6

There are several reasons why we don’t consider Forex Gump a trustworthy expert advisor. First of all, it is sold by an unknown vendor we don’t have any information on. They have not provided any explanation for the trading strategy and it seems the system has not been historically tested. Furthermore, we can see large losses during live trading and a high risk/reward ratio, which confirms the fact that the robot uses a risky trading approach.

  • Price – 4/10
  • Strategy – 2/10
  • Trading Results – 3/10
  • Vendor Transparency – 2/10
  • Customer Reviews – 3/10
  • Support – 2/10

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