FXCipher Review: Is It a Reliable System?

By ETFhead 24th November 20212389 views

FXCipher is an expert advisor that is a part of the powered by ForexStore family. These developers write a short presentation that includes a minimum of information about how the system functions. We have a claim that “FXCipher has 2 built-in presets you can choose from. One of them has been optimized since 2010 and is highly reliable. The other one has been optimized since 2017, which helped to increase the profitability of the robot.” It’s not a big deal to figure out if the system fits our expectations.

We have gathered all the details about the system in the list below to help you with understanding how the algorithm works.

The advisor executes orders on the MT4 and MT5 terminals completely automatically.
We have to expect that the robot follows FIFO rules. It means that a Grid of orders strategy is not allowed.
“The EA has a special Preset selection mode. That means that after running the EA, you will be able to choose whether to use the mode with settings that have been optimized since 2010 and have a very high reliability rate, or use the Preset with settings optimized since 2017, which provide higher profitability and require a lower initial deposit.”
The advisor has received two different strategies to work on the market.
We can decide what strategy is okay for us.
We can switch automatically between them.
The advisor covers opening orders with SL and TP placing.

Trading strategies and currency pairs

There are two strategies mentioned but weren’t named.
Trading is allowed on five cross pairs: GBPUSD, EURJPY, AUDUSD, USDCAD, and EURUSD.
The core time frame for trading is H1.

FXCipher backtest report

We have several backtest reports published on the site. This one is GBPUSD on H1 based on elven-year of tick data. The modeling quality was 90%. The spreads are three pips. An initial deposit was set at $10,000. The total net profit was increased to $393,282. The system traded with a profit factor of 1.59. The maximum drawdown was average – 24.72%. There were 4,507 trades traded. The win rate was 47-48%.

FXCipher trading statistics

FXCipher trading results

We have a robot executing orders on a real account on a FXOpen broker. It works automatically on MT4 without leverage mentioned. The account has a verified track record. The devs created it on September 24, 2020, and deposited it at $2,500. Since then, the absolute gain has become 552.8%. An average monthly gain is 14.17%, while the maximum drawdown is insanely high ‒ 72.02%. These are such unfriendly numbers as for conservative and moderate risk accounts.

FXCipher statistics

The robot has executed 270 orders with an average win of 61.07 pips and an average loss of -68.35 pips. There were 114.09 lots traded. An average accuracy rate for 52% and 55% short and long trading directions. The robot traded with an average trade frequency of two days and a profit factor of 1.79.

FXCipher traded symbols

From EURJPY we may see that Martingale was applied because the robot lost this pair in pips and won it in profits.

FXCipher risks

The risks of losing a balance are moderate.

FXCipher trading results

It’s easy to note that the system survives only because of Aggressive Martingale on Grids of orders.

FXCipher monthly trading results

The system is profitable this year, but is risky anyway.

Pricing and refund

FXCipher pricing details

We can purchase a copy of the advisor for $295. The pack includes a real account, demo accounts, a user guide, quick-to-answer support, free updates, and free upgrades. We can rely on a 30-day money-back guarantee.

What else you should know about FXCipher

The system requires so much margin to survive because of aggressive Martingale. So, we have to ask the devs how much will be enough to work with it safely.