According to the verified records, the iProfit system has been in place since August 26, 2013. This EA uses an advanced trading strategy to get in and out of positions quickly. The robot can trade on multiple pairs and has 12-year tick back data with 99.9% accuracy to show the robustness of the system. The company also offers signals cloner and forex signals with the same robot.
iProfit Robot Review
iProfit have the following features with their service:
- Can trade on multiple pairs
- It has no grid, martingale, and hedging strategies in the code
- Verified records available for an extended duration
How It Works
You can choose to purchase the robot and place it on the respective charts by installing it inside the MT4 platform. Enabling auto trading will allow the robot to trade freely. You can also follow the algorithm’s signals manually or in auto mode. It performs similarly on all brokers.
Trading Strategies and Currency Pairs
The robot uses a neural network that helps it adapt to the price action automatically. It also updates the recent highs and lows each hour. The algorithm doesn’t hold trades over the weekend and uses a hidden stop loss and take profit to enter or exit positions. Recommended trading pairs from the developer are XAUUSD, EURUSD, EURJPY, GBPUSD, and AUDUSD.
The developer explains the strategy in a more elaborate way stating that it uses the H1 time frame with analysis on every tick. Through this, it keeps on generating small profits by trying to keep the losses on the lower end. Phibase Technologies refer to an NN model as the designated name for the game plan.
Backtesting was carried out on different currency pairs. The duration is mentioned as 12 years. Combined results are available from March 2007 till May 2019. It had an average winning rate of 60$ with a risk: reward of 1:1.
iProfit EA Trading Statistics
Live results are tracked via Myfxbook, where the robot has been trading since August 26, 2013. The robot provides a monthly gain of 1.09% with a drawdown of 25.47%. The average winning rate was 58%, with a profit factor of 1.12, similar to the backtesting results. The average trade duration was 3 hours and 26 minutes. The developer hides the balance and profit chart along with equity, deposit, and withdrawals. The average winning trade has 66.58 pips while the losing has -74.63 pips.
The system has a high risk of ruin where there is a 20% chance to lose 10% of the initial deposit within 40 trades.
Pricing and Refund
The robot is available for a yearly subscription at the cost of $470. You can also purchase a lifetime license that comes at $899. The licenses are valid for two real and demo accounts. They come with support and updates for the MT4 platform.
What Else You Should Know about iProfit EA
Even though Forex Peace Army tracks the performance results, there are no customer reviews available. This shows that no one is interested in a system that gives a high drawdown and has little to zero monthly profits. It can take years to get a good return on your initial capital with such an expert advisor, which makes it practically useless.
Price – 3/10
Strategy – 2/10
Trading results – 3/10
Vendor transparency – 3/10
Customer reviews – 2/10
Support – 5/10