Reaper Forex Robot Review: Is It a Reliable system?

By ETFhead 9th May 20221144 views

Reaper Forex Robot trades on the MT4 platform and can work on any account size. The algorithm takes less than 5 minutes to set up and is adored by thousands of traders, as claimed by the developer. To check if the robot is compatible with the forex market, we will look at its price, history records, customer reviews, and characteristics. In the end, you will be able to make up your mind about investment.

Company profile

Forex Robot Trader is a parent company with multiple trading robots in their selling list, such as Falcor Forex Robot, Ganon Forex Robot, etc. Don Steinitz is the main guy who teamed up with experienced programmers and started working in the forex market. The author provides no details on the company’s founding year and residing place.

Reaper Forex Robot review

The algorithm has the following features:

It trades in multiple currency pairs.
Various payment options are available.
The algorithm is available on sale.
Customer support for users.
The system comes with beautiful colors and an intuitive layout.

How it works

Follow the following steps to make it work:

Purchase the product after making payment and fill out the required data
Download the files to your computer
Sign in to your MetaTrader 4 platform
Place the robot in the expert directory and reload the page
Link the algorithm with the chart and start trading

Trading strategies and currency pairs

The algorithm works on all currency pairs on any account size. It calculated the possible breakout areas of support and resistance on charts and trades them accordingly.

From the history of records available on the website, we examine that the system rarely uses a stop loss or take profit with executions. There are no fixed hours for it to place positions.

Trading history of the EA

Backtesting

The backtesting records are present for December 2011, with a total net profit of $ 75 526.70. The robot had 271 trades, out of which 207 were positive and 64 negatives. The maximal drawdown was 0.04%, with a profit factor of 7.79 and the overall final balance of $ 2460 716.20.

Backtesting results

Reaper Forex Robot trading statistics

The company verified trading records are available for the month of February 2022. There had been 840 trades with a loss of 17.26%. The consecutive wins to loss ratio were 6 to 1, and the algorithm had no drawdown, which is quite suspicious. While these stats match previous backtesting performance, we cannot regard them as credible as any third-party website does not verify them.

Live results

Pricing and refund

The robot is available for $79 and has multiple payment methods for its purchase. Users must fill out the required data to continue with the payment. To get in touch with the company, buyers should fill out the contact form available on the company profile.

What else you should know about Reaper Forex Robot

The company has a rating of 2.5 for 13 reviews on Trustpilot. The observed rating is considered low, making it difficult for traders to trust their products. The reviews are available for different robots of the company. One customer comments that the company is fooling around and that he has lost money while trading with it.