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WallStreet Forex Robot Review: Is It a Scam?

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WallStreet Forex Robot

WallStreet Forex Robot claims to be a reliable and accurate expert advisor that can profit in all kinds of markets. While the vendor claims that this robot can multiply your profits, we cannot just go by their words, and this necessitates a detailed analysis of the various performance factors of the EA.

This robot is manufactured by the Seychelles-based FXautomater team. The team has built other robots in the past like BF News Trader EA, Omega Trend EA, Smart Scalper Pro, Grid Master Pro, GOLD Scalper Pro, Smart Scalper Pro, etc. However, we don’t know when it was founded and the vendor has not revealed the identities of the developers and traders.

This EA is compatible with ECN brokers and can perform auto-detection of 4/5 digit brokers. It has a broker spy module that allows you to monitor whether dishonest brokers are trying to cheat you. WallStreet Forex Robot also has a broker protection system that prevents brokers from seeing your stop-loss levels and trading against you. It places a stealth mode stop loss ahead of the emergency stop loss.

While trading with this robot, you have the option of using a fixed lot size or activating the standard risk management feature. When you choose the second option, your lot size grows proportionately to your trading account. You also have the option of activating the drawdown compensation algorithm.

The EA sends notifications via email and mobile to let the traders know about opened and closed positions. It has a time management system that lets you manage the exact trading time. You can use it with micro, mini, and standard accounts.

Trading strategies and currency pairs

WallStreet Forex Robot trades in pairs like AUD/USD, NZD/USD, USD/CAD, USD/CHF, USD/JPY, GBP/USD, and EUR/USD. According to the vendor, you should use it on M15 charts. The minimum deposit is $100 to $500, but long-term traders should deposit at least $1000 to $5000.

We don’t have a proper explanation for the trading strategy, which is quite unfortunate. Seasoned Forex traders always look for some strategy insight, because it allows them to get an idea about the system’s profitability. Without it, many of them might not feel confident enough to use this robot for live trading.

Backtesting results for the EUR/USD pair

Backtesting results for the EUR/USD pair

Here we have the results for a backtest conducted on the GBP/CAD pair from 2007 to 2019 with 90% modeling quality. The EA made an initial deposit of $2000 for this test, generating a total net profit of $65722.02. It placed a total of 863 trades during these 12 years, winning 717 out of them. Thus, it had a win rate of 83.08% and a profit factor of 3.18.

WallStreet Forex Robot trading statistics 

Growth chart for WallStreet Forex Robot

Growth chart for WallStreet Forex Robot

This live trading account was launched on August 04, 2020. To date, the EA has placed 1806 trades through this account, winning 79% out of them and generating a total profit of $17362.18. The daily and monthly profits for this account are 0.28% and 8.66%, respectively, while the drawdown is quite high at 27.83%. This tells us that the EA follows a high-risk trading strategy that can lead to large losses.

Trading results for WallStreet Forex Robot

Trading results for WallStreet Forex Robot

By studying the trading results, we can see that the EA is following a Martingale-Grid combo. This is an extremely dangerous trading scheme that experienced traders avoid. It can drain your account in no time, and this makes us wary about investing in this robot.

Pricing and refund 

You can purchase WallStreet Forex Robot for the price of $267. This is not exactly cheap compared to other robots on the market, and we don’t think it is worth paying this much for a robot that uses a risky strategy. The vendor offers a 60-day money-back guarantee for this product.

What else you should know about WallStreet Forex Robot

User reviews for WallStreet Forex Robot on FPA

User reviews for WallStreet Forex Robot on FPA

There are several user reviews for this EA on the Forexpeacearmy website. Here users have complained about the profits not being enough. Clearly, many people are not happy with the system’s performance.

WallStreet Forex Robot Conclusion

2.5

We don’t think it’s wise to invest in this expert advisor. It is overpriced and uses a high-risk Martingale-Grid combo trading strategy that can lead to huge losses. There are several customers who have complained about the performance of the EA, so we would advise you to stay away from it.

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

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