Forex FundsForex Robots

Wrenfx EA Review: Is it a Reliable System?

0
Wrenfx EA

Wrenfx EA is a Forex trading robot powered by artificial intelligence. The vendor states that a user can easily install the software to the trading platform, and start receiving proven results. The MQL4 programming language was used to write the EA and it is designed to run on the MT4 platform. Apparently, no experience is required to operate this software. Novice traders can easily access it and utilize it comfortably.

Useful information about the company that built Wrenfx EA is absent. We do not know its name, what it specializes in or even if it has launched other similar systems in the Forex market. We advise traders to be wary of developers who operate in secrecy.

The robot’s features are indicated below:

  • It is fully automated
  • A minimum deposit of $200 is needed to begin operating it
  • It works on a variety of accounts including NDD, Standard, ECN and micro accounts
  • Hedging or scalping strategies are not applied
  • Uses smart money management to reduce trading risks
  • Offers 24/7 customer support
  • Includes smooth trade managing

Wrenfx EA executes trades for the user automatically. After confirming a trader’s payment, the vendor sends them an email requesting for account numbers. Once the user answers the email, the account numbers are activated within 12 hours. A trader can then sit back and let the system perform trades for them.

Trading Strategies and Currency Pairs

Wrenfx EA trades on 4 currency pairs namely EURUSD, EURCHF, USDJPY, and USDCHF. The developers indicate that the software applies various trading approaches but the main strategy entails tracking the market movement on larger time frames. Concurrently, it focuses on lower time frames to identify reversal points to make entries. We are rather disappointed by this vague explanation. The developers should have made more effort to explain to the user the type of indicators their system tracks.

Below is a screenshot of the EA’s backtest report:

Strategy tester report The account traded with the USDJPY currency pair on the 1-hour time frame. The modeling quality was 90% with 20 pips spreads. The account operated between January 2018 and April 2021. The initial deposit was $1,000, and the total net profit made was $64,415.63. The EA executed 210 trades. The win-rates for shorts and longs stood at 91.45% and 95.70% respectively.

The average profit trade was $369.02 whereas the average loss was -$565.23. This is dangerous as the account can easily make losses. The profit factor was 9.14. The relative drawdown (30.86%) was very high. This is not good as it shows the account was operated with high risks.

Wrenfx EA Trading Statistics

Trading Results Chart

The EA manages a real USD account on the CryptoRocket broker on MetaTrader 4. The account has been active since May 13, 2021. To date, it has made a profit of $2,329.91 from a deposit of $5,000. The account balance has increased to $7,329.91. The total gain is 46.6%. The daily and monthly profits are 0.62% and 22.59% respectively. The drawdown which is 42.93% is higher than the one in the backtest data report. The drawdown’s value is large and further draws attention to the high risk approach the account takes.

High drawdowns

The account had relatively high drawdowns on 2 consecutive days in June, 2021.

Trading Results

The EA has performed 27 trades with 242.6 pips. The average loss which is -21.73 pips is significantly higher than the average win of 19.74 pips. This trend should concern the user as they can easily lose their money. The winning rate for long trading positions is 66% and 77% for short ones. These results are not that good. The profit factor is 2.26. The account has traded with 29.64 lots.

Trading days

Most trades are executed on Friday.

Risk of ruin

The account’s risk of ruin is high. If the EA loses 2 trades consecutively, it will lose 10% of the account.

Trading history

The gains made by the account are very small. The EA uses trailing stop losses. The TP levels are not fixed and hence vary.

Pricing and Refund

Wrenfx EA comes in three various packages. The basic plan is the cheapest option and costs $299. It features 2 accounts and an 18 months license. The pro package is priced at $399 and includes 3 accounts and 24 months license. The enterprise package is the most expensive plan as it costs $499. A user who purchases this pack receives 4 accounts and a lifetime license. Free updates and 24/7 customer support are integrated in all the 3 pricing plans. The vendor offers a 30-day money back guarantee. Compared to the average price of EAs in the market, this software is relatively costly and hence not worth the trader’s money.

Wrenfx EA Pricing

What Else You Should Know about Wrenfx EA 

Customer reviews for this EA are lacking. We found zero reviews for this software on third-party sites like Myfxbook, Trustpilot, and Forex Peace Army. So, we do not know how traders feel about this bot.

Wrenfx EA Conclusion

4

Traders should steer clear of this robot. The trading approach it uses is risky, and chances of losing capital are thus high. In addition, the company responsible for building this software cannot be trusted to fulfill its promises since it operates in secrecy. Lastly, the strategy description is hazy and cannot be relied on to benefit the user.

  • Price-3/10
  • Strategy-3/10
  • Trading Results-5/10
  • Vendor Transparency-4/10
  • Customer Reviews-4/10
  • Support-5/10

    Sirius EA Review: Is It a Scam?

    Next article

    You may also like

    Comments

    Leave a reply

    Your email address will not be published. Required fields are marked *

    More in Forex Funds