BestFXNetworks Review: Things to Consider Before Investing

BestFXNetworks

BestFXNetworks is a no scalping, no averaging trading system that is claimed to show positive trading outcomes in the live market. What this means is that it reports more profits than losses. So, the vendor invites you to use the robot’s signals to grow your account.  

BestFXNetworks was supposedly created by software developers and traders having substantial experience in trading. Unfortunately, the sales pitch doesn’t reveal more about the team, including the professional backgrounds of the members and location. The parent company’s details are missing as well. 

The highlights of BestFXNetworks

These are some of the features that the robot is offering to its potential customers:

Support for all brokers

The system is compatible with all kinds of brokers, including those that work with Cent, STP, ECN, and Micro accounts.

Easy set-up

You won’t have a difficult time installing the EA to your trading terminal because the process is simple as ABC. 

Money management system

The devs say that they have incorporated very effective money management rules, which can easily fit into your risk profile. The goal is to help you to manage your money efficiently by reducing losses and optimizing profits so as to increase your account size. 

Trading strategy of BestFXNetworks

The EA assesses both technical and fundamental data in the market using neural networks to help it envisage how the market will behave in the future. As such, it is able to identify patterns which may not have been considered and apply them to the prediction so as to come up with accurate results. In the end, the system places buy/sell orders for the user. 

Backtesting reports

Backtest results for the EURJPY
Backtest results for the EURJPY

The above report proves that the efficiency of this trading algorithm was tested using 2019 to 2021 historical data. In the process, the EA managed to place 342 buy/sell orders, generating $291975.30 profits as a consequence. The profit factor, which was 26.53, tells us that the trading activities were very successful. This good performance was also portrayed by the excellent win rates attained for both short (99.18%) and long positions (93.64%). A maximum drawdown of 20.78% was made. This shows that the trading strategy was safe. 

Trading results in real time

Live trading stats on FXBlue
Live trading stats on FXBlue

This account has a current balance of $1163.73. The profit made is $861.67, while the loss incurred is -$21.68. For now, the money available for opening new positions is $1127.89. 

Performance of trades
Performance of trades

The EA has traded on this account for 94 days, and generally, it carries out 0.8 trades daily. The weekly and monthly profits realized from these trades so far are 12.4% and 63.4%, respectively. From the profit factor of 31.48, it is obvious that the system is very lucrative. In fact, this parameter is significantly higher than the one reported in the backtest report. The pips won are 1594.9. 

Risk of ruin
Risk of ruin

This account has a 0.1% risk of ruin, which indicates that it is safe from destruction. A desirable risk/reward ratio (4.52) has been recorded. It means that the EA makes more profits for the user compared to losses. The average trade length is 31.7 hours. 

Monthly returns
Monthly returns

December 2021 is the most profitable month to date. 

Weekly trades
Weekly trades

The system is not very active on Thursdays. Rather, it prefers to intensify  its activities on Tuesdays. 

BestFXNetworks price

There are three main pricing options available for anyone who would want to work with the EA. To get the Business package, be ready to part with $129. The Standard plan costs $149, while the Premium one is available at $169. Free upgrades, email support, coupled with real and demo accounts are included in the three offers. 

Customer support

To answer your questions or concerns about the robot, the devs require you to email them directly. Alternatively, you can fill out the contact form they have featured on their website with your personal details and message. 

Are traders happy with BestFXNetworks?

The EA’s page on Forex Peace Army
The EA’s page on Forex Peace Army

The robot has zero reviews on FPA. This suggests that traders are not using it on their accounts yet. So, we cannot conclude if the trading community loves it or not. 

BestFXNetworks

BestFXNetworks
3 5 0 1
The EA’s efficiency was tested on historical data and produced outstanding outcomes. Lucky enough, the system also shows good results in the live market. Not only is it profitable, but also trades safely, hence the low risk of ruin. However, the devs are anonymous, and user reviews are missing. What is more, traders are not offered protection through a refund policy.
The EA’s efficiency was tested on historical data and produced outstanding outcomes. Lucky enough, the system also shows good results in the live market. Not only is it profitable, but also trades safely, hence the low risk of ruin. However, the devs are anonymous, and user reviews are missing. What is more, traders are not offered protection through a refund policy.
3/5
Total Score
  • Profitability
    4/5 Good
  • Strategy
    3/5 Neutral
  • Reliability
    3/5 Neutral
  • Price
    4/5 Good
  • Customer testimonials
    2/5 Bad

Advantages

  • Backtest data is present
  • Live trading stats are found on FXBlue
  • Fairly priced
  • Customer support is offered

Disadvantages

  • Zero user reviews
  • Devs are unknown
  • Lack of a refund policy
  • Short trading history
Total
0
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