Forex Cyborg Review: Things to Consider Before Investing

Forex Cyborg

Forex Cyborg boasts of a multi-currency trading system that can trade 18 pairs simultaneously. Claimed to be an innovative robot in FX, this MT4 compatible tool integrates a complex technical analysis in its design. As per the vendor, this FX Robot has a high winning rate on backtesting done for 10 years in different market conditions. 

We could not find info on the developer or the team behind this FX Robot. There are no company details like its founding year, team members, location address, phone number, etc. The lack of info raises our suspicion regarding the dependability of the product.

The highlights of Forex Cyborg

Special features of Forex Cyborg
Special features of Forex Cyborg

Here are some features that, according to the developer, set this MT4 tool apart in the market:

Money management

As per the website info, an integrated money management method is used by the FX EA that can be personalized as per your needs. The risk is managed by the currency correlation risk-manager under which there are two preset modes namely, Normal and Conservative sets.

High win rate in backtesting 

There is the inclusion of various unique features like the technical analysis in the system. The features help in providing a high winning rate in the backtests. The vendor claims that the algorithm used can help the robot to dynamically adapt to any market situation.

No minimum deposit requirement

No lower limit is set for the starting deposit and the same applies to the leverage, trading account, and broker you should use. The vendor recommends trading with an amount and risk that you are comfortable with.

From the features focused on by the vendor, we can see that there is no specific explanation provided for the money management features and the adaptable algorithm used. We feel the explanation is vague and does not reveal the efficacy of the FX Robot.

Trading strategy of Forex Cyborg

Other than the vague explanation about the adaptable algorithm and unique technical analysis, we are unable to find info on the strategy used. To use the trading robot, you have to choose from the two available packages and download the software after your purchase. The instructions provided will help you set the software on your MT4 terminal and you can start trading using the robot.

Backtesting reports

Many backtesting reports are provided by the vendor with different duration and risk settings. Here is one of the backtests done for 10 years from 2010 to 2020 on the M15 timeframe. 

Backtesting report of Forex Cyborg
Backtesting report of Forex Cyborg

From the above info, we can see the backtesting was for the AUDCAD pair done with an initial deposit of 10000. A total net profit of 3532.95 was generated for a total of 888 trades. Of the trades, 74% were profit trades and 26% were loss trades. A profit factor of 3.42 was present. The maximum drawdown for the account was 1.01%. From the stats, we can see that the low drawdown indicates a low-risk approach. However, the profits are too low indicating a below-average performance.

Trading results in real time

A real EUR account using the Darwinex broker and the leverage of 1:200 on the MT4 platform verified by the myfxbook site is shown here.

Growth curve of Forex Cyborg
Growth curve of Forex Cyborg
Advanced trading stats for Forex Cyborg
Advanced trading stats for Forex Cyborg

From the above screenshots, we can see the account has grown steadily from July 2017 up until now. The total profit is 364.86% and the absolute profit is 71.77%. We find the discrepancy between the two values is very high, which may be due to the withdrawals done or it can also be due to the high-risk approach used. A daily profit of 0.09% and a monthly profit of 2.87% are present. 

The deposits amount to €15,942.61 and withdrawals amount to €23,700.99. Profitability is 69% and the profit factor is 1.18 for a total of 3179 trades executed. Varying lot sizes ranging from 0.14 up to 0.27 are used. A drawdown higher than 20% is suggestive of higher risk and the big lot sizes also indicate a high-risk approach.

Forex Cyborg price

Pricing packages of Forex Cyborg
Pricing packages of Forex Cyborg

A gold package costing €499.99 and a premium package costing €599.99 are present. The two packages come with lifetime updates, lifetime support, an unlimited number of demo licenses, and the ability to work on 18 pairs. While the former provides one real license, the latter package has 3 real licenses. A 30-day money-back assurance is provided for the packages. When compared to the market average, we find the price is expensive.

Customer support

An online contact form is the only support method the vendor provides for this FX robot. Live chat, phone number, FAQ, etc. are not provided.

Are traders happy with Forex Cyborg?

We found one user review for this FX EA on the FPA site. Here is a screenshot of the feedback:

User feedback for Forex Cyborg
User feedback for Forex Cyborg

From the above review, we find the user is happy with the performance. He also indicates that it had strong drawdowns, which users should be wary of.

Forex Cyborg

Forex Cyborg
3 5 0 1
Our analysis of the Forex Cyborg trading tool reveals a system that shows a reasonably well-performing EA with backtests and real-live results as proof. However, the varying lot sizes and high drawdown denotes a risky approach. The price is another downside for this FX robot.
Our analysis of the Forex Cyborg trading tool reveals a system that shows a reasonably well-performing EA with backtests and real-live results as proof. However, the varying lot sizes and high drawdown denotes a risky approach. The price is another downside for this FX robot.
3/5
Total Score
  • Profitability
    3/5 Neutral
  • Strategy
    3/5 Neutral
  • Reliability
    3/5 Neutral
  • Price
    2/5 Bad
  • Customer Testimonials
    4/5 Good

Advantages

  • A fully automated system
  • Verified trading results

Disadvantages

  • Expensive packages
  • Insufficient explanation of the strategy
  • A high-risk seen in the live trading results
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