Forex Enigma is another system that offers to take over and handle all of the transactions for you. A deposit of $1000 or a minimum of $10 is needed on a cent account for it to commence trading. According to the vendor, the EA works best on one pair EURCHF, but other instruments are supported as well. When all is said and done, the most important question is whether the EA is profitable. We will provide an answer in this review.
The vendor of this robot is not mentioned in the sales pitch. This is a big inconvenience for traders who desire to work with known dealers.
The highlights of Forex Enigma
Here are some features, which according to the developer, set Forex Enigma apart in the market:
Easy money without effort
Being an automated trading algorithm, this tool enables you to sit back without any worries as it generates money for you.
Stays active and operational 24/5
All this while, it looks for lucrative opportunities for trading. Therefore, it ensures that you don’t miss any profitable trade unless you shut it down.
Is not controlled by emotions
This feature enables the robot to only perform its activities in a totally calculative environment without making spontaneous decisions. It basically gathers facts and figures and does not allow fear and stress to interfere with its activities.
Trading strategy of Forex Enigma
The EA is said to use three different trading strategies: scalping, trend, and half grid. A news filter is also incorporated to supposedly increase the system’s trading efficiency. In our opinion, a mixture of scalping and grid approach is one of the worst combos ever. The former makes very small profits, while the latter is known to leave a trail of losses in its wake. So, you will likely end up with an unhealthy risk/reward ratio.
The system was tested between 2020 and 2021. A $1000 deposit was placed, and the EA used it to carry out 777 trades. About 73% of the short positions and 81% of the long positions were won. The gain made from each trade must have been very small, given that the resulting profit figure was $496.96. There was a maximum drawdown of 21.54% and a profit factor of 2.68.
Trading results in real time
For 168 days the EA has been active, the account’s value has grown by 30.1%. This is after it used a deposit of $1000 to generate a meager profit of $301.34. The loss figure is very high — -$783.37, and raises serious concerns about the safety of the strategy used. As you can see in the stats above, the algorithm has also reduced the amount available for trading, which is now $406.30. The profit factor is 1.75.
These stats confirm that the EA works with the grid approach. As expected, the strategy has brought some devastating results to the account.
Evidently, the gains made monthly are irregular. So, it’s hard to foretell how the system will perform in the coming months.
Forex Enigma price
Forex Enigma offers a variety of options you can choose from. The cheapest pack (basic) goes for $149 and comes with 1 real account. The professional plan, which is the most expensive ($249), features 3 real accounts. Then there is the standard offer that costs $199. You will also get unlimited demo accounts, free updates, customer support, and a 30-day money-back guarantee if you purchase any of the licenses.
The vendor of this EA does not provide any contact address that can be used to communicate with the support team. There’s only a contact form, which you are supposed to fill if you have any questions or feedback. It’s not even clear how long the team takes to respond. Therefore, you may not get much help in case you have a matter that needs to be resolved urgently.
Are traders happy with Forex Enigma?
We don’t know. This is because the EA lacks customer reviews on its official sites and other renowned platforms such as Myfxbook, Trustpilot, and FPA.
Forex EnigmaForex Enigma
Customer testimonials2/5 Bad
- Fully automated
- Live records are provided
- No vendor transparency
- Lack of customer feedback
- Grid strategy is applied
- Low profitability