Forex Flex EA Review: Things to Consider Before Investing

Forex Flex EA

Forex Flex EA is a fully automated system that supports the MT4 and MT5 terminals. It has NFA and FIFO compatibility and supports 12 different strategies from which you can choose any approach you want. As per the vendor, this is the best MT4 supporting EA since 2014. 

There is no info on the developer or the team responsible for designing this FX Robot. We could not find details like the company profile, founding year, location address, other products of the company, phone number, etc. The lack of vendor info raises doubts regarding the credibility of this EA.

The highlights of Forex Flex EA

After evaluating this FX robot, we found a few features that the vendor focuses on mainly for marketing this product. Here are the features that according to the developer set this FX EA apart in the market:

Money management

Adjustment of lot size is done based on the balance of your account. The size is changed automatically as per the vendor.

Virtual trades

According to the vendor, this EA uses a virtual trade method that ensures precise entries much better than when you use an indicator. About 6 virtual trades are used for a single currency pair. As per the vendor, the market changes will influence the increase or decrease of virtual trades.

Optimized set files

The optimized settings of the EA will ensure that suitable settings are used for every trade. Further, in addition to the tweaking of the settings by the company team, the forum members also share optimized settings.

While the money management feature and optimized settings are regular features found in many competitor systems, the virtual trade is a new feature. But from the performance of the EA, we do not think this feature is of use in making the system profitable.

Trading strategy of Forex Flex EA

While the vendor mentions the use of 12 selectable trading approaches, there is no mention of the individual strategies or an explanation for them. As per the vendor, the system works using the virtual trades technology where trades are opened virtually to monitor market events and identify the right opportunities. The explanation is insufficient making us suspect the reliability of this EA.

Backtesting reports

Backtesting reports for Forex Flex EA
Backtesting reports for Forex Flex EA

Two backtesting results are provided by the vendor with 99% modeling quality. However, a detailed report of the tests is not present. From the details given, we find the drawdown was around 12%. The total net profit and pips are provided without info on the duration of the test, the initial deposit, profit factor value, etc. The lack of info raises a red flag for this EA.

Trading results in real time

A real USD trading account opened in March 2018 using the Axiory broker and the leverage of 1:400 on the MT4 terminal is shown here.

Growth curve for Forex Flex EA
Growth curve for Forex Flex EA
Advanced trading stats of Forex Flex EA
Advanced trading stats of Forex Flex EA

From the trading stats, we find there is a big discrepancy in the total profit and the absolute profit values. While the total profit is 359.15%, the absolute profit is 145.68%. A daily profit of 0.12% and a monthly profit of 10.305 are present for the account. The drawdown is 26.08%. For a deposit of $3,342.06, a total of 475 trades have been completed with a profitability of 71% and a profit factor of 2.27. 

The information on the lot size is hidden which makes us suspect that money management is risky. Further, the high drawdown and discrepancy between the total and absolute profit values indicate a high-risk approach is used by the EA.

Forex Flex EA price

Pricing package of Forex Flex EA
Pricing package of Forex Flex EA

To purchase this EA, you need to choose from the three different packages available. The MT4 package and MT5 compatible package cost $399.96 each while the combined MT4 and MT5 package costs $594. The individual packages come with an unlimited number of demo accounts, strategies, and full access to the private forum of the vendor with a single account license. 

For the combined package, you get two licenses and a correlated Hedge EA along with the other features. A 30-day money-back guarantee is present for the product. When compared with competitor systems, the price of this EA is expensive and not worth it.

Customer support

An online contact form is present for customer support. The insufficient support makes us suspect this is not a reliable product.

Are traders happy with Forex Flex EA?

Here are a few reviews for this FX EA from the Forexpeacearmy site.

User stating that this is for seasoned traders only
User stating that this is for seasoned traders only
User complaining of big drawdowns and steep learning curves
User complaining of big drawdowns and steep learning curves

From the above feedback, we find that the settings are complicated to understand. Further, the money management feature is not an effective one as per the user. The other review indicates that there are large drawdowns and the learning curve is very steep for this EA.

Forex Flex EA

Forex Flex EA
2 5 0 1
Forex Flex EA claims to provide accurate trade entries and exits. Our evaluation of the features and performance reveals that this is an unreliable system. The absence of strategy explanation, lack of vendor transparency, risk approach in the real trading stats are downsides that confirm our suspicion that this is not a trustworthy EA.
Forex Flex EA claims to provide accurate trade entries and exits. Our evaluation of the features and performance reveals that this is an unreliable system. The absence of strategy explanation, lack of vendor transparency, risk approach in the real trading stats are downsides that confirm our suspicion that this is not a trustworthy EA.
2/5
Total Score
  • Profitability
    2/5 Bad
  • Strategy
    2/5 Bad
  • Reliability
    2/5 Bad
  • Price
    2/5 Bad
  • Customer Testimonials
    3/5 Neutral

Advantages

  • Fully automated EA
  • Verified trading results

Disadvantages

  • The strategies used are not explained
  • Real trading results show a risky approach
  • Inadequate support
Total
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