FxPro Dragon Review: Things to Consider Before Investing

FxPro Dragon

FxPro Dragon can adapt itself to four and five-digit brokers. The robot trades on USDCAD and other currency pairs and has live performance statistics to track its output. The developers offer multiple packages that traders can choose to purchase. We will analyze the algorithm and see if it fits the needs of a retail trader.

The highlights of FxPro Dragon

The EA has the following features, according to the provider. 

Adaption

The robot can adapt itself to four and five-digit brokers. Traders can choose to make it work on multiple currency pairs and contrast their performance with the developers. It can be installed within five minutes.

Hard work and support

The robot requires no effort from the traders’ side after installation. It can start trading right after a trader puts it on the chart. The algorithm does not let psychological issues get in the way of trading. The team provides fully responsive support. 

Trading strategy of FxPro Dragon

FXPro Dragon uses an unknown strategy as the developer does not provide details on its game plan. In the trading history presented on FXBlue, we can see that it employs a grid approach on USDCAD. It opens and closes trades according to the four-hour candle. 

The average trade duration is 16.5 hours which means it is a day trader. Failure to provide us with an insight into the methodology is a poor approach and is the key practice of scammers in the market. 

The trading history
The trading history

Backtesting reports

Backtesting results are available for USDCAD. The relative drawdown was around 15.41%, and the winning rate was 91.66%, with a profit factor of about 22.29. All the tests were done on the four-hour chart with a starting balance of $950. The robot tanked an average profit of $546595.35 during this period. There were 731 trades in total where the best trade was $19083.62, while the worst one was -$4651.89.

The backtesting records for the USDCAD currency pair
The backtesting records for the USDCAD currency pair

Trading results in real time

Verified trading records are available on Myfxbook that show performance from August 25, 2021, till the current date. The system made an average monthly gain of 44.7% during the period, with an unknown drawdown. The winning rate stood at 92.3%, with a profit factor of 5.06. 

The best trade was $449.83, while the worst was -$115.40 in a total of 26 trades. The developer made $2959 in deposits and $0 in withdrawals. 

The live records
The live records

Fx Pro Dragon price

The company gives the algorithm for $129 and $169, with one and three licenses, respectively. There is no money-back guarantee.  

The pricing model of the company
The pricing model of the company

Customer support

The developer provides customer support through an email id and states that the service is available 24/5 for traders. There are no options available for live chat or social media. This is again a poor practice by the providers. 

Are traders happy with FxPro Dragon?

There are no customer reviews present at Forex Peace Army, which shows the lack of interest by traders in the system. They might have realized the fact that it uses a grid strategy which is quite risky for trading.

FxPro Dragon

FxPro Dragon
3 5 0 1
FxPro Dragon uses a risky grid methodology for trading which makes it damaging for a trader's portfolio. These types of robots fail when the market moves heavily in one direction. The developer does not mention the use of averaging, which damages their reputation. For now, it is hard to recommend this system for investors.
FxPro Dragon uses a risky grid methodology for trading which makes it damaging for a trader's portfolio. These types of robots fail when the market moves heavily in one direction. The developer does not mention the use of averaging, which damages their reputation. For now, it is hard to recommend this system for investors.
3/5
Total Score
  • Profitability
    3/5 Neutral
  • Strategy
    2/5 Bad
  • Reliability
    2/5 Bad
  • Price
    4/5 Good
  • Customer Testimonials
    2/5 Bad

Advantages

  • It has multiple subscription packages

Disadvantages

  • Backtesting records are only available for USDCAD
  • No transparency of developer
  • Uses risky grid strategy
Total
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