FXRapidEA is a Forex expert advisor that is compatible with both MT4 and MT5. The vendor claims this is a highly profitable EA that trades at a high pace. You can use this system to trade in multiple currency pairs simultaneously.
We know virtually nothing about the parent company behind this robot. There is no information provided by the vendor about the company’s history. We don’t know when it was founded and it is unclear who the developers are. Also, we don’t know if this company has manufactured other Forex EAs in the past.
The highlights of FXRapidEA
These features of FXRapidEA set it apart from other EAs, according to the developer:
Drawdown control system
This feature lets you control the risk using the EA settings. Based on the risk percentage entered by the trader, the robot will perform an automatic calculation of lot size. In case it reaches the specified drawdown level, it will stop trading at that point. As we can see from the live results, the EA is not very effective at controlling the drawdown.
Compatibility with all brokers
FXRapidEA is compatible with all brokers that support MT4 and MT5. It is FIFO and NFA compatible, and according to the broker, has no special requirements. We think the vendor should have recommended some brokers since each of them have different settings.
This is an EA that avoids keeping its positions open for more than 1-2 days. Sometimes, it closes trades within a few hours. It does this by using a trend trading technique and keeping the take-profit levels small. As we know, high-frequency trading can be extremely stressful, especially for novice traders.
Trading strategy of FXRapidEA
FXRapidEA determines the direction of the trend with the help of specialized algorithms. In case there is a price rollback, the robot initiates a second order in the direction of the trade in an attempt to win a bigger profit. If the market changes direction, the EA closes the trades as they are, even if it has to suffer a loss.
Upon the formation of a new trend, it opens trades in an attempt to recover the losses suffered. It repeats this operation several times if needed.
Here we have the results for a backtest conducted between 2017 and 2020 for the H1 timeframe. For this test, the EA placed 963 trades for the EUR/USD pair. It had a win rate of 61.37% and generated a total profit of $73661.15. To make this profit, it used an initial deposit of $5000. The relative drawdown was a bit too high at 33.78% and this indicates a high-risk strategy.
Trading results in real time
This trading account on Myfxbook has been active since July 2020. The EA has placed 879 trades through this account, winning 56% of them. This is slightly lower compared to what we saw in the backtest. The total profit generated through this account currently stands at $34041.52. It has a very high drawdown of 66.88%, which tells us it’s very risky to trade with this system.
We can confirm our suspicions by checking the trading history where there are multiple back-to-back losses. It does not trade with a fixed lot size and uses a grid trading approach to generate more profits. Grid plus martingale combo is very risky and can easily bring to significan money loss. Clearly, FXRapidEA is not a system that can make profits consistently.
There are two pricing plans for this robot, namely Due and Quattro. The first mode lets you trade in EUR/USD and the NZD/USD, while the Quattro mode supports AUD/USD and USD/JPY as well. You can purchase the Due and Quattro plans for $269 and $349, respectively. There is a 30-day refund policy for both plans.
Since there is no contact information on the website or a live chat feature, you need to use the contact form to get in touch with the support team.
Are traders happy with FXRapidEA?
It seems FXRapidEA doesn’t have much of a reputation, since there are no customer reviews for this EA on third-party websites. This makes it all the more difficult for us to trust this robot.
Trading Strategy1/5 Awfully
Live Results1/5 Awfully
Customer Support1/5 Awfully
User Reviews1/5 Awfully
- Verified trading statistics
- High drawdown
- No customer reviews
- Lack of vendor transparency
- Grid plus martingale combo