Shell Forex EA Review: Things to Consider Before Investing

Shell Forex EA

Shell Forex EA promises to present you with many opportunities to make profits in Forex. So, it doesn’t matter if you are a beginner or veteran trader, the team desires to make your trading lucrative and successful. 

The creators of Shell Forex EA have hidden their real identities. We are not sure why they don’t want to be known by the trading community. It would be nice if they told us their names, trading experiences, professional backgrounds, their other works, physical location, etc. This way, we would know the kind of people we are dealing with and their reputation in the market. 

The highlights of Shell Forex EA

Below we have the features of the robot that the vendor has listed on the official page:

Risky strategies are not used

The EA does not work with risky approaches such as the grid, martingale, and arbitrage.

Independent of brokers

This means that the robot is free from the control of brokers.

User-friendly

The system is easy-to-use as you only need to attach it to your trading chart after you purchase and install it. 

MT4 compatible

An MT4 account is needed as the robot runs only on these kinds of terminals.

Free updates

The devs will not ask for any additional money when they update the EA. 

Trading strategy of Shell Forex EA

The system applies low, medium, and high return strategies. Unfortunately, the vendor fails to spell out these approaches and explain each of them exhaustively. The devs hid the information about the use of risky trading methods. When we analyzed the system’s trading stats on Myfxbook, we realized that both the grid and martingale strategies are present. 

Backtesting reports

Backtesting reports are not featured on the sales page. This test is usually important as it can help traders to familiarize themselves with the weaknesses and strengths of a trading plan. 

Trading results in real time

Live trading stats on Myfxbook
Live trading stats on Myfxbook

Here we have the results of a live account on Myfxbook being managed by Shell Forex. The account is over a month old and has really grown, thanks to the EA’s high return rate. As you can see, a profit of $29122.16 has already been generated from a $21070 deposit. 

Daily and monthly profits are 2.96% and 138.33%, respectively. Unfortunately, the system is a high-risk trader as it has already eroded almost 60% of the capital. The owner has withdrawn $10000 from the account.  

Performance of trades
Performance of trades

From 240 trades, we have win rates of 72% for long positions and 78% for short ones. Trades are held for a day on average. So far, the profit factor is 2.81 and shows that the robot can increase your investment significantly. The average win is 26.16 pips, whereas the average loss is -27.58 pips.

Trading summary
Trading summary

All the currency pairs brought in substantial profit amounts, but the AUDUSD symbol stood out for making $7501.62 worth of profits. 

History of trading
History of trading

We see that the grid and martingale approaches were at play. Long timeframes were applied. 

Shell Forex EA price

The robot is available at 49 Euros. You can use PayPal to make payment by clicking on the payment option available on the EA’s official website. Alternatively, you can use the BTC address provided. After you pay, the next step is to send your MT4 account number to receive the EA license. 

Customer support

You can only reach the support team through email. In case you have any questions regarding the product or services, you can fill in the contact form available on the sales page. 

Are traders happy with Shell Forex EA?

Though we could not find customer feedback on sites like Forex Peace Army and Trustpilot, we were able to locate some reviews on Myfxbook. As you can see below, they are only two and not enough for us to make a general conclusion about how customers feel about the product. 

Anyway, one of the traders expresses concern about the EA opening 15 trades simultaneously with large lot sizes and a leverage of 1:200. The other one predicts that the EA will crash since it was created by people who also made Zen EA.  

Customer feedback on Myfxbook
Customer feedback on Myfxbook

Shell Forex EA

Shell Forex EA
3 5 0 1
The devs misrepresent the truth about the system’s trading methods. Despite stating that Shell Forex doesn’t use the grid and martingale approaches, the trading history shows the contrary. Though they have earned the account high returns, the danger of losing the capital and profits are very real as a high drawdown has already been produced. Anyway, the EA offers free updates and can be easily used by the trader.
The devs misrepresent the truth about the system’s trading methods. Despite stating that Shell Forex doesn’t use the grid and martingale approaches, the trading history shows the contrary. Though they have earned the account high returns, the danger of losing the capital and profits are very real as a high drawdown has already been produced. Anyway, the EA offers free updates and can be easily used by the trader.
3/5
Total Score
  • Profitability
    4/5 Good
  • Strategy
    2/5 Bad
  • Reliability
    3/5 Neutral
  • Price
    4/5 Good
  • Customer testimonials
    2/5 Bad

Advantages

  • Is easy to use
  • Offers free updates

Disadvantages

  • Grid and martingale on the board
  • There are no backtest results
  • Massive drawdown
Total
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