Forex Robot ReviewsPassive Income

Forex Cyborg Review: Can You Trust It to Do Your Trading?

2 Mins read
4.2

Forex Cyborg claims to be an innovative FX tool that works on multiple currencies effectively. It is completely automated and uses a complicated technical analysis. This MT4 compatible tool claims to have a high win rate in historical testing done for 10 years. In this review, we will evaluate the various characteristics of this ATS to check the veracity of the vendor’s alaims about system’s  profitability.

Forex Cyborg company profile

There is no merchant info on the official site. We cannot find details such as the year of establishment, developers or team member info, experience, address, phone contact, etc. The absence of info shows transparency is lacking, which raises a red flag for the EA.

The highlights of Forex Cyborg

Features of Forex Cyborg
Features of Forex Cyborg

As per the vendor, the key features that make this MT4 tool stand apart from its competitors are:

  • It is a fully automated software that does not need manual intervention.
  • It works on the Metatrader 4 terminal and is compatible with all brokers.
  • A 24/7 dedicated support is provided by the vendor.
  • An inbuilt money management is used with a normal and conservative mode.
  • This FX robot does not use arbitrage, Martingale, or hedging methods.
  • It works from 17:00 to 23.30 GMT based on the selected currency pair.
  • No minimum leverage or account size is recommended by the vendor.

Facts & figures 

Many backtests are provided by the vendor with varying risk settings. Here is a screenshot showing one of the tests.

Backtesting report for Forex Cyborg
Backtesting report for Forex Cyborg

From the above report, it is clear that a total net return of 3533 was produced for a starting deposit of 10000 for the testing done from 2010 to 2020. For a total of 888 accomplished trades, a profit factor of 3.42 and profitability of 74% were present. The highest drawdown for the account was 1.01%.

A live real EUR account confirmed for authenticity by the myfxbook site is shown here:

Growth curve of Forex Cyborg
Growth curve of Forex Cyborg
Advanced trading stats of Forex Cyborg
Advanced trading stats of Forex Cyborg

From the details shown above, we can see the ATShas generated a total gain of 363.3% and an absolute profit of 71.69%. The big difference between the two values looks suspicious. It can be due to the withdrawals and also indicate a risky strategy. For the account that started in July 2017, a total of 3186 trades have been finished with 69% profitability and a profit factor of 1.18. A drawdown of 29.27% is present which is high and indicates a high risk. 

From the history, it is clear that the lot sizes employed are big and range from 0.19 to 0.34. The big lot sizes represent a risky approach. On linking the backtests with real trading, we find the profit factor and profitability are higher in the backtests. Further, the drawdown is higher in real trading.

Forex Cyborg packages

Pricing packages of Forex Cyborg
Pricing packages of Forex Cyborg

To buy this FX EA, you can choose from the gold and premium plans available for €499.99 and €599.99 respectively. The plans include an unlimited number of demo licenses, dedicated support, and updates. For the Gold package, you get one real license, while the latter has 3 licenses. A 30-day money-back guarantee is present. When compared to the market average, the price is high.

Assistance

For backing, the vendor offers an online contact form. There are no other methods available that users can utilize for resolving their queries and concerns.

Other notes

User review for Forex Cyborg
User review for Forex Cyborg

We found one user review for this EA on the FPA site. The feedback indicates that the robot produces decent profits but the drawdowns are high.

Is Forex Cyborg a reliable system?

From our evaluation of this ATS, here are the main facts that impact its trustworthiness:

  • The vendor provides backtests and verified real trading results.
  • No description is present for the strategy.
  • A high drawdown and big lot sizes in real trading indicate a high risk.
  • There is no info on the company or the developers.

The price is expensive when compared to the price of competitor systems.

Forex Cyborg Summary

4.2
Forex Cyborg claims to give a high win rate as proved by its backtesting results. Our evaluation of the FX robot reveals benefits like historical testing and verified real trading stats. But the absence of vendor transparency, high pricing, and risky approach are disadvantages in the system that can impact your buying decision.
5.0

Performance statistics

6.0

Reviews from customers

6.0

Ease of use

2.0

Implemented strategies

2.0

Pricing

Pros

  • +A fully automated software
  • +Verified results
  • +Refund policy

Cons

  • -The approach used is not explained
  • -Real trading results show a risky approach
  • -Price is high
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