Forex Robot ReviewsPassive Income

Forex Steam Review: Is It Wise to Hand Your Trading Over to This EA?

2 Mins read
2.7

Forex Steam is a fully automated EA boasting clients from more than 100 countries. It claims that its team of FX experts has a collective experience of 25 years ensuring long-term growth with low-risk conditions. The vendor mentions that the FX EA has outlasted all other competitor systems with its constant updates and competitive features. In this review, we aim to evaluate the features, stats, results, and other characteristics of the FX robot to verify the claims. 

Forex Steam company profile

As per the info present on the About Us section of the official site, the company has been in service for 10 years. Info about the team leaders is present with their image and a brief description of their expertise. The members mentioned include Paul Demonde, Dmitri Kozlov, Julie Zhang, and Allan Brisebois. There is no phone number provided for the vendor. We find the info present inadequate which makes us suspect the reliability of the vendor.

The highlights of Forex Steam

Features of Forex Steam
Features of Forex Steam

A light version that has high profitability and a normal version aimed at users who are comfortable with high-risk trading are present for this FX EA. Some of the feature highlights of this MT4 tool are:

  • Frequent testing and optimization of the EA to provide regular updates.
  • Four licenses are provided which can be used on 4 accounts simultaneously.
  • Instant download feature with instruction video for easy setup.
  • Retrace methodology, advanced filters for holidays and spreads, to ensure there are minimal risks and maximum profits with the orders.
  • A trailing stop and breakeven feature for better accumulation of profits.

For the recommendations, the vendor claims that this EA can be used with 5-digit brokers or ECN brokers and the minimum deposit amount is $300 to $500. A timeframe of M5 is used for the light EA version and the M30 timeframe for the normal version. 

Facts & figures with Forex Steam

No backtests are present for this FX EA. The absence of backtesting results raises a red flag. Further, the vendor does not provide live trading results verified by sites like Myfxbook, FXBlue, etc. Instead, the results of the trading are shown as given below.

Unverified results of Forex Steam
Unverified results of Forex Steam

As you can see, the above results have very minimal info related to the account. We prefer results verified by sites like myfxbook, FXBlue, and FXStat. Not only are the sites reputed but they provide important info like the drawdown, risk/reward ratio, profit factor, and more. The lack of backtests and verified real account results indicate this is not a trustworthy expert advisor.

Forex Steam packages

Pricing package of Forex Steam
Pricing package of Forex Steam

A one-time payment of $117.99 is required to purchase the lifetime membership of this EA. The features included in the package are instant access to all versions of the ATS, free upgrades, four licenses, and free installation. No money-back assurance is present for the FX robot. Compared to the price of competitor systems, the price of this product is not expensive.

Assistance

The vendor provides a location address, email address, and an online contact form for support besides the FAQ section.

Other notes

We found 201 reviews for this EA on the Forexpeacearmy site with a rating of 2.921. Here are a few of the recent testimonials.

User complaining that Forex Steam is a scam EA
User complaining that Forex Steam is a scam EA
Fake Forex Steam reviews on the Forexpeacearmy site
Fake Forex Steam reviews on the Forexpeacearmy site

From the above feedback, we can see that the EA is a scam as a majority of the trades are losing trades. Further, the Forexpeacearmy site states that multiple fake and suspicious positive reviews are submitted for the company. The negative and fake reviews make us suspect this is not a trustworthy company.

Is Forex Steam a profitable bet in 2021?

No, it is not. Here are the reasons why we think this FX EA is a risky investment:

  • A vague strategy explanation is provided.
  • No verified trading results and backtests present.
  • Negative reviews indicating this is a scam service.

Forex Steam Summary

2.7
Forex Steam claims to have more than 10 years of a proven track record. Our evaluation reveals the vendor does not provide verified performance results. The vague strategy explanation, absence of backtests, and no verified trade results are downsides that make this FX EA an unreliable system. The lack of money-back assurance and negative reviews are other drawbacks that further confirm our evaluation that this is an unreliable EA.
2.0

Performance statistics

2.5

Reviews from customers

3.0

Ease of use

2.0

Implemented strategies

4.0

Pricing

Pros

  • +Fully automated expert advisor
  • +Price is affordable

Cons

  • -Lack of proper explanation for the trading approach
  • -No proven performance results
  • -No money-back assurance
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