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