Promax Gold EA claims to be the foremost FX robot to use a smart news filter for the evaluation of fundamental and technical news. The vendor assures a monthly profit of 8% to 15% and fully hands-free trading. To check the veracity of the vendor’s claims, we have analyzed the performance and other characteristics of this FX EA here.
Promax Gold EA company profile
Sinry Advice Worldwide is the company that develops and promotes this FX EA under the name of My EA Academy. It is based in Malaysia. A location address is present on the official site. We could not find details about the company like its founding year, developer team and their experience, etc. Other products of the company include Red Fox, Prop Firm, MT Forex Indicator, etc.
The highlights of Promax Gold EA
The significant aspects of this robot that the vendor highlights are:
- It is a fully automated hands-free system.
- A monthly profit of 8% to 15% is present.
- The EA can analyze fundamental and technical news.
- It uses lot size selection and robotic money management.
- It trades only the XAUUSD pair on the MT4 terminal.
- A minimum deposit of $1000 is recommended with the leverage of 1:500.
- The vendor recommends an ECN account type.
As per the vendor, the FX EA is programmed to evaluate the market news and confirm the trades placed are successful. It can give a precision of over 88%. In the event of a drawdown, the smart grid system is used for breaking even.
Trading results with Promax Gold EA
There are no backtesting results present for the FX robot. However, the vendor provides a few real trading results for the ATS. Here is a real USD account using the HF Markets SV broker and the leverage of 1:500 on the MT4 platform.
From the above stats, we can see the expert advisor has generated a profit of 111.75% and an absolute profit of 113.09%. A daily profit of 0.23% and a monthly profit of 7.02% are present for the account that started in March 2021. The drawdown is 28.14%. For a deposit of $1000, the account has generated $1115. A total of 724 trades have been completed with 82% profitability and a profit factor of 1.67. From the trading history, we can see that a lot size of 0.02 is used for the account. From the results, we can see the profits are decent but the growth curve indicates a few dips indicating considerable drawdowns that can put the capital at risk.
Promax Gold EA packages
You can buy this FX EA for $198. The package includes a full installation guide, one demo account, one live account, free updates, best settings, and a 14-day refund offer. When compared to the price of the other products of similar type, we find the price is not very expensive.
The vendor provides an email address and links to social media for support. A chat feature is also present.
Unfortunately, we could not find user reviews for this FX EA on trusted third-party sites like Forexpeacearmy, Trustpilot, etc. However, we found one review for the MyEAAcademy site on the Forex Peace Army site. Here is a screenshot of the review:
From the feedback, we can see that the user is not happy with the services of the company and complains that it is not the system to trust.
Is Promax Gold EA a reliable system?
From our evaluation of the expert advisor here are the things that we found can influence the reliability of the product:
- The vendor does not provide info on the strategy used and there are no backtesting results.
- Real trading results show a decent performance but with a slightly high drawdown that can indicate a risky strategy.
- The price is not expensive and the vendor provides a 14-day refund.
- User review for the company is not good indicating a lack of efficacy.