Trade Explorer EA trades on the MetaTrader4 platform and has an automated strategy that works 24/7 to see which currency pairs are best to trade. The robot comes with a user manual and software recommendation to maximise profit. Our review below lets a more detailed look at this robot.
Trade Explorer company profile
Trade Explorer was developed by the Leapfx service company, which provides services like brokering, managing accounts, automated trading systems, and virtual private servers. Apart from that, there is no further information about the developers, which raises concerns. The customer reviews present on TrustPilot are also alarming.
The highlights of Trade Explorer
The algorithm has the following key features:
- Trades in 27 currency pairs.
- It’s fully automated.
- Comes with a 30-day money-back guarantee.
- It comes with a user manual and free updates post-purchase.
From the website, it can be seen that the developer trades on a total of 27 currency pairs. However, the developers do not reveal much about the strategy when it comes to strategic explanation.
A trading history on Myfxbook shows us that the EA uses a grid approach for trading. There is no fixed stop loss attached with trades with an average holding duration of 1 day.
There is no information on the leverage, or the minimum deposit traders should use with the EA.
Trading results with Trade Explorer
The developers do not provide us with the backtesting results for their product, reflecting a poor practice.
However, the verified records on Myfxbook from May 13, 2020, till the present indicate that the average monthly gain was equal to 7.44%, with a drawdown of 17.29%. Also, the monthly growth is not that impressive given the drawdown value, thus pointing toward a bad risk to reward metric. Also, the average loss of -7.13USD was much more destructive for the trader than the average win of 4.24 USD. The profit factor was 2.06 when the system participated in a total of 10,866 trades.
Trade Explorer packages
The robot is sold on a yearly subscription and a one-time price, both on the MT4 platform. The annual subscription costs 397 USD that must be renewed every year. The lifetime membership costs 697 USD, which is paid only once. Both pricing models come with a 30-day money-back guarantee, and it is fair to say that they are a bit overpriced compared to other systems in the market.
Assistance
Customer support is available 24/7 through a query form or direct email contact.
Other notes
The robot uses grid and martingale strategies which causes a high drawdown that is evident from the records on Myfxbook. There is little to no information provided by the author.
Is Trade Explorer a reliable system?
A high drawdown on the account shows that the EA lost nearly 50% of the account value while trading. Therefore we cannot refer to it as a reliable system. Furthermore, the developer is not clear on their portfolio and market experience.