Forex Robot ReviewsPassive Income

Trade Explorer Review: Is it Wise to Hand Your Trading Over to This EA?

2 Mins read
4.2

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. 

A screenshot of a negative customer review written on Trustpilot
A screenshot of a negative customer review written on Trustpilot

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. 

Trading history of the robot on Myfxbook
Trading history of the robot on Myfxbook

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. 

Live records on Myfxbook
Live records on Myfxbook
Trading stats on Myfxbook
Trading stats on Myfxbook

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. 

Trade Explorer Summary

4.2
Trade Explorer is not very open about their backtesting records which fail to provide traders with historical insights about the past performance of the robot. Also, live records indicate a rather non-impressive drawdown which does not justify their selling price. The inconsistency between the high cost versus the benefits raises many concerns about the purchase decision.
6.0

Performance statistics

3.0

Reviews from customers

5.0

Ease of use

4.0

Implemented strategies

3.0

Pricing

Pros

  • +30-day money-back guarantee

Cons

  • -No clear strategy described
  • -Lacks information about the developers
  • -Uses a grid strategy
Related posts
4.6
Crypto Robot ReviewsPassive Income

Coygo Review: Is It a Bot to Use in 2022?

3 Mins read
Coygo provides a set of professional cryptocurrency trading tools to trade digital instruments. You can study market data, develop automated crypto bots,…
4.8
Crypto Robot ReviewsPassive Income

HodlBot Review: Is It a Bot to Use in 2022?

3 Mins read
HodlBot supports crypto trading on autopilot. The platform reports a trading volume of $50M+ and has facilitated 400k+ transactions since its invention…
5.6
Crypto Robot ReviewsPassive Income

Napbots Review: Is It a Bot to Use in 2022?

2 Mins read
NapBots is an intriguing crypto platform providing a copy trading-style marketplace. Here, numerous profitable automated trading strategies are offered for a monthly…

Leave a Reply

Your email address will not be published.