Expert AdvisorsForex

Best FX Networks Review: Things You Need to Know Before Investing

2 Mins read
4.7

Best FX Networks is a 100% automated forex trading expert advisor, compatible with all brokers and account types such as ECN, Cent, Micro, or STP. It uses a neural network to analyze the markets and comes with both backtesting and live records. We will review and analyze all crucial and technical aspects of this ATS to know if it is worth investing in. 

Best FX Networks trading strategy

According to the vendor, the robot doesn’t use scalping or averaging strategies and has customized money management. The EA is self learning. Other than that, there is no other information available regarding the game plan of the algorithm.

From FXBlue records we observe that the system trades on EUR/JPY and uses trailing stop loss to secure the profits. The take profit moves further away once the trailing stop loss is activated and the trade is running into profit.

Trading history on Myfxbook
Trading history on Myfxbook

Best FX Networks backtesting report

The developer shares the backtesting results of the EURJPY chart in the M30 timeframe. The EA was tested for four years of historical data between 2017.01.01-2022.03.27. The stats consist of 165452645 ticks with a history quality of 90.00%. The relative drawdown was seen as 22.55%, and the profit factor was as 11.57. The system participated in 669 trades, out of which 620 trades were winning and 49 were losing. 

Backtesting history
Backtesting history

Best FX Networks live results

Verified live track records of Best FX Networks are available on Fxblue. The algorithm was added 35 days ago on Fxblue. The profit factor is 14.27, with a total gain of +183.6%. This system participated in 19 trades, from which 16 were won. The number of executions is insufficient to analyze the performance of the robot.

The total profit of the robot is $611.99, and the current balance of the account stands at $1060.31. The monthly gain of the system as of now is at +149.0%.

Live records from Fxblue
Live records from Fxblue

The robot is still in its early testing stage. Hence the short duration of the live trading record of just 35 days is not enough to evaluate the system’s performance. 

Live records from Fxblue
Live records from Fxblue

Some features of Best FX Networks

The algorithm has the following key points:

  • The system is 100% autonomous.
  • The robot uses a scalping or averaging strategy.
  • The developer provides 24/7 email support.
  • The algorithm is supportable for all brokers and account types.
  • It’s easy to install and run.
  • It can work during volatile news events.
  • The bot uses automatic risk management.
Total return183.6%
Maximal drawdown 0.0% 
Average monthly gain 149%
DeveloperN/A
Created, the year2020
Price$129, $149, and $169
TypeReal
TimeframeN/A
Lot sizeN/A
LeverageN/A
Min. depositN/A
Recommended depositN/A
Recommended brokersSupports all brokers 
Currency pairsEURJPY
ECNYes

Main things to consider if you invest with Best FX Networks

The robot is unfit for use due to the following points: 

Backtesting results

The company provides the backtesting results for only four years (2017.01.01-2022.03.27), which is not enough for us to evaluate the robot’s performance on historical data.

Vendor transparency 

The developer’s identity is unknown; although we did our research and tried to find any information, there were no details like location, landline numbers, other EAs, etc., available online. 

Pricing details

Best FX Network comes with three pricing deals:

  • Business package

For an asking price of $129, the trader gets access to one real and one demo account .

  • Standard package

The developer offers $149 for two license keys and two demo accounts.

  • Premium package

It gives the traders access to three real and demo accounts. 

Users get lifetime usage for their license keys and free upgrades with email support as per the vendor’s claims. However, there is no mention of a refund policy which makes this investment a bit risky and doubtful. The algorithm’s pricing is average compared to other options available in the market. 

Other notes

Sadly, no customer testimonies are present on any reputed third-party websites that can claim the system’s credibility. The only way to contact the developer is through email, and no other communication medium is mentioned on the website. 

Best FX Networks Summary

4.7
Best FX Networks states that it does not use averaging approach but the live records state otherwise. The backtesting and verified live trading records are available. However, the short evaluation duration makes it hard to analyze the true functionality and performance of the system. The vendor doesn't have a clear stance on transparency and refund policy. These factors should be taken into consideration before purchasing this expert advisor.
5.0

Functionality

4.0

Reliability

5.0

Strategy

7.0

Price

4.0

Trading Results

3.0

Vendor Transparency

Pros

  • +Backtesting and live verified records

Cons

  • -No money-back guarantee
  • -Lack of vendor transparency
  • -A short period of backtesting and live trading stats
Related posts
5.0
Expert AdvisorsForex

Trality Review: Can You Make Money With It? 

2 Mins read
Trality is a platform that unites under one roof various trading solutions. We can trade with trading bots like a professional. So,…
ForexForex Trading

MATLAB Moving Average Crypto Strategy: How to Win?

4 Mins read
MATLAB is a platform where programming and numeric computing occurs by millions of scientists and engineers. As the algorithmic trading opportunity increases,…
5.7
Expert AdvisorsForex

Promax Gold EA Review: Things You Need to Know Before Investing

3 Mins read
Promax Gold EA was developed by SinryAdvice to work with Gold on the real market. The presentation includes a claim that it’s…

Leave a Reply

Your email address will not be published.

9 + 1 =