Forex Steam is an FX robot boasting a proven track record of 10 years and more than 6000 clients. The vendor claims that the EA is active in over 10,000 accounts. This automated FX EA is constantly updating its software to maintain an edge over its competition. The developer team of this company has more than 25 years of experience in the field, in providing software that promotes long-term growth with low risk.
Forex Steam trading strategy
We could not find a mention or explanation for the trading approach this FX EA uses. Rather, the vendor focuses on the features and the two versions of this FX robot. As per the vendor, the retrace technique helps to increase the wins and reduce the losses. This technology has been used for 10 years by the EA with constant updates. The absence of strategy explanation makes us suspect this is not a reliable ATS.
Forex Steam backtesting report
No backtests are present for this FX EA. While backtesting results do not predict a similar performance in the future, they provide a better insight into the strategy. The absence increases our suspicion about the reliability of the EA.
Forex Steam live results
We found a demo USD account for this FX robot using Hugo’s Way broker and the leverage of 1:500 on the Metatrader 4 platform verified by the Myfxbook site.
From the above results, we find the account has suffered a loss of 97.88%. In other words, the account has been nearly wiped out. A daily loss of 0.48% and a monthly loss of 97.88% are present for the account that started in July 2019 with a deposit of $1000.
A drawdown of 98.32% is present for the account. Within a trading period of four weeks, the EA has completed 104 trades with a profitability of 79% and a profit factor value of 0.38. From the results, we can see the approach used has endangered the account. While there are a few real account results for this EA, no live accounts are present which indicates it is not a popular system.
Some features of Forex Steam
As per the vendor info, this EA works on all currency pairs and the minimum recommended balance is $300 to $500. It works with ECN and 5-digit brokers. The vendor does not provide recommendations on the leverage or time frame for this EA. Besides the retrace technology, this ATS has advanced filters for holidays, a spread filter, trailing stop, and breakeven levels.
|Average monthly gain||-97.88%|
|Lot size||not less than 1000 units per 0.1 of a standard lot|
|Recommended brokers||ECN or 5-Digit brokers|
Main things that make Forex Steam an unreliable EA
From our assessment of this FX EA, here are the main factors that make it unreliable.
1) High drawdown
From the verified trading result, we can see that the system is having a huge drawdown that has endangered the account. This shows the risky approach it uses. The results also indicate the poor money management feature used by the EA.
2) Undisclosed trading approach
There is no mention of the trading approach this EA uses. The lack of strategy explanation raises a red flag for this ATS. It shows this is not a reliable system to use. Furthermore, the lack of backtests also confirms the unreliability.
You can buy this FX robot for $117.99. The package includes lifetime membership, instant access to all versions of the expert advisor, free upgrades, four licenses, and free installation guidance. There is no money-back guarantee present which further confirms the unreliability of this MT4 tool.
We found a rating of 2.917 out of 201 reviews for this EA on the Forexpeacearmy site. The site mentions that multiple fake and suspicious positive reviews have been submitted for this EA. This confirms our assessment that this is an unreliable system.