FXRapidEA is an FX Robot that assures rapid trading and high returns. As per the vendor, it does not work against the trend. It works with brokers supporting MT4 and MT5 platforms. Powered by Forex Store, this FX EA has two different types namely the Due and the Quattro. The two models differ in the currency pairs they support.
FXRapidEA trading strategy
The vendor claims that this ATS is designed to follow the trend and not go against it. A special algorithm in the FX Robot determines the trend direction and makes trade entries. In the event of a rollback in the price, the ATS opens an additional order in the expected trend direction to boost profits. It closes a trade when the trades are against the prevailing trend at a loss. It recovers the loss when it opens trades during a new trend formation.
FXRapidEA backtesting report
Many backtests are present on the official site. Here is a screenshot of the backtesting done on the EURUSD pair using the H1 timeframe.
From the above report, we can see the EA had generated a total net return of 10949216.39 for the trading done from 2017 up to 2020. A total of 963 trades were completed with profitability of 61.37% and a profit factor of 3.39. The maximum drawdown for the account was 89.11%. While the profits are high, the drawdown is of concern here. It indicates a high-risk approach.
FXRapidEA live results
A real live USD account using the FXOpen broker on the MT4 platform verified by the myfxbook site is shown here.
From the above trading stats, we can see the EA has made a total return of 1726.27% and an absolute profit of similar value. The daily and monthly profits are 0.59% and 19.42% respectively. A drawdown of 66.88% is present. It is very high indicating a risky approach behind the system.
For the account that started in July 2020, a total of 890 trades have been completed with an accuracy rate of 57% for long and 53% for short trading positions. Its profit factor is 1.76. From the trading history, we can see varying lot sizes, ranging from 0.10 up to 1.12. The high drawdown and big lot size are indicative of high risk hence you cannot rely on the system to protect your investment or grow it.
Some features of FXRapidEA
According to the vendor, the main features of this FX EA that set it apart are:
- It is a trend-following system that trades rapidly without prolonging the trading time.
- The EA uses a TP level that is not too high and follows the trend to reach profits faster.
- For drawdown control, the EA has customizable settings based on the risk level you set.
- This FX robot is compatible with all NFA regulated and FIFO compliant brokers.
- Installation of this EA is easy and quick to do with the detailed user guide.
- The Due works on EURUSD and NZDUSD, while Quattro trades on EURUSD, NZDUSD, USDJPY, and AUDUSD currency pairs.
- A minimum deposit of $460 is required to start using this FX EA.
| Total return | 1726% |
| Maximal drawdown | 66.88% |
| Average monthly gain | 19.42% |
| Developer | Forex Store |
| Created, year | N/A |
| Price | $269 -$349 |
| Type | Trend-following |
| Timeframe | H1 |
| Lot size | N/A |
| Leverage | N/A |
| Min.deposit | $460 |
| Recommended deposit | N/A |
| Recommended brokers | FXOpen |
| Currency pairs | AUDUSD, USDJPY, EURUSD, NZDUSD |
| ECN | N/A |
Main things that make FXRapidEA unreliable EA
1) High drawdown
From the trading stats seen in the backtesting and real trading, we find the drawdown is very high. Such a high drawdown indicates a risky strategy that can easily wipe out your account.
2) Zero vendor transparency
Other than mentioning ForexStore, there is no info present on the official site like the founding year, developer team and their experience, a location address, phone number, etc. The lack of transparency raises a red flag.
3) Poor support
An online contact form is the only support method present. The insufficient support further raises doubts regarding the reliability of this FX EA.
Pricing details
To purchase the DUE package, you need to pay $269 and for the Quattro package, the cost is $349. The features available with the packages include a single lifetime license, free updates for a lifetime, 24/7 support, and a user manual. A 30-day money-back assurance is present for the product. When compared to other similar trend robots, we find the price is expensive.
Other notes
We could not find user reviews for this FX EA on trusted sites like FPA, Trustpilot, etc. The lack of feedback denotes the system is not popular.