Expert AdvisorsForex

iProfit EA Review: Things You Need to Know Before Investing

3 Mins read
4.5

iProfit EA is a Forex robot that works on the Metatrader 4 trading platform. According to the developer, it is based on the world’s best neural network strategy. They have also claimed that the robot has gained a total of 7900 pips to date. 

This EA has three risk settings, namely low, medium, and high. The vendor claims a win rate of 62% and average gain and loss sizes of 25 pips and 27 pips, respectively. They have stated that the EA generates small profits while limiting the losses and a net gain is eventually generated due to the trading volume. 

iProfit EA trading strategy 

iProfit EA follows a fast learning neural network that involves dynamic adaptation to price shifts witnessed within the last 4-52 hours. The trading scheme also takes into account historical data while making its decisions. 

The network doesn’t use hard-coded rules, formulas, or indicators. iProfit EA trades the normal price shifts within the H1 bar while the neural network model predicts the upper and lower values for the next H1 bar. For this purpose, it uses a self-learning algorithm with more than 70% forecasting accuracy. 

This EA takes buy, sell, and ignore decisions on the basis of price action and probability. It presents the ongoing market scenario with the help of stochastics, support/resistance, and moving average crossover.

iProfit EA backtesting report

Backtesting results of iProfitEA
Backtesting results of iProfitEA

For this backtest, iProfit EA used a large initial deposit of $10,000. It conducted 1724 trades, winning 56.09% of them and generating a total profit of $3306.18. The profitability is not too high compared to other expert advisors. It had a relative drawdown of 6.31% and a profit factor of 1.09 at the end of the test.

iProfit EA live results 

Growth chart of iProfit EA
Growth chart of iProfit EA

This trading account on Myfxbook was launched on August 26, 2013. To date, the EA has conducted 5461 trades through this account, winning 58% of them. The daily and monthly gains are 0.03% and 0.99% respectively. Compared to the backtest, the win rate is slightly higher. The account has a drawdown of 25.47%.

Trading results of iProfit EA
Trading results of iProfit EA

As you can see, the EA loses trades quite often. On December 16, it lost 4 trades in succession. In one of them, it suffered a loss of -1,45% or 65,1 pips. On December 15, its loss equaled -253 pis, which is a lot. 

Some features of iProfit EA

iProfit EA supports pairs like AUD/USD, GBP/USD, XAU/USD, EUR/JPY, and EUR/USD. The vendor hasn’t explicitly mentioned the deposit amount and the live account uses 1:500 leverage. With every trade, the robot uses server-side stop loss, take profit, and hidden stop loss. 

Total return 170.99%
Maximal drawdown25.47%
Average monthly gain0.99%
Developer Phibase Technologies
Created, yearN/A
Price $1099
TypeNeural Network
TimeframeH1
Lot size N/A
Leverage 1:500
Min. deposit N/A
Recommended deposit N/A
Recommended brokers IC Markets
Currency pairs AUD/USD, GBP/USD, XAU/USD, EUR/JPY, EUR/USD
ECNNo

Main things to consider if you invest with iProfit EA

Here are the main factors:

  1. Lack of vendor transparency

We have very little information on Phibase Technologies which is the parent company. The vendor has not shared the identities of the developers. Also, we know nothing about its history.

  1. Hefty price tag
Details of the pricing plan
Details of the pricing plan
Details of the pricing plan
Details of the pricing plan

The iProfit Pro Forex Robot is available for an annual fee of $470. You can also purchase it for a one-time price of $1099. The annual and lifetime plans for the iProfit Cloner MT4 EA cost $299/year and $849, respectively. There is a 30-day money-back guarantee for the annual subscription plans.

  1. Low-profit trading approach

The robot has a low win rate. It often suffers large losses. The daily and monthly gains are not that high.

  1. Long track record

This system has a verified trading account on Myfxbook that is over seven years old.

Pricing details 

The annual subscription plan for this EA costs $470. For a lifetime license, you need to pay $1099. This is extremely expensive and there is no refund policy in place.

Customer reviews 

iProfit EA accounts on FPA
iProfit EA accounts on FPA

Unfortunately, there are no user reviews for this robot on websites like Trustpilot, Forexpeacearmy, Quora, and Myfxbook . There are two accounts for this EA on FPA. The first one is active with a weekly profit/loss of 0.15%.

iProfit EA Summary

4.5
iProfit EA is a robot that utilizes an advanced neural network strategy for trading the Forex market. However, it fails to deliver decent results in the live market. The win rate is less than what the vendor promised and we can see several consecutive losses. Also it is sold at an extremely high price.
5.0

Functionality

4.0

Reliability

6.0

Strategy

4.0

Price

4.0

Trading Results

4.0

Vendor Transparency

Pros

  • +Verified trading results

Cons

  • -Extremely costly EA
  • -Low-profit strategy
  • -No user reviews
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