Forex Enigma is an FX robot that operates on the MT4 terminal. This FX EA employs a trading algorithm that consists of a blend of three strategies along with a new filter for improved performance.
We could not find info about the vendor like the founding year, team members, their experience, how long they have been in the FX market, etc. There is no location address or phone number present. For support, the vendor provides an online contact form. The lack of vendor transparency makes us suspect this is an unreliable system.
Vendor transparency is one of the many criteria we use for assessing an FX robot. With so many products available in the market, it is difficult to look into each aspect of a system. Luckily, we have done all the difficult work for you. Have a look at our best FX robots list and select the best ATS effortlessly.
Forex Enigma overview
After reviewing the official site, we found that the vendor focuses mainly on the following features:
- This is a programmed analytical system that takes care of all the transactions after you set the scales, limits, and other parameters.
- The EA operates 24/5 identifying profitable opportunities
- It works on the EURCHF mainly and on multiple pairs including EURUSD, EURGBP, GBPUSD, USDCAD, AUDCAD, and AUDUSD pairs.
- A minimum recommended deposit of $1000 for the standard and $10 for the cent account
- The vendor recommends leverage beginning from 1:100.
To purchase this FX Robot, you have to select from the three packages present namely the basic, standard, and professional packages. The first package costs $149 and comes with a single real account. For the other two packages, the cost is $199 and $249. An unlimited number of demo accounts, free support and upgrades, and 100% automation are features provided with all the packages. When likened to the cost of competitor systems in the market the price is a bit expensive. A 30-day money-back guarantee is present for the product.
How it works
As per the vendor, this FX EA works under a fully calculative environment. It decides the trade entries and exits based on facts and figures. There is no further info related to the working method of this FX robot.
Other than mentioning the scalp, trend, and half grid methods used for the strategy, the vendor does not explain the process. The lack of info raises a red flag. A few backtesting reports are present for the EA. Here is a report for the EURCHF pair done on the H1 timeframe.
From the above report, we can see that the EA had generated a net profit of 496.96 from the initial deposit of 1000 for the test done from 2020 to 2021. A maximum drawdown of 21.54% was present for the account that had completed 777 trades. Profitability of 76.58% and a profit factor of 2.68 were present for the account. The low profits and high drawdown indicate a risky strategy.
A real USD account verified by the FXBlue site is present on the official site. Here is a screenshot of the trading details.
From the above stats, we can see the account has generated a total return of 30.1% for a deposit of $1000 and a history of 168 days. The monthly and weekly returns for the account are 4.7% and 1.1%. Profitability is 73.8% and the profit factor value is 1.75. A balance of 1,301.34 is present for the account with a profit of 301.34. The low profits indicate an ineffective approach.
We could not find user reviews for this FX EA on reputed sites like Forexpeacearmy, Trustpilot, etc. The lack of user feedback shows this is not a popular product in the market.