FXCipher Review

by Forex EA Top Team
FXCipher

FXCipher is a trading advisor that has a simple and not quite informative presentation. The developers claimed that “One of them has been optimized since 2010 and is highly reliable. The other one has been optimized since 2017, which helped to increase the profitability of the robot.” Let’s see what the differences between versions are. 

FXCipher Features

The presentation is short, and it was a challenge for us to get everything together. 

  • The system works completely automatically for us. 
  • The main pairs to trade are GBPUSD, EURJPY, AUDUSD, USDCAD, EURUSD.
  • “The EA has a special Preset selection mode. That means that after running the EA, you will be able to choose whether to use the mode with settings that have been optimized since 2010 and have a very high-reliability rate, or use the Preset with settings optimized since 2017, which provide higher profitability and require a lower initial deposit.”
  • The system includes two strategies. 
  • We can switch between them. 
  • The system has to switch between them automatically. 
  • It places SL and Tap levels for every order.
  • We have no more details. 

Pricing

FXCipher pricing.

The system costs $295. The package includes some features explained: a 30-day refund,  one real account license, a detailed user manual, welcome and reliable 24/7 support, and free updates. We expected to see much more information. 

How it works

  • The system works automatically.
  • It calculates entry points.
  • It places SL and TP for each order.

Trading strategy

  • The main strategy is a Grid of orders.
  • The system can be used on the MT4 and MT5 platforms. 
  • The EA works under FIFO rules.
  • We don’t know details about a time frame. 

Trading results

FXCipher backtest report.

It’s a GBPUSD report on the H1 time frame on the eleven years data from IC Markets. The modeling quality was 90.00% with 3 pips spreads. An initial deposit was $10,000. The total net profit has become 393,282. The profit factor was 1.59. The maximum drawdown was 24.72%. It has executed 4,507 trades with an accuracy rate of 48% for shorts and 47% for longs. 

FXCipher live trading results.

The advisor executes orders on a real USD account on FXOpen trading automatically. The leverage wasn’t mentioned. The platform is MT4. The account has a verified track record. It was created on September 24, 2020, and deposited at $2,500. Since then, the absolute gain has become 362.04%. An average monthly gain is 15.05%. The maximum drawdown is 22.94. The trading results are tracked by 15 investors. 

FXCipher details of trading results.

There were 207 deals with 538.7 pips traded. An average win is 61.69 pips when an average loss is -68.43 pips. The win rate for longs is 58% and 51% for shorts. The win rate is higher than on backtests. An average trade length is two days. The profit factor is 1.84. It’s an okay number. 

FXCipher traded symbols.

We may note the red number of lost pips. It means that the system is alive only because of Martingale. There’s no good strategy behind it. 

FXCipher hourly activities.

The robot works during the European trading session. 

FXCipher daily activities.

Monday and Tuesday are the less profitable days. 

FXCipher trading results.

Now, the advisor acts like a scam. The last page win rate was 45% (9 out of 20 trading positions were profitable ones). 

FXCipher monthly trading results.

The EA must be updated ASAP. 

Customer reviews

FXCipher page on Forex Store.

The robot has a page on Forex Store where it has an 8 rate from 10 possible. Since our last visit, the system has lost 0.5 from its rate.

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