Forex scalping has its own pros and cons, but in general, traders find it a high-risk approach. However, you can find several automated trading systems in Forex using this strategy to gain returns. Onyx Scalper is one such trading system that assures high profits and promises to be an invaluable tool for succeeding in Forex.
Created by Karl Dittmann, this system uses an effective algorithm to generate signals without repaint. Targeting beginners, the developer guaranteed minimal investment and high returns.
A well-explained strategy, verified trading results, exemplary support, and high performance are the key criteria that distinguish the best signal or robot provider from the average products available in the market.
For more info on the best robot/signal providers, have a look at our best providers list. This Onyx Scalper review analyses the crucial features of the trading system and the recommendation regarding its reliability.
Onyx Scalper Overview
Karl Dittmann claims that Onyx Scalper is a powerful indicator that provides accurate signals for entry and exit in all the trades you make. The website provides a list of the features of this system and several images of the system in action. Some of the key features of this indicator are
- Effective trading algorithm
- User-friendly visual interface
- Unique trend power detection
- Multiple trading styles
- Reliable signals with no repaint
- Supports all major currency pairs
According to the developer, this Forex indicator stands apart from its competitors by its accurate signals that help you execute winning trades. Although Karl Dittmann does not divulge info on the exact strategy used, from the name of the system, we assume this system uses a scalping strategy.
Originally priced at $395, this system is available at a discounted price of $147. Besides the trading algorithm, the package includes a detailed user guide, reliable signals without repaint, a real live account, and 24/7 support via email.
A 30-day money-back guarantee is offered for the package. While the original price is very expensive, the slashed price looks marginally better. Compared to the prevailing price range for similar systems in the market, the price looks affordable.
How It Works
Regarding the mode of working of the system, there is not much info available except that you have to just sign up for the system and wait for the alerts to enter and exit trades. The developer mentions the use of three different trading modes namely conservative, medium, and aggressive mode.
As the name suggests, the aggressive mode has low safety, high risk, and extreme signal frequency. The detection of the trend is very high in this mode. The other two modes are of a lower risk level compared to the aggressive mode.
Besides the reference to trend detection, the developer does not provide any explanation of the strategy used. This lack of transparency in revealing the strategy prevents us from making a proper evaluation of the system.
Several images of the Onyx Scalper in action are displayed on the official site. But, all of these results are not verified. We prefer trading results verified by sites such as myfxbook, FXBlue, etc. Without the verified results we are unable to assess the performance of this system, including its average gain percentage, the drawdown, etc.
As mentioned in the introduction, verified results are part of our key criteria in assessing the reliability of the system. With this system not providing verified results, it comes off as an unreliable Forex indicator.
Feedback from customers helps influence the purchase decision of any product. This is true for Forex trading systems too. Reviews of customers help traders evaluate the performance, support, and other vital aspects before deciding on using the system. We could not find feedback on this system, except for the single review posted by a user on the Forexpeacearmy site shown in the screenshot below:
From the above user review, it is clear that the system is not working as assured by the developer. The review also mentions the support service not responding to refund requests.
To make the system more accessible to users, pop-up alerts, instant email notifications, and push notifications on mobile are offered for this indicator system. Further, the developer offers free updates for a lifetime to keep up with the changes in the market conditions.
Lack of Vendor Transparency
From the info provided on the Forexpeacearmy site, we found that Karl Dittmann has several other Forex products including Trendy Mystery, Super Profit Scalper, Fibo MachinePro, and more. But, the official site does not mention any of the systems. There is very little info on the developer and the location, which shows the lack of transparency present here.