With the lofty claim of achieving 50% to 200% monthly profits, Progressive EA is one of the newest trading systems among the various automated Forex systems present in the market. This Forex robot tries to lure traders with its simple and short proclamation that it can make money.
With the official site not providing information on its founding year, history, or location, but just a few words about its features and pricing, here is a detailed review of this Progressive EA presentation by our experts.
To know how to select the best robot or signal provider make sure to check our best Forex robots or signals list. Read on to find our recommendation regarding the Progressive EA system.
Progressive EA Overview
At the outset, the website layout of the Progressive EA site is pretty basic. We could find bare minimum information on the features of this system and the requirements for traders using the system. Besides these, the site has information about the pricing of the different categories on offer and an email contact form.
We could not find information related to the developer of this system or the vendor managing this Forex robot. This lack of transparency makes it difficult to evaluate the reputation and reliability.
From the appearance of the site, it looks incomplete and perhaps the vendor will include the required information in the future to enhance the site’s credibility. When compared to competitor sites, this Forex robot lacks in several aspects starting from the insufficient vendor information.
Pricing of the Progressive EA system is of three types namely €50 per week, €160 per month, and €999 as a single upfront payment. When compared to the prevailing rates charged for Forex robots, the price of Progressive EA is exorbitant.
On average, such automated Forex trading systems cost around $200 to $300 for a lifetime license along with other perks. But, this Forex robot does not divulge the presence of any other features that are available with the individual price packages.
How It Works
A simple statement regarding the strategy used by this EA fails to reveal insights into the proper working of this system. The website merely states that it uses advanced algorithms for keeping it updated on the present market scenario. This is the only explanation for the working mechanism of this system we found here.
As mentioned before, getting information from this site is a frustrating experience as the site divulges only the bare minimal information. It merely mentions the use of advanced algorithms and claims that the robot closes all trades by the end of the day with hard stop loss for protecting the trader’s account. This complete lack of explanation about the strategy used is baffling and makes us suspect that the system is reluctant to reveal information.
The official site reveals a real and live account with verified trading privileges and an unverified track record. You can find the screenshot of the result below.
From the results, we could see a gain of -99.9% and an absolute gain of -100%. The daily and monthly gains stand at -20.57 and -99.90. What makes us have second thoughts about this system is the high drawdown of 99.98%. This indicates that the system had lost almost all of its initial investment during the high drawdown.
We were unable to find reliable user reviews from reputable sites such as Forexpeacearmy, Trustpilot, Quora, etc. for this system. The absence of reviews looks suspicious and it does not bode well for this automated trading system.
Progressive EA endorses using RoboForex or any other brokers that use minimum spread. It trades two currency pairs: GBP/USD and GBP/JPY. The minimum recommended balance by the vendor is $10 as the minimum balance.
The recommended balance is $100 or 1000 cents on average. And, the leverage ranges from 1:200 up to 1:500. VPS is mandatory for the smooth use of this system. The vendor offers trade support and customer support 24/7.