Reaper Forex Robot claims to be a next-generation ATSproficientin generating robust trades resistant to broker manipulation. As per the vendor, Forex Robot Trader (FRT), this software does not require manual intervention. It has been designed using the most reliable manual method ensuring the best results.
Forex Robot Trader is founded by Don Steinitz. He and his team of professional programmers have created several FX robots including Vader, Odin, Ganon, Pterodactyl, and more. We could not find further company details like the founding year, the location, the experience of the developers, etc. The lack of vendor info raises doubts about transparency.
Besides vendor transparency, other factors make a system reliable like the support, money-back guarantee, performance, etc. It is difficult to look into each system in the market to know its reliability. Fortunately, we have done all the work for you. You need to just have a look at our best FX robots list to pick an expert advisor that suits your trading style.
Reaper Forex Robot review
From our initial assessment of this FX robot, here are the key features that the vendor focuses on:
- It is a completely automated MT4 tool that can work without any involvement on your part.
- It uses a reliable manual strategy as its core principle.
- The FX robot works 24/7.
- It works on all currency pairs.
- The FX robot can work on accounts of any size using proper lot sizing and margin control.
- The ATS has an attractive and easy to use custom interface.
Unfortunately, there is no info on the recommendations for using the EA like the minimum deposit, leverage, timeframe, etc.
You can purchase this FX EA for $79. The original price of this robot is $199 but the vendor provides a 60% discount now which has reduced the price. When compared to the market average, we find the pricing is affordable. However, there is no money-back guarantee which raises doubts regarding the reliability of the system. Furthermore, the vendor does not provide info on the features you get with the package.
How it works
As per the vendor, this ATS requires the Metatrader 4 platform. Many brokers offer demo trading accounts on the platform for free. Once you have an MT4 account, you have to attach the FX EA to any FX chart. The robot will take over the trading for you. The installation requires just a few minutes. It works by spotting the hidden support and resistance areas on an FX chart and waits for a price breakout to execute trades.
This FX robot uses everyday price breakouts for identifying winning trends. It finds huge peaks in price movement. The robot actively controls SL to secure big returns. In the case of a price change, the system will stop robotically and reverse its position.
Monthly performance reports are present on the official site. The vendor claims that the results prove the ability of the robot to perform and adapt to market changes. Here is the performance report for February 2022.
From the above report, we can see a total net profit of 97,717 was generated with profitability of 82.74%. A total of 840 trades were executed with a profit factor of 7.83 and a zero drawdown. From the results, we can see that the profits are high. Zero drawdown indicates there is minimal risk involved. However, these are not verified by reputed third-party sites like Myfxbook, FXBlue, FXStat, etc. Without verification, it is not possible to evaluate the performance of the FX robot. Further, the vendor does not provide backtesting results, which prevents us from assessing the approach used.
We could not find reviews for this FX robot on sites like Forexpeacearmy, Trustpilot, etc. However, there are 11 reviews present for the FRT company on the Trustpilot site. A rating of 3,3/5 is present. Here are a few of the testimonials from customers of the company.
From the above testimonials, we find that the system has a big drawdown and is risky to use as per one user. Another user complains of the products of the company blowing accounts.