Guaranteeing steady profits for traders, the Algopound automated Forex trading system claims to be the best. The expert advisor states that it is capable of providing consistent wins within the initial 6 months of trading. Plus, the software is tested for accuracy and to ensure it provides adequate returns with less drawdown.
The Forex software states that it can provide consistent profits with low drawdown. Is the claim true? Can this robot be trusted? Read this Algopound review to know about the expert advisor and its various features.
Table of Contents
Is It A Perfect Trend System That Works Effectively?
Algopound claims that it can provide a return of around 3% to 6% on an average with reduced drawdown. Other claims include time-saving trading where there is no need for fundamental or technical analysis and you can make money while you sleep. With MT4 compatibility, the Forex robot trades on different currency pairs including EURUSD, EURNZD, USDJPY, GBPJPY, and more.
From the outset, we could see a severe lack of grammar and spelling in the content, which makes it excruciating to read and understand. After struggling with the error-filled content, we managed to glean that the trading system used is based on impulsive market movements under certain conditions.
Risk management is given priority in the trading system. Other than this information, we could not find anything related to the vendor or the exact strategy the expert advisor uses. This indicates a simple lack of vendor transparency.
How to Start Trading With Algopound
In the competitive Forex robot segment, this expert advisor is offered for free, which makes us suspicious about the motive behind the free offer. Further, the vendor works with the MultiBank broker for providing the live trading account for its users.
So, you need to open an account with this broker and reveal your sign-in credentials for the MT4 platform to the broker. This is highly inappropriate and not something a reputed trading system would do.
And, since all information shared on such an unregulated platform can put you in jeopardy. Further, the vendor will receive a commission for every deposit you make for the trading. From the absence of banking information, it is clear that any transaction you do cannot be considered safe.
On the official Algopound site, backtest results are posted in the form of simulation and the vendor claims that it is possible to increase profits from $2000 to over $3500 in just three months. While the simulations look fine on paper, we do not know how far they would work in real-life conditions.
We found a real account of the Forex robot traded using a MultiBank broker at a leverage of 1:100. A gain of 45.5% and a drawdown of 11.49% are revealed in this Myfxbook verified account.
We could gather that the trading done over 5 months has about 10356 trades with the average win coming at 32.42 pips and the average loss at -61.05 pips.
From the monthly gain stats, it is clear that the percentage is hovering around 2% or lower except for July. The vendor has locked the trading activity information so there is no way to know more about the strategy used or its effectiveness.
Unverified Performance and Other Stats
In the official site, under the performance section, the vendor displays the real account information from Myfxbook, which does not link to the Myfxbook site. The real account we have posted here is just for a 5-month period in 2020. We could not find any other real accounts of this Forex robot on the Myfxbook site. Overall, it is clear that the vendor does not have an effective strategy or performance to prove it.
Our search on the reputed review sites, such as Trustpilot, Myfxbook, Forexpeacearmy, etc., did not reveal user reviews about the Algopound automated Forex trading system. The absence denotes the ineffectiveness of the expert advisor system and how despite the free offer there are no user reviews to back the claims of the vendor.
- Free software
- Poorly compiled website content
- Lack of proper strategy
- Suspicious performance
- No user feedbacks
- No vendor information
Wrapping up our Algopound expert advisor review, other than the fact that the software is free to use, we could not find any redeeming feature. The restriction concerning the use of a broker and poorly explained strategy are two big drawbacks that traders would find difficult to ignore.
Further, the results shown on the site cannot be verified as they do not link directly to the Myfxbook site. A lack of information on the vendor further diminishes our trust in the software. In short, we do not recommend this automated Forex trading robot.