Best FX Networks works with brokers of all types and is a fully automated robot that comes with both backtesting and live records. It comes with multiple subscription packages, which traders can choose depending on their budget and requirements. In this Best FX Networks review, we will cover all the robot’s features and detail the cons so investors can have an idea of investment.
Is Best FX Networks profitable?
The algorithm uses averaging strategies to trade the markets, which goes against the initial statement of the developer. This can add significant risk on your account when the market trends in one direction.
Vendor transparency
The company is not transparent about the developer of the author. They state that the team was made by choosing experts in artificial intelligence. The algorithm was introduced in 2020 when their unit came together.
Strategy
The developer claims that the robot does not use averaging or scalping strategies and uses custom money management to maintain the risk on your portfolio. It can work with all brokers and is fully automated. As we have no further information on the strategy, we go to the live records present on FX blue to analyze the methodology.
From there, we can observe the use of grit methodology, which goes against the author’s claims. The algorithm trades on EURJPY with a mean trade duration of 35.1 hours. Most of the traders do not come with a fixed stop loss. The average exit is around 10 pips.
How to start trading with Best FX Networks
To start trading, traders have to follow the following steps:
- Purchase the system from the developer
- Place it in the experts’ directory of the MT4 platform and refresh the experts’ tab
- Enable auto-trading to start executing trades
Price
The robot is available for an asking price of $129 for 1 live and demo account. Additional 1 and 2 keys are present for $149 and $169. There is no money-back guarantee with the subscriptions provided.
Best FX Networks backtests
Backtesting results are available for EURJPY. The relative drawdown was around 22.99%. The winning rate was 95.61%, with a profit factor of about 26.53. All the tests were done on the 240 minutes chart with a starting balance of $900. The robot tanked an average profit of $291975.3 for this period. There were 342 trades in total in which the best trade was $10388.03, while the worst one was -$10369.9.
Trading results
Verified trading records on FXBlue show performance from November 29, 2021, till the current date. The system made an average monthly gain of around 78%, with an unknown drawdown value.
The winning rate stood at 90%, with a profit factor of 28.9. The average win was $12.37, while the worst was -$3.85 in a total of 50 trades. The developer made $190 in deposits, and no withdrawals.
People feedback
There are no customer reviews present on Forex Peace Army or other forums that could guide us on the viewpoint of other traders. Without any comments, we cannot know how the general community feels about the performance of the product.
Summary
Advantages
- It comes with live account results
Disadvantages
- No money-back guarantee
- Grid strategy on the board
- No information about the developer
The Best FX Network has low information on its trading strategy. The developer claims that there is no averaging involved, which is a false statement as the live records show the use of Grid. There is no money-back guarantee available with the program. There are no statements on who is the real author of the product and their whereabouts.
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