Forex Enigma Review

Forex Enigma is an FX robot that works exclusively on the MT4 platform. It uses a combination of trading approaches put together in a single algorithm for its trading. As per the vendor, the strategies combo along with news filters helps enhance the efficiency of the trading. This EA uses a fully automated Forex approach and a programmed analytical system that enables hands-off trading. 

Is this a perfect trend system robot still good to go?

By using this FX robot, the vendor assures easy money without spending any effort. We could not find info on the developer of this EA or the team responsible for the designing and operation of this FX EA. There are no details like founding year, location address, phone number, etc. The lack of vendor transparency makes us suspect the reliability of this FX robot. 

On purchasing the FX EA and installing it, you need to set the parameters, scales, and other details like transaction limit after which the automated system will take over. As per the vendor, the EA works 24/5 identifying the profitable opportunities that the market has to offer. Since it is an automated system without manual intervention, there is no danger of emotional decisions. 

This EA works mainly on the EURCHF pair but can work on multiple pairs like AUDCAD, USDCAD, EURUSED, AUDUSD, EURGBP, and GBPUSD. It uses the H1 timeframe. For the strategy, this EA uses the scalping, trend, and half grid approaches which the vendor terms as the 3x innovative trading approach.

How to start trading with Forex Enigma

To use this FX robot, you need to choose from the three packages the vendor provides namely, the Basic, Standard, and the Professional package. Unlimited demo accounts, fully automated trading, free support, and upgrades are features common to the three packages. They differ in the number of real accounts they provide. 

While the Basic package costs $149, the standard and the professional packages cost $199 and $249 respectively. A 30-day money-back guarantee is present for all the packages. When compared to the competitor systems in the market, the price of this FX EA is not expensive. 

Recommendations for using this FX robot include a minimum balance of $1000 or a minimum amount of $10 when using a cent account. The leverage used starts from 1:100 or higher.

Forex Enigma backtests

The vendor provides a strategy tester report for this FX EA. Here is a screenshot of the report.

From the above report, we can see the backtest was done on the EURCHF pair from April 2020, up to April 2021 using the ‘Every Tick’ model and modelling quality of 99.9%. For an initial deposit of $1000, the EA had generated a total net profit of $496.96. The profitability of the account was 76.585 and the profit factor was 2.68. The maximum drawdown for the account was 21.54%. From the results, we can see that the profits are low and the drawdown is high revealing a risky approach.

Trading results

A real live account verified by the FXBlue site is displayed on the official site. Here is a screenshot of the trading statement.

From the above trading results, we can see the real USD account reveals a total profit of 28.4% with monthly and weekly profits of 5.1% and 1.2% respectively. Profitability of 75.3% and a profit factor value of 1.84 are present for the trading duration of 148 days. 

We could not find further info like the risk to reward and other details as the link to the FXBlue site is broken. From the results, it is clear that the profits are not high indicating an ineffective approach. Further comparing with the backtests, the profit factor value is higher in the backtest indicating that performance in the backtests cannot predict a similar result in real trading. 

People feedback

We could not find user feedback for this EA on reputed third-party sites like Forexpeacearmy, Trustpilot, etc. The lack of user reviews indicates this is not a popular EA among traders.

Summary

Advantages 

• Fully automated system
• 30-day money-back assurance

Disadvantages 

• The strategy used is not explained
• Backtesting and real trading results show an ineffective approach
• Lack of vendor transparency

Forex Enigma assures hassle-free and profitable trades with its innovative trading algorithm. Our analysis of this FX EA reveals several downsides that make it an unreliable system. To begin with, the trading approach is not explained properly. Other than mentioning the name of the approaches, there is no explanation of how they work. Although a verified live performance is shown, the broken link looks suspicious. Further, the low profits in real trading reveal an ineffective approach and poor performance. The lack of vendor transparency is another downside that makes this an untrustworthy EA.