Forex Steam is an expert advisor built to trade on the MT4 platform. The developers claim that their automated trading tool is one of the best and the most reliable robots in the Forex marketplace. However, these statements are false. In this Forex Steam review, you will learn why Forex Steam is a scam that can’t make you any money.
Is Forex Steam a Good EA to Invest Money?
The devs do not offer a free trial or demo version. Therefore, if you decide to trade with this EA, you will have to pay $117.99. This is a one-time payment, which includes all versions of Forex Steam, free updates, 4 licenses, free installation, instant access, and no upsells or membership fees. The minimum amount of money to start trading with this robot is $300-500. There is neither information about what currency pairs this EA supports nor money refund details provided.
The devs claim that their software works on a low-risk strategy that will eventually improve the risk-reward ratio for the trader. They have also added a Time-Restricted strategy to provide more options to their client base.
The company’s main team members are Paul Demonde (Lead Support), Dmitri Kozlov (MQL4/MQL5 Language Expert, Coding Team Manager), Julie Zhang (Marketing), and Allan Brisebois (Market Analyst).
How to Start Trading with Forex Steam?
The vendors of this trading software tell us that as soon as you pay for this EA, you will get an email with a unique link. Interested in the EA traders need to click on it and create your membership, where you can access the members’ area to access all the software and materials.
Forex Steam Backtests
The Forex Steam team is boasting their 10 “years of real live trading proof showing long term success and big gains”.
The backtests results are simple images that cannot be verified. In addition to this, they do not provide as much information as needed (there is a lot of misinformation out there about the trading results of this robot). Nevertheless, we prefer to see live verified trading results to analyze the trading performance of any system.
On its official website, you will find Forex Steam’s trading results based on 10 years of historical performance. It shows that the system turned 1K USD into over 12M USD. Frankly, it’s hard to believe, as this data cannot be verified.
On their ‘Disclaimer’ page we have found that the results the Forex team company is showing on their homepage are based on simulated or hypothetical performance results. They do not represent actual trading because ‘ these trades have not been executed.’ They do not come from the real backtest report.
The developers fail to provide Myfxbook or Fxblue results on their sales page. They say that they provide verified trading results, but there is nothing that could be verified. Sadly for the team that is boasting over 10 years of trading history. If their system is as effective as described, so then why are they hiding this important information from their clients?
On Myfxbook we have found some Forex Steam-named accounts.
Three out of 4 trading systems you see on the screenshot above stopped trading. One trading account was deleted from Mufxbook. The system is not a popular choice among traders.
The developers of the Forex Steam EA provide us with multiple positive reviews from their customers.
They try to convince us that these reviews are genuine. However, there is no way to get in touch at least with one of their customers to check out the veracity of claims. Frequently, reviews written on the websites of developers are paid or manipulated. Therefore, the reviews we see on the seller website are nothing that could be taken seriously. We prefer to analyze reviews written on third-party websites or forums and that is where we are going to move on.
On the forexpeacearmy.com we have found a bunch of negative reviews that formed a low 2.9 out of 5 rating. Most traders recommend to beware of Forex Steam. In 2012 and 2016 the system violated the FPA’s rights as many fake and highly suspicious positive reviews submitted for Forex Steam were published. We can see a wall of manipulated, untrustworthy reviews written on FPA:
Luckily, the Forex Peace Army website checks all the reviews and in case of any suspicious actions found, it immediately responds appropriately.
After our detailed Forex Steam review, we have decided that this is not a good robot to be trusted. The Forex Steam team fails to provide verified trading results of their EA. Moreover, we do not like that there is no money-back guarantee provided. Lack of vendor transparency and fake customer reviews do not increase the level of confidence in this product.