FX Scalper X is a Forex robot that promises to help traders who are losing money while trading and thus blowing up their accounts. It is a fully automated system that claimed to have earned a profit of $100-$150K in the year 2020. As per the vendor, this Forex EA is based on a decade’s worth of backtesting data, and it can double, triple, and even quadruple your trading account.
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Is This The Forex EA You Need?
On the official website of FX Scalper X, the vendor has highlighted the backtesting data and live trading results. A brief overview of the features is provided, and there’s also a video that shows the system’s performance during 2020. Moreover, we have an FAQ section containing the answers to some common questions asked by customers.
There is absolutely no information available on the official website about the vendor. We don’t know anything about the company behind this Forex EA, and no physical address has been provided for the same. Thus, there is no way to determine whether the vendor has sold such systems in the past or whether the developers and traders have enough experience to be working with a Forex robot like this.
Using this Forex EA, you can trade in pairs like EUR/USD, EUR/JPY, GBP/USD, GBP/JPY, USD/CAD, EUR/GBP, and AUD/USD. Although the trading strategy is not mentioned anywhere on the website, we can assume that the robot uses a scalping strategy.
This scheme involves extracting small profits from each trade by taking advantage of price differences. It requires one to hold their position for a short period of time; otherwise, the price may leave the profitable zone.
How to Start Trading With FX Scalper X
The license for the FX Scalper X Bundle can be purchased for 3 months, 6 months, 12 months, or for a lifetime. You can get these licenses for $117, $157, $197, and $277 respectively. When you purchase the license for the robot, you get 3 EAs for the price of one.
Compared to the market average, the pricing packages are not too expensive. In the Terms of Service section, the vendor has stated that there are refunds for any of the services offered by FX Scalper X. Most reputable companies offer money-back guarantees, and this will no doubt deter some individuals from investing.
FX Scalper X is easy to install and makes profits on autopilot without the need for manual intervention. The minimum starting balance is $100. As per vendor claims, you don’t need any prior trading experience to work with this system, and after you complete your purchase, you will receive the download link along with a user manual within 24 hours.
FX Scalper X Backtests
This backtest was conducted on the GBP/USD pair from January 2019 to January 2020. During this time period, a total net profit of $1423419.75 was generated using an initial deposit of $100. A total of 1812 trades were made in this backtest, out of which FX Scalper X won 895, which represents a win rate of 49.39%.
Although the profitability is less than 50%, it seems the losses were small in comparison to the profits, since the profit factor is 1.82. The relative drawdown, however, is marginally high at 34.14%.
This is a live trading account for FX Scalper X that was launched on 12th January 2021. Using the leverage of 1:300, this account has closed 2148 trades to date, winning 76% out of them, which is a much higher win rate compared to the backtest. Currently, the daily and monthly profits for this account stand at 0.33% and 10.45%, respectively, while the total net profit is $832.
Looking at the trading history, we can see that the losses have been few and far between. However, it is to be noted that the average loss is a bit higher than the average win. Here, the profit factor is 1.71, which is low compared to the backtesting data, but still pretty decent.
Currently, there is a special offer on the FX Scalper X website that you can avail of to get the robot for a discount. By entering the code “X”, you can get an extra 10% off on your purchase.
We were unable to find any user reviews on the web for FX Scalper X. Since this is a new Forex EA with short trading history, it is hardly surprising that not many people know about it yet.
- Verified live trading results
- Backtesting data
- Affordable pricing plans
- Lack of vendor transparency
- No customer reviews
- No refund
Although FX Scalper X is not trying to scam traders, we think it is too soon to pass a judgment on this robot. We need to observe its live trading performance for a few more months before deciding whether to recommend it or not.