Focused on traders looking for an arbitrage trading system, Westernpips claims to have well-optimized software for trading at high-speeds. This trading software includes a set of products that cover not only the Forex market but also cryptocurrency and CFDs.
As a scalping EA, the software developers claim it to be a unique development focused on arbitrage trading on Forex. Is the Forex robot the right system for you? Read this review to know our recommendation on whether to trust this robot or not.
Table of Contents
Is Westernpips A Perfect Trend System Robot That Is Good To Go?
According to the website information, the automated Forex trading system has been in the business for 7 years and has 15 new version arbitrage expert advisors. Recent changes in the software include the addition of profitable trading features and the selection of 3 calculation mode signals.
Assuring high-frequency trading, the trading software offers data feed for free without the presence of a live account. The information related to the vendor is provided on the website and includes information on the team behind the expert advisor and contact information for support. This expert advisor uses an arbitrage trading system, which is based on data feed delay or hanging.
Instead of the usual trading terminals, such as MT4, MT5, and cTrader, this robot connects its fast quotes directly from the exchange, which gives a better advantage and faster data feed. The fast feed of data happens every millisecond and when the robot begins its work, it capitalizes on the data feed backlog, ensuring high profit from each signal.
How to Start Trading With Westernpips
For working with this expert advisor, a minimum deposit amount of $50 at a leverage of 1:100 and a minimum lot size of 0.01 is recommended . For real account registration, the software requires a deposit amount, ranging from $500 to $10,000, based on the type of data feed selected.
The Forex robot works by combining a broker of slow latency and a rapid data feed for effectiveness. Westernpips claims that it can predict price around 300 milliseconds prior to the price appearing for other brokers.
Several products are provided by the developer, including Trade Monitor 3.7, FIX Trader 3.9, Westernpips Private 7 Multiterminal, and more. For purchasing the Trade Monitor 3.7 product, the price is quoted as $1000 while there is no information regarding the price for other products.
Westernpips Backtests
We could not find any backtests for this robot on the official website. But, the site offers plenty of real account trading results.
Trading Results
Verified real account results are shown for this Forex robot on the myfxbook site. However, the high profits shown for the various trading accounts seem to be manipulated even if the site is an authentic one.
Furthermore, the official Westernpips site has several trading results displayed, which is overwhelming and can easily confuse beginner traders. The rest of the site is loaded with information that makes it difficult for a trader to find what is required for using the trading software.
Further, the real account result shown for 2020 Westernpips by Pepperstone broker shows a verified track record and trading privileges. Leverage of 1:500 is used with gain accrued being 1047.59% and the daily gains are at 1.07% for a deposit of $300.
While the profit is huge, we found the drawdown to be a bit high at 26.46%. This is a definite indicator of a high-risk strategy, which the developer does not explain candidly. And, on viewing the trading history, the account shows withdrawal after two consecutive losses during the trading.
Vendor Transparency
Detailed information is provided about the company, Westernpips Group, on the site. Besides developing Forex trading software, the company also deals in Cryptocurrency and CFDs. The vendor claims that the software is uniquely developed by its specialist team focused on arbitrage trading. However, there is no information regarding the price of the different products offered. A user has to enquire about the rates of the various products.
People Feedback
We found several negative reviews, which confirm our suspicions about the site. The reviews below show that the software results are fake and do not provide any profit.
Wrapping Up
From our detailed review of Westernpips Forex robot, we found several glitches in the product, including a lack of information regarding the software and its price and unbelievable and suspicious-looking results.
Advantages
- Multiple trading products
- Arbitrage strategy
Disadvantages
- Unconvincing trading results
- Bad user feedback
- Expensive price
Summary
From the outset, the website design is too overwhelming to process the information provided. When you do go beyond the numerous products and trading options, the trading results offered from the myfxbook site look like they are manipulated. The negative user feedback confirms our suspicions regarding the reliability of the site. This is not a Forex robot we would recommend with so many obvious drawbacks.
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