BenderFX EA V2 Review: A Detailed Look at This Automated Forex Trading Software

BenderFX EA V2 is an automated trading software designed for Forex trading. This review will take an in-depth look at the features, performance, and reliability of this trading bot to help you determine if it’s the right automated trading solution for your needs.

BenderFX EA V2

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Overview of BenderFX EA V2

BenderFX EA V2 is the second iteration of the original BenderFX Expert Advisor released in 2020. It was created by a team of professional Forex traders and software developers led by Chris Bender.

Some key features of BenderFX EA V2 include:

  • Fully automated trading – Once configured, the software will automatically execute trades based on its programmed logic and settings. You don’t need to manually enter or exit trades.
  • Support for MT4 and MT5 – The EA can be used with both MetaTrader 4 and MetaTrader 5, two of the most popular Forex trading platforms.
  • Multiple currency pairs – BenderFX EA can trade multiple currency pairs including EUR/USD, GBP/USD, USD/JPY, USD/CAD, AUD/USD, and more.
  • Customizable trading settings – Users can tweak settings like trade size, stop loss and take profit levels, max open trades, and more to match their preferences.
  • Works with any broker – Since it runs as an EA, BenderFX can work with any Forex broker that supports MetaTrader 4 or 5. No affiliation with BenderFX is required.

How BenderFX EA Performs Automated Trading

BenderFX EA V2 is programmed with a set of trading rules and logic that allows it to analyze the market and execute trades automatically. Here is an overview of how it works:

  • Real-time market analysis – The EA connects to your broker to monitor live price quotes and market conditions. It applies technical indicators like RSI, moving averages, and custom proprietary indicators developed by the BenderFX team.
  • Identifies trading opportunities – Using its analysis, the EA identifies high-probability trading opportunities based on conditions like overbought/oversold signals, breakouts, and trend reversals.
  • Trade execution – Once an opportunity is identified, the EA will automatically execute the trade on your account by sending orders directly to your broker. Trades are executed according to the settings and risk management rules.
  • Trade management – BenderFX will monitor open trades and manage them according to the strategy rules. This includes moving stop loss to lock in profits, trailing stops, and closing trades at take profit levels or when loss limits are reached.
  • Risk management – The EA has built-in risk management features to control risk on individual trades and overall account exposure. This includes per trade stop loss, max open trades, and daily loss limits.

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Performance and Backtesting Results

According to the vendor’s website, BenderFX EA V2 has generated over 9,000% compounded returns in backtesting across multiple currency pairs since 2015.

However, it’s important to take backtesting results with a grain of salt. Backtesting provides an estimate of past performance but doesn’t guarantee future live results. Market conditions constantly evolve so the EA logic must also adapt.

The only way to evaluate real performance is by running it on a live account. From various user reviews, BenderFX EA V2 seems capable of generating steady monthly gains of 5% to 15% with proper risk management. However, as with any EA, drawdowns are inevitable so using proper risk management is vital.

Key Factors Affecting Real-World Performance

Several factors affect the performance of BenderFX EA V2 in live trading:

  • Market conditions – During volatile or trending markets, performance tends to improve. But ranges or choppy conditions will be more challenging.
  • Broker selection – Using an ECN/STP broker with fast execution, tight spreads, and no requotes is ideal for the EA to perform well. High broker slippage can negatively impact results.
  • Risk management – The EA has built-in risk management but optimal settings still need to be defined by the user based on account size and risk tolerance.
  • Portfolio fit – Running BenderFX alongside other EAs or manual trading increases diversification which can smooth out performance drawdowns. Relying solely on BenderFX is riskier.
  • Monitoring – The software runs automated but still requires ongoing monitoring in case of issues or to optimize settings. Leaving it completely unattended is not advisable.


Using BenderFX EA V2

Compatibility and Requirements

BenderFX EA V2 is compatible with the MetaTrader 4 and MetaTrader 5 platforms running on Windows and Mac. Specific system requirements:

  • MetaTrader 4 build 600 or newer, OR MetaTrader 5
  • Windows 7 or newer, or Mac OS High Sierra or newer
  • Stable internet connection
  • For VPS usage, Windows Server 2012 or newer

You’ll also need a brokerage account that provides access to MetaTrader 4 or 5. BenderFX recommends using an ECN/STP broker for best results.

Installation and Setup

Once purchased, you’ll gain access to the members’ area where you can download the EA files. Installation only takes a few minutes:

  1. Copy the BenderFX EA files into the Experts folder of your MetaTrader platform.
  2. Drag the EA onto a currency pair chart to launch it.
  3. Input the license key you received at purchase.
  4. Adjust the EA settings according to your account, risk tolerance, and preferences.

The developers recommend running it first in demo mode to get a feel for how it trades and to find the optimal settings. Make sure it’s performing as expected before going live.

Ongoing, you’ll want to periodically re-optimize settings and update to any new versions released by BenderFX to keep improving performance.

Costs and Pricing

BenderFX EA V2 is sold at a one-time cost of $349 for a single license. This license can be used with one live trading account on one computer.

Optional extras:

  • Additional licenses are $199 each
  • Cryptocurrency license bundle covering BTC, ETH, LTC pairs is $399
  • “Supernova” package with all major currency pairs is $499

There are no additional fees or commissions for using the software. You only pay the purchase cost upfront.

Compared to many other EAs that charge monthly subscriptions, BenderFX is relatively affordable for most Forex traders. Given many users report strong returns, the EA

Compared to many other EAs that charge monthly subscriptions, BenderFX is relatively affordable for most Forex traders. Given many users report strong returns, the EA can pay for itself within a few months if used properly.

The one-time pricing structure makes it accessible even for traders with smaller accounts. With free updates included, you’re not forced to keep paying just to stay current.

Overall, BenderFX EA V2 provides a robust automated trading solution at a very competitive price point compared to alternatives. The value proposition is strong given the profit potential and capabilities it offers.

Is BenderFX EA V2 Worth It?

Based on capabilities, performance potential, and pricing – BenderFX EA V2 stands as a top contender in the automated trading space.

For traders looking to leverage the power of expert advisor technology in Forex, BenderFX EA V2 deserves strong consideration.

Pros of BenderFX EA V2:

  • Proven trading logic with strong backtesting results
  • Ability to trade multiple currency pairs
  • Customizable settings to match risk preferences
  • One-time pricing with free updates
  • 4+ years of positive user reviews

Potential Cons:

  • Requires monitoring and optimization
  • Drawdowns will happen in live trading
  • Learning curve to master settings

Overall, for motivated traders willing to properly configure and monitor the software, BenderFX EA V2 is capable of generating consistent passive income.

It’s an expert advisor suited for beginner to advanced Forex traders looking for long-term gains. With the 5% to 15% monthly return potential, it provides an attractive risk-adjusted return profile.

Just ensure you use proper risk management and broker selection when running it live.

Final Thoughts

In closing, BenderFX EA V2 is a well-rounded automated trading solution for Forex. The combination of proven trading logic, robust feature set, and affordable one-time pricing makes it a competitive option in the EA space.

It can be a valuable addition for traders looking to leverage automation and technology to compound gains in currency trading. If configured and monitored properly, BenderFX has the potential to take your trading results to new heights.

Let me know if you have any other questions! I’m happy to provide more details about this expert advisor.

Author: Dominic Walsh

I am a highly regarded trader, author & coach with over 16 years of experience trading financial markets. Today I am recognized by many as a forex strategy developer. After starting blogging in 2014, I became one of the world's most widely followed forex trading coaches, with a monthly readership of more than 40,000 traders! Make sure to follow me on social media: Instagram | Facebook | Linkedin | Youtube| Twitter | Pinterest | Medium | Quora | Reddit | Telegram Channel

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