FXCharger Review – A Comprehensive Look at This Automated Forex Trading Robot
Introduction
FXCharger is an automated trading robot designed for the popular MetaTrader 4 and MetaTrader 5 trading platforms. It claims to use an intelligent take profit and stop loss system to generate consistent profits.
FXCharger comes in two versions – FXCharger Basic and FXCharger Max. The Basic version trades only the EUR/USD currency pair while the Max version supports EUR/USD, AUD/USD, EUR/GBP, and other pairs.
In this comprehensive review, we will take an in-depth look at FXCharger to see if it delivers on its promises.
How FXCharger Works
According to the vendor’s website, FXCharger is designed to open trades every day. The take profit level of each trade is calculated dynamically based on current market conditions.
The robot uses a proprietary technology to set stop losses. This is supposed to protect your account balance even if the system crashes.
FXCharger allegedly always trades in profit thanks to its smart take profit calculation. It does not hold trades open for long, closing most within 1-4 days.
The robot is said to be easy to install and requires no further input after the initial setup. It runs fully automated after you attach it to a chart.
Features and Benefits
Here are some of the main features and benefits of FXCharger according to the vendor:
- Fully automated trading – no manual intervention needed
- Intelligent take profit calculation for consistent profits
- Special stop loss algorithm to limit losses
- Trades every day to maximize opportunities
- Easy one-click installation and setup
- Optimized default settings for beginners
- Advanced customization options for experienced traders
- Compatible with any MetaTrader 4 or 5 broker
FXCharger Packages and Pricing
FXCharger comes in 2 packages – Basic and Max. Here is an overview of what each offers:
FXCharger Basic
Price: $295
Pairs: EUR/USD only
Features: Pre-optimized default settings for beginners. Limited customization options.
FXCharger Max
Price: $385
Pairs: EUR/USD, AUD/USD, EUR/GBP, USD/JPY
Features: Advanced settings and full customization. More pairs supported.
Each license allows you to run the EA on any number of accounts and change accounts freely.
Trading Performance and Results
The vendor provides trading statistics on their website to showcase FXCharger’s performance. Let’s analyze these results in more detail.
Backtests
Extensive backtests are provided for the EUR/USD and AUD/USD pairs going back several years.
The tests show consistent simulated profits month after month with max drawdowns of around 15-20%. However, the modeling quality is only 90% which means the results may not translate accurately to live trading.
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Live Results
Live trading results are shown for both FXCharger Basic and Max versions.
FXCharger Basic EUR/USD
This account shows a gain of 446% over 7 months of trading. No losing months are present. Drawdown peaked at 14.98%.
FXCharger Max AUD/USD
This account gained 146% over 7 months. The max drawdown was 16.97%. Again, no losing months occurred.
The results look impressive on paper but it’s worth noting the live accounts have not been updated since 2016. More recent live results would be needed to properly evaluate current performance.
Customer Reviews and Feedback
Independent customer reviews for FXCharger are mixed. On ForexPeaceArmy, out of 4 reviews, 3 are negative citing issues like:
- Poor performance during trending markets
- Misleading profit claims
- Refusal to honor refund requests
On the other hand, TrustPilot shows a rating of 4.1 out of 5 based on 28 reviews. Positive reviews mention ease of use, good profits, and helpful support.
The mixed reviews suggest satisfied customers exist but issues also crop up depending on individual trading conditions and expectations.
Using FXCharger – Step by Step
Using FXCharger involves a simple setup process:
- Purchase the FXCharger license from the vendor’s website. This will include download links and your license key.
- Download and install the FXCharger files on your computer.
- Open your MetaTrader platform, go to File > Open Data Folder and copy the FXCharger EX4 file to the Experts folder.
- Open your MetaTrader platform and drag the FXCharger icon from the Navigator panel to an appropriate chart like EUR/USD M15.
- In the Inputs tab, paste your license key and adjust any settings as desired.
- Enable the “Allow Live Trading” setting and click OK.
- FXCharger will now open trades automatically based on its strategy. Monitor its operation and performance.
Be sure to start with a demo account to evaluate performance before risking real capital.
FXCharger Pros and Cons
Pros
- Long track record since 2016
- Hundreds of percent gains claimed
- Some positive customer reviews
- Clear trading statistics provided
- Compatible with all major brokers
Cons
- No updated live results since 2016
- Concerning user reviews on trust sites
- Backtests have only 90% modeling quality
- No details provided on strategy logic
- Expensive for a single pair license
Our Verdict
FXCharger shows some positive signs like a long track record and decent looking backtests and live results. However, the lack of transparency around the strategy logic raises some questions.
The lack of updated live results since 2016 is also concerning. With no recent live trading data, it’s impossible to know if performance has remained consistent in current market conditions.
We suggest approaching FXCharger with caution. The high price for a single pair license is difficult to justify given the lack of transparency and updated results. More proven automated systems are available for a similar price.
FXCharger may still be worth testing on a demo account, but we recommend looking at alternative forex robots before risking significant capital with this EA.
Frequently Asked Questions
Does FXCharger really work?
The backtests and historical live results suggest FXCharger has worked well in the past. However, without seeing any live results since 2016, it’s difficult to say if it still works consistently.
Is FXCharger a scam?
FXCharger is sold by a legitimate business so it cannot be classified as a scam. However, the lack of transparency and recent results does raise some concerns about its current legitimacy.
Can I run FXCharger with my broker?
FXCharger is compatible with all brokers that support MetaTrader 4 or 5. You should be able to use it with any reputable retail forex broker.
Does FXCharger have a money back guarantee?
Yes, FXCharger comes with a 30 day money back guarantee. If you are not satisfied you can request a refund within the first month.
What pairs and timeframes does FXCharger trade?
The Basic version trades EUR/USD on the H1 timeframe. The Max version adds AUD/USD, EUR/GBP, and other pairs also on H1.
FXCharger Conclusion
FXCharger has some potential but also some unanswered questions. The lack of transparency around the trading strategy and outdated live results makes it difficult to fully trust this EA.
We suggest caution and thorough testing before committing real money. There are other expert advisors with more convincing records in the current market.
Give FXCharger a try on demo first, but also explore alternative forex robots before deciding if this is the right automated solution for your needs.