GOLD ELEVATE EA Review: An In-Depth Look at This Automated Forex Trading Software
The GOLD ELEVATE EA is an expert advisor (EA) designed specifically for automated trading of the XAUUSD (gold) currency pair on the MetaTrader 4 and 5 platforms. This forex robot aims to deliver high profits with low risk through its custom-built trading strategy and algorithms. But does it live up to its promises? This comprehensive review will analyze all aspects of the GOLD ELEVATE EA to determine if it’s worth the investment for forex traders.
Overview and Features
The GOLD ELEVATE EA is developed by a team of expert forex traders to fully automate gold trading using intelligent algorithms. It is currently priced at $179 for a lifetime license that works on unlimited demo and one live trading account.
Some of the main features as per the vendor’s website include:
- Fully automated trading optimized specifically for the XAUUSD pair
- Uses a combination of custom indicators and trading technologies:
- Custom indicator to detect trend reversals and momentum
- Supply and demand predictor
- Auto adaptive profit trade technology
- Risk reward stabilizing system
- Easy “set and forget” installation & use
- Suitable for both new and experienced forex traders
- Available for MetaTrader 4 and 5
- 100% money-back guarantee
These features seem impressive on paper. But without transparency into the underlying trading strategy, it’s difficult to assess the accuracy of these claims. We’ll analyze real trading performance later to determine if the GOLD ELEVATE EA can deliver on its promises of high profits and low risks.
Trading Performance and Statistics
Independent verification of real trading results is crucial to assess any EA’s profitability.
The vendor provides one FX Blue verification account showing a 65% monthly return over 14 days of trading[1]. However, the short 2 week duration makes these results meaningless.
Some Youtube reviews show different live accounts with promising weekly returns of 8-12% and drawdowns of 20-30% [2][4]. But it’s unclear whether these accounts are truly independent or just vendor demonstrations.
Without published details of the trading logic and long-term account statements, traders should remain skeptical of advertised performance claims. More transparency would build trust in the product’s expected returns.
Trading Strategy and Setup
The developer provides limited information about the GOLD ELEVATE EA’s underlying trading strategy and logic. As mentioned earlier, it apparently uses a combination of custom indicators to generate automated entry and exit signals. These include:
- Custom indicator to detect trend reversals and momentum
- Supply and demand predictor
- Auto adaptive profit trade technology
- Risk reward stabilization system
However, no specifics are given on how these work together or what techniques they employ. This lack of transparency makes it impossible to independently assess the rationality of the trading approach.
The vendor claims that using multiple indicator-based filters improves accuracy and profitability. But without understanding the indicators themselves, traders cannot judge if the logic is sound or optimized to fit past price data.
In terms of usage and setup, the GOLD ELEVATE EA seems straightforward based on available information. It works on both MetaTrader 4 and 5 with default settings, and only requires the XAUUSD symbol added to the Market Watch window. Specific brokers optimized for gold trading are recommended to ensure accurate performance.
Developer Reputation and Customer Support
The developers behind the GOLD ELEVATE EA remain anonymous without any verifiable background. This lack of transparency regarding the creators’ identity or trading pedigree adds to skepticism around the software.
In terms of customer support, the vendor seems responsive to pre-sales questions. But there is little evidence of post-purchase support or long-term commitment, common issues with low reputation EAs.
There seem to be no independent customer reviews available despite claimed years in business. Potential buyers may want to see more proof of support reliability before trusting the GOLD ELEVATE EA services.
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GOLD ELEVATE EA Pricing and Guarantee
The GOLD ELEVATE EA is available for a one-time fee of $179 which includes lifetime license on one live account. Two higher priced tiers at $399 and $499 for 2 and 5 live accounts respectively are also available.
For the basic $179 package, a 60 day money back guarantee is provided if traders are unsatisfied with purchase. This allows trying the software risk-free within a reasonable span. However, the refund policies on higher tiers remain unclear.
Compared to many EAs priced in the thousands, the cost seems reasonable provided performance expectations are properly aligned. Still, traders must compare any potential profits against this cost to determine if the software can become profitable after license fees.
GOLD ELEVATE EA Pros and Cons
Based on the available information, here are some notable pros and cons to weigh if considering the GOLD ELEVATE EA:
Pros
- Specialized for automated XAUUSD trading
- Combination of custom indicators and technologies
- Easy “set and forget” installation & use
- 60-day refund policy on basic package
- Reasonable one-time pricing
Cons
- No transparency into trading logic or strategy details
- Anonymous developers with no verifiable reputation
- Limited information on post-purchase support reliability
- No independent customer reviews or long-term account statements
- Vendor credibility hurt by grammar errors on website
So the software seems to have some useful capabilities on paper, but lacks credibility in multiple aspects covered in this review.
The Verdict? Proceed With Caution
In conclusion, the GOLD ELEVATE EA provides solutions for automated gold trading but raises several red flags, as summarized in this detailed review.
While the promised features may appeal to beginners, the lack of transparency around the trading strategy, developers, and long-term results makes independent profitability assessments impossible.
The apparent lack of reputation also creates doubts around post-purchase support and commitment to customer success. And there are no independent opinions available to verify vendor claims or satisfaction.
So while the one-time pricing seems reasonable compared to many EAs, traders are still advised to proceed with caution given the multiple credibility issues uncovered. Applying skepticism and managing expectations around advertised profits may be wise until more information surfaces from objective sources.
There are certainly some innovative aspects offered by the GOLD ELEVATE EA if it lives up to promises. However, traders are encouraged to perform more due diligence before risking hard-earned capital given the concerns outlined here.
Proper money management combined with further performance verification over the coming months may help determine if this EA could eventually deserve a place in gold traders’ toolkits. But for now, caution appears prudent when evaluating this product.