There are hundreds, if not thousands, of providers out there, all vying for the attention of traders and delivering results they cannot, such as high returns and 90% win rates.
Chances are that these sites are fake. Any provider offering such far-fetched results is almost certainly trying their luck on innocent traders. Unfortunately, some traders don't find out that these claims are baseless until it's too late and they've kissed their money goodbye.
A good piece of advice would be if you are unsure about a vendor, do your research. In this regard, it is a good idea to join a platform that offers a free trial or a money back guarantee. At least this way you can go if it's not all that matters. In doing so, you go in with your eyes open and don't leave yourself or your money vulnerable.
How do I choose a suitable Forex EA?
Proceed with mindfulness, not least because knowing that Forex EA scammers are out there can keep traders from getting stung for thousands of dollars. There will always be unscrupulous websites just waiting to take advantage. It is important to be cautious.
With this in mind, we recommend making the following considerations before buying a Forex EA.
Are the Forex EA claims genuine?
It is easy to promise 90% monthly returns. After all, anyone who wants to can set up a website offering the moon on a stick. A good rule of thumb is "if it seems too good to be true, it probably is".
If the Forex EA platform you are looking at promises huge monthly profits with low risk, this should set off alarm bells. As mentioned earlier, it is a good idea to choose forex EAs that allow authentication for the claimed results.
Forex EA trading demo accounts are a useful option for experienced and new traders. This way, you can test automated signals and filter settings. When it comes to consistency, you can check the company's live trading results and backtesting.
These statistics illustrate how the forex EA behaves over a certain period of time in download Exness apps. A genuine platform provides access to all this useful information to prove that they are legitimate and not just good at marketing.
What is the minimum deposit?
Some Forex EA providers set a minimum deposit amount before you can access the EA system. With this in mind, you should always check the site's terms of service to verify the minimum deposit required.
It would be demoralizing to invest $1,500 of your hard-earned money only to find out later that it is a fraudulent EA platform. Most of the time, the minimum deposit is around 200 USD, although on some websites this is just a suggestion. If the provider offers its clients a money-back guarantee, this is a positive sign. On the other hand, if you use Forex EA software that is compatible with MT4/ 5, then the minimum deposit depends on your choice of broker.