FXCipher has 2 built-in presets you can choose from. One of them has been optimized since 2010 and is highly reliable. The other one has been optimized since 2017, which helped to increase the profitability of the robot.
Preset optimized since 2010, works on five currency pairs: GBPUSD, EURJPY, AUDUSD, USDCAD, EURUSD. Note! Preset with settings optimized since 2017, works only on two currency pairs: GBPUSD, EURJPY.
FXCipher EA is the new word in the field of Forex robots that possesses itself as a reliable and still very profitable Forex robot with a variety of trading algorithms and preset strategies. In this review of FXCipher EA, we will try to get into details of the trading process of the robot and understand the logic and profit perspectives.
Live performance of FXCipher
The FXCipher EA has got two live trading accounts available on Myfxbook. Both accounts have started live trading in September 2020, which gives us 11 months of live performance to analyze. Staring from the deposit of $2.500 and $6000 the EA brought 379% and 466% of profit during the trading period. At the first glance on the trading graph, we can see that the EA has managed to trade without deep fixed drawdown and long downward movements. The live accounts have clean upward curves which draw almost straight lines.
There are 7 backtests available for the FXCipher EA each of which shows pretty solid balance growth with the strong upward movement. It is obvious from the shape of the curves that the developer used compound interest for backtesting.
All the backtests are made on a 1H timeframe using every tick testing model which is the most precise method of backtesting based on all available least timeframes. The backtests' modeling quality is 90% which is okay for this EA because it does not use a scalping strategy.
There is one backtest for each of the 5 currency pairs that the EA is capable to work on made using 11 years of historical quotes from 2010 to 2021. Also, the developer made additional backtests for EURJPY and GBPUSD currency pairs using another set of FXCipher EA and historical quotes from 2017 to 2021. These 11 and 4 years of backtesting are more than enough for the proper assessment.
*The backtests are taken from the developers’ website
*The subsequent analysis of the adviser is based on live analytics from the Myfxbook website. We’ll go through the pluses and minuses of the trading system as well as the profit and drawdown analysis.
PROFITABILITY AND DRAWDOWN
Live trading of FXCipher EA starts 25th of September 2020 with the initial deposit of $6000 on the “FXCipher_Set2010” account and $2500 on the “FXCipher_Set2017” account. On the first account, the EA trades using all 5 currency pairs it is programmed to work with, and only two of them are on the second account.
The system has managed to grow the “set2010” account by 466% since the beginning of trading which is a decent result for the Forex robot that has got a maximum monthly growth level of 18% and the drawdown level of 36%. The results are high and perspective to say that this Forex robot might become one of the profitable on ForexStore.
With such numbers on the real live accounts of FXCipher EA, we can make some assumptions about the possible future outcomes of using this robot. Having 466% of cumulative gain in 11 months with the maximum fixed drawdown level of 36% the average profit to drawdown ratio level should be something about 0.5:1 or 2:1 vice versa. These might be not the highest results that I have seen for such a robot on ForexStore but nevertheless not the worst ones either.
If talking about the other trading account of FXCipher EA, we have to mention that the initial deposit on the account was much smaller, and also the robot trades here using only two currency pairs. And still, there is a 378% gain in 11 months, having only 23% of the fixed drawdown level and 16% of monthly growth (look at the screenshot below). These numbers help us to count a possible profit to drawdown ratio level which for this account is even higher: 0.7:1.
These stats show that the EA is capable to trade effectively in different conditions and having different initial data. As the developer claims the 2017 set of the FXCipher is constructed to bring more profits and the 2010 set is more about durability and safety which is a useful feature for both types of traders: hungry for profit and careful for losses once.
FXCipher EA is a fully automated trading system that is compatible with the most popular trading terminals MetaTrader 4 and MetaTrader 5. The EA has got live trading statistics from third-party company Myfxbook and we're going to get deeper into the specificity of trading logic and set of FXCipher.
The main features of FXCipher EA are represented on the developers’ website and explain general trading rules for the robot. There are four main features that influence the trading strategy of the robot at the basic level (look at the screenshot below).
The main features of FXCipher EA are represented on the developers' website and explain general trading rules for the robot. As we can see, the system has two different trading sets which use different settings modes optimized for certain trading styles. The preset with setting optimized from 2010 is used to make your trading more reliable experience. On the contrary, the preset with the settings optimized from 2017 is more about raising profitability.
There are also two built-in strategies that the EA can switch between to minimize risks and to increase efficiency. Still, there is no further information about the specific trading algorithms that the strategies are pre-programmed with so we can only guess by analyzing the trading graphs which we will do later in the review. Two other features represented by the developer are aimed at the security of your funds, money management, and drawdown control of the system which is one of the most necessary things in every automated Forex trading system.
Analyzing the live performance graphs of the FXCipher EA we can see that the system uses some kind of modified Martingale grid trading since the robot multiplies the lot size for the next trade after losing one for the particular currency pair.
Still, the FXCipher EA sometimes does not use the grid for it which means that the system in some cases opens the trade with the multiplied lot after the previous trade is closed in a loss.
Also, the system uses fixed lot sizes and considers a fixed number of pips to take or lose for every currency pair. For example, on the previous screenshot, we can clearly see that the initial lot size for the GBPUSD currency pair is 0.16 and the pips taken and lost are both 40. Unlike, on the EURUSD currency pair the initial lot size is 0.25 and the number of pips taken 75.
The FXCipher EA trades pretty frequently as for the robot that does not use scalping and uses grids only in some cases. The EA already has made 676 trades since the beginning of trading 11 months ago which is approximately 61 trades per month or more than two trades per day.
The duration of trades being opened on the market for FXCipher EA is in the range of 3 minutes to 24 days. But the approximate average duration of trades is from a few hours to 4 – 5 days (look at the screenshot below).
The FXCipher EA is a perspective and good-looking winner on the market that may be called a profitable Forex robot. It has most of the vital features that provide it with a profitable and secure trading process. Even though some traders do not like systems that use the Martingale strategy, the FXCipher EA adapts the strategy pretty smoothly and gives a lot of attention to the durability and security of the funds.
The EA is equipped with necessary features that make this system meeting all the modern requirements for trading systems such as several backtests, real live trading results from the famous tracking company, and many more.
As it was mentioned, the FXCipher EA meets all the requirements and has all the features of the best Forex robot. Still, the price for the robot is not that high, so that the FXCipher EA gets the max 5 out of 5 stars for this stat.
The EA has reached an average profit to drawdown level of 0.5:1 and 0.7:1 which are good results that would satisfy most of the trades but still not the best that we have seen from different Forex robots that entitle as the best Forex robots, so 4 out of it has.
The system has got all the required statistics and backtests which adds more trust to this trading system. The robot has 11 months of real trading statistics and a max of 11 years of backtesting which is more than enough to give it 5 out of 5 stars for this stat.
My own attitude towards this trading system is positive and promising. The FXCipher EA show itself as a strong winner on the market which has a wide variety of trading strategies to choose from and still gives a lot of attention to security and durability. I give it 4.5 stars out of five because the system uses the Martingale strategy as the main winning algorithm which in some cases may be dangerous but as we can see the system gets along with it.
At the moment of writing the review, the automated rating system of the ForexStore rated FXCipher EA with 8.5 points out of 10 which is in my opinion is a bit underrated. This Forex robot deserves a higher mark because the system is profitable and reliable at the same time.
I hope this helps you, traders! I wish you profitable trading and luck on the market!