Forexbot 28 Review

Forexbot 28 is an EA robot working with 28 forex pairs (hence the name). According to its developers, the product has withstood the check of its credibility as they have a 5-years old running live account on myfxbook.

This review will detail some of the product’s main features, evaluate its performance results, and present you with other customers’ reviews to help you make an informed decision whether you want to buy it.

Forexbot 28 Overview

The promotional website of Forexbot 28 is not very impressive, and it has only one short page, where the most important characteristics of the product are outlined. There is no information on who the developers are, or any other data shed light on their professional background and experience.

Therefore, we searched on their name and found through whois.domaintools.com that behind the EA is a company called Namecheap, registered in 2011 in Los Angeles, California, the US. However, it is not known if they have any other products in their portfolio.

Forexbot 28 Features Review

As we mentioned, the promotional website of Forexbot 28 is simple and doesn’t provide many details. We learn that the product works with a wide range of currency pairs on USD, GBP, EUR, AUD, JPY, NZD and CHF.

Another strong selling point of the forex robot is that the developers claim it uses a neural network to calculate its strategy. The neural networks are believed to be the next level in analysis.

They are essentially an AI that can self-train, formalise classified information and make forecasts based on given historical data. Neural networks are finding increasing application in marketing and other businesses.

Forexbot 28 is compatible with both MT4 and MT5 trading platforms. The promotional website tells us also that the product is available in three different modes – Conservative, Normal and Aggressive. Each mode has a minimum deposit requirement, something quite unusual for a forex robot.

These requirements start from 350 USD on micro and cent accounts in the Aggressive mode and go up to 10 000 USD on an account on the Conservative mode.

Regardless of the chosen mode, Forexbot 28 costs 255 USD and comes with 30 days money-back guarantee. The set includes a one-lifetime license, a user manual, free updates and 24/7 customer support service.

Forexbot 28 Performance Results Review

According to Forexbot 28 official page, the EA “works reliably and stably on all possible currency pairs and proves this by trading on a real account for almost three years”. To back up this statement, they provide a screenshot of a verified myfxbook account.

However, according to the statistic on the account, it was started in March 2020. Perhaps, they had another account closed already, but we could not find one that shows historical data of more than one year.

The Forexbot 28 account on myfxbook has been performing on average in the last year and a half. It has achieved a growth of 69.21 %, but it has also marked significant drops in February and March this year, which brings the maximum drawdown number to 54.79%, which is not very encouraging.

At the time of writing this review, the numbers are steady, with a current monthly gain of 2.88%.

Forexbot 28 Customers Reviews

Despite claiming that they have been on the market for several years, we couldn’t find any customer feedback expressing an impression of how the robot works.

Conclusion

Forexbot 28 has some serious promises on its promotional page. However, with the lack of transparency about the vendor, no customer reviews and a real live account showing over 50% of maximum drawdown, it is hard to recommend this product.

Pros:

► Wide range of currency pairs

► Neural network analysis

Cons:

► Limited information about the developers

► No customer feedback

► Real live account shows a high maximum drawdown