This website provides independent ratings for automated Forex Trading Robots (EAs) sold on the MQL5.com Marketplace. The current system on MQL5 allows vendors to publish inaccurate and often totally fabricated backtesting results without any verification of their results. There have also been several scams by MQL5 Expert Advisor vendors resulting in big losses for clients. Even with our long experience in automated Forex Trading and automated trading tools development, it can be difficult to detect a Forex EA scam. However, these experiences have taught us how detect them. As the result of working in the Forex brokerage business for several years, we have a clear insights into what could work and what will not.
Our site’s main purpose is to help fellow traders save money by thoroughly testing new EAs published on the MQL5 Marketplace. Through our EA rating system and scam detection we will save you money. Currently, places like Metaquotes does not issue any refunds to clients unless they absolutely must and do not vet EAs sold through their platform. In our experience, refunds only happen after intense customer pressure. Our site focuses on helping weed out bad EAs and help clients find good, trustworthy EAs that have proven to provide results. We want you to make money and not be scammed.
We have seen many different types of EA scams that make you lose money. A number of scam EAs cheat the backtesting results, for example by reading history data. Not all end users are able to to detect this and its impact will only be felt when live trading. Indeed, Metaquotes could stop this practice by checking EA source codes. Also fake client reviews on MQL5 are an issue. An independent backtesting and rating site is beneficial for all parties involved. This will allow the quality of the EAs to improve and reduce the number of scams. Our website actively works to provide you information on what works, unlike the MQL5 Marketplace.
For your benefit we will be we testing and rate every new EA release. We will also change our ratings based on the live performance of a particular EA. Our ratings give you up to date information of what works. Our Top 10 list will look different than the Popular List on MQL5.com. Where MQL5 only ranks by purchases and rentals, we will instead track live market performance long-term. This means many top ranked MQL5.com EAs may never even make it to the top or it takes them a long time to reach it. Currently a large portion of existing and new EAs on MQL5.com are high risk Martingale/grid EAs. Since many of them are the same, we will not be rating all of them. The ones we rate are those we have deemed to be safe enough to run long-term.
Our website wants to hold MQL5 Vendors accountable to help save you money, protect you from scams, and give you the latest details on new EAs. Make money safely and securely.
How To Use
Find an EA by name using our convenient search tool or browse the ranked lists. If you don’t find the EA you’re interested in, please contact us and we will rate it. If you are an EA vendor and think that your EA has been unfairly rated, contact us as well, and we can discuss with you what you can do to make the EA better for the community. Please join our mailing list in order to receive updates and scam alerts directly in your inbox.
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