We have completed our two month trial of Defender EA Forex Robot and here are the final results:-
|Trade Success Rate:||72%|
|Cost:||€499 or free if signing up through chosen broker|
|Average number of trades:||2 per day|
|Rating:||1.5 out of 5.0 stars|
Defender EA Forex Robot – Full Review
Defender EA is a Forex robot from the Best Robots Forex team. It trades solely on the EUR/USD pair and has some impressive results published on the Best Forex Robots Forex website. There isn’t much info on the website about how the robot works or on what basis the trades are made.
The robot is fairly straightforward to set up and comes with a set-up guide. You can either pay €499 for a lifetime licence or get it for free if you sign-up through their recommended broker, Equiti.
We were quite hopeful for this robot given the strong results published on the website, but sadly it had a bit of a nightmare during our trial, finishing with a loss of $1143. That was from a starting bank of $2,000.
It was actually worse at one stage as we nearly lost the entire $2,000 starting bankroll.
As mentioned during the review, one of the issues we have with this robot and a number of other ones we have been testing is the lack of stop losses. During the trial period there was a strong run for the Euro against the Dollar and the robot racked up some huge losses during that run of over $300 each. In these situations you also run the risk of being closed out by your broker by becoming over-leveraged.
Our general view is that if a service doesn’t use stop losses then it is very high risk and should be treated with caution.
Leaving that aside though, the bottom line is this service made a bad loss during our trial so the only conclusion there can be is a FAILED rating unfortunately.
Ease of use: Setting up the robot wasn’t too difficult, there is a detailed manual showing you how to do so on a step-by-step basis and experienced robot users would find it fairly straightforward. Once the robot is set up you can just let it run, although of course you will need a VPS unless you keep your PC running all the time.
Transparency of results: The page on myfxbook for Defender EA is no longer available, which is not a good sign! With the results during our trial we shouldn’t be surprised though.
Did our results match those on their website? They don’t have results on their website for our trial period so we cannot compare our results to theirs, but obviously our results do not match the kind of returns claimed for the previous period of 1300% profit etc.
Trade success rate: The trade success rate for the trial was 72% which in itself is pretty good, but as pointed out above the real problem were those trades ran up massive losses.
Subscription costs: The robot costs €499 or free if signing up through their chosen broker, Equiti.
OVERALL VERDICT: FAILED 1.5 out of 5.0 stars
Sadly after a loss of over $1100 this Forex robot receives a FAILED rating from us. It lets its positions run without stop losses and unfortunately some of the positions ran up big losses as the Euro had a strong period against the dollar during our trial.
Defender EA – Results Update
5th June 2020
It’s been a rough start to our trial of the Defender EA Forex Robot, with a loss of $1419 made so far on the closed trades after one month.
Worse still, the open trades are also $453 down at the time of writing.
That is from a starting balance of $2,000, so the bank is almost entirely wiped out.
This is something we are seeing with a number of the forex robots we are testing at the moment, which don’t seem to have stop losses in place and just let open positions run until they chalk up massive losses (and get closed out due to lack of equity).
The dollar in particular has taken a hammering recently which is costing these robots dearly and as this one trades solely on the EUR/USD it has racked up some huge losses as the Euro has just kept on rising against the greenback.
We have to question the lack of stop losses however and whether it is really sensible, or sustainable, to let positions run in this fashion.
With the bank nearly wiped it will take a remarkable recovery – and probably some additional funds being deposited – to turn things around here.
Defender EA – New Review
18th May 2020
We are going to be looking at a new forex robot today called Defender EA from Best Robots Forex.
This is a robot that boasts amazing-looking results on the Best Robots Forex website, with a reported profit of 1200% made since August 2018 and without a losing month so far.
That has equated to over 5300 pips profit to date and with very consistent returns.
Those results have been verified on a real account at myfxbook and at FX Blue so seem to be genuine.
There have been over 1100 trades executed to date which is a good number and represents a decent sample size.
Defender EA trades purely on the EUR/USD currency pair and it is interesting that the worst trade so far only lost $104.88 according to myfxbook, which is pretty remarkable over the course of over 1100 trades.
There isn’t much info on how the robot operates and has managed such amazing apparent success, but perhaps the developers want to keep it a secret which would be understandable.
We started following this on a demo account on 5th May and the setup is pretty straightforward. So far we are $77 up on a starting balance of $2,000 so it is working exactly as advertised thus far.
As usual we will update results here as the review goes along but suffice to say we are pretty excited about this one from what we have seen to date!
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