Odin Forex Robot Review Is forexrobottrader.com Legit

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Odin Forex Robot Review: Is The Automated Trader Legit Or Scam?

The Odin Forex Robot introduces their forex robot system as the “unrivaled expert trading advisor with brutal trading accuracy.” It goes on to list the astronomical profit figures they claim to have achieved with the robot trader in the last 30 days and ‘so far this year.’ This spikes off the first red flag not just because of their incredibly high numbers but because they have little evidence to back the results.

A quick search online reveals that Odin Forex Robot trading system is distributed and maintained by ForexRobotTrader.com that is in turn owned and operated by Don Steinitz. Apart from Odin forex robot, Don is also the developer of the equally controversial products. Yet they all have the same characteristics and key among them is the promise of huge profits from small initial investments.

  • Vader Forex Robot
  • Falcor Forex Robot
  • Ganon Forex Robot
  • Hedge Forex Robot
  • Directional Forex Robot
  • WaveRunner Forex Robot
  • Reaper Forex Robot
  • HAS Forex Robot
  • Pterodactyl Forex Robot
  • Volatility Forex Robot
  • Free Forex Robot
  • Fractal Breakout Indicator

What is the trading strategy used by Odin forex robot

According to the Odin Forex Robot website, their system embraces the Grid trading system that they claim plots charts in real time to identify trends that it then uses to “enter and close trades with no lag time.” The process is fully automated which then makes the Don Steinitz algorithmic trader deployable for all traders regardless of their skill as they don’t have to “lift a finger.”

From an experienced trader’s point of view, the explanation of this strategy is just meant to lure in traders. It glosses over all the important details that help an experienced trader determine whether robot trader is worth investing in or not. For instance, it doesn’t mention whether the strategy allows for the implementation of stop-loss or any other risk management protocol aimed at protecting the trader’s investments. It also doesn’t mention the number of trades the system can open during a trading session.

Reasons you should be cautious when dealing with Odin forex robot

No backtests

Backtests remain one of the most effective methods of helping prospective traders understand the inner working of the trading robot they hope to acquire. In an ideal situation, you would expect these backtesting results to include such factors as settings; tick data variation, stop loss levels, time frames, and amounts invested as well as the duration of the backtest. But Odin Forex Robot provides none of that.

Independent reviewers that have purchased and tested the system have nonetheless flocked such reputable trading robot review sites as forexpeacearmy.com, expressing their disappointment with the system. The chief concern in the unreliability of Odin’s default settings that don’t live up to the expectation peddled on their website.

Suspicious and unverifiable live trading results

Independent trading review sites like Myfxbook and FxBlue give trading system developers a chance to host the verified trading history of their automated systems on their platforms. Odin Forex robot developers, however, decide to forego either of the platforms and link the results of their live trading accounts toa suspicious and unverifiable trading history profile.

This isn’t the first time ForexBrokerrobot.com is foregoing the independent and reputable trading history providers and hosting their forex robot’s trading history on unverified third-party websites. It is a trend as none of their forex trading robot has its history on an independently verifiable history tracking platform. This shoots up as yet another red flag that makes trader think hard about the trading robot provider’s transparency.

History of running scams

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Forexrobottrader.com, the brand behind the popularization and distribution of Odin Forex Broker among other automated trading software, is marred with controversy. They also have a history of running scams with most of the trading robots they allegedly provide being flagged off by a majority of the trading community as highly unreliable and scam.

While the history alone is not enough to qualify Odin as yet another scam project, the fact that it follows in the footsteps of all its predecessors from risky trading strategies and unverifiable trading information does.

Negative user reviews

We agree that there may be a host of reasons why a disappointed trader may leave a negative review on a forex broker’s website. But a load of them, all from verified traders that have interacted with the system, addressing such common issues as poor performance, poor support, and poorly researched deposit settings, cannot be wrong.

Checking up on Forexpeacearmy.com, there are hundreds of negative reviews from verified traders directed at Odin and its Forexrobottrader.com developer as well as the other trading robots that the developer gives out for Free as an added bonus for every purchase.

PAMM forex accounts management has also evolved into one of the ways traders use to test the effectiveness of trading robots, as well as trading signal service providers. Before PAMM investors deposit into accounts they demand access to a trading system’s actual trading history and vet every possible threat to their often huge investments.

But the net reward from maintaining these accounts is worth the close scrutiny. It is, therefore, suspicious that Odin Forex Robot would forego the lure of guaranteed profits made from maintaining PAMM accounts only to sell their system that “beats the market” for $199.

No money back guarantee

Legit Forex trading system developers, confident about their systems, give their clients enough time to test their trading robots. They provide a free trading period, allow for the use of demo accounts or opt for the more popular money back guarantee strategy. Odin Forex robot offers none of these, neither does it promise to give back your invested amounts should their system lose you money or perform dismally.

Odin Forex Robot Review: Is forexrobottrader.com Legit?

Odin Forex Robot Review: this is a Forex robot or Expert Advisor developed by the Forex Robot Trader team. Is Odin Forex Robot legit or a scam?

Most Forex indicators are created for the purpose of giving traders trading signals that are accurate as well as consistent. With a legit indicator system, traders can afford to spend less time monitoring the market.

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Traders are provided with what can be termed expert advice from these robots, this is why they are called Expert Advisors (EAs). EAs are sold by indicator vendors.

The Odin Forex Robot is a product of one of the top forex robot vendors in the market, the Forex Robot Trader. This robot runs on the popular MetaTrader 4 platform and they claim it is fully automated.

This robot is said to be suitable for traders of all levels of experience and comes with easy to follow setup instructions. It is called “an unrivaled expert advisor with brutal trading accuracy” on the website.

How Odin Forex Robot Works

It is said that the robot uses an advanced grid trading strategy to look for good forex trades automatically. Since it is fully automated, it opens, manages, and closes the best traders for clients. They say traders do not need to do anything.

Odin Forex Robot plots chart price in real time, according to the vendors, and this enables it to find the best entry and exit points without lag.

Because of the numerous shady brokers, this robot is said to have a “Real Time Broker Shield” that guards trade information and prevent these brokers from trading against clients.

There are optimized settings that has over 20 common forex pairs, packaged in it. The graphs plotted by this robot are from small movements inside of charts caused by “every price movement”. This plot helps the robot predict patterns which is then analyzed for future probability.

An accurate “Stop Loss and Take Profit” mechanism helps protect clients’ balance and secure profit while minimizing the risk of each trade.

The price for the Odin Forex Robot is $129.00 which was cut down from $199.00. This seems to be a promotional price because it is stated that the “lowest price ever ends soon”.

Clients Feedback on Odin Forex Robot

Odin Forex Robot is still a relatively new product, launched this year, and we could not find much on it. The page publishes 2 reviews that are positive but it is difficult to ascertain if this is genuine or not at this time.

A search on Myfxbook turns up nothing as well and the vendors would do well to fix this.

Support

There is no information on how to reach the vendors but Odin Forex Robot is said to come with a customer support system in the package.

Conclusion

This seems to be a very good robot and though new, is already gaining popularity. The pricing seems high but if it actually does all that is claimed, then it would be worth it. Transparency of the vendors on the working mechanism is also an advantage.

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PACKED SCAM: Forex Robot Trader (FRT) review

In this review we explain why you should not buy any trading robot from Forex Robot Trader. It is presented by Don Steinitz.

The FRT website is selling Forex robots. It claims that all robots are profitable. Each robot is allegedly making tens of thousands of dollars per month, meanwhile all robots together make tens of thousands of pips per month.

The robots cost between $49 and $129 and they display profits between $27,000 and $170,000 per month.

Is it that cheap to make this much money?

Table of Contents

Forex Robot Trader scam

We examined the stats of all the FRT robots we found:

  • Odin Forex Robot
  • Vader Forex Robot
  • Ganon Forex Robot
  • Reaper Forex Robot
  • Falcor Forex Robot
  • Pterodactyl Forex Robot
  • HASMTF
  • Hedge Forex Robot
  • Volatility Forex Robot
  • Fractal Breakout Robot
  • Waverunner Forex Robot
  • Directional Forex Robot

And we did not know if we should laugh or cry. Because all these robots are obviously screaming scams. Or do you really think that a robot that can make you hundreds of thousands of dollars per year will cost $49?

If making money in Forex markets was that easy and cheap, nobody would be working and we all would be extremely rich. Unfortunately, Forex trading is not that easy.

Anonymous and illegal

Selling trading robots is considering as selling investment advice in most countries. In other words you have to have a licence from a national financial regulator to be able to sell trading robots.

But Forex Robot Trader is anonymous, there is no contact information, nothing. This means that it cannot sell its robots legally in most countries.

Even providing you credit card details to an anonymous party like this is scary and should not be done under any circumstances.

Conclusion

Forex Robot Trader is a scam website selling robots that cannot make you the money they advertise, stay away from them!

The truth is that to make profits in trading you have to find your own way, test and learn until you can trade profitably. There are no shortcuts. You can start practicing on a free demo with a regulated broker.

And don’t forget that in trading money can be not only made, but also lost, so be careful.

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