Is Bonanza EA reliable for your trading account? Should you buy this system for a better trading experience? Read this review to find out if this forex robot is worth your money or not.
Table of Contents
About Bonanza EA
Bonanza EA is a forex robot available on MQL5 website. The developer of the EA is Elizaveta Erokhina from Russia.
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According to the vendor, the system can be purchased at the rate of $600 with rental options for 1 month and 3 months, $399 and $499 respectively.
Bonanza EA claims to give advantage in the financial market with its expert strategy. Here, the system uses filtering techniques for entry and exit points; and hard stop loss and take profit for each position.
Bonanza EA: Reasons to Avoid this Expert Advisor
Firstly, Bonanza EA is a forex robot that fails to pay attention to details. The sale pitch of this Expert Advisor shows some transparency issues with the product.
Secondly, the system has no cash back for the product. There is no guarantee that your money will be refunded if the product does not work as it is claimed to be.
More so, the customers’ feedback is pretty worrisome. There are few customer reviews on MQL5 where the product is sold of which they all sound too good to be true.
Further, the EA has no verified trading result from third party sites like FXBlue or Myfxbook where we can attest the product viability or not.
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Accounts
Free Trial
Projects
SSL
2
Strategy: Scalping
Time Frame: M1, M5, M15 and M30
Currency Pairs: All Pairs
License fee: $147
30 Day Money-back Guarantee
1
Strategy: Stop and Reverse
Time Frame: All time frames
Currency Pairs: EUR/USD, EUR/GBP and USD/CHF
License fee: $149
60 Day Money-back Guarantee
3
Strategy: Scalping
Time Frame: M1, M5, M15
Currency Pairs: All Pairs
License fee: $147
30 Day Money-back Guarantee
Bonanza EA Trading Strategy
Bonanza EA uses no grid, martingale and other risky strategy.
Also, the system operates on XAU/USD currency pair, and on a H1 time frame.
In addition, the provider recommends ECN account.
Bonanza EA Trading Results
The vendor presented us with a back test report from August 14, 2021, showing an average monthly gain of around 20% and a drawdown of 20%.
According to the Bonanza EA demo account on MQL5, the EA had a total trade of 92. The trade was made on a deposit of $1000, profit factor of 3.60% and drawdown of 7.5%.
Conclusion: Is Bonanza EA a Reliable Forex Robot?
Bonanza EA does not seem like a reliable forex robot for traders even though it promises offers that look good to be true.
More so, not guaranteeing forex traders a refund for their money if the system does not prove trustworthy as it claims is a con.
Because this EA does not consider it necessary to provide information, we do not recommend this forex robot for trading.
Kindly share your comment about this broker in the comment section.
