Forex Flex EA Review 2021
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This is a review for https://forexflexea.com, commonly known as Forex Flex EA. I’ve owned this bot for a number of years and tested various settings. A lot of people credit this as one of the best EA‘s you can buy, whilst others say they lost their money running this bot. I therefore want to share my own experiences of this EA and hopefully help you to understand if it’s worth buying or not.
Flex EA is a flexible forex robot utilizing the technology its developers call “virtual trades.” Numerous reviews paint Flex EA in a positive light; the tool does exactly what it says it does, and does it well – as long as you are good at configuring bots. It has been around since 2014, and the developers are still constantly pushing updates and improvements to their product. Several features make it one of the best trading robots available today.
Where Is Flex EA Headquarters?
Forex Flex is not an investment company and does not have any headquarters. Its developers, however, are based in the United States.
Since the robot deals with foreign exchange transactions, Forex Flex is compliant with the requirements and restrictions of the National Futures Association (NFA). NFA is a regulatory institution for the United States derivatives industry. It focuses on on-exchange traded futures, OTC derivatives, and off-exchange foreign currency.
How Does Flex EA Work?
Flex EA runs on MetaTrader 4 (MT4), an electronic trading platform used to automate foreign exchange speculative trades. Flex EA works by using its developed technology they call “virtual trades.” What this means is that Flex EA will run in the background scanning current market trends, analysis, price movements and monitoring coded scripts. The tool will continuously monitor the conditions of the market and determine the perfect entry point according to the settings, and will execute trades on your behalf. Essentially the robot will do as it is programmed to do so that it both enters and exits trades according to the parameters that are set.
Flex EA developers continuously update the robot and you can access various versions of the bot, including the latest versions and previous versions, via the members area.
Here’s a summary video of how the EA works
What Are The Types Of Flex EA Accounts?
Flex currently has two membership options. If you purchase the regular Flex EA membership worth $999 (currently on sale for $330) for a one-time payment, you gain access to one live account. The Flex EA x2 membership, worth $1500 (currently on sale at $495), will give you access to two live accounts and the correlated hedge trading platform.
Aside from those, both memberships have the same access to features, such as unlimited demo accounts, all strategies, set files, and full access to private forums.
There are three types of Flex EA accounts.
- Nano accounts, which require a $10 minimum starting balance
- Micro/Cent accounts, which require a $100 minimum starting balance
- Standard accounts, which require a $1,000 minimum starting balance
Flex EA Features
Here are the key features of Flex EA that make it an attractive option as a tool for your trading.
- Money management – The tool adjusts lot sizes automatically based on the account balance
- News Filter – Avoid trading during significant or high impact news events for a set amount of time.
- Equity Trailing TP – A powerful feature that allows for the potential of making more profit.
- DD Stoploss – This is a failsafe option that sets a portion of your account balance to close trades at a certain drawdown percentage.
- Session Filters – contains certain settings such as avoiding specific markets during a session or trading lengths.
- Indicators – Indicators such as EMA crosses, TDI, Support & Resistance, ADR, RSI, and Candle Sizes, can be configured and toggled on/off.
- Indicator Closures – Close trades depending on how you configure an indicator.
- Time filters – Avoid trading at certain times or days.
- Hedging – The hedging option is turned off by default as not many brokers allow hedging. However, this option is available for those who want it.
- Hide From Broker – If you don’t want your broker to know your strategy on how you trade, you can use this feature.
- Currency filters – Choose the currencies you want to see, or limit the currency pairs you want to work with.
Is There A Fee To Transact With Flex EA?
To use the services and features of Forex Flex EA, you only need a one-time payment. The price depends on the membership you want. To open an account, the mentioned minimum amounts must be taken into consideration.
Aside from that, there are no more fees to pay when using Flex EA.
This is an interesting discussion about forex flex ea;
Advantages Of Using Flex EA
- Simplicity – Flex EA is is to install and they provide some basic settings you can test for yourself.
- Compatibility – There are some currency pairs, such as GBP/USD and EUR/USD that work best with Flex EA, but you can use it to trade on virtually any chart you want. The program also has a few pairs that they recommend avoiding.
- Optimized Set Files – There are hundreds of unique settings available on Flex EA, but their optimized sets make it so that the user does not have to spend much time tweaking them. Simply download a .set file from the Members dashboard, load it into Flex, and let the software do the optimizations itself.
- Precision – Their market monitoring technology brings precise entry points that few other products can compete with. Their settings use six virtual trades of different currency pairs to monitor conditions and find the exact entry point for real trading.
- Flexibility – Flex EA can be set up to trade with a wealth of trading strategies. Memberships include 12 different configurations that offer 12 different trading strategies that you can readily change with one click.
- Community – Flex EA is one of the few of its kind on the market that has a dedicated community forum for everyone to communicate and discuss ideas. The developer also said that many of the features Flex EA have now are features requested by the users over the past years.
There are some disadvantages, as well. For instance, the bot requires some testing and potentially changing the settings according to your own preferences. This is not ideal for beginners, or those looking for a “set and forget” EA. The amount of customization available makes it ideal for more advanced users who want to be able to set the bot to trade in their own style.
If you are not familiar with the concept of forex trading bots and you would like to try one, then Flex EA is a good choice. It will help you trade foreign currency through computations without the disadvantage of human emotion in play. With flexibility, precision, and ease of use in mind, Flex EA is set to help you on your path to becoming a successful forex trader.
I’m Jon, owner of Trade Wise at https://tradewise.community/ and https://www.youtube.com/channel/UC7VmOx8DbvX4Rbrac2pPcjw
I review forex and crypto trading products and services to find the best of what’s out there for creating a passive income without becoming a full-time trader.