iProfit Review

iProfit Review

iProfit Review

iProfit Review

iProfit is an automated trading advisor that is built on the neural network algorithm, is compatible with the Metatrader 4 trading terminal and is suitable for working in the forex market. The official website is http://iprofitea.com.

The built-in neural network allows the advisor to constantly rebuild the internal algorithm and adapt it to changeable exchange conditions and this allows you to regularly trade, conduct many transactions, and keep the risk level to a minimum.

Profit advisor

iProfit advisor is developed by Phubase Technologies company which is specializing in software development for the forex market:

  •     From     2012 to 2014 they were selling an unprofitable Synergy advisor.
  •     From     2012 to 2015 they were selling the useless Ray Scalper program.
  •     In     2014 they have released the Turbit robot, which quickly failed the     sales and was taken off the market due to a large number of user     complaints.

In 2019 the time for iProfit advisor has come. The developers claim that they took into account previous mistakes and they offer a fundamentally new solution which, unlike all other products, is not focused on aggressive trading. The developers claim that they took into account previous mistakes and offer a fundamentally new solution, which, unlike all other products, is not focused on aggressive trading. iProfit can trade safely and to gradually increase the deposit with a speed of 3-5% per month. Let’s check if it is really going that way. Let’s make a robot overview and will try to estimate the effectiveness of its algorithm, we will study the tests and will put a grade.

A detailed overview of iProfit forex robot

A detailed overview of iProfit forex robot

The trading robot iProfit is established on a simple one-page website that is adapted to the English language and where the sufficient amount of content is devoted to the neural network in trading. Let’s highlight the key peculiarities.

iProfit offer

iProfit offer

The iProfit advisor is not sold in a boxed version and is available only by subscription to a one-year or lifetime license. A year subscription costs 375$ and includes one license for real or demo-account, free 12-months updates and 30-days guarantee of pay-back. A lifetime subscription costs 780$ and offers an unlimited program update period.

Conditions on which the pay-back takes place within a guaranteed period is not published on the main part of the website – usually, this does not go free of charge and users can receive compensation only after numerous losses. If it were not like that, the developers would mention this moment and would make it as a one more program advantage. Instead, we have a list of recommended brokers where we can open a deposit: IC Markets, AXI Trader, Pepperstone, Forex IntoBook, BabyPips, and ForexGermany. At the same time, it is also important that the chosen company would provide users with accounts with minimal commission fees and spreads. Without this, the adviser will not be able to fully function and most months will show negative returns.

Trading characteristics

Trading characteristics

The iProfit trading robot is positioned as an ultra-short-term algorithm which is aligned with an hour timeframe and, at the same time, scalping trading methods are not used. The advisor has a special option with the help of which you can control the risk level in high and low mode. At a high-risk mode, you can lose 5 % within one deal and bring 25% of the total drawdown from the deposit. The low-risk mode is limited with 2,5% of losses within a deal and 15% of the total drawdown from the deposit.

At any risk level, the average success of the system is 62%: on average, one profitable transaction brings 25 points, and the amount of loss is limited to 27 points. If we take this ratio and cunt it for 100 deals, we will get such a result: 62 profitable deals will bring 1550 points, and the rest 38 deals will deduct 1026 points. The difference is 524 points – this is the total profit from which you need to subtract the commission and spreads. According to the developers, the estimated monthly profit is 170 points. To obtain this result, six currency pairs are used: euro / dollar, euro / yen, gold / dollar, pound / dollar and Australian dollar / US dollar. The size of the initial deposit is also important which should be at least $ 3000-5000 – for smaller amounts, the program is not adapted and will produce a loss-making result.

In July 2019, an updated version of the iProfit was released – iProfit V3.1 which is 30% more productive than its previous analog. Now the prerequisites for entering a position are formed only when the probability of a successful outcome is 75% – this means that there will be less unprofitable months and you can earn more.

iProfit trading strategies

iProfit trading strategies

The algorithm is based on the actions of a neural network which first analyzes the previous minimum and maximum points, and then, based on these data, makes a highly accurate forecast for any currency pair. It works in the following way:

  • The  robot scans the extremes of all hourly candles over the past 52     hours.
  • Based  on the received data, the program builds the most possible scenario     of the price movement and estimates its accuracy: if the probability     of the scenario is below 70%, the received signal will be ignored.
  • If the probability of the scenario is 70% or more, a transaction is     opened and analysis continues: the advisor does not stop collecting     data for the last 52 hours and, when suitable conditions are met, a     new transaction is opened. Updates to the algorithm are made every 4     hours and due to this frequency, the advisor manages to respond to     most intraday changes.

The site says that a group of professional intraday traders was responsible for the design of the described algorithm, and there is no information about their qualifications. It also said that to search for entry points the signals moving averages to the advisor, support and resistance levels, as well as stochastic oscillator readings, were added to the advisor – a full overview and settings are not specified.

The description also says about the preservation of client capital which should be ensured by geometrically increasing the size of the trading position – this is some new approach that, according to the developers, is not connected with the grid and the martingale method. There is no example of calculating the deposit for this technology on the site.

The external view of the iProfit trading advisor.

The external view of the iProfit trading advisor.

Testing Results

Testing Results

According to the developers, the iProfit trading robot passed numerous tests under the supervision of the DukasCopy Tick Data service – there is data for 6 years of testing which is 99% consistent with the situation that occurred in the financial market. After impressive statistics, there is a footer of the site where the CFTC 4.41 rule is written – in real conditions, the adviser was not tested and therefore there is no guarantee that in practice there will be some kind of positive result.

Customer reviews

The iProfit trading advisor is not in demand, so there are no interesting comments about its work. There are only advertising and non-constructive negativity with complaints about the deposit discharge. Therefore, when rating, we do not take this parameter into account.

Summary

Summary

iProfit is a typical trading robot that looks solid in appearance but loses all its attractiveness when considering the details: unskilled developers, a vague working algorithm, incomprehensible warranty period conditions and the lack of real test trials.

 

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