Customizable setting for low risk or high risk trading, 60-day money back guarantee, 24/7 customer support
High-risk trades may occur even at low-risk settings, difficult to verify the consistency of profits claimed by the company
If trying a forex trading robot has been something you have been ruminating about, Forex Over Drive can and seems to be one of the better choices.
Forex Overdrive Review - Does this "forex robot" really work as promised?
Forex Over Drive is one of the popular automated forex trading software programs on the market today. The creators of this forex robot claim that the program is designed to follow a low-risk long term trading strategy combined with astute money management to achieve long term profits.
For traders who like to take higher risks, the program has a risky mode option that performs faster trades. The default setting, however, is the low-risk money management system, which allows the robot to gradually increase the lot size and grow the profits over a long period of time with minimal losses.
Safety of your Investment
The company claims that Forex Over Drive system uses advanced algorithms along with a built-in broken protection system that is supposed to be superior to the other products out there. The back test results provided on the company’s website display almost no losses over a two month period. The system supports trading in EUR/USD and GBP/USD, which are among the most stable currency pairs, enabling safer trades.
Another safeguard included in the program is that it automatically tries to prevent stop loss hunting, and prevents losses. However, some users report that the system performs high risk trades even with low-risk default settings. Tests on some of the consumer protection websites show that even the default settings include some high stop losses and high risk-reward ratio, which would result in significant losses if hit.
Fully Automated Trading
Forex Over Drive can also be used by people who have no time to monitor the markets, or even those who do not have any special knowledge of forex trading. It is a fully automated forex trading robot that performs the entire trading activity on your behalf.
The robot has been tested several hundreds of times, producing profits consistently almost every time. The company claims that the software program has been developed by experienced forex trading professionals who fully understand the dynamics of the forex markets.
The company offers free customer support all seven days a week. The simplest way to approach the company is to send them an email describing your problem or concern in detail. The company assures a prompt response to every communication from the customers.
Forex Over Drive is sold at a price of $97. It comes with Clickbank’s 60-day money-back guarantee. The price is fairly competitive. Some of the competing robots in the market are priced higher than this product.
What Others are Saying
Each user appears to have a different experience with Forex Over Drive robot. Therefore, the company’s claim of highly consistently profitability does not hold good. Some customers are happy that it allows low-risk trading, and also it works on the highly popular MT4 forex trading platform.
Use of demo accounts for practice is another feature appreciated by users. Its fully automated hands-free functioning is liked by most customers. However, several users are disappointed with the losses they made with the robot; perhaps it was not the robot’s fault. Such customers believe the robot is as risky as any other form of forex trading. Of course that old adage comes into play here: “If it was that easy, everybody would be doing it.”
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Company and Product Information
Reviewer has not owned or tested this product, all information contained in this review is based of research the feedback of others that may or may not have owned the product.
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