Don’t let your trading dreams get rugged by a shady robot.
Expert Advisors (EAs) promise automated profits, stress-free trading, and the sweet sound of MetaTrader alerts while you sip coffee. But not all EAs are created equal—some are just glorified snake oil in .ex4 or .ex5 form. Here’s how to spot a scam EA before it drains your wallet and your hopes.
🚩 1. Unrealistic Performance Claims
If an EA boasts “1000% monthly returns” or “zero drawdown,” run. Legitimate trading systems have ups and downs. Even Warren Buffett has losing months. Look for verified Myfxbook or FXBlue accounts with consistent, modest gains.
🕵️ 2. No Verified Backtests
A flashy equity curve means nothing without transparency. Scam EAs often show cherry-picked results or hide key metrics like modeling quality, slippage, or spread. Demand backtests with at least 99% modeling quality and realistic settings.
🧠 3. Vague Strategy Descriptions
If the EA’s strategy is described as “proprietary AI magic” or “secret sauce,” that’s code for “we hope you don’t ask questions.” A good EA should explain its logic—whether it’s trend-following, grid-based, or uses breakout patterns.
📉 4. Over-Optimized Settings
Curve-fitting is the art of making an EA look perfect on past data but fail miserably in live markets. Scam EAs often use hyper-optimized parameters that crumble under changing conditions. Look for robustness tests across multiple pairs and timeframes.
💬 5. Dodgy Vendor Behavior
Is the seller pushing hard with countdown timers, fake testimonials, or Telegram hype? Do they vanish when you ask technical questions? Trustworthy vendors welcome scrutiny and offer trial versions or demo access.
🧪 6. No Demo or Refund Policy
If you can’t test the EA before buying, or there’s no refund policy, that’s a red flag. Reputable developers offer demo versions or money-back guarantees because they believe in their product.
🛡️ 7. Lack of Risk Controls
A solid EA includes stop-losses, equity protection, and risk-per-trade settings. Scam EAs often skip these to inflate short-term gains—until they blow up your account.
Final Thoughts
Before you buy, treat every EA like a potential Tinder date: verify, test, and don’t fall for sweet talk. Scam EAs thrive on FOMO and ignorance. But with a bit of due diligence, you can swipe left on the fakes and find a bot that truly matches your trading style.