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The FXZipper EA is an expert advisor that has been developed and optimised for trading forex automatically within the ever popular MetaTrader platforms. You can attach it to your currency pair charts and it will scan them for possible forex signals based on the algorithm built within the robot code. If it finds a possible trade setup, the software can enter, manage and exit a trade position, completely automated. You can also set the MetaTrader platform to send you robot alerts via SMS or email notifications if you would prefer to verify each signal before taking a trade or wait until the next opportunity comes along. In this FXZipper Review, we will look at the trading strategy that the robot uses along with its key features and most importantly, the most recent results.
FXZipper EA Trading Strategy
The FXZipper expert advisor uses a forex scalping strategy. What this effectively means is that the EA will try to make a small number of pips from each trade. Therefore, the EA does not always keep orders open in the forex market for a very long time. Based on historical testing, this scalping robot targets on average 6-12 pips per trade, and keeps trades in the market on average from 15 minutes to 3 hours.
The problem with scalping strategies such as the one implemented within this forex robot is that they are highly dependant on the right market conditions and broker trading environment. I have seen on many occasions a forex scalping robot using the same settings give a completely different set of results across different brokers. This is because they are impacted greatly by the spread, slippage and commission fees.
Take the average target in this EA of 6-12 pips per trade. If there is a spread of 2 pips, commission free of 1 pip and 1 pip slippage, the total cost of the trade is already 4 pips. Now, the FXZipper EA trade would have to reach 10 pips to hit a 6-pip target. This is also why scalper robots can often have different results between demo and real live accounts as the conditions are not always realistic in a simulated trading environment.
To have the best chance of success with any forex scalping robot such as this one, I would personally be looking at using an ECN forex broker as I find they tend to have some of the lowest commission fees, tightest spreads and can execute trades at the best available prices.
The trading algorithms of the FXZipper robot is universal, which allows it to work on as many as 8 currency pairs according to the developers which are as follows: AUDUSD, AUDCAD, USDCAD, GBPUSD, GBPCAD, GBPAUD, EURCHF, EURCAD. Of course, you don’t have to trade all currency pairs. I would prefer to trade the major fx pairs as they often have plenty of liquidity which can mean tighter spreads and better executions. These are again, important things to consider when using a short-term scalping system that relies on such small pip movements.
FXZipper EA Features
Let’s take a look at some of the key features of this forex robot.
Automated Trading Strategy
The FXZipper EA is automatic from start to finish. Whilst this does make it accessible to forex traders of all experience levels, it is by no means any guarantee of success. Whatever your prior trading experience may be, you should always be aware of the great risks that come with trading online using any manual or automatic forex trading system.
There is a unique technology implemented within the FXZipper EA which allows the software to delay the opening of a trade by a valid signal if it has potentially become unfavourable due to a sharp price increase, requotes or an unexpected increase of the brokers spread. A trade will usually be opened either when the price is optimal for its opening according to the robot algorithm, or the EA will instead miss the trade. This feature can be enabled or disabled in the settings of the EA.
To be fair, it is good that the developer has given consideration to both the MT4 and MT5 platforms, programming the EA to work in both. It can be frustrating for MT5 users when a forex robot is only available in MT4, and vice versa.
The FXZipper EA includes an easy to follow instruction manual to make sure that anyone can setup the software without any hiccups, regardless of your previous experience. Full 24/7 support is also available if required, they will be happy to help you get setup.
FXZipper EA Back Testing
I am impressed with the FXZipper EA backtests, primarily because the developers are using 99% modelling quality testing in the MT4 strategy tester. This means that they are using real tick data with variable spreads and the most accurate test environment possible when it comes to MQL coded robots. On the negative side of things, it is unclear if they have included commissions on trades which could have a big impact on the results. Then we need to account for slippage, which can actually be simulated in the MT4 strategy tester using the correct software such as Birts TDS. However, this will never replicate real trading conditions which is why real accounts verified by a third party can be so important. FXZipper EA backtests have been conducted across all of the 9 currency pairs that the developer recommends over a period of around 5 years of historical data.
FXZipper EA Results
Credit where it is due, the FXZipper EA has been backed by a real verified by Myfxbook account that shows the performance of the robot on a real trading account that has been running for a while. You can see from the graph that there have been some stagnant periods. You can click on the graph for more detailed statistics and always keep in mind that past results are of course no reflection of what will happen in the future. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
FXZipper EA Summary
The FXZipper EA is another product that has been powered by Forex Store. They have been churning these out at a rapid rate as of late. Some may choose to argue that they are chosen quantity over quality but I will leave that up to you to decide. This particular forex software cost $395 and comes with 1 lifetime license for any account and free updates for life.
Hopefully the information provided in this review along with the verified Myfxbook results can help you to make your own informed decision. Personally, I feel that this particular forex robot is too broker dependant. That being said, it is versatile and fully customisable with external setting available if you want to experiment in the MetaTrader strategy tester or on a demo trading account.
- Trades up to 9 currency pairs
- Fully automated forex scalping robot
- Myfxbook verified results
- 99% modelling quality backtests
- Customisable settings
- Unique features
- Free lifetime updates
- Full 24/7 support
- Instructions provided
- 30-day money back guarantee
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.