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Odin Forex Robot Review: Is The Automated Trader Legit Or Scam?
The Odin Forex Robot introduces their forex robot system as the “unrivaled expert trading advisor with brutal trading accuracy.” It goes on to list the astronomical profit figures they claim to have achieved with the robot trader in the last 30 days and ‘so far this year.’ This spikes off the first red flag not just because of their incredibly high numbers but because they have little evidence to back the results.
A quick search online reveals that Odin Forex Robot trading system is distributed and maintained by ForexRobotTrader.com that is in turn owned and operated by Don Steinitz. Apart from Odin forex robot, Don is also the developer of the equally controversial products. Yet they all have the same characteristics and key among them is the promise of huge profits from small initial investments.
- Vader Forex Robot
- Falcor Forex Robot
- Ganon Forex Robot
- Hedge Forex Robot
- Directional Forex Robot
- WaveRunner Forex Robot
- Reaper Forex Robot
- HAS Forex Robot
- Pterodactyl Forex Robot
- Volatility Forex Robot
- Free Forex Robot
- Fractal Breakout Indicator
What is the trading strategy used by Odin forex robot
According to the Odin Forex Robot website, their system embraces the Grid trading system that they claim plots charts in real time to identify trends that it then uses to “enter and close trades with no lag time.” The process is fully automated which then makes the Don Steinitz algorithmic trader deployable for all traders regardless of their skill as they don’t have to “lift a finger.”
From an experienced trader’s point of view, the explanation of this strategy is just meant to lure in traders. It glosses over all the important details that help an experienced trader determine whether robot trader is worth investing in or not. For instance, it doesn’t mention whether the strategy allows for the implementation of stop-loss or any other risk management protocol aimed at protecting the trader’s investments. It also doesn’t mention the number of trades the system can open during a trading session.
Reasons you should be cautious when dealing with Odin forex robot
No backtests
Backtests remain one of the most effective methods of helping prospective traders understand the inner working of the trading robot they hope to acquire. In an ideal situation, you would expect these backtesting results to include such factors as settings; tick data variation, stop loss levels, time frames, and amounts invested as well as the duration of the backtest. But Odin Forex Robot provides none of that.
Independent reviewers that have purchased and tested the system have nonetheless flocked such reputable trading robot review sites as forexpeacearmy.com, expressing their disappointment with the system. The chief concern in the unreliability of Odin’s default settings that don’t live up to the expectation peddled on their website.
Suspicious and unverifiable live trading results
Independent trading review sites like Myfxbook and FxBlue give trading system developers a chance to host the verified trading history of their automated systems on their platforms. Odin Forex robot developers, however, decide to forego either of the platforms and link the results of their live trading accounts toa suspicious and unverifiable trading history profile.
This isn’t the first time ForexBrokerrobot.com is foregoing the independent and reputable trading history providers and hosting their forex robot’s trading history on unverified third-party websites. It is a trend as none of their forex trading robot has its history on an independently verifiable history tracking platform. This shoots up as yet another red flag that makes trader think hard about the trading robot provider’s transparency.
History of running scams
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Forexrobottrader.com, the brand behind the popularization and distribution of Odin Forex Broker among other automated trading software, is marred with controversy. They also have a history of running scams with most of the trading robots they allegedly provide being flagged off by a majority of the trading community as highly unreliable and scam.
While the history alone is not enough to qualify Odin as yet another scam project, the fact that it follows in the footsteps of all its predecessors from risky trading strategies and unverifiable trading information does.
Negative user reviews
We agree that there may be a host of reasons why a disappointed trader may leave a negative review on a forex broker’s website. But a load of them, all from verified traders that have interacted with the system, addressing such common issues as poor performance, poor support, and poorly researched deposit settings, cannot be wrong.
Checking up on Forexpeacearmy.com, there are hundreds of negative reviews from verified traders directed at Odin and its Forexrobottrader.com developer as well as the other trading robots that the developer gives out for Free as an added bonus for every purchase.
PAMM forex accounts management has also evolved into one of the ways traders use to test the effectiveness of trading robots, as well as trading signal service providers. Before PAMM investors deposit into accounts they demand access to a trading system’s actual trading history and vet every possible threat to their often huge investments.
But the net reward from maintaining these accounts is worth the close scrutiny. It is, therefore, suspicious that Odin Forex Robot would forego the lure of guaranteed profits made from maintaining PAMM accounts only to sell their system that “beats the market” for $199.
No money back guarantee
Legit Forex trading system developers, confident about their systems, give their clients enough time to test their trading robots. They provide a free trading period, allow for the use of demo accounts or opt for the more popular money back guarantee strategy. Odin Forex robot offers none of these, neither does it promise to give back your invested amounts should their system lose you money or perform dismally.
Forexite Review – Is www.forexite.com scam or safe forex broker?
RECOMMENDED FOREX BROKERS
Trading accounts and conditions
| Account type | Minimum deposit | Minimum trade size | Maximum leverage | Average spreads |
| Standard | $1 | 0.01 lot | 1:100 | 4 pips |
Forexite has one type of trading account, which we named “Standard” for convenience. There is also a free demo account with virtual $1000 for testing purposes.
The broker offers trading in major, minor and some exotic forex pairs. The minimum required deposit is listed as $1, but the broker says that the “recommended minimum deposit” is $500.
The Company. Security of Funds
| Company | Country | Regulation |
| Forexite Ltd. | Belize | IFSC |
The Forexite broker has a business address in the offshore zone Belize and is regulated by Belize’s International Financial Services Commission (IFSC). The trading address, however, is on the British Virgin Islands.
This regulator has low requirements and does not exercise much of supervision over its charges and this makes Belize a popular destination for forex brokers. Even though IFSC is somewhat better than the regulators in other popular forex broker offshore zones or no regulation at all, it is not the most reliable and reputable watchdog.
For this reason we recommend that you choose a broker with good regulation like the one provided by UK’s FCA or the Australian ASIC.
Trading platforms
Forexite appears to have a proprietary platform called TradeRoom, which is only web-based. It is not very intuitive to use and has extensive tutorials which obviously have to be read carefully. The platform has some of the most basic options and features of major and popular trading platforms like MetaTrader, but is neither attractive, nor easy to use.
A feature we find rather strange, is that a client can log into his/her account with their social media profile.
Methods of payment
The broker accepts payments with debit and credit cards and the online payment systems Skrill, Yandex and Paxum.
Conclusion
Judging by the language options on its site, Forexite is obviously targeting Russian-speaking clients. The broker’s site and platform, however, are rather unattractive and appear extremely outdated. It seems Forexite is still active, which we find rather surprising, considering the multitude of forex brokers active on the Russian markets – many of them properly licensed by the Bank of Russia and with far more attractive asset portfolios, trading conditions and trading platforms.
| Pros | Cons |
| No MT4 | |
| Wide spread | |
| Low leverage |
| Broker | Advantages |
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FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts. Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments. XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for. FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion. FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection. FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals. FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions. HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry. 2Captcha Reviews – Is 2 Captcha Legit or a Scam?2Captcha is one of the trusted Captcha entry sites in the world that is known to introduce new features in Captcha solving services. 2captcha is considered as a best captcha typing site for the beginners because 2 captcha time limitation for solving Captchas is very liberal. The workers should be able to type at least 1 letter in 10 seconds, this is very simple that even a Kinder Garden child would do it easily. While the normal typers with average typing speed will solve a captcha in 6 seconds, the advanced typist will solve a captcha within 1 to 2 seconds. 2Captcha is the place for both the beginners and the advanced typist to work and earn money. Here is the 2Captcha review to help you to learn how to work on 2Captcha and more information about the 2Captcha app & 2Captcha bots. 2Captcha Review:2Captcha is known to provide the online data entry jobs. These are the online jobs done without investment from home at the free time using PC and smartphone. How to work and earn money on 2Captcha:
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