GPS Forex Robot offers an MT4 Trader along with a bot trader that guarantees up to 98% precision on portfolios.
The platform is run by Mark Larsen, who has a pile of write-ups about forex trades and how to net a high yield from the markets.
Our review finds a few loyalty perks for participants, including an option to work with its sole promoter/marketer _ explodely.com. User feedbacks are further down the page, with up to twenty replies affirming that the bot trader is legit. We will get to this point later.
So, what is the flagship offering from the platform? See how it works below.
Table of Contents
How It Works
GPS Forex Robot is an Expert Advisor (EA). It provides embedded formats and patterns that allow forex traders to set an optimal performance baseline and grow their accounts from that mark.
It means that the actual setup and management are in the control of the traders, who can decide when to quit or enter trades without a prior cue from a bot. However, once a bot authorization starts running, only the robot can execute a transaction, although the trader can decide to terminate the process.
The good news is that EAs are popular widgets for MT4-trading experts looking to leverage experience from better traders, and that is where GPS Forex Robot enters the picture.
Also, EAs run on a MetaQuotes Language (MQL), conferring a layer of authenticity and security on the software.
Regardless, most EAs do not guarantee up to 98% precision in executed trades, sparing 2% for a brute-force reverse trade, which is what GPS Forex Robot owner, Mark Larsen, says about the bot. But are Mark’s claims true?
To answer the question, we encourage you to check feedback polling from popular platforms. The collated results show that GPS Forex Robot records mixed reviews bordering on the bot trading strategy on the site.
Coupled with cases of infrequent trading and irregular customer support, GPS Forex Robot could not possibly offer the advertised 98% accurate trade. See the reasons in this post.
At a Glance
Company CEO, Mark Larsen, offers an MT4 Trader and forex trading bot;
The robot is supposed to execute up to 98% of the trades accurately;
Customer Feedback polls show that the 98% may be a stretch.
Moreover, there is the issue of GPS Forex Robot using a Martingale Strategy to probe profits. We explain this financial tool later.
Read on below for details.
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GPS Forex Robot Features
GPS Forex Robot seems to provide typical features and a PDF support line, with affordable one-off pricing models, online courses, and support for any choice of broker (most of the time).
Support
Here, GPS Forex Robot provides support for various features, including the users’ broker picks. So, you can opt for your local, as the replies on the site imply that users could access the software from their different countries.
Further, the company provides exhaustive webinar resources and reading materials that help traders hone their skills and learn new trading methods with the software. although the CS help service may be sluggish and unreliable.
In the case of bankruptcy (as some negative feedbacks suggest for reasons stated in the following sections), GPS Forex Robot is reportedly regulated by the International Finance Corporation (IFC).
Our review could not establish a direct index linking the company to the IFC. Also, the GPS Forex Robot official website only states it complies with the IFC rules without delineating the compliances.
Withdrawal and Deposits
The company supports a range of withdrawal and deposit options such as MasterCard, Visa, American Express, Bitcoin (BTC), and Discover.
Moreover, GPS Forex Robot maintains a refund policy, depending on a few conditions.
MT4 Trader and Forex Robot
The company offers an MT4 trader and a forex bot trader as the flagship service, along with an algorithm that Mark Larsen calls a SECRET strategy.
Inferring from feedback, users could confirm that the company doesn’t attempt to use Forex Scalping or other short-term burnout strategies to earn profits. Instead, it uses an undisclosed strategy on the backend.
Note:
Herein lies the main problem with the company. Judging from trade patterns and bot features, the company seems to be using a strategy that depends on reverse means. One recurring culprit here remains the Martingale Strategy, as mentioned previously.
Integration & Pricing
Apart from the default Trader, GPS Forex Robot integrates bots on the software, with updates coming up in time.
Apparently, the best item from the services cart is the pricing structure. It only requires a one-off subscription/purchase.
How much does the trading account (not the demo) cost?
You will have to pay one hundred and forty-nine dollars ($149), valid for a trade period after which you can decide to renew the subscription or not.
Below is how to download the MT4 Trader Software.
How to Download GPS Forex Robot
Here, we explain how to download and set up the GPS Forex Robot to integrate with your MetaTrader 4.
Download the MT4 software
Go to en.mvfxchoice.com and opt for MT4 download.
Click on the Download button to get the system into your computer.
Open the file and select the Account Login option.
Enter your valid login details (see the following section for guidelines).
Then, go to the GPS Forex Robot website to complete the sync.
Scroll down to “Add to cart” on the website homepage.
Click on the icon and accept all T&C checks.
Also, accept file installation in your C: Drive.
Retrieve the software from your PC.
Now, select the Expert Adverse list from the Navigator Panel on the MT4 (click on the + cue to view the complete list).
Further, select GPS Forex Robot from the options and place it on the indicated MT4 chart.
Review the settings and alert signals.
Finally, click on the OK icon to get the system running.
That completes the integration. See how the login works in the section below.
How to Log Into Your MT4 GPS Bot Account
Since you already have the MT4 platform on your PC, you can open it and opt for Account Login to sign in to your account.
Alternatively, you can use the web portal option. Here is how it works.
- Go to en.myfxchoice.com (prerably, use App Store or Play Store).
- Select the category for Download MT4 and scroll down to Log in to Trade Account section.
- Enter the authorization combination for LOGIN.
- Also, enter your password and select a Server from the drop-down menu (typically shows FXChoice-Pro Live by default.
- Lastly, click on Login.
Moreover, you can verify that the advertised trades are available on the software using the following steps.
- Request the Account Login slip using the above steps.
- Then, type in 77193 and select FXChoice-Classic Live as Server Option.
- Enter gpsrobot250 into the Password space to only read the contents.
You can now open the Account History and verify the data.
Is GPS Forex Robot Legit?
GPS Forex Robot is a legit bot except for a few things.
One of these is the 98% accuracy hype, which bags mixed reviews from experts on feedback polling platforms.
The official website merely says that the strategy is SECRET. However, some traders could decrypt a coded format after several trials. The same thing happens here, as customers report that GPS Forex Robot is using a strategy that relies on reverse means.
Reverse Mean _ works on the financial theory that profits or losses swing about a mean position and are bound to revert to the mean mark with time.
It uses Martingale Strategy.
Why Could This Be Dangerous?
A Martingale System of investing is conceptually dangerous and could run a trader bankrupt. Here is why.
The strategy doubles the worth of investments after any recorded loss. The technical part implies that the position size increases inversely to the portfolio size, making the process a risky strategy.
Major critics of Martingale Systems maintain that the method is wasteful and essentially diminishes the traders’ funds over a stretch of portfolios as losses increase.
At best, it is a loose term for brute-force investment, which easily leads to avoidable losses. Even with the right market analysis and history, fringe volatilities could hamper the best transactions that rely on this strategy.
Pros
The good parts are _
- Affordable Pricing,
- Integration with MT4, and
- Webinar and other Free Courses.
Cons
Although GPS Forex Robot has its good aspects, it doesn’t meet the mark for a 98% accuracy bot trader. Here are the reasons.
- Mixed Reviews from User Feedback
- Irregular sessions
- Unreliable CS help
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