de | cn | ru

Expert Advisors Reviews

Innovative EA Review - Is it scam or good forex system?

Aug 11 2017
Jonathan Smith ,

AlgoTradeSoft is a developer of automated trading systems. One of their popular robots is the Innovative EA. Not much is known about the system, but we will do our best to debunk some of its mysteries.


The Innovative EA attempts to “snipe support and resistance levels”, according to comments made by the developers. The strategy initially risks “20%”, which means it opens trades with a 1:5 risk to reward ratio. Conventional trading wisdom approves this kind of approach. The robot later applies an “adaptive trade management algorithm”. While we do not know what this means exactly, it probably implies the market conditions are being reevaluated and positions may be closed before the initial target is reached.


A big portion of the trading statistics of the Innovative EA’s statistics at MyFxBook (which we will get to late in this review) are kept hidden, which immediately leads to suspicion. This may actually be a dangerous system in disguise.


One of the key metrics which is visible and tells a lot is the average length of each trade. It is only 10 seconds. This proves why the system is not available on a copy-trading network, such as ZuluTrade – there will be a huge risk of the follower not being able to copy the trade in time. This also leads to another possibility – the company may have negotiated much more favorable spreads with its broker, in exchange for trading with great volumes. This would explain how they are able to make such amazing returns, by trading so short term. Speaking of the returns let’s get straight to them.

Historical Performance

The Innovative EA is being tracked on a verified MyFxBook account, for almost two years, but most of the statistics are kept private. The account is opened with FXCM, and it has had a lot of deposits and withdrawals. This makes the returns hard to calculate. Currently the absolute gains are about 1500%, while the time-weighted ones are in the 6000% range. Here is the growth chart:


The curve is relatively flat, but keep in mind this is not a logarithmic chart, so it does not do the system justice. The drawdown is surprisingly low, as illustrated by this chart:


While greater returns usually come with greater risk, this system appears to disagree. The peak drawdown is slightly above 10%. This reaffirms the feeling of a “too good to be true system”.

The Innovative EA struggles in the average pips per trade parameter, which is currently only 0.9 pips. This is due to its extremely short-term scalping nature (10 seconds average time per trade). Even Asian scalpers, like the Ninja Trainer EA, score higher than this. Generally, we would advise against dealing with systems, which provide less than 3 pips/trade, and proceed with caution, if they are in the 3-5 pips per trade range.


If you wish to obtain access to the Innovative EA, you would have to contact AlgoTradeSoft directly. They appear to be offering a scheme similar to PAMM investing, which explains the frequent deposits and withdrawals. As we mentioned above, copying this system will not be possible, due to its strategy.

Bottom line

The Innovative EA is a scalping system provided by AlgoTradeSoft. While its returns are amazing, the developers have hidden a lot of the trading statistics. This leads us to be slightly skeptical about the entire strategy, alongside the fact it appears “too good to be true”. We suspect the company may have negotiated outstanding trading conditions with its broker, in exchange for trading massive volumes. The system struggles in the average pips/trade department. Currently, you can invest in it only after contacting AlgoTradeSoft. That being said the company may have attracted a lot more (albeit smaller) clients if it was more transparent and offered a PAMM investment scheme.


TAGS: innovative ea  innovative ea robot  innovative ea review  innovative ea scam  innovative ea algotradesoft  algotradesoft 
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
$100 Review Website
Australia, Cyprus ASIC MT4, MT5,
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
$200 Review Website

More Forex Expert Advisors Reviews

Forex Strategy Builder Review: Build FX EA without coding skills?

May 07 2019 16:37:02

Forex Strategy Builder is a professional software for building Expert Advisors. It is the alternative of coding the strategies on MQL language. With Forex Strategy Builder it is possible to create FX EA (stands for Forex Expert Advisor) without programming skills. Read more

Forex robot builder review: EA Studio vs FSB Pro

Feb 26 2019 15:35:18

  Forex robot builder is any software that allows the trader to generate, automate and analyze trading strategies. Today we are going to compare two of the most commonly used robot builders - EA Studio and FSB Pro. Read more

Forex Gold Investor EA Review - Is it scam or good forex system?

Nov 01 2017 12:40:41

The Forex Gold Investor is an automated trading systems which, as its name partially suggests, trades gold. In this review, we will attempt to unveil its secrets. Read more

Forex Fury EA Review - Is it scam or good forex system?

Sep 27 2017 15:32:55

 The Forex Fury EA is a product which you may have heard about. The team behind it runs a website, which reviews other Expert Advisors and recommends two of their own. In this review, we will give you our unbiased opinion on the Forex Fury EA. Read more

FXCharger EA Review - Is it scam or good forex system?

Sep 26 2017 15:27:24

This will be a review of the FXCharger Robot, a relatively new and interesting Expert Advisor. While not much is known about the essence of this system, we will delve into it. Read more

Long Vision EA Review - Is it scam or good forex system?

Sep 12 2017 13:34:59

The Long Vision EA is a portfolio of automated systems, which trade the currency markets. The system is being offered by a company called Feycox Development S.L. In this review, we will try to get a better picture of its performance. Read more

Einstein Trader EA Review - Is it scam or good forex system?

Aug 29 2017 09:18:04

The Einstein Trader EA is an automated system which has performed well in recent times. That being the case we decided to take a closer look at it, and see if we can figure out how it generates the results. Read more

Inertia EA Review - is it scam or good forex system?

Aug 18 2017 14:17:15

Have you ever wanted to hire a professional price action trader to manage your funds? If so, the Inertia Trader may be your solution. Here is out our honest review of this interesting trading robot. Read more

Funnel Trader EA Review - Is it scam or good forex system?

Aug 17 2017 11:24:02

We would like to present you the Funnel Trader EA, an automated system, which you can try for a very low price. But before we get to that, let’s take a look at the strategy behind it.   Strategy   The team which created the Funnel Trader does reveal much. Read more

Cash Cow EA Review - is it scam or good forex system?

Aug 15 2017 13:24:24

The Cash Cow EA is interesting not only fot the funny logo, which the developers have chosen. We will take a closer look at this system and reveal the basics of how it trades. The developers claim 98% of trading is automated, while the human element is still occasionally there. Read more

de | cn | ru