FXEngines.com Review

I tested this service for 3 months on a demo and live account. Their engines performed horribly on both accounts. Scott let me use his premium engines for free to test them out. These were just as bad if not worse! Don't waste your time with this. He uses FXCM as the broker and most of us know that you can't news trade with FXCM. His software simply isn't advanced enough to execute the trades fast enough either. When it comes to news trading, stick with Felix!

I know very little of foreign exchange or this method of making money. I do know that the CEO Scott has run what seems to be a ponzi scheme on another website (tabletopsetc.com) and is in MY OPINION guilty of financial crimes and fraud. I know that he has touted his summa cum laude finance background but it appears to me that he has the ethics of a scammer.

Hi, I have a real account in FXengines. The company support and the consept are good, the only bad thing is that the automate system is goin late in to the marken. I am goin for 15 day more, if I do not have good result on that time, I will go out.

I tried a demo account for two weeks, and while the conceptual idea is good, the execution element will lose you a lot of money. After perusing Felix's site for the first time about a month ago, I got REALLY excited about trading the news. Unfortunately, at the time I was not able to be at my pc when the news reports were released. Because of this, I thought FX engines would be a perfect way to trade the news....simply straddle both sides pre-news release, then you'll automatically be in the direction of the spike, and you don't have to sit by your computer to do it! What could be easier? Well, it didn't take long to see how quickly disaster can strike. First of all, they use FXCM as their broker, which guarantees one thing: horrible fills. On three different occasions, I not only entered the trade at the very top (or bottom) of the initial spike, but the quick retracement had me re-enter the trade in the OPPOSITE direction. In other words, in the span of 2 minutes or less, their engines would have me go long, get stopped out, go short, and get stopped out again. They do not have an OCO function, so unless you physically cancel the other side of your trades, you run the risk of getting in on both the long/short sides. So much for the straddle. Well, you might ask, what about trades that move immediately in one direction? Unfortunately, FxEngines was a total bust here, too. A friend of mine demo traded the nonfarm payrolls using their engines, and despite a 60+ pip spike, he only made 4 pips of profit. Now, to be fair, Scott (the CEO) is trying to tweak his engines so that his traders can get in more quickly, but when FXCM's first tick following some of these releases is 20 or 30 pips higher, you are at an overwhelming disadvantage that oftentimes cannot be overcome. So, to sum up, I would maybe recommend fooling around with a demo just to see how it works, if you're so inclined, but you'd be much better served learning some fundamental concepts on your own, and manually trading the news yourself, if that's really what you want to do. The only reason I'm not giving this a "scam" rating is because of the guy who runs it. I really do get the impression that he wants this thing to succeed, but right now it's just too rough around the edges to be anything more than something to tool around with in your spare time. Maybe if he switches broker affiliations, that would help.

Not a scam, but not as advertised. Whether it's due to the fact that they rely on FXCM solely for their order execution, or their automated engines need tweaking, their ability to capture large moves is POOR. Imagine 125 pip moves during the FOMC or 80 pip moves during NFP generating one of the following situations a) no trade b) a 4 pip gain or c) a LOSS! These very situations all happened this month (July 06). If you have no time to trade, or are not looking for consistency, then don't worry - they seem reputable. Their CEO Scott, personally responds in a timely manner, but they certainly have their technical problems that need to be worked out before they are a reliable way to trade.