Review as at 30th November 2021.
I watched this EA for a few months, had minimal correspondence with the developer but he was always polite and did not at any stage try and pressure me into any purchase and yet still persevered with all my questions.
I decided about a month ago to take the plunge and purchase his small, 2 account version for 18 months.
At first I was a little disappointed because the account loaded on IC-Markets did not trade at all and did not show anything in the log files from an error point of view.
The Roboforex account however took off like a steam train and has been trading just fine, almost matching the developers account on MyFXBook trade for trade.
I emailed re the issue with IC-Markets and although it took about 3 weeks to get to the bottom of the issue, the developer never once ignored an email, never once made me feel like I was a nuisance and persevered with my issue until it was resolved, even offering to add an extra month to my contract to make up for the time lost.
At this stage both accounts are trading fine, should this change I shall try and remember to come back here and post an update, but I can honestly say at this stage there is absolutely no reason why one should not invest in this developer and his Expert Advisor.
Not sure where the results come from or which system, but I paid for their "Gold" subscription and after the first week, it was removed with no explanation. NONE of the profits from the first week were paid, no explanation, just no funds paid as guaranteed on the site.
I am now running their free version and the DD is horrid at best, suggested minimum deposit was $500 on a real account, no micro or mini, and promptly lost $200 on the first day with IC Markets margin calls. They suggest IC Markets so I thought I was at least safe there?
I think the system has promise, but the web site is hugely vague, nothing is well explained, so you have no idea what the system is doing and the controls are not great through the backend supplied.
Having said all that, it is a great pity as there has obviously been some serious effort put into this system looking at the backend and yet the product just does not measure up, at this stage anyway.
3 traders have found this review helpful
Reply by Penny Robot submitted Sep 11, 2019:
Let us say sir, Penny Robot product using Greed Strategy and opens multiple trades on same as well as different pair at once by considering currency strength and market move, Yes Penny Robot is not suitable for smaller accounts because Penny Robot Float 40 to 50 trades at once and so We have updated policy and on homepage it self mentioned that even it works with $500 we are suggesting $1000. Also now we have 2 Penny Robot systems please visit Penny EA basic page and you can download there the other version too. In low DD version Penny Robot stop taking any more trades as your equity used more than 20% so its a low DD and Low profit, regular version is HighDD.
Support does not exist, I have three open tickets on their website, none that have a response.
The EA traded fine for a while, but has now stopped completely and the Experts tab is full of errors.
Forex Kore EA EURGBP,M1: Error_s3_3: 0
These errors have been going for days, and strangely enough started just after the 60 day money back option had expired.
These guys seem to be legit, support is decent, although it can be a little dlayed at times, I guess everyone has to sleep at some stage?
One serious concern though is the SWAP rates, OMG, they have to be some of the worst in the forex world.
Been with them two months now and that is the only concern that I have. If they could just try and be average and more like some of the other way less reputable brokers out there, this would be a winning broker and there would be no need to trade with anyone else.
Reply by jemook submitted Jul 23, 2018:
Thanks for the review! It would be great if you could email me directly and let me know which brokers and pairs you have been comparing swap rates with. We have an institutional liquidity setup with multiple Prime Broker relationships that we hold real exposure with and as such our swaps reflect what we are charged by our Prime Brokers.
Retail brokers that internalise the majority of trades don't owe or pay swap to a third party on those internalised trades as they aren't holding real exposure in the market - this effectively allows them to charge whatever they want as for them it's all profit, no cost on those trades.
In saying this I just compared some of our majors swap rates (EURUSD, GBPUSD, USDCAD, USDJPY) vs competitors and we are pretty close. Of course we can always improve! Hope to hear from you. Thanks again
One star because there is nothing less. After much too and fro with after the purchase and a lack of performance by the EA, even with default settings, I have given up and consigned the EA to the bin.
Money not well spent I'm afraid.