ForexDrawEA.Com Review Is Forex Draw EA A Scam or Legit

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Forex Auto Traders: A Scam or A Gold Mine

Automated Forex trading, also known as auto Forex trading, is the process in which you allow a computer program to either trade your Forex account or recommend trades which you may then execute manually.

The computer program executing or recommending trades will operate according to a set of rules which will govern the generation of trade entries and trade exits.

Implementing automated Forex trading can be done by either building your own computer program, buying one, or even obtaining one for free, and then attaching the program to your trading platform. Many Forex trading platforms, especially MetaTrader 4 and MetaTrader 5, are designed to accept such programs easily.

The main advantages of auto Forex trading are that it can remove emotional and human factors from your trading, and also that it can execute trades 24 hours per day and free the trader from the need to be sitting in front of a computer terminal.

The main disadvantages of automated Forex trading are firstly, that if there is any bug in the software, it can make a huge amount of unnecessary or poor trades very quickly and blow your entire account. Secondly, if you buy a program whose rules are secret, and you entrust it with your account and leave it running, you may return later to find very unexpected results. This is why it is very, very important to back test thoroughly any auto Forex trading program or “robot” before attaching it to a trading platform on which you are running a live, “real money” Forex trading account.

How Do Forex Automated Systems Work?

If you are going to trade Forex, sooner or later you will hear about automated Forex trading systems. They are also called “robots”, “expert advisors”, and “auto traders”. No matter what you call them, they all operate in a similar manner. While the exact technical set ups will vary from system to system, the operation of them will essentially be the same.

You will download and install the system to your Forex trading platform and set up should only be a couple of steps. The basic premise of these things is that they are essentially an “add on” to your trading platform. This allows for easy installation, and uninstalling is just as simple. Because of this, many traders will actually have several different systems that they use in a variety of market environments.

The systems will fall into two basic categories: automatic and semi-automatic. The automatic ones will place trades for you, without any input from you at all. The semi-automatic ones will simply give you a signal or suggestion as to which way to trade a particular currency pair, and you may then place the trade yourself.

The automatic systems will simply buy or sell based upon a possibly complex mathematical formula that tells the computer when it is time to enter or exit the trade. The automated Forex brokers system simply does all of the work for you. It is very common for these systems to have a hidden proprietary algorithm that you never see in order to make these decisions. The one thing they will all have in common is that they are all mathematically based. Hiding the algorithm is just a simple way of protecting their intellectual property.

The auto Forex trading system type offered by Forex automated traders will simply let you know when it generates a signal to buy or sell. The system will still have that hidden algorithm that you won’t see, but instead of it automatically placing the trade on your behalf you will often see some kind of pop up alert when it is time to trade. You can then choose as to whether or not you want to trade the signal, allowing greater flexibility for the trader.

The majority of these systems are made for the MetaTrader 4 platform as it is by far the most popular one out there. There are systems made for other platforms such as DealBook 360, NinjaTrader, TradeStation, and many others. However, you will find a huge supply of them for the MetaTrader 4 platform as even the brokers that use other platforms will often offer MetaTrader 4 as well. There is also a large amount available for the MetaTrader 5 platform, which is not always compatible with MetaTrader 4.

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The better Forex automated trading systems will come with a money back guarantee. Because of this you should be able to feel somewhat comfortable with the software as your money can be refunded. However, it is recommended that you try a new system out on a demo account just to make sure it performs to your required standard. Like anything else, there will be some that are better than others and your mileage may vary so to speak.

Forex Auto Traders: A Scam or a Gold Mine?

The rapid speed at which the Forex market is growing has many consequences, some better than others. On the one hand, there are endless resources online for learning and becoming an expert on the largest most lucrative market in the world. There are also many more people around the world who are spending their days and nights testing the waters of Forex trading.

Other positive outcomes of Forex growth are more Forex brokers and services from which a trader can choose. On the other hand, the great popularity of Forex brings with it some problems that require caution on the part of the Forex trader. One of the biggest issues in today’s online Forex community, as well as the general Web community, is spam. When it comes to surfing the web and encountering annoying popups or receiving bogus emails, as annoying as these occurrences are, 99% of the time, they are annoying and nothing more. Of course, there is the occasional online scam, but with the widespread use of online communication such as email, messenger, and social media, most people know to stay away from those types of things.

When it comes to Forex spam, however, it is a totally different ball game. There is money to be lost as a result of the different types of Forex spam that traders encounter on a daily basis. The most common type of Forex spam is advertisements for Forex robots or auto forex trading systems. The big question regarding these auto traders is “Are they all bad? Are there some legitimate ones and are they worth trying”? The answer is that they are NOT all spam and that there is a LOT of money to be made by using auto traders, but for that, you need to do your homework.

An Introduction to Auto Traders

First, let’s try to understand why one would use an auto trader and what are its advantages. As, we said earlier, one of the biggest downfalls of the Forex trader is emotion. While being in touch with your emotion will get you far in life, it will set you back in your Forex trading. It is important to set yourself a trading strategy and stick to it, NO MATTER WHAT. This is harder than it sounds. Just imagine you define your trading technique, and for days, all you see are losses. Could you control yourself and not become overly emotional at this result?

Alternatively, if you are seeing constant profits, would you not be swayed by greed to trade with too high a risk? It would only be human. Precisely for this reason, it can be a smart tactic to remove the human factor from your trading. The way to do this is to automate your trades.

There are many auto traders out there that perform technical analysis and decide when to open or close trades, while its primary “concern” is to keep you on the winning side. Unlike Forex brokers who occasionally profit from your loss, auto traders work for you and not against you. This could of course be a reason to be wary of Forex auto trader which you see promoted by Forex brokers! Another reason to use auto traders is that they can trade 24 hours a day, even when you are not near your computer.

Imagine, you can be at a friend’s party and find out that you just made a huge profit, it’s like the feeling you get when finding money in your pocket multiplied by 100. Let the auto trader do all the work while you sit back and enjoy the fruits.

Finally, auto traders can be a great and effective trading tool for any Forex trader, no matter how experienced they are. However, it offers a huge advantage to new traders. They do not need to know the market, how to read the charts, or what a certain currency will do in the market today. Essentially, you do not need to know anything about the Forex market, and you can become a very successful Forex trader.

Choosing an Auto Trader

Now that we have established that Forex auto traders can be a wonderful thing for traders, how do you choose one?

There is no one way to decide which auto trader to use. An important and crucial tip in ensuring your auto trader is legitimate and will bring you profits and not losses, is of course to read reviews. You can read professional reviews as well as user reviews, but make sure these are objective opinions and not written by the people who are behind the system that is being reviewed.

Before entrusting your money to an auto trader, you should back test the auto trading program against many years of real historical Forex data, ideally over 20 years. Then you can see how badly it would have done in a “worst case” scenario. A good risk manager would plan to encounter another scenario which would be twice as bad. So, for example, if your back test shows that the auto trader lost as much as 30% at some point over the last 20 years, you should plan for a worst-case scenario of a 60% loss in the future. Of course, you should be able to adjust the risk by playing with the position sizing element of the auto trader to ensure that the risk is adjusted to the worst drawdown you are prepared to sit through.

Another way to take precautions before buying a Forex auto trader is to look for a few signs when examining the company at hand. Here are a few questions you should ask yourself when choosing a Forex auto trader:

  1. Do they offer a money back guarantee?

Most reputable auto traders are so confident that their product works, they will offer a money back guarantee ranging anywhere from 30-60 days after the purchase. This means if you buy the software and realize soon after, it is not for you, you can receive a complete refund. This is a must when choosing a Forex auto trader. If you have this guarantee, it lowers the risk of a scam to virtually zero.

  1. Do they offer a free demo?

Similar to choosing a Forex broker, one of the first things you need to do when choosing an auto trader is test it out. When buying a car, would you not test drive it first? Make sure to do the same in your Forex trading. Test out the software before purchasing it. However, it is also important to take into account that demo accounts are not always 100% accurate, so take the results of the demo with a grain of salt.

  1. Does their website annoy you?

Lastly, this is a universal rule when it comes to buying anything online. Go to the vendor’s site and look out for any popups/illegal activity/inappropriate advertisements. This is not always the case, but it is a precaution worth taking. 9 out of 10 times, a site that displays annoying and shady popups will offer a questionable service as well. If this vendor associates itself with shady businesses or the online pornography industry, you should think twice before investing your money in such a company. As I said, this is not across the board, there are some very legitimate online businesses that feel that a popup covering your entire monitor is effective marketing. They are wrong, but that does not make them a scam.

The bottom line is that online scammers choose to scam in areas that are full of potential. Nobody is going to click on a spam advertisement for a computer from 1981, scammers know what they are doing, and they choose topics that will draw attention. Forex auto trading has endless potential when it comes to making you significant profits, but just like anything else online, you must proceed with caution

Adam Lemon

Adam Lemon began his role at DailyForex in 2020 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.
Learn more from Adam in his free lessons at FX Academy

Forex Brokers Lab

BROKERS with LOW SPREADS

ASIC REGULATED BROKERS

BROKERS with MINIMUM DEPOSIT

BEST FOREX BONUSES

InstaForex

Trust

Commissions and fees

Customer Service

Platform & Tools

Product Portfolio

  • CySEC and FSC regulated
  • Low inital deposit as $1
  • Wide range of payment methods
  • MT4 and MT5 support
  • Good trading conditions

Regulators : CySEC, FSC

Minimum Deposit: $1

Maximum Leverage: 1:1000

Spreads: Low

My Score: 8.6

InstaForex is a Russia-based forex broker offering online trading services for investors since 2007. I can say that this broker is one of the oldest brokers in Forex market. In this process, it has expanded its client base with different types of accounts and innovative services. Instaforex has become one of the best-known forex brokers, especially among Asian countries.

The main visitors of the website, instaforex.com, are from Russia and Ukraine in Europe. There is also strong interest from traders from Brazil in South America, Malaysia and Kazakhstan in Asia, Nigeria in Africa.

In other words, it is a broker that has a very international reputation and serves in a wide geographical area. The broker’s official website has about 1.5 million visitors a month. This number is very high when we compared to other forex brokers.

InstaForex says it has been taking part in various expositions and events around the globe since 2009. The company organizes conferences and seminars attended by tens of thousands of visitors. InstaForex has been a platinum sponsor and an active participant of the ShowFx World expo since 2020.

After all, there are some topics that investors are curious about. Is InstaForex safe or scam broker? What are account types and trading conditions? Is InstaForex regulated? What are the deposit and withdrawal methods? Is there a problem during the withdrawal process? What is the minimum deposit for InstaForex?

You can find all these questions in this Instaforex review. In addition, if you have any other questions that you suspect, you can also express them in the comments section below the article. I will try to answer in detail as soon as possible.

Regulation and Investor Protection

InstaForex is the trading name of Instant Trading Ltd. It is the global version of the company. Another company is, Instant Trading Eu Ltd is a Cyprus Investment Firm (HE266937) that provides trading for the EU area.

As you can see below, InstaForex has two licenses from two different regulators: CySEC in Cyprus and FSC in British Virgin Islands. Instant Trading Ltd. is authorized and licensed by the Financial Services Commission (FSC) under the Securities and Investment Business Act (SIBA), the British Virgin Islands (BVI). License Number: SIBA/L/14/1082

Instant Trading Ltd. operates in accordance with FSC regulations and prioritizes transparency to customers by acting according to the law and protecting customer interests.

Company Country Regulation
Instant Trading EU Ltd Cyprus CYSEC
Instant Trading Ltd British Virgin Islands FSC

InstaForex (Instant Trading EU Ltd) is regulated by the Cyprus Securities and Exchange Commission (CySEC) with 266/15 license number.

The license guarantees security and transparency for all clients of InstaForex. Since the broker participates in the Investor Compensation Fund, ensuring the negative balance protection and the best execution policy.

As mandated by EU regulation, InstaForex provides the Investor Compensation Fund (CIF). In the event of bankruptcy, accounts are covered up to a maximum of €20,000 with this compensation.

InstaForex Account Types

InstaForex offers 4 different account types, but these account types can be divided into two main categories. These two categories are the standard account type and the Eurica account type. These are divided into Insta and Cent.

Account type Min./Max. deposit Minimum trade size Maximum leverage Spreads (Commission)
Insta Standard $1 0.01 1:1000 Fixed 3 pips
Insta Eurica $1 0.01 1:1000 0 pips + 0.03% / 3 pips
Cent Standard $1 / $1000 0.0001 1:1000 Fixed 3 pips
Cent Eurica $1 / $1000 0.0001 1:1000 0 pips + 0.03% / 3 pips

Cent account is a nano account type. It is possible trading with nano lots in nano account types. For example; 1 standard lot equal to 100,000 unit in forex. So when buying 1 lot of EURUSD trade, you will be receiving 100,000 euros. In addition, there are a mini lot equivalent to 10,000 unit and a micro lot equivalent to 1000 unit.

Brokers offering nano account types, however, also have a nano lot equivalent of 100 unit. Unlike other brokers, InstaForex has a lot of other types that can be called ultra nano lot and have equivalent to 10. The minimum trade size is 0.0001 lot in the cent account offered by InstaForex.

In InstaForex, swap-free accounts, also known as Islamic accounts, are available, but the broker may ask you to document your faith. At the end of the examination of the documents, the broker may accept or reject your Islamic account application.

There is practically no matter difference between the Eurica account type and the standard account type. There is no spread in Eurica account type but commission is charged by the broker. However, it is practically a cost of 3 pips, such as a fixed spread standard account.

The minimum deposit of all account types is $1 and the maximum leverage is 1: 1000. The maximum leverage offered by InstaForex is quite high this is good news for the traders who want trade with the high-level leverage ratio.

InstaForex offers attractive trading conditions that are considered to be among the best ones in the world. Traders have access to a great variety of financial tools more than 300.

There are over 100 available currency pairs. There are also CFDs, commodities such as gold, silver, natural gas and crude oil, indices and cryptocurrencies.

Trading Platforms

Insta Forex offers its clients five different platforms. Clients can choose a trading platform which suits their needs to trade. All of these platforms aim to fulfill clients requirements.

The platforms are MetaTrader 4, MetaTrader 5, Multiterminal, Web trader and InstaBinary. MT4 and MT5 are the most popular platforms in the industry. They offer variety of tools for technical analysis, automated trading, free indicators and advisors and more.

Multiterminal allows you to work with several InstaForex trading accounts simultaneously. Multiterminal is an ideal tool for investors who manage their clients’ accounts. (Account Management).

InstaForex webtrader is designed by InstaForex. It is available only for brokers’ clients. It enables investors to trade directly in the browser and it does not require any download.

InstaBinary platform is for binary options and it is made by the broker. It has 6-digit quotes. This feature allows traders to increase their profits because even small volatilities are very important to profit assessments.

InstaForex Deposit and Withdrawal Methods

Instaforex; offers a wide variety of deposit and withdrawal methods from wire transfer to bitcoin, from e-wallet systems to credit card. I do not think an investor would say: I wanted to deposit money in the InstaForex account, but the options were not suitable for me. You can see all the deposit and withdrawal methods and fees and processing time in the table.

Methods Fees on Deposit Processsing Time on Deposit Fees on Withdrawal Processsing Time on Withdrawal
Bank Card System fee 24 hours System fee 1–6 business days
Bank Wire Bank fee 2-4 business days 2% 2-4 business days
MegaTransfer No fees Instant No fees 1-7 working hours
PayCo No fees Instant System fee 48 hours
Skrill No fees 24 hours 1.39% 1-7 working hours
Benecard No fees 24 hours 1% 1-7 working hours
NETELLER No fees Instant 2% 1-7 working hours
China Union Pay No fees Instant 1.5%-1.8% 1-2 business days
WeChat No fees Instant X X
Alipay No fees Instant X X
Nganluong bank No fees Instant No fees 2-4 working days
Nganluong wallet No fees Instant 1100 VND + 1.1% 7 working hours
Paxum No fees 1-7 working hours No fees 1-7 working hours
BPay.md System fee Instant No fees 1-7 working hours
Carta Bleue (France) No fees Instant X X
CartaSi (Italy) No fees Instant X X
Dankort (Denmark) No fees Instant X X
ePay.bg (Bulgaria) No fees Instant X X
Electronic Payment Standard (Austria) No fees Instant X X
GiroPay (Germany) No fees Instant X X
iDeal (Netherlands) No fees Instant X X
Maestro (UK, Spain, Ireland, Austria) No fees Instant X X
Nordea SOLO (Sweden) No fees Instant X X
POLi (Australia) No fees Instant X X
PostePay (Italy) No fees Instant X X
Przelewy24 (Poland) No fees Instant X X
Rapid No fees Instant X X
SOFORT No fees Instant X X
Trustly No fees Instant X X
Other payment systems System fee 7 working hours X X
BitCoin No fees 3 hours 0.5% 1-7 working hours
LiteCoin No fees 3 hours 0.5% 1-7 working hours
Transfer between accounts X X No fees 1-7 working hours
Solidtrust X X System fee 1-7 working hours
PAYSEC No fees Instant 1,75% 1 business day

InstaForex Bonus and Promotions

InstaForex offers its customers a wide range of bonuses. They differ in size, conditions and use in trade. Remarkably, the profits made by using bonuses can be withdrawn.

The bonuses are 100% first deposit bonus, 55% every deposit bonus, 40% InstaForex club bonus, and Chancy deposit bonus.

Instaforex bonus program is one of the best around all brokers. The broker gives you a first deposit bonus with 100%. You can get this bonus by opening an account and deposit. The bonus is not withdrawable and it is up to $2000. But, you can withdraw the profit from you get from the bonus.

If you have an account or open an account you can get %55 bonus to every deposit in Instaforex. There are no limits and maximum – minimum amount for this bonus.

InstaForex Club bonus is for the clients who are a member of InstaForex Club Card. It is free to take this card. Every owner of InstaForex Club Card has a right to receive the Club Bonus on their trading account.

If you deposit your account with $3000, you can get $1000 more with chancy bonus. In the end of the month, one trading account chosen in a random way is announced as winning and credited with the prize funds.

Conclusion

InstaForex is a forex and CFD broker that offers good trading conditions. It provides different platforms including MetaTrader. Spreads are very competitive, leverage is high, minimum deposit is very low.

InstaForex is regulated by CySEC and FSC. It means that you can trust the broker. The broker covers the investor’s funds carefully. The company does not have any problems in terms of reliability.

The broker has been operating since 2007. The website is well-designed and has many sponsorships. Insta forex is a reputable forex broker and you can open an account with this broker without any doubt.

Frequently Asked Questions

You can find the FAQs about InstaForex in this section. If you have more questions about the broker, please feel free to ask me in the comment section. I will try to answer them as soon as possible.

Is InstaForex regulated?

Yes, InstaForex is regulated by CySEC and FSC. You can check the licenses with their numbers. The broker is legit and offers good trading conditions.

Can I withdraw InstaForex bonus?

InstaForex bonus programs are very advantageous. If you want to withdraw bonus funds you need to contact with the broker. You can withdraw bonus profits from you trading account.

What is the minimum deposit for InstaForex?

InstaForex minimum deposit is just $1. It means that you can open a real account with Instaforex by depositing only $1 via credit card, e-wallets or cryptocurrencies.

Is InstaForex Safe?

InstaForex is a safe forex broker. It offers good investor protection. You can read my whole review to see all the information about InstaForex.

draw arrows in EA

I want to try to count wave patterns in my EA and see the wave counts on the chart. Do I need to create a custom indicator and attach that indicator to the template file and access the custom indicator in the EA or can I call a function to draw an object on the charts directly from the EA?

I have just started researching how to use PlotIndexSet. functions work but all the code samples I have seen use the OnCalculate function . Which as far as I can tell, OnCalculate is only for custom indicators and not for EAs.

I want to try to count wave patterns in my EA and see the wave counts on the chart. Do I need to create a custom indicator and attach that indicator to the template file and access the custom indicator in the EA or can I call a function to draw an object on the charts directly from the EA?

I have just started researching how to use PlotIndexSet. functions work but all the code samples I have seen use the OnCalculate function . Which as far as I can tell, OnCalculate is only for custom indicators and not for EAs.

These functions can’t be used when writing Expert Advisors and Scripts.

So you have either to create Objects directly in your EA or use a Custom indicator.

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