The Trade Explorer EA is a forex expert advisor developer by the experienced team of LeapFX programmers who have a plethora of commercial trading robots available to purchase including DynaScalp, Bounce Trader, AX Trader, Jet Trader Pro, The Fund Trader, Automic Trader, InstantEA, Funnel Trader 2.0, Arbitron, Easy Money X-Ray Robot, The Skilled Trader, News Action Trader and Econ Power Trader. This is perhaps one of the best trading robots that they have created so far. The software runs in the MT4 and MT5 platforms where it will automatically scan multiple currency pair charts simultaneously for possible trading signals. Once the complex trading algorithm implemented within the EA finds a valid entry opportunity, it can take and manage a trade position on behalf of the user. On the other hand, if you prefer to manually place and monitor your trades, this trading robot can also be set into semi-automated mode where it will send you an SMS or email notification for you to then conduct your own market analysis before deciding if you would like to enter the market or wait for the next opportunity to come along. In this Trade Explorer Review, we will take a look at the trading strategy, key features and latest results, with a view to helping you decide if this is an automated trading solution that may be of interest to you.
- Fully automated forex robot
- Can trade on multiple currency pairs
- Customisable settings
- Compatible with MetaTrader 4 and MetaTrader 5
- Dynamic trade management
- No backtests
- Very large drawdowns
The Trade Explorer robot uses a versatile forex strategy that can trade an impressive selection of up to 27 currency pairs, constantly scanning the forex market for trading opportunities. It has implemented dynamic money management to try and ensure that it is capable of adapting to ever changing forex market conditions.
Users may choose any number of pairs that they feel comfortable with. We find that the major currency pairs are preferable due to the greater liquidity that they most of the time. This can mean spreads are tighter and execution often more reliable. These are both factors that can have an impact on the performance of any manual or automated forex system.
As with the majority of forex robots, you will need your MetaTrader 4 or MetaTrader 5 platform up and running for the Trade Explorer expert advisor to work correctly. You could consider a Forex VPS to run the software 24/7 remotely if it is not always convenient to have it running on your personal desktop or laptop.
Now we will take a closer look at some of the key features of the Trade Explorer forex software.
Dynamic Trade Management
The EA has a dynamic trade management features which means that it will adapt according to the current forex market conditions. We prefer this style of managing trades compared to the more rigid fixed strategies that do not always take into account the current price action. It also means that the robot can adjust to both trending and ranging market scenarios.
The LeapFX team have many years of experience when it comes to developing and testing forex robots. They have spent many hours optimising the Trade Explorer EA so that they can provide out of the box settings which removes any complex setup requirements from users. The trading software can be used as is, with set files already provided for multiple currency pairs. However, you will need to adjust the risk and lot size to a suitable level as this is entirely dependent on the risk preference of each individual forex trader.
It is fair to say that there are many people who want to trade forex that just don’t have the experience required. This software includes step by step instructions for a hassle-free setup, regardless of your prior trading experience, with practically zero adjustments needed. The LeapFX support team will be happy to assist you during the EA installation if need be.
The forex market conditions change all of the time which is why some automated forex systems can eventually fail. However, LeapFX are frequently working on improving the Trade Explorer EA, with all updates being free for lifetime to try and help the software maintain the edge it was originally developed with.
When choosing a trading robot, one of the most important things to do is to check the latest results and see how it has been performing historically. Whilst this is no guarantee of future performance, it can help to give us a rough idea of the trading system being used.
Trade Explorer Myfxbook
One of the most impressive and important aspects of the Trade Explorer EA is the results that have been shared by the LeapFX team. It is always good to see when a forex developer puts their money where their mouth is. There is certainly no lack of real verified Trade Explorer Myfxbook accounts showing how the robot has been performing. You can see the graph of results below and click them for more detailed statistics. As always, it is important to keep in mind that historical results are by no means any guarantee of future performance.
Update 15/08/2022: Four of the Myfxbook accounts have been deleted. It is not clear if this is because the EA crashed, but LeapFX have still provide a selection of Myfxbook accounts which you can see below for the latest Trade Explorer results. Please see our trading robot ratings for an alternative option.
Trade Explorer Backtesting
LeapFX have yet to publish any Trade Explorer backtests so we cannot see how it has performed over historical data through different market conditions. However, they may argue that there are Myfxbook accounts showing how the robot has been performing on real trading accounts over a sustained period of time. None the less, we would feel a little more confident with some 99% modelling quality backtests to refer to but its not a deal breaker in this instance.
Putting it all together, the Trade Explorer EA is a powerful, dynamic and versatile forex robot. When it comes to MetaTrader robots, this is one of the better ones that we have seen. Whilst we take some of the bold claims by the developer with a pinch of salt, it must be said that the Myfxbook results they have shared on real trading accounts are quire impressive thus far. Regardless, as with any forex robot, we would first prefer to test it on a demo account to see how it trades and if it is something we would switch over to a real account.
What is the Trade Explorer price?
There are 2 options to choose from. The one-year membership renews annually at $397. The lifetime membership cost a one-off fee of $697. Both of the packages include optimised settings, free updates for life, support for 27 currency pairs, dedicated customer support and a 30-day money back guarantee.
Where can I download the Trade Explorer?
You can download Trade Explorer from the official website here. You will get full access to the Trader Explorer software accompanied by clear, detailed guides about how to set it up.
What kind of customer support does Trade Explorer offer?
If you have any issue during your use of the software, the LeapFX team is available to help you via email support.
What are the best brokers to use with the Trade Explorer?
You can use any MetaTrader 4 or MetaTrader 5 broker to run the Trade Explorer robot on.
What’s the minimum amount required to trade with the Trade Explorer?
You can start with any account size that you are comfortable with but never trade what you cannot afford to lose.
What is the Trade Explorer refund policy?
If for any reason at all you feel that the Trade Explorer EA is not for you, just send LeapFX an email within the first 30 days after purchase for a complete no questions asked refund.
Is the Trade Explorer a scam?
We don’t believe that the Trade Explorer is a scam as we have real verified by Myfxbook accounts showing how it is trading. However, that does not mean it will produce good results moving forward. No matter how good any trading robot is, nobody can predict the future with complete certainty.
Can I get the Trade Explorer for free?
To be fair, you probably could spend countless hours looking for a free version of the Trade Explorer being shared but it is likely to be out of date, unsupported and potentially dangerous.
What currency pairs does the Trade Explorer trade?
The Trade Explorer software can trade a great range of 27 currency pairs including majors, minors and exotics. The pairs include the popular EUR/USD and GBP/USD fx crosses.
What are the best Trade Explorer settings?
The best settings for the Trade Explorer are those provided by the developer. Nobody will know the robot more than the person who created it. They would have spent countless hours over many years optimising the settings so that you don’t have to. However, you will need to change the position size to a suitable level for your individual preference.
Can I change the Trade Explorer settings?
If you have the knowledge and experience, you are free to experiment with your own robot settings. You can optimise the settings in the MT4 strategy tester on different currency pairs and timeframes. You may wish to test your settings on a demo account to begin with to see how things go in a risk-free environment.
What do I need to run the Trade Explorer?
You will need either the MetaTrader 4 or MetaTrader 5 desktop platforms and an account with a forex broker. Most forex brokers will let you open an account with a small deposit and provide a free demo account. You can download the MetaTrader platforms free of charge.
How much money can I make with the Trade Explorer?
There are absolutely no guarantees on how good or bad any forex trading robot will perform. Due to the unpredictable nature of the markets, nobody can predict what will happen in the future. You should make sure that you understand all of the risks involved using any automated trading system such as the Trade Explorer expert advisor.
Results are based on historical data. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. There is no guarantee of future performance. You should understand the risks involved with trading. Your capital is at risk.