I shelled out several thousand dollars for these EAs after admiring the glossy Myfxbook curves. Only later did I realise what those curves really show:
- Most accounts run on demo servers—including MetaQuotes-Demo - a sandbox you can spin up with no broker or real-market friction whatsoever. Demo spreads stay razor-thin, swaps are often zero, fills are instant, and there's no margin pressure, so almost any "wait-it-out" trade eventually limps back to breakeven.
- The rest are hosted at obscure, offshore, lightly regulated brokers such as Trader's Way (Dominica) and Turnkey Forex (unregulated, no top-tier licence). Both are flagged by independent reviewers as high-risk choices that serious traders avoid. One of the brokers, BelforFX, is flagged as a SCAM!How these so-called EAs "work":
1. Open a position.
2. After a short pause, if it's a few pips up, close for a win.
3. If the trade is losing, just sit (sometimes for days) waiting for price to drift back.
With demo spreads, zero swaps, and fictional margin, that gamble often pays off. On a real account, spreads widen, swap accrues, or the broker stops you out long before the market "comes back." My live balance bled out in weeks, exactly mirroring the huge red months you see buried in the EA's own Myfxbook history.Red flags I wish I'd spotted sooner:
- Equity curves mask giant floating losses until they're realised.
- No forward-tested results with a reputable, regulated broker.
- Vendor ignores refund requests and hides behind demo stats.
Bottom line: These EAs aren't strategies.