Testing IvyBot Forex Robot Review | Do Not Buy | Forex Robots

Testing IvyBot Forex Robot Review | Do Not Buy

IvyBot is a new Forex Robot just released to the public.

We are going to put this Forex robot to the test.

IvyBot Forex Robot Review – Purchasing

The actual purchase was fast and easy. But before I could download the IvyBot Forex robot, they threw me an upsell page to their $99.99 premium member package, which includes a bunch of MT4 indicators, webinars, training, etc. Correct me if I’m wrong, but if you’re buying a Forex robot, do you really want to have to go through all that? And more importantly, is all that required in order to get the IvyBot Forex robot to work? I’m a strong believer in getting educated, learning the markets, etc, but then, I don’t use robots in my manual trading methods anyway.

IvyBot Forex Robot Review – Download and Setup

The download page was pretty straight forward, but a little busy and confusing. Of course, they keep recommending brokers and VPS that they are affiliated with, so they can earn even MORE money off of you. But here is the best part…

YOU MUST USE A 4 DIGIT BROKER WITH IVYBOT

My real money broker is a 5 digit ECN broker. This gives me access to tighter spreads (sometimes as low as 0.1 pip). But IvyBot won’t work with my broker because of the 5 digits. Okay, I’ll test the IvyBot for you all with a 4 digit broker.

Setup was pretty easy, and I left the default settings. However, you have to be careful when setting up the inputs. You have to enter a lot size based on your account balance.

For those of you that like to tweak their robots, IvyBot also includes settings (and recommendations) in order to turn it into a heavy scalping machine. I’m not going to bother. I’ve left everything at the default settings, with the exception of setting the lot size based on the account balance.

We followed the setup instructions for IvyBot Forex robot to the letter, and started it on the 1 hour charts for EUR/USD, USD/JPY, EUR/JPY and USD/CHF as directed.

I also used one of their 2 recommended brokers, BasicFX. I can already tell I don’t care much for this broker, and I may change it shortly. BasicFX is showing some pretty large spreads in comparison to other brokers. For example, the EUR/USD pair is a 4 pip spread, and most brokers are 2-3. That extra pip or two for each of the pairs must be what’s going to the IvyBot guys for recommending it and getting you to sign up with them.