IvyBot Review
Will it Double Your Account or Poison It?
IvyBot was one of the most anticipated Forex robots of 2009. Supposedly developed by Ivy League graduates, this robot promised to be something different than the usual disappointments we have grown accustomed to of late. The very professional looking IvyBot Homepage claims that you will receive four Forex robots in one, each optimized for a specific currency and able to profit from any market conditions.
Statements that show gains of more than 500% per year are shown as proof, together with the guarantee that you can use IvyBot on ANY account size, even as little as $50.. Like thousands of others, I was intrigued by all this hype and decided to purchase a copy for myself to see just how good this IvyBot really is. Unfortunately I was disappointed again…
I tested IvyBot on an Alpari demo account for 6 weeks and the results were definitely less than impressive. Even though it trades on 4 currency pairs, the robot doesn’t place trades very often. It opened 18 trades in the 6 week period that I tested it and while it places multiple trades on some days, it sometimes doesn’t place any trades for a week.
In terms of the trading results, IvyBot just seemed to go nowhere over the 6 weeks that I tested it. Every time it made some profitable trades, it was followed by some losing trades that just wiped out the previous gains and the account would just hover around the breakeven point all the time. If you look at my demo account statement below you will see exactly what I mean by that.
After testing IvyBot for a month and a half I concluded that this robot was more hype than anything else and did not perform nearly as well as advertised. I have seen other review sites post better results, so it’s possible that I made a mistake somewhere in my settings, but based on the feedback I’ve received from my subscribers I am fairly certain that most customers experience the same results as me.
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IvyBot Test Results
I tested IvyBot for a period of 6 weeks and the results were as follows..
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Conclusions and Recommendations
I wouldn’t say that IvyBot is a scam, but I definitely feel that the robot does not perform anywhere near as well ads advertised. It could be worth testing IvyBot to make up your own mind about this, but personally I would recommend that you go with one of the robots in my top 5 list instead. See the Top 5 Forex Robots page or sign up to my weekly newsletter to the right of this post for my latest recommendations.
