Due Diligence Score
Mark areas complete as you verify each one
Do more research first
What Should You Check Before
Buying a Gold Trading EA?
The independent verification checklist — what you confirm yourself, without relying on what the vendor tells you.
Published 15 June 2026 · Updated as verification methods evolve
Before buying: (1) Verify the MT5 backtest .htm report yourself — check modelling quality and test duration; (2) Confirm any MyFXBook or live account is "Verified" status; (3) Research the vendor name independently on MQL5 comments and forums; (4) Run on demo for at least 4 weeks before going live; (5) Search for community reviews across multiple platforms. Anything the vendor tells you must be independently verifiable. Anything that cannot be verified independently should be weighted accordingly.
How to Verify a Backtest Report
The MT5 Strategy Tester .htm report is the most important document in EA evaluation. Here is how to read one correctly and what to look for in each section.
Modelling Quality
≥90%The percentage of real tick data used in the test. Below 90% means gaps in the data that the tester filled by interpolation — reducing result reliability.
Profit Factor
≥1.5Gross profit divided by gross loss. A PF of 1.5 means for every £1 lost, the EA makes £1.50 profit. Below 1.3 is marginal; above 2.0 is strong (though potentially curve-fitted).
Max Drawdown
Stated clearlyBoth the absolute value and the percentage of peak balance. Compare this to what the vendor claims. If the backtest drawdown exceeds the stated maximum, that is a discrepancy to investigate.
Test Duration
3+ yearsCovers multiple market regimes. At minimum should include at least one high-volatility year. Stress-test periods for gold: March 2020 (COVID), March 2022 (rate hike cycle start), Q4 2023 (gold breakout).
Fake Backtest Spotter — 6 Warning Signs
These six signs suggest a backtest may be cherry-picked, curve-fitted, or misrepresented. None individually is proof of fraud — but multiple together should stop you in your tracks.
Balance curve is perfectly smooth
Real trading always includes volatile periods. A perfectly smooth equity curve with no drawdown dips indicates either cherry-picked data or a test period that avoided all market stress events.
Test period is under 12 months on recent data
A backtest on 6 months of a recent bull trend tells you nothing about how the EA performs during ranging or bearish conditions. Minimum 3 years across different market regimes.
Modelling quality below 90%
The MT5 Strategy Tester shows a modelling quality percentage. Below 90% means the tick data used for the test was incomplete, making results unreliable. "Bar open" mode tests are the worst offenders.
Report is a screenshot, not the .htm file
Screenshots can be edited in any image tool. The original .htm Strategy Tester file contains all statistics and cannot be selectively modified without detection. Always ask for the file.
Win rate above 90% or every trade wins
In live XAUUSD trading, win rates above 80% with a healthy risk-reward ratio are extremely rare. A 95%+ win rate backtest almost always indicates curve-fitting — the EA was over-optimised to win on past data.
Forward test is "unverified" on MyFXBook
MyFXBook "unverified" status means the connection between the trading account and MyFXBook was not confirmed by MyFXBook's system. This allows manual editing of the trade history. Only trust verified accounts.
How to Verify Live Account Results
Live account results are more credible than backtests — but they can also be fabricated. The most reliable platform for independently verifying EA performance is MyFXBook. Here is how to use it correctly.
What a Verifiable EA Looks Like
Use this checklist against any EA you evaluate. The items below represent the standard a verifiable EA should meet across all five due diligence areas.
As a reference example: Goldie Razor V2.8.4 documents its strategy as an M15 range breakout with H4 200 EMA trend filter, includes a hard stop loss on every trade, is available for full demo testing, and comes with documented parameter explanations. Whether or not it is the right EA for you, its documentation approach represents what the verification process above should yield when applied to any quality product.
Further Reading
Complete your EA research with these companion guides.
Questions to Ask the EA Vendor
The vendor interrogation side of due diligence — ask these before self-verifying.
What Documentation to Request
The specific documents to demand from vendors before purchase.
Best EA for XAUUSD in 2026
EA evaluation guide once you have completed your due diligence process.
EA Budget Guide
Understanding price tiers helps calibrate expectations for documentation quality.
Can Free EAs Actually Work?
Applying the same due diligence framework to free EA alternatives.
Frequently Asked Questions
Open the .htm file in any browser. Key statistics to check: (1) Modelling Quality — should be above 90%; (2) Profit Factor — ratio of gross profit to gross loss, above 1.5 is acceptable, above 2.0 is strong; (3) Expected Payoff — average profit per trade; (4) Max Drawdown — both absolute value and percentage of balance; (5) Total Trades — under 500 trades in 3 years is too few for statistical significance; (6) Recovery Factor — net profit divided by max drawdown, above 3.0 is good. Check that the test period covers at least one major volatility event (COVID 2020, Fed rate hikes 2022).
Check: (1) Status must be "Verified" — not "Unverified" or "Broker Challenge"; (2) The account statement must be visible and consistent with the equity chart; (3) Look for suspicious gaps in trading activity (suggest the account was reset); (4) Check that the starting balance matches the vendor's claims; (5) Look at the "Advanced Statistics" tab — unrealistically high win rates or suspiciously consistent daily returns are warning signs; (6) Cross-reference the trade history with major XAUUSD events — if the account shows strong performance through major gold volatility spikes, that is a positive sign.
A proper demo test runs for at least 4 weeks (ideally 8+) on a broker with similar conditions to your intended live account — same spread range, same execution type (ECN), same account currency. Set the EA up with the recommended default parameters. Do not adjust settings mid-test. Record daily performance notes. At the end, compare: (1) total trades taken vs backtest average per week; (2) average win/loss sizes vs backtest; (3) any errors in the MT5 Journal tab. If the demo results diverge significantly from the backtest, investigate before going live.
Search the vendor or product name with terms like "review", "scam", "results", and "forum". Check MQL5.com for the product's comments section — look at unfiltered comments, not just the highlighted ones. Search forex forums (ForexFactory, BabyPips, Reddit r/Forex) for the EA name. Search the vendor's email domain for any associated accounts. Look for consistent positive detail in reviews (specific, not generic) versus generic praise that could apply to any EA. Old MQL5 comments are particularly valuable as they accumulate over time and are hard to fake in volume.
In order of reliability: (1) MQL5.com product page comments — hard to fake at scale; (2) ForexFactory product reviews thread — search the EA name in the forums; (3) Reddit r/Forex and r/algotrading — search the EA name; (4) YouTube — look for independent reviewers, not the vendor's own channel; (5) Telegram groups focused on XAUUSD or MT5 trading — ask users directly if they have experience with the EA. Cross-reference across sources. An EA that appears in only one positive source is less credible than one that appears consistently positive across several.
Goldie Razor V2.8.4
M15 breakout + H4 EMA filter — built for XAUUSD on MT5