Golden Pickaxe EA review 2024

Investing options

4

What can I do with Golden Pickaxe?

You can use Golden Pickaxe to trade the gold market automatically. Golden Pickaxe is a fully customisable expert advisor that utilises advanced algorithms to analyse market trends, identify profitable opportunities, and execute trades on your behalf. 

Golden Pickaxe can be used with any broker that supports the MetaTrader 4 or 5 trading platforms. You can connect the commodity EA to your brokerage account and adjust its parameters to fit your requirements before trading live. The Golden Pickaxe robot uses a grid system to exploit market inefficiencies. 

What accounts does Golden Pickaxe offer?

Golden Pickaxe is an expert advisor (EA) for the gold market. EAs are auto-trading robots that connect to your trading platform and open and close trades based on rules. With Golden Pickaxe, you can connect to your brokerage platform and trade the gold market. 

Products, markets & assets

4.1

What products and assets can you trade on Golden Pickaxe?

Golden Pickaxe can be used on the gold market. More specifically, it is best suited to the XAU/USD pair that is available with more forex trading brokers. According to user reviews, Golden Pickaxe works on other gold denominations, such as XAU/EUR and XAU/GBP.

What leverage trading options are there?

According to the Golden Pickaxe developer, Valeriia Mishchenko, the EA will work well across all leverage levels. Valeriia Mishchenko recommends 1:300, but it will work equally well on lower levels such as 1:30. 

What are the spreads?

Golden Pickaxe does not charge spread itself. It’s an expert advisor, meaning you must connect it to your brokerage account, where you must pay spread. Golden Pick Axe works will any broker using the MetaTrader 4 or 5 platforms. The amount of spread you’ll pay will depend on the broker you use; however, its developer has tested it with three brokers and below, you’ll find their spreads. 

Golden Pickaxe trade sizes and limits

There are no limits in terms of trade size when using the Golden Pickaxe EA. The only limits imposed will be set by the broker you use. Some brokers have limits in place during times of high or low volatility. The EA’s developer has confirmed the robot will work well up to 3 lots without encountering slippage.

Commodities

What commodities can be traded on Golden Pickaxe?

The Golden Pickaxe, commodity trading robot, can be used on the Gold market. While it may perform well on other assets, the developer has specifically designed the EA to be used with Gold. You will be able to use Golden Pickaxe on XAU/USD and other gold crosses.

What are the minimum spreads for trading commodities?

The minimum spread for trading commodities will depend on the broker you use with the EA. If you use one of the developers recommended brokers, minimum spreads start as low as 0.01 pips. 

Deposits & withdrawals

4.2

Can I deposit money with Golden Pickaxe?

No, there is no requirement to deposit money with Golden Pickaxe. The only money you’ll need to pay is for a licence to use the expert advisor. You will be required to deposit money to your brokerage account if you want to use the EA. The minimum amount will vary depending on the platform you use. 

Fees & costs

3.9

How do Golden Pickaxe fees work?

The only Gold Pickaxe fee is the one time charge to buy a licence. There are no monthly recurring payments and the only other fees you’ll have to pay will be to your broker. This means you will have to consider broker fees, spreads, commissions, and rollover, among others. 

How much is a Golden Pickaxe subscription?

Golden Pickaxe does have a subscription fee. You only need to make a one off payment to buy the trading software and you can start using it immediately. 

Platforms & usability

4.7

What devices can I use Golden Pickaxe on?

Golden Pickaxe can be used on any device that supports the MetaTrader 4 or 5 platform. This means you can use the EA on desktop, laptop, mobile, and tablet. However, it is important to note that to download the EA you’ll be required to use a computer. Once you’ve set up the EA on MetaTrader, you’ll be able to use it on any device. 

Mobile app

There is no specific Golden Pickaxe mobile app, but there is a MetaTrader 4 and MetaTrader 5 app. These apps can be downloaded from your broker and you’ll be able to access the gold trading EA while on the go. The MetaTrader mobile app offers many of the same functions as the desktop version and support the use of expert advisors such as Golden Pickaxe. 

Web trading platform

You can use the Golden Pickaxe expert advisor on the MetaTrader 4 and MetaTrader 5 web based trading platform. The MetaTrader web platform is limited compared to the downloadable desktop version, but provides enough functionality to successfully use the Golden Pickaxe trading robot. 

Desktop trading platform

The best place to set up the Golden Pickaxe trading EA is on the MetaTrade desktop platform. You can download the desktop application from your brokerage account. You’ll also find it easiest to set up the EA once you’ve downloaded it from the Valeriia Mishchenko, Golden Pickaxe website. 

Key features

Verifed results

Golden Pickaxe is a trustworthy EA, largely thanks to its verified results. On the Valeriia Mishchenko developer website, you can find a link to its verified MyFXBook statistics page, which shows live trading results for the past two years. The MyFXBook page is linked to a live IC markets account, which is one of the largest brokers in the world. 

Multiple risk management settings

With the Golden Pickaxe EA, you will have access to 5 different risk management settings and tools. You can adjust between low, moderate, high, and significant risk. This means you can find the optimal risk setting to fit your style and appetite. The Valeriia Mishchenko website also provides a profit calculator that you can use to see how much you will earn depending on what level of risk you set. 

Intensive backtesting

Not only is Golden Pickaxe baked by verified live results, it has also undergone extensive backtesting. The EA has been tested over a 20 year period using Dukascopy real tick data. This backtesting confirmed the EA would have performed well over the past two decades using real data. 

Safety & reliability

4.3

Is Golden Pickaxe safe?

Yes, Golden Pickaxe is a safe expert advisor. It has been thoroughly tested over a 20 year period using live data from one of the world’s largest brokerage firms. It also has 2 years of live verified results. 

The Golden Pickaxe system also has a very good community which can be accessed on its own Telegram channel. This is where the EA’s developer releases new updates to fix bugs and security holes. 

Customer support

What are the risks of using Golden Pickaxe?

The main risk of using Golden Pickaxe is losing money. It’s an expert advisor that using algorithms and other systems to trade the gold market automatically. These algorithms and systems could fail at any time, resulting in the EA losing money. However, its been vigorously backtested and verified results on a live account, so the risks are somewhat limited. 

Here’s a look at a few of the key risks involved with the Golden Pickaxe gold trading expert advisor. 

• Past performance is no guarantee of future results. Although the EA has a long history of backtesting and 2 years of verified results, you should bear in mind that things can change, such as market conditions, which could cause the EA to lose its edge. 
• It uses a grid system. Like other EAs offered by the developer, Golden Pickaxe uses a grid system to enter trades. This means it places many orders above or below a set price at increasing or decreasing intervals. This strategy can be dangerous, especially if conditions aren’t right. 
• Drawdown should be monitored. The Golden Pickaxe EA has a drawdown of approximately 30%. While this is generally considered acceptable, it is still fairly high and if it ever increases in the future, it could spell trouble ahead. High levels of drawdown mean it can be difficult to return to profit at a later date. 

Research & analysis tools

4.8

What trading tools are on offer?

The Golden Pickaxe EA comes with several trading tools to help you start auto trading the gold market immediately. Some of these include the EA, risk management tools, MetaTrader integration, and more. Here’s a look at a few of the best Golden Pickaxe EA tools. 

One chart load

One of the best features of the Golden Pickaxe EA is that it works with both MetaTrader 4 and MetaTrader 5. This means that you can use the one chart load features, which allows you to load the EA on to one chart and access it on other pairs, without the need to upload it again. 

Numerous risk management settings

Golden Pickaxe appears to take safety seriously and comes preloaded with multiple risk management settings. In total, there are four levels of risk you can set directly from the EA’s user interface. This means you can play around with different settings to find the most optimal set-up for your risk appetite. 

Auto trading on gold

Golden Pickaxe is an EA that automatically trades the gold market. The expert advisor can be used on various gold pairs, including XAU/USD, XAU/EUR, and XAU/GBP, which means you can find an option to suit your base currency. You can also use the EA on a VPN to take advantage of around the clock trading. 

Education & learning resources

4.8

What educational resources are on offer?

Golden Pickaxe has a wealth of educational resources available on its website. You’ll find a range of guides, including view and PDF’s to help you get the robot set up. You’ll also have access to the Golden Pickaxe Telegram group, where you can speak directly with the EA’s developer. 

Free 14 day trial

The developer of the Golden Pickaxe EA is confident in the robot’s ability to deliver consistent results and offers a free 14 day trial to test the software. During the trial period you’ll have access to all of the features avialable to paying members, so you’ll get the full experience of using the bot. 

Set up guide

The Golden Pickaxe website has numerous documents in PDF format and video explaining how to set up the expert advisor. These set up guides are detailed with screenshots meaning you’ll easily be able to get started without any issues. 

Telegram group

There is a dedicated Golden Pickaxe Telegram group which has over 4000 members in it. This group serves as a the EA’s main announcement board and is where you’ll find the latest developments, additions, and bug fixes. It’s also where you’ll be able to ask the developer any questions. 

Our verdict

Golden Pickaxe is a top rated expert advisor that has delivered solid and consistent profits over a number of years. It’s been developed by Valeriia Mishchenko of valerytrading, who has a long history of designing profitable trading robots. 

When you use the Golden Pickaxe EA you’re not alone. The robot has a Telegram group with over 4000 other users, a very active community, and a responsive developer. During our testing of the gold trading EA we were able to contact Valeriia Mishchenko easily and received replies in a timely manner. 

Like other bots offered by Valerytrading, Golden Pickaxe comes with a 14-day free trial, a 30 day money back guarantee, and full support. While it’s not the cheapest EA on the market, it is certainly worth spending the money, especially if you want to profit from the gold market. 

Methodology

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The expert advisor is awarded a final score based on 130+ data points across 8 ranking categories: cost, reliability, user experience, investing options, range of products/markets, research & analysis tools, and the availability of educational & learning resources.

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