Algo Trading Robot (algotradingrobot.com) is a new make money online product, that promised you to become rich overnight. By the time we wrote this post, Algo Trading Bot is just released. Before you even sign up for algotradingrobot.com software, take your time to read our review here, because we actually don’t recommend this app to anyone.
Algo Trading Robot is about binary options trading
You might already know this, but Algo Trading Robot is actually about binary options trading. Binary options topic becomes very hot in the past few years, that lots of legit and scam products being released to the market, almost every week.
Why would you get impressed with Algo Trading Robot
The design of this product looks very professional that it will impress any newbies. If you visited the website of Algo Trading Robot, the server can detect your IP and display your current location, for better conversion. The CEO of Algo Trading Robot introduced himself as Stanley Nash.
The good news is, Algo Trading Robot is “free”, but with a catch
We have seen tons of similar websites before that claimed their system is “free”. For an obvious reason: they want you sign up the form and then after that, expect to receive follow-up phone calls or email promotions to your inbox. These kind of programs are targeting newbies to who are new to make money online world.
Yes, there are lots of people online who are looking for quick and easy money with just a push of a button, and these people will usually become victims of Algo Trading Robot or other similar apps. Once they realized that they have been scammed, they call it quit. It’s that simple.
See what’s inside the Algo Trading Bot member’s area
If you fill the form on that website, you will be able to access the member’s area. The design looks so professional that anyone without proper knowledge about website design or computer programming will be impressed with the dashboard of this app.
Heck, they might start to think that this software is legit and will make them money without having to work all day (and that’s just not going to happen). In case you are wondering, this is how the member’s area looks like:
Oh, did you deposit real money? The problem begins there
Binary options software like these claimed that their system is free for good reason – you need to deposit fund inside the associated broker. Once you’ve deposited real money inside it, the problem begins. This app will trade for you automatically, and in most cases, they will drain your money away really fast.
To make it worse, newbies who have zero knowledge about trading and running a real business will have one thing and one thing only in mind – they want to get rich as quick as possible. That’s why, if these type of software does have some kind of risk settings, they will turn it off and then risk as much money as possible. And of course, the higher their risk is, the faster they will lose their money.
Now you want to withdraw your money? Good luck with that
We have encountered tons of binary options products before, and they will usually recommend a different type of broker, depending on where you live and who created the program. The problem with free binary options software like Algo Trading Robot or other similar scams is the fact they recommended unregulated brokers.
In this case, we got assigned to a broker named Option Stars Global which is not regulated. (You can Google their name here). Based on our research, Option Stars is actually a regulated broker, but Option Stars Global is not regulated. In other words, this is actually a fake broker trying to use the brand name of a legit one.
A little bit about regulations
In case you didn’t know, regulation means they have a license to operate their business. Think about it, if you want to operate a bank in your country, process credit card payment and more, you need to have a legit, real license from the local government to open your business.The same goes for binary options brokers. They need to have a real license from whatever countries they are operating from. Usually binary and forex brokers get their license from CySEC, ASIC or FSA. (More details here).
If your broker is regulated, they need to obey the rules because their regulations come with terms and conditions from local government. Regulated brokers allow you to withdraw but unregulated ones usually don’t
Verdict: Is Algo Trading Robot recommended?
Short answer: No. For several reasons
1: No support from the creator. Whoever that Stanley Nash person is, he is actually an actor and not a real person. This is quite normal for products like these because the creator itself is not an actor or a trader – they are marketers. Therefore, expect to receive no replies from Stanley Nash or Algo Trading Robot team.
2: Expect to lose money with this software. Based on our experience and more users’ experience, Algo Trading Bot or other similar scams before will drain your money really fast, rather than make you money. Like being said, if you want to try this app, you need to deposit real money, and that’s where the problem begins.
3: The broker recommended by Algo Trading Robot is not regulated. Usually, binary options brokers which are associated with apps like these are just new to the business. They want to grow their business fast, by hiring marketers and selling automated software like these. They haven’t yet obtained any license.
Alternative to Algo Trading Robot and Option Stars Global
The next time you are looking for a forex or binary broker, please, make sure that they have some kind of demo account first before you get started with live trading. Real, legit binary brokers usually have demo accounts where new clients can test the water first, before putting real money on the line.