Is One Touch Trade a scam?
One Touch Trade is actually a binary options software created by a guy named Jeffrey Peterson. In case you are new, binary options are actually one trading method where traders can make money by choosing call or put. For instance, if you think the chosen asset, let say Apple stock is going up, then choose call. Otherwise, if you think that the stock is going down, then choose put.
After looking into the sales videos of One Touch Trade app, we don’t recommend this software at all to our readers. If you want to use auto trading software like this, make sure that you can test it on a demo account first, before putting real money on the line. (Check out our recommended software list here).
Why binary options?
The reason is simple: Because making money with the stock market and forex trading is so damn hard these days, that some traders created their own binary options software. You don’t need to get the headache of learning those methods because binary options are much easier to a certain extent.
What is One Touch Trade App?
In case you are wondering, One Touch Trade app is actually an auto trading software. Which means, you simply let this software do the work or trade for you. It even comes with settings, such as risk settings and auto trading function. In other words, you don’t need to do anything once this software is being turned on. All you need to do is deposit money and then let this app make the money for you.
Why is One Touch Trade App being offered for free?
The reason is simple – it is being offered for free so you can get the taste and feel of how this app looks like. In other words, if you entered an email and the correct phone number inside the onetouchtrade.co website, you can see how the dashboard of this software looks like.
However, keep in mind that if you want to see how this software really works, you need to deposit real money into the recommended broker account, which we don’t recommend them by the way.
The problem begins once you’ve deposited your real, hard earned cash
If you enter the right card number and then deposited money into the recommended broker account, then get ready to face the real problems there. For one thing, while the sales video claims that you can get rich with this app, the truth is, nobody can guarantee your success.
However, the most important thing here is the fact that One Touch Trade software doesn’t allow you to choose a real, regulated broker. The broker recommended by One Touch Trade app is called TradeXtra and this is actually not a regulated binary options broker. In case you are new to trading, you should realize that there’s a huge difference between a regulated broker and unregulated ones.
A regulated binary options broker obtain their license before processing payments and taking money from clients. Usually, you can find their license numbers from CySEC, FSA or ASIC on their website. Unregulated binary options brokers don’t have any license and hence you cannot find the license numbers on their website.
FSA, ASIC or CySEC are some of the government agencies which gives them the license. Think about it this way. If you want to open a retail business somewhere in your country, then probably you need to get permission from your local government. This is to prevent fraud from your side.
The same goes for binary options brokers. If you deposited money into the real, regulated binary options or forex brokers, then chances are you can get them back by just withdrawing them to your card or bank account. However, if you deposited money into unregulated brokers, then we afraid that you have to say goodbye to your money because there is no way you can get them back.
How to choose a good trading software?
First of all, a trading robot software, whether One Touch Trade or any other software cannot guarantee success. If you want to do it the long (but the best way), we highly recommend that you learn to trade itself from scratch.
However, if you wish to take a shortcut, then a trading robot might help. Always find a trading robot which allows you to:
1. Test the water first with a demo account. Some binary options brokers have a demo account, but most don’t.
2. The software must allow you to choose which binary options brokers to do business with. Avoid any trading software that doesn’t let you choose the right binary options brokers.
3. The recommended binary options brokers must be regulated. This is important since you want to ensure the safety of your deposit. Otherwise, you might have to say goodbye to your hard earned cash.
What we recommend?
We highly recommend that you take a look and test our #1 recommended software here.