Binary Options trading is quite a technical field. It requires massive experience on the part of the trader. However, some traders feel that manual trading will be a tough venture for them. This is why they decide to trade using auto trading bots. Now the investors have loads of misconceptions when it comes to trading bots. Some traders believe that they will become millionaires overnight if they decide to trade using the auto trading bots. However, this will not be the case in the real world for sure because trading is quite a technical field. The investor needs to be quite careful when choosing auto trading bots because he might come across a scam as well.
What are the traits of scam trading bots?
The new traders are more vulnerable to trading scams because they have little knowledge regarding the field of trading. This is why the investor needs to be on his guard regarding the scams. Here are few things that are common amongst the auto trading scams.
1. The promotional video of the scam bots usually does not have any valuable information in the video. The algorithm of the trading bot is not revealed, and the trader is usually oblivious to the trading terms and conditions.
2. You will be unable to find any valuable information about the person who created the bot.
3. The scam trading bots divert the trader’s attention to the profits that the trader will be able to generate and do not focus on the actual trading mechanism. Make sure that you are quite vigilant when you are selecting a trading bot for trading.
How do we find the best trading bots available?
While it is true that there are some bad apples in the binary options industry, it doesn’t mean that all trading robots are bad. In fact, using software to trade currency pairs was popular and still used by some traders all over the globe. The same goes for binary options trading.
We only choose binary options trading robots that meet the following criteria:
1. Users of these robots must be able to choose their own brokers. If you were subscribing to any binary options products before, chances are, you will be directed to any random brokers that you cannot choose.
2. Users, in other words, our readers must be able to test the robots on a demo account first. This is very important since you don’t want to lose thousands on any random apps on the market.
3. The recommended brokers must be regulated. In case you didn’t know, some binary brokers are not regulated. In other words, they don’t get approval from the local government first before starting a real business, handle credit card payment and so on. It is not safe to deposit your money into these brokers because once your money is inside, there is no way to get them back. Even if the software might get rave reviews all over the web, it is worth to check whether the recommended brokers is regulated or not. Otherwise, that particular app is not worth your time.
Which binary trading software do we recommend?
Below are our choices of binary options trading software that get good feedback all over the web and most importantly, they allows you to test on demo account mode first, before putting real money on the line. Yes, the recommended brokers are safe and regulated.
1. Option Robot
Option Robot is yet another trading bot that will not come up as a disappointment for the trader. This trading bot has a genuine and transparent trading approach. This is why it is surely an array of hope for you if you are new to trading and have little trading knowledge.
The Pros you need to know
The following are the pros of this trading bot that should convince you to choose this system right away.
1. The best thing about Option Robot is that it offers a demo account to the trader. This is why you get a fair chance to evaluate this trading bot and see if it suits your requirements. Offering a demo also proves the point that the trading bot is genuine and has got nothing to hide.
2. Signing up with this trading bot is quite a simple process. You have to follow just three simple steps. First of all, you need to join and make a deposit to the associated broker. Once you have made the deposit set the auto trade mode on and you are ready to trade.
3. This trading bot promises an accuracy of about 83 percent. This is a quite an impressive percentage and proves the point that this trading bot will be able to turn out to be a profitable venture for you.
4. Option Robot readily reveals the names of the brokers that it uses. This also proves the fact that this trading bot is genuine and there are no loopholes. It is essential to know the names of the associated brokers because the trader will eventually be making a deposit to the associated broker.
5. Option Robot does not keep the trading approach secret. It defines three clear-cut methods for trading. These methods include Classic, Martingale, and Fibonacci. The trade indicators are also indicated on the website, so there are no secrets kept.
If we have to discuss the cons of Option Robot, then the only issue is that it does not have a live chat facility. Well, the live chat facility is a great blessing for a new trader because it gives him a chance to put up all the questions in his mind regarding the trading bot. The absence of live chat support is one of the setbacks of Option Robot which the maker needs to rectify.
Verdict about Option Robot
This trading bot is perfect for the new and experienced traders. The new traders should try the Classic method offered by Option Robot because it holds the minimal risk for the trader. If you are willing to try out high-risk trades, then you can easily use the Martingale method offered by Option Robot. Thus the ample trading options make Option Robot an ideal pick for any trader who wants to reach new heights of success.
2. Automated Binary
If you are looking for an alternative to Option Robot, Automated Binary is the ones that you are looking for. Automated Binary actually works on several indicators, such as CCI, RSI, stochastic and more. It also comes with several money management settings. You need to manage the risk properly, such as martingale for the highest risk, classic for standard risk settings and finally Fibonacci. 1. Once you’ve signed up, you can test this robot on the demo account first. There is both demo and real account mode in the dashboard.
2. Trade only with regulated brokers. No need to trade with unregulated ones, so rest assured, your deposit is safe and your profit will be guaranteed.
3. The interface is easy to use and there are several trading indicators that you can use, such as CCI, RSI, stochastic, MACD, candlestick trend and more.
4. This software will manage your risk automatically. The highest risk settings are called martingale, (we don’t recommend this to beginners). The classic method is recommended for most situations. That is if you set the risk to $10 per trade, then you will be losing also $10 for every single trade. Compared to martingale method, which could vary.
5. This software is available in whatever languages that you choose from.
6. Support is provided via email/support ticket. Cons: There’s a little learning curve here and newbies need to know a little bit before putting real money on the line. The good news is, there are several tutorials available if you search on Youtube.
Verdict about Automated Binary
Overall, Automated Binary is highly recommended. No, it is not an easy money because the settings are somewhat tricky to newbies. However, if you are looking for a real, automated software that works, Automated Binary is one of them.
3. Binary Option Robot
Well if you are looking for some of the best trading bots then you should think along the lines of choosing Binary Option Robot. Now there are various reasons due to which you should think on the lines of opting for Binary Option Robot.
The Pros you need to know
1. The trader is only required to deposit about $250. Now this amount is quite affordable in comparison to the expensive trading bots that exist in the market nowadays.
2. Binary Option Robot offers a 100 percent deposit bonus. This means that he will have the genuine cash to look forward to if he decides to choose this system.
3. You can expect an accuracy rate of about 78 percent with this trading bot, so this should convince you that this trading bot is a good pick for you.
4. The best part is that Binary Options Robot is easy to use and an ideal pick for those traders who are in no mood to use the complicated bots.
5. Binary Options Robot does not have any hidden trading charges, so all you need to do is make a deposit to this system and start using it right away.
6. It offers a generous choice of the binary options brokers to the traders, so this gives the investor one more reason to choose Binary Options Robot.
7. The trader does not have to download this system, and it is readily available online.
8. Once you sign up with this system, you just have to visit the dashboard, configure the trading bot and start trading right away.
There are certain areas where Binary Options Robot can improve, and we will just look at these areas right here. – Currently, Binary Options Robot does not offer a demo. This is the only setback of this system. Well if Binary Options Robot does offer a demo then this will help this trading bot to win the trust of the traders, and they will be keen to choose this system.
Verdict about Binary Options Robot
Well, Binary Options Robot is an excellent pick and a great asset for a trader who is comparatively new to the field of trading.
Trading binary options by using automated software
Now that we have already introduced the best trading bots, it is time to look into another important aspect, and that is how to use these trading bots in a way to attain the maximum benefit. First of all, whenever you come across a trading bot make sure that you explore the software in detail. The website will give you a clue about how the trading bot works. However, if you are still confused then do not be hesitant to put up queries. This way you will have a clear perception when you decide to opt for a trading bot. Make sure that you put your emotions aside when you decide to start trading using a trading bot. Make sure that you opt for a demo account first. When you try out the demo account, you will be quite sure about the fact whether the trading bot is an appropriate pick for you or not.
Once you explore every aspect of the trading bot, then you will be able to develop your comfort zone with the trading bot. This will be the smart move on your part and save you from a significant amount of trouble that you may come across shortly. Now once you are satisfied with the trading bot to make sure that you research about the associated broker as well because eventually, you will be making a deposit to the associated broker. Go slow with your trading investments initially till you are well versed with the trading bot and know all about it. This way you will have less on the lines and will not have to worry about the losses that may come your way. The traders have one incorrect perception about trading bots. They believe that they will not have to struggle on their own if they have the assistance of a trading bot. Now this is completely incorrect.
The trader needs to polish his trading concepts. This means that you should not get completely relaxed in the presence of a trading bot. Keep an eye on the market trends and map how the trading bot is using this aspect to your benefit. You should never become oblivious of the new marketing trends if you have the assistance of trading bot.
The reason is that this will hamper your growth and you will not be able to excel in the trading world for long. Remember that it is a myth that you can trade without any trading knowledge because it does not happen in the real world. For binary options trading knowledge is a mandatory requirement whether you are into auto or manual trading. In fact, you should be searching for new trading strategies as well so that you can get a better insight. This is the secret to excelling in the field of binary options trading. The struggle is the key to success. However, the trading bots mentioned above can help you achieve your goal so make sure that you select one of the best trading bots mentioned above and take your first step towards trading success.