Top Binary Option Robots
Binary options have risen in popularity due to their easy to use nature and their defined risk profile. When utilizing binary options, you know how much you are risking and how much your potential profit is. However, with these products come people who are seeking an automated way of trading, whether it is signals or a robot that trades for them. Trading robots utilize algorithms that designate when to enter and exit trades automatically. This is all fine and well, but there are many different options out there and with those options there are scams looking to take your money and not generate a return. The goal of this article will be to dive into a few examples of robots as well as discussing the pros and cons of binary option robots.
The Pros of Automated Binary Options Trading
Now that you’ve seen several examples of different binary robots out there let us review some of the benefits of implementing a robot into your investing and trading strategy. The first is it allows you to have assistance when entering into a market. Especially if you are new, you can implement a robot or algorithm to learn how to spot potential entry and exit points.
The second benefit to implementing a robot is to confirm a strategy you’ve been working on. As humans, it’s impossible to take out every emotion in trading and that causes a deviation in how a strategy might work. Implementing a robot will stick to the guidelines you laid out for it to work and takes out the human emotion. From here, you can gain a better understanding if what you have in place is good or poor.
Lastly, it can provide you with a passive stream of income if implemented correctly. Many individuals looking for a robot is to simply implement a stream of income that takes minimal monitoring. Certainly there are products out there that can assist in this, but it should be up to you to review the trading robot. A way to implement this is to monitor the trading at first until you either trust the product or find out it isn’t a fit for you.
The Cons Of Automated Trading Systems
With any product or service, it’s not all roses and sunshine and there are some drawbacks that may prevent you from pursuing an option, and binary option robots are certainly no different. The first drawback you have to consider are there are many different ‘companies’ out there that simply scam people. They claim large returns with limited input and all you have to do is sit back and let the money roll in. Understanding which ones are credible will save you money and potentially compromising your personal data. When in doubt, it may benefit you in learning how to construct your own trading robot, that way you know exactly what is being traded and how.
Secondly, a drawback to consider is it may not teach you anything about trading. If you rely to heavily on the automated part of the robot, you really won’t learn much. Depending on a robot or product for a source of income is fine, until the product or system is no more. Then you are back at square one in attempting to find a replacement. Forming a dependence on a trading robot is risk you run when implementing this service.
Lastly, you can quickly lose your money if you don’t know what you’re doing. Implementing a binary option robot can either work for you or against you, and many times traders are unsure about what is going on. If you start with a low amount, such as a few hundred dollars, and if the trading robot is wrong you will quickly lose your money and not only be searching for a new trading robot but have to save up more money again.
Are There Any Binary Options Robots That Work?
Binary Bot Binary.com
First up is Binary.com and their offering of different bots you can purchase or even build yourself for others to purchase. On their website, they state that their Binary Bot is their “leading-edge programming tool which allows you to build trading apps…”. having the ability to build a bot is useful, but for those of you who are unable to build there are many to choose from.
In their Binary Bots section of the website, you can begin reviewing the different products. From as little as $1 to over $100, you can select from many different options and find one that fits your trading needs. However, it states that Binary.com is not affiliated with third party robots so it’s up to you to complete the due diligence on the creator and company.
The selection isn’t terrible, but it does seem limited. One of the risks is the trading robot is not updated and doesn’t work properly. A benefit though is if you want to trade with assistance, you can likely find a robot that fits your needs.
Next on our list of robots is Binrobot-Lady, which is another robot that can work with you in trading binary options. On the homepage, it states that Binrobot-Lady is a free forex-trading robot. As you continue down the homepage you will see a few different trading systems you can review and the first is classic, the second is martingale, and the third one is Fibonacci.
For those who trade, invest, or research, you will know what the Fibonacci numbers are and these can be an effective way to trade. Martingale is a strategy that takes its roots in betting, and it essentially is when you take your losses into account for your next trade.
When you go into the each strategy, there are descriptions of how they work and let you know what you can expect when using the robot. This is reassuring because you can understand what the robot is doing and take that into consideration when it is either providing you signals or entering into trades. The other factor is this robot appears to be free, at least that’s what their website states.
Lastly, there is an option to demo the products by simply logging into your account. At a glance, this appears to have plenty of information to assure traders, but as always it is up to you to complete the due diligence and see if this is the right fit for you.
From the same company that provided people with Binrobot-Lady.com brings a robot that is dedicated to Forex. Their homepage is similar to the binary option product pages, which will bring people a sense of familiarity with the brand. As you scroll through the homepage, you will see a few of the steps involved, along with the list of brokers that the company works with.
On the best of the day tab, you can see some of the trades taken during the day that appear to have benefited the traders who utilized the robot. Unlike the other site, this one appears to be a bit less informational and more straight forward with signing up and using their products. While that isn’t necessarily bad, it does lack the inviting appearance by testing and reading how the robot works.
Also, their website appears to offer crypto trading, which given the current hype of cryptocurrencies can be something many people are interested in. Beyond the homepage, there isn’t much information regarding this type of robot trading. The account opening process appears to be free, same as the Binrobot-Lady.com.
Moving on to our fourth robot company and that is BinaryRobot365. On the landing page, you are greeted with a signup page and professional appearance. First they highlight their top users and their statistics. Further down the page, it states that their products are easy for beginners, you can choose your strategy, and highlights the automatic trading. From there, they indicate there are six different indicators you can choose from. The six are trend, Williams, MACD, RSI, CCI, and STOCH indicators.
On the results tab, you can see the top 10 users on their website and states you can choose their trading strategies by adjusting your settings accordingly. The main goal with a robot would be to assist you in understanding the market and what to look for. Certainly the passive income is nice, but once you’ve learned the strategy you are no longer dependent on the robot.
Other items the website appears to provide traders are video results and a decent FAQ page. FAQ’s are a wonderful way to get those initial questions answered and begin getting a feel for the website and product offerings. Similar to the last few websites, this one offers a free account to begin the process.
Lastly on our list is OptionRobot.com, which offers many of the same robot strategies as the ones before. Right away, you will notice the different strategies and indicators you can choose from when selecting a product. On the top of the page, you will see a compatible brokers tab that will quickly allow you to see if it is compatible with your broker you use.
The professional appearance of the company appears to indicate that this company is serious about their products, however, appearance means nothing at the end of the day. It is up to you the individual to decide if this is the right fit for you.
Binary option robots are something that have grown in popularity and can certainly be an asset to you when learning to invest. However, there are equally as many scams out there that promise you returns when in reality they simply want your money. If you find a reputable website and utilize a robot to learn and grow, you can make this one of your biggest assets. Always complete your due diligence of the company and always reach out to them if you have questions. Also, if you can demo their products that’s a safe bet as well. Overall, these can be helpful tool if utilized correctly.