There have been many scam warnings out there about Binary Option Robot, so we have investigated this automated trading and in this review will reveal what we have discovered. We do not recommend trying the Binary Option Robot software for traders because in our opinion this product is likely to be a scam.
Our concerns about there being a possible Binary Option Robot scam are matched by what many traders are saying about the system in their own reviews posted all over the web.
What is The Binary Option Robot System?
On their site, Binary-Option-Robot.com, they say the trading software is one hundred percent automated and makes it very simple to trade in binary options. There is no need for any knowledge of the financial markets or any prior experience in trading binary options.
The Binary Option Robot software uses five different indicators to send out trading signals and the autotrading robot executes the trades you select for the amount of money you choose to stake on them. You just click to indicate your choices and no further interaction is required.
There are two download versions of the Binary Option Robot trading app. One of these is completely free and has limited trading options. The Full version will cost you $79 and it is multifunctional.
If you start with the basic free version you can update later to the full version, if you want. Even though it comes with a money back guarantee, we do not recommend paying $79 to access the full version, because there are certain issues with it that suggest to us that this could be a scam.
The success rate for binary options trades made with the autotrading robot is claimed to be as high as 83%, but our investigations for this Binary Option Robot review reveal that the real results are very much lower.
How Does the Binary Option Robot Work?
The free Binary Option Robot trading app is a simple forex robot for trading in one or two pairs of currencies. It is very easy to use and only takes two minutes to set up. You can use it for unlimited trades for free and it gives you several trading options, such as executing two simultaneous trades.
The Full version of the Binary Option Robot provides a much wider variety of choice. The trading robot can be set to operate on any of the three different trading systems, the Fibonacci Method, the Martingale Method or the Classic Method.
The Classic system will put a fixed amount into every trade. The Martingale will increase the amount after a losing trade until the initial sum has been won back. With the Fibonacci system the Binary Option Robot will increase your stake after a loss and reduce it following a winning trade.
The Full version of the Binary Option Robot gives you a choice of several different currency pairs and has time-limited trades of between sixty seconds and sixty minutes.
Four binary options brokers are available for traders using the full version and three for users of the free trading software.
When you have downloaded one of the two versions of the trading robot, you will need to select a broker from the Binary Option Robot trading app and then place some funds into your trading account. We believe that there is a great risk in doing this because we suspect that it is likely to be part of a scam.
Is The Binary Option Robot a Scam?
In this section of our review we will take a close look at some of the issues that traders are having when trading with the Binary Option Robot software, and examine their concerns with the success rate of the autotrading robot.
The first sign that this could possible be a scam is that there are no more than two testimonials shown on the homepage of the website. If it was a reliable system with an 83% success rate in binary options trading we would expect to see some better and more realistic testimonials.
“Goerge M” (shouldn’t that be George?) says in his testimonial that he more than doubled his initial stake of $550 within fifteen minutes, using the Martingale system. The second testimonial from “Edmund P” tells us nothing more than that he thinks the Binary Option Robot robot is the best trading tool for binary options.
In doing our research for this review, we have seen many negative comments posted online from traders with experience of using the Binary Option Robot and they are all very disappointed with the results. They all comment that within a few trades they lost their deposits.
We have also looked at snapshots of trading results from people who were trying out the robot. These snapshots show that very little success from Binary Option Robot signals. One of the snapshots even shows twice as many losses as wins, and another one has a success rate of just 10% on a single trading day.
It appears that many people are of the opinion that Binary Option Robot is a scam and that the software does not predict accurate results for binary options. The software is very easy to use and can make all your trades automatically, but if the trading signals are not based on any actual analysis of financial information, then you will be putting your money into more losing trades and successful ones.
From what we have discovered in our research for this review, we have to conclude that we share the opinion of those who think it is likely that there is some sort of scam involved in the Binary Option Robot.
We believe it is not worth spending $79 on an autotrading robot with signals that appear not to be based on any reliable financial data. We think that the free version of the forex robot is just as bad, and you are likely to lose more money than can be gained.
There is no evidence to show that Binary Option Robot has ever achieved anything like the 83% success rate stated on the website. We hope that this review will help to prevent people from risking their money on a binary options system that many people have found to be unreliable. The evidence shows that there is little or no chance of trading success with the Binary Option Robot.