Binary options have become incredibly popular over a very short period of time. Naturally, because of the high popularity of the industry, the trading concept is evolving very quickly. Over the last few years, one of the larger points in the evolutionary process has been binary options trading robots. With these robots, binary options traders don't need to do much more than upload money and click go. Today we'll go over everything you need to know before signing up for a binary options robot service.
What Are Binary Options Robots
Binary options robots are a relatively new form of technology designed to help binary options traders maximize their profits with very little effort. With these robots, traders upload money and set parameters for the robot to trade for them. From there, the binary options robot takes over just about every aspect of the trading process, allowing the trader to make money by doing absolutely nothing.
Advantages of Using Binary Options Robots
There are several advantages that come along with using this technology….
- Freedom – First and foremost, binary bots give the trader a certain level of freedom. After all, if you don't have to be sitting at your computer trading to make money, you can be doing other things like spending time with friends and family while the robot takes on the work load.
- No Emotion – When it comes to trading in any sense, there is always an error margin. However, that error margin tends to be much higher for humans than it does robots. After all, as humans, we are emotional creatures, and emotions can cause us to make irrational moves when trading – which can mean losing money, quickly.
- No Learning Curve – In any trading vehicle, there is always a learning curve, whether you're trading binary options, stocks, bonds, currencies or any other financial asset. However, because binary options bots do all of the work for you, they completely take this learning curve out of the equation.
Disadvantages Of Using Binary Options Robots
Ultimately, everything has its advantages and disadvantages, and automated trading robots definitely come with their own set of disadvantages….
- You're Not In Control Of Your Money – Personally, I'm a bit of a control freak when it comes to my money and investment decisions. When trading with bots, the robot will take full control for better or worse.
- Most Robots Take A Very Aggressive Approach – Binary options robots don't have a fear of loss. So naturally, these systems tend to take a very aggressive approach. While this approach tends to lead to higher profits, there are days where an aggressive approach will lead to larger losses as well.
Only Use Trusted Auto Trading Robot Services
Any time an industry becomes popular, we will generally see scams pop up within that industry. That's exactly the case with binary options robots. Before you rush out and set your trading account on auto pilot there are some things you should consider – unless you want to be on the receiving end of scam.
- Is the Robot Linked To a Less Than Reputable Broker ?
Often times, less than reputable brokers that are known for scamming consumers will create binary options robots to lure new victims in. It's best to avoid non-reputable brokers and their robots at all costs.
Look to see if the binary options robot you're looking into is linked to a specific broker or can be used with any broker of your choice. If the robot is linked to a specific broker, do your research on the broker. Check online reviews to see how the experience with the broker was for other binary options traders and verify that the broker behind the robot is regulated and reputable.
- Does the Bot Service Promise Over Night Riches?
Often times, binary options robot scams will lure in unsuspecting consumers with promises of becoming rich over-night. After all, we all want to make as much money as possible as quickly as possible, so these promises are very appealing to the masses. This should be a big red flag!
If a binary options robot website has any promises of making you thousands of dollars every day right from the beginning, chances are that it's a binary options robots scam… stay away!
- The Founder of the Robot Is Not Listed Or Does Not Exist
The truth is that people that try and scam other people out of their money do everything they can to hide behind a blanket of secrecy. After all, if you find out who is behind the scam, they are likely to deal with a bit of retaliation or even legal problems. So, the founders of scams generally hide. Either they will not announce who the founder is on the website or worse, they will come up with a fake name with a matching stock photo, and try and get you to believe that the founder is someone else.
When researching binary options robots to work with, make sure you look into the founder of the system. If the founder is not listed, it's likely a scam. If the founder is listed, search his name to ensure that the credentials match up. Also, take a screen shot of the founder's picture and crop it so only the headshot is available. Now, drag and drop the headshot into Google's search bar. If you see the same picture over and over available for purchase, you've found yourself a scam!
- The Website Promoting the Robot Uses High Pressure Sales Tactics
Finally, great binary options robots don't need to use high pressure sales tactics in order to get people using them. After all, if only one person makes money with the system, they are going to tell their friends, and soon, the robot becomes very successful with tons of positive reviews. However, if a binary options robot website uses high pressure sales tactics like time limits, count downs, or anything else that insinuates that you will miss an opportunity if you don't sign up right now, chances are that it is a scam and they don't want you doing your research before signing up.
Final Thoughts
All in all, binary options robots are an incredible way to make money. However, because of their popularity, there are quite a few scams out there. Nonetheless, by doing your research and ensuring that the binary options robot you choose is legitimate, you will be pleased with the amount of money the robot makes for you with very little effort!