Pros and cons of using the Option Robot software
The following are the reasons or features that make Option Robot great software you should try:
- Well designed website
One of the ways to know a real and professional broker, especially in the murky waters of binary options, is by having a look at their website. Looking through Option Robot’s site, everything appears nice and well placed. For one there are no (stolen) photos showing moneyed individuals or anything to that effect, which is probably for the best. We all know that most of these pictures are stock images of random people or photoshopped celebrity images picked from some gossip e-mag. Everything on Option Robot’s site is put forward in a clear manner and all the tabs are such that you won’t spend extra effort getting to what you want. There it not a lot of information but at least Option Robot made the effort and took the time to make their site client friendly and decent, and in all honesty effort is always rewarded.
- No false promises
If you look through most of the binary options brokerage sites available, you will note one common feature on a large number of them – promises of making lots of cash per day, going as high as $1500 per day. Clearly, that’s ridiculous. As a matter of fact, if that was true we would see an influx of people to binary options and even have one or several legit millionaires who made their millions through trading. The fact that none of that has happened yet shows that all those promises don’t hold any water, and judging by their simple promotional approach Option Robot knows this. The site is admirably short on promises, which we know are false anyway, and instead focuses on how the trader can utilize the system for the best results.
- Details about the software
Option Robot, different from most of the current trading robot sites, has quite significant information on how to customize the system and the various customizing options available like the trading system and indicators. Add that to the blog and FAQ section and you are sure not to miss out on any information you will need. This shows that the developers actually want you to benefit from the software and have made efforts to ensure that.
- Free software
Option Robot trading software is free and completely web based, you only need a working internet connection to access, register or keep track of your trades. There are no known monthly or annual fees for using the software which needs no download and can be accessed through any phone or PC with internet. This is great news for us who would not pay a penny for software we know next to nothing about. The big let down here is that the system cannot be accessed offline as is the case with the latest software like Binary Option Robot.
- The best brokers
Be assured that the brokers you will find on Option Robot, as mentioned elsewhere in this review, are top notch and the most used across all auto trading software. When trying to determine if a trading robot is reputable, we look at the caliber of the brokers they offer and we can truly say that Option Robot has passed this test.
The following facts about Option Robot will make you a little more cautious or may even put you off altogether, it’s your call really.
- Track Record not yet proven
As much as we are intrigued by the amazing features and awesome signals, the bottom line is that Option Robot is relatively new to the market. The claims remain largely unsubstantiated which makes Option Robot rank a bit lower in our preference list, giving way to older and more proven trading software. However, looking at it from another angle, this is as much a blessing as it is a curse. For one, the lack of a proven, or unproven record raises curiosity and makes more people want to try it out, which is free anyway. Either way, a track record is important as not everyone will gamble with their money.
- Only one type of asset
Perhaps the single most disappointing thing about Option Robot, with all its pros, is the fact that it trades only in currency pairs. This is surely going to turn away the majority of traders who prefer other types of assets like commodities, indices and stocks. We agree and commend the team behind Option Robot for specializing in a niche but this is not the area to try it for a new and growing firm. It has been proven time and time again that, all other factors observed, traders will most likely use the asset index of a broker or auto trading site as a basis for differentiation. Furthermore, international traders would be more interested if their local indices or stocks are available.
- Only new accounts are allowed
In what is a very bad business move, to sign up with Option Broker you will need to open a new account. That is, after signing up on the software, you will be required to select your preferred broker and open a completely new account to start trading. This means in simple language that if you have an account with one of the listed brokers, it will not work with the software as it will only accept broker accounts opened through its portal. On the flip side, new or experimenting traders will be fine with this. We can’t judge them, as it’s all a matter of personal preference but we speak for the majority.
- No information on developers
Whether due to ignorance or omission, we just can’t quite understand why there is no information whatsoever given on the parent company or developers of Option Robot at the bottom of the page as is usually the case. This is sure to raise some eyebrows especially with the hawk-eyed and curious traders who have predilections for the nitty gritty. For starters, there are some questions that arise here. What do the developers have to hide? Most importantly who are the developers and what are their intentions? For now, those questions and many others remain unanswered, for how long only time will tell.