Traders’ and Pundit Reviews
Fortunately, or unfortunately, not many traders have tried out the software and consequently there are few reviews online but that’s not to say there is no feedback. As a matter of fact, some of the traders who had the misfortune of using the robot’s services have decried the poor service, similarly poor and very limited choice of brokers and the relatively low quality signals that have caused dents in many trader’s accounts after trades have gone bad. Some traders will tell you how they can’t access their funds from their broker accounts even after complying with the rules. Yet others have sad tales of how their credit cards were hacked into and money taken from their accounts by unknown people who they (rightfully?) suspected to be the owners of BinaryOptionAutoTrading or their affiliates. As a safety measure, always make sure only the first and last three numbers are visible whenever you are sending photos of your card to anyone. It greatly lowers the chances of your card being hacked. Professional traders and analysts have slightly more reserved opinions, as is common with all professionals, but the underlying theme is common: BinaryOptionAutoTrading.com has not yet proved itself to be a serious site. There is of course the benefit of the doubt, in that the software system was only recently introduced and the developers may have limited knowledge of how things work, but then again nobody will want to gamble with his money.
How the Robot Makes Money
You may be asking yourself how the owner(s) of the site make money if the software comes for free. Well, one of the avenues of income is the commission received from the brokers when clients sign up through the link on the site. That’s the reason why you keep being reminded to sign up with multiple brokers apparently to “increase your earnings”. Only it’s not your earnings but theirs they hope to increase. Another source of income is when traders make losing trades. Since the trader losses everything, the broker shares a certain percentage with the robot’s owners and thus a loss for the trader is a win for the broker and robot. So now you know why no robot on earth will ever be fully committed to ensuring its clients win, that would be bad for business.
Pros and Cons of the BinaryOptionAutoTrading Robot
As with every single thing in the world, there are both some good and bad aspects of using the robot as explained below. As a polite gesture, the pros come first.
- Hassle-free trading
With the robot, you won’t have to worry about keeping track of your signals, tracking price, or movements before trading, which all require manual input. All you need to do is sign up, make a deposit and determine the limits within which to trade and the robot will carry out the rest. That helps a lot in ensuring convenience, since your daily schedule won’t be affected in any way. Well, unless the few minutes for checking your wins/losses will have an impact. Also, there are no complex charts and indicators to learn about as the robot contains all that knowledge for you. This will surely work well with new and less experienced traders as well as expert traders wishing to increase their profit margins while reducing the inconveniences.
- Free Software
The software comes for free and is 100% web based which makes it even more free as you won’t have to download it and incur storage space costs. Thus, it won’t cost anything, apart from precious time, to try out the software and if you decide to split you can do so without any regrets.
- Poor customer care
As earlier said, BinaryOptionAutoTrading’s customer service is nothing to speak of and it can be frustrating when you have an urgent question and the reply takes too long. This is definitely one of the big turn offs about the site. Add this to the fact that support is only available in English, and you get a large number of non-English speaking nationalities being locked out.
- Minimal information
There is very few details about BinaryOptionAutoTrading which makes it very hard to trust them. The main site is, in itself, nothing more than a grammatically correct ad with no substance whatsoever. Who are the owners? Where are they located? What are their goals or objectives? such details are very important to traders and the fact that they are absent is suspicious, to say the least.
- The trader losses control of the trading process
When you sign up with the robot, it means you have given up all control and thus won’t be able to actively participate in trading. The robot will obviously not make the kind of choices you would which increases the likelihood of you getting pissed off and breaking a few pieces of furniture. And hurting your hand in the process!
- Overlapping interests
As with every trading robot out there, the owners will have to balance their own interests with those of their traders and brokers and it is never a perfect balance. The traders’ interests are always almost last which means they will be the ones left crying while the brokers and site developers laugh all the way to the bank.
- No way of verifying the software
There is no way of verifying the performance of the software before signing up through third party sites, as is common in forex trading. That the available information about the software is sparse only makes it worse. Thus, traders have to sign up and deposit the minimum amount, as per the brokers requirements, to effectively test the software, placing their money in harm’s way in case the robot turns out to be a fraud. In the wake of recent events that triggered public outcry calling for regulation of the robots, one cannot trust the screenshots showing traders winning huge amounts from using the robot. Better safe than sorry.
- Instances of spamming
BinaryOptionAutoTrading shares the personal details you provide when signing up with its affiliated brokers including your phone number and email which is an invasion of privacy and effectively makes you susceptible to spamming from the site itself or the brokers. And there’s a very high likelihood that you won’t appreciate receiving endless promotional emails from brokers with funny names at four in the morning.