For many people, binary options is a blessing, and rightfully so, I mean, it doesn’t have the complexities of Forex trading or the uncertainties associated with the stock markets. The returns are also bigger and faster than other types of trading. Surely, why play the lottery when binary options is here? Surest way to become rich, right? Wrong. While binary options can bring in returns of up to 95%, in some cases, the risks involved are far greater than in other financial markets which significantly reduces the probability of you getting rich in little or no time. Basically, it’s a safe gamble – you look up an asset, which could be a stock, commodity or index, analyze it and predict if its value will rise or fall within the given time. If it does, congrats buddy, you’re in the money! If it doesn’t, tough luck, you lose. And thousands of traders the world over have lost considerable amounts in trades gone bad. Others couldn’t cope with the tiring analysis and research required to place good trades. Some have even given up on the trade completely, and it is understandable. To some extent, binary options has become an “expert traders only game”, not unlike forex trading, and thus it had not quite reached its full potential in trader numbers.
Then came automated trading, and things have never been the same. Automated trading systems gave apprehensive and inexperienced traders a glimmer of hope that enabled them to venture into the game. It also gave a new lease of life to experienced traders for whom the wheel of fortune had overturned and were now making loss after loss. The automated systems provide the best signals and execute trades on behalf of the trader as per their preferences and requires absolutely no input from the trader so they can go play some golf and come back only to check their wins, or losses. Of course, there are some amazing fake software and brokers out there designed to rip you off and take your hard earned money, but that’s a story for another day.
Now, to the purpose of this article, we are going to have a look at one automated trading system that has largely remained unknown. BinaryOptionAutoTrading.com is a new system and appears to be one of the most promising entrants as far as auto trading software and signals go. But is it?
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BinaryOptionAutoTrading having been set up just a few months ago, is a very new auto trading software system. It would be safe to say the developers, whoever they are, are very disadvantaged in terms of time and will have to work extra hard to get to the level of more established software. That’s if they want to. Going through their site, every indication is, they don’t want to. First, there is no information about who developed the software and his, her or its (hey, it’s a crazy world!) credentials as far as binary options go. In case that doesn’t mean anything to you, you have probably never lost money to a scam broker or robot. If this is the case, pray it remains that way because, as hundreds of traders can attest, it is not a good experience. Anyway, lack of information about who came up with the software and for what reason should start the alarm bells ringing at the back of every trader’s head. Moving on, the official site is nothing more than a badly thought out, badly put together advertisement for unclear and vague software that is most probably a scam. Below are the features you will find in the software. Don’t expect too much though.
Opening an Account
For what it’s worth, which is not a lot, BinaryOptionAutoTrading.com has a relatively simple three step sign up process with absolutely no costs involved, well, that’s if you don’t consider the deposit as a cost. The first step involves the submitting of personal information such as name, country of residence (some countries do not allow binary options) and of course a phone number for easy access. Pretty ordinary stuff. After giving personal details and creating a password, the next step will require you to select your preferred broker among the ‘large variety’ provided by the site. Another red light here – the type of brokers found on the site are not well known and thus are potential scams. You don’t want to experiment with your money, hard earned or not. The last step is funding your account, of course that’s the deal here, and the site “recommends” you do so using a credit card. If that doesn’t sound odd to you, you should consider yourself lucky (blessed actually) for having such a good life. For the rest of us unlucky folks who have had the pleasure of coming across crooks and cons of all kinds, our danger instincts will be working overtime. If you still haven’t gotten it, most bank frauds are carried out through credit cards and the fact that the site does not list any verified account with any bank, points to them being up to no good.
Signal Quality or Lack Thereof
Now, the quality and reliability of the signals is a deciding factor when shopping for trading software. Every trader wants a robot that will make all the right trades for him, with little or no margin of error. That is the main reason why people choose trading robots, because they are supposed to trade better than human beings. If that was not the case, everyone would stick to personal direct trading. BinaryOptionAutoTrading.com has not provided information about the accuracy levels of their signals and it would be unfair to criticize the signals without further knowledge or trial. However, it is within all the limits of fairness to criticize the developers, whoever they may be, for being sneaky and not providing enough details to make any reasonable trader want to sign up. Unless their intentions were to rip off newbie traders in which case they are on the right track. So, all there is to the signals is the site owners statement and promise of “live and updated signals”.
In what can be regarded as a commendable and somewhat surprising move, BinaryOptionAutoTrading’s software is fully web based meaning no complex downloads required. Anyone who has ever gone through the pain of downloading some software knows how it feels and you don’t even want to think of the security risks involved. So, web based software, which is no doubt the way to go, basically means your PC is safe from malware. Don’t forget to update your antivirus though! To access the site, (no signing up yet) you just require your phone – a Smartphone mark you, or tablet or PC with a working internet connection, of course. Hopefully you will remember the url address BinaryOptionAutoTrading.com which is a task in itself! How unfair life can be. Having signed up to an account for free – who hates free things? – the software is simple and clear although it is way below average compared to the common robots we have seen. Blame it on the naivety or newness of the developers or simply an utter lack of creativity which is most likely the case. But then again, it’s for free so no reasonable grounds for complaints.
Site Design, quality and overall feel
To be fair, BinaryOptionAutoTrading do have a very nice site with great design and sleek classy layout which will most certainly catch your attention. The sign-up form is the main feature on the site, accompanied by a tagline that is carefully worded for maximum promotional power. As it has always been said, the wording and phrasing of a site’s page will say a lot. If that was all we relied on, BinaryOptionAutoTrading would pass the integrity test with exemplary grades as the site is void of spelling mistakes and the grammar is on point, it’s even a joy to read through. Brilliant. A marketing strategy lecturer would be very proud and newbies will be totally smitten. But that’s as far as it goes, no trader who has been trading in binary options for even two weeks will be impressed by the site content which is, to say the least, completely lacking in substance. For one, there is next to no details on the owners or site creators, the accuracy of signals, jurisdiction or pretty much anything else. Hell, there’s not even a physical address or phone number to verify the site even exists legally. Now, are you still there waiting to be told in capital letters that there’s a 99% chance we are dealing with a scam? A very good one, you have to admit, but a scam nevertheless.
It should actually be referred to as customer service and is the single most important determinant of success in every business unit, and more so in the incredibly murky and unsure waters of binary options. Helping out and reassuring your clients goes a long way in ensuring their loyalty. In some cases, clients will stick with a business with crappy products if the customer service is great. That is the power of customer care but the BinaryOptionAutoTrading site owners clearly don’t know that. Although extra effort has been put in, the most positive we can be about it is to say, BinaryOptionAutoTrading’s customer service is, at best, below average. At a time when other sites are providing a wide range of means of contact including social media platforms and physical addresses, the site gives none of that, not even an email address. If in the unlikely event you decide to open an account and have an issue or an inquiry, you would like addressed, you can either submit it through the contact form provided or talk to a representative through the live chat feature that is so prominent and keeps popping up that it is even irritating. What’s more irritating is the long periods of time you will have to wait for replies which is more than it would have taken to come up with the solution yourself. The live chat feature is slow and unresponsive most of the time, and you will have to be connected to a customer care representative which is definitely not the way you want to spend your precious time.
To BinaryOptionAutoTrading, there’s a lot to improve here. First, if you plan on having an international clientele, it would be best to diversify the languages available and make the site available in as many world languages as possible. Next, traders want to be able to choose from several ways to contact you– and any sensible dictionary will tell you, for free, that two is not several. Maybe try adding a support email and phone numbers, both local and international. Thanks in advance.
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.
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.
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.
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!
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.
With everything being put out in black and white, there’s nothing much left to say. While BinaryOptionAutoTrading.com has not been satisfactorily proven to be a scam, it has not come close to being proven to be legit. As the saying goes “the greatest feat of all is the fear of the unknown”. BinaryOptionAutoTrading is a risky bet as very little is known about it and the developers are not even known in the event you want to take legal action. Most importantly, there are hundreds of better robots out there which offer much higher quality and returns. It’s all a matter of making the right and most profitable choice.
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Michael Allen is the main author at www.binaryoptionrobotinfo.com. He holds a PhD in Economics and has worked in investment banking for 24 years.
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