Binary Options Robot
- High success rate
- Supports beginners and teaches technical analysis by example
- Increases efficiency and saves times for more experienced traders
- Customizable Settings
- Brokers the software works with are pre-screened
- No phone-based customer support
- Could encourage traders to be lazy and not check suggestions against their own criteria
- No guarantee future performance will match historical record
Binary Options Robot, a binary options picking robot that actually does the job!
In this review the bonuses section is not applicable as Binary Options Robot is a technical analysis and trade ideas software and not a trading platform. Bonuses are as per the conditions offered by the 7 brokers the software works with. The software itself is very well designed and usable and it is difficult to find anything to complain about. Customer support via live chat is excellent. While there shouldn’t be any real need of telephone customer support the lack of it does slightly impact the score here. The options score is low as Binary Options Robot only applies its technical analysis to a range of 11 different forex pairs. While it is good that the company has decided to stick only to the instruments its approach has shown high rates of success with, this will hopefully be expanded in the future. The overall 85/100 score is based mainly on the quality of the core product, the software, with the limitations in number of kinds of assets it works with given a lighter weighting.
Binary Options trading has exploded in recent years and one of the primary attractions of this simplified loss-controlled trading instrument is that it is a great intro to trading for those with no prior experience. Traders only need to predict if a financial instrument will finish higher or lower than its starting price at the point the option expires. The timeframe of classic high/low binary options is between an hour and the end of market opening hours the same day, though turbo short-term options over 30 seconds to a few minutes and long-term options of up to a couple of months also exist.
In traditional trading via CFDs or spread betting, which also often involve the use of leverage, if the price of an instrument being traded moves sharply the wrong way, traders can lose far more than their initial investment. In binary options trading, the maximum loss is always the initial investment. If, for example, a 3-hour option on gold is taken at ‘high’, so long as gold’s price is higher after 3 hours than where it started, the trader will finish ‘in the money’ and win the trade. If gold’s price is lower after 3 hours, the trade is lost along with the initial invest, for example $10, and no more. It doesn’t matter how much lower the price has unexpectedly sunk, the loss is capped.
The easy-to-understand nature of binary options, and that potential losses are fixed and known from the outset, is an attractive proposition for beginner traders. However, they still need to correctly predict whether an instrument’s price will rise or fall by the expiry of their option.
Longer-term price movements of financial instruments are mainly influenced by what is call ‘fundamental’ factors. These are macro factors that dictate the intrinsic value of a financial instrument. How profitable a company is and how big the market is for its products and services are examples of fundamental factors that will dictate the value of the company’s stock price.
Over the shorter term however, within a single trading day, these fundamental factors rarely change. The mass behavioural psychology of market demand and supply pushes and pulls at prices over the course of a day where, barring any major news that would notably influence fundamental value, prices tend to move in the range of a fraction of a percent to a few percent at most. Technical analysis is based on the principle that these short-term price movement patterns, dictated by mass market psychology, repeat through time. Technical analysis, based on mathematical principles, is used to spot these repeating patterns and predict short-term price direction.
Being a consistently successful day trader requires having a reasonable grasp of technical analysis. Or, it used to. Binary options ‘robots’ are software that find and show these technical analysis-based patterns and the likely upcoming price movement they indicate for the instrument so the trader doesn’t have to do the technical analysis themselves. In these reviews, we look at the binary options robots available to traders and assess their merits across different key categories. Here we take a closer look at one of the market leaders – Binary Options Robot.
Binary Options Robot was launched in 2016, the software having been developed by a team of experienced traders and software development experts. The company behind Binary Options Robot does not fall under any regulatory regime as it is purely a software company which does not itself facilitate trading or is involved in holding any client funds. Traders simply buy a subscription and then use the robot software while trading to highlight good binary options trade opportunities which they must then decide themselves to execute or not.
Binary Options Robot has quickly become a favourite robot tool for binary options traders who appreciate its easy usability and strong record. Binary Options Robot won most industry awards for robot software in 2016.
Binary Options Robot is user friendly and has features that will appeal to a full range of traders from beginners to seasoned binary options traders. The software is not a plug-in used with binary options trading platforms or a downloaded desktop app but a stand-alone browser-based website, with mobile app also available. The navigation is well laid out and design uncluttered.
Once an account has been registered users must select one or more of the binary options brokers whose trading platform price quotes BOR has access too. An advantage of this is that the robot only works with reputable brokers so using it cuts out the danger of inadvertently trading with a scam broker from which withdrawals will subsequently be difficult.
The software works by taking the pricing charts of the broker and overlaying technical indicators such as, but not only, support and resistance, moving averages, Bollinger Bands and Fibonacci Indicators. The robot, on the basis of these technical indicators then predicts price movements that binary options can be taken out on. The trading itself is done via the broker, not Binary Options Robot. While users can set the software to automatically place trades most traders will choose to retain control of which suggested trades are taken up by buying a binary option. The trader also has full control of their budget and the value of the option taken.
The mobile version of Binary Options Robot is well designed and retains the full functionality of the desktop version of the software.
It is available in both native Android and iOS apps and usability and design has been very nicely adapted to mobile format. If using a tablet, traders can either, as they prefer, use the standard desktop version of Binary Options Robot or the mobile app version.
Trading Features & Fees
As already touched upon, while Binary Options Robot has some nice default settings in terms of what technical indicators, and combinations of different indicators, are overlaid onto pricing charts, traders can also customise these as they wish. Generally speaking, the more indicators used together, the more accurate results are likely to be.
Over 10 different kind of technical indicator are available to use.
Binary Options Robot works with 7 different brokers, all of whom a minimum initial deposit of $250, or equivalent in another account base currency supported, when an account is opened via BOR. While there is a degree of variation in the level of payouts offered by the different brokers, they are relatively similar with maximum payouts between 86% and 90% and average between 75% and 85%. The seven broker that can be chosen from are:
Bank de Binary, 24option, Bloombex Options, RBinary, Opteck, ZoomTrader and PlusOption.
Bonuses & VIP programs
Binary Options Robot does not offer bonuses itself but most of the brokers that the software works with have bonus structures that will be made available to Binary Options Robot traders. Bonuses are typically a number of risk-free trades and cash top-ups to trading account deposits. One thing traders should be aware of is that bonuses often come with conditions attached to minimum trade turnover before withdrawals can then be made. Traders should ensure they are aware of any conditions and are happy with them before accepting a bonus. Often a bonus is considered accepted if not actively declined, something else to be aware of.
Binary Options Robot itself does offer a VIP account. The VIP account provides more advanced trading strategies and additional indicators that can be employed. Access to a VIP account is tied to the value of initial deposit made with one of the partner brokers and subsequent levels of trading.
Deposits and withdrawals
Again, because Binary Options Robot is not a trading platform itself, the company does not process any payments, either deposits nor withdrawals. All payments processing goes through the selected broker(s) and payment processing options, charges and fees are according to their terms and conditions, which should be researched by the trader. They can refer to our broker review session for details.
Binary Options Robot has a stated company policy to withhold extremely high levels of customer support. A multi-lingual team of support agents is accessible via live chat, which is recommended, or email, for any usability queries or issues that traders might encounter while using the software.
Extra features and resources
Binary Options Robot’s additional features include money management tools called Max Daily Trades and Daily Stop Loss. These are combined to ensure that traders never put any more money at risk than is affordable to them. While the software has a strong record of success, like even the most successful traders, it is not always right and these risk management features mean that bad days don’t impact longer term success rates.
VIP account holders also gain access to additional features that add a wider variety of options and allow greater customisation of strategies.
While it is important to never rely entirely on automated trading software or to consider it a route to quick riches, Binary Options Robot’s record is excellent. Beginners will benefit greatly by seeing the practical application of technical analysis techniques, which will help them accelerate their own education and understanding of this area. This should eventually mean they can apply technical analysis themselves, without the aid of software.
For more experienced traders who understand technical analysis, Binary Options Robot will prove an excellent time saving and efficiency tool. Technical analysis and trade positions are picked out, which they can then simply assess, rather than having to put the time and effort in to doing this for each instrument they are considering taking a binary option out on at any given moment during the trading day.
Used responsibly, Binary Options Robots is one of the best tools currently available to binary options traders.
How much does Binary Options Robot cost to use?
Binary Options Robot is free to use. The company makes its money via commissions from the brokers the software works with.
Is Binary Options Robot a scam?
No, there is no way for it to be a scam. BOR is simply software that automates technical analysis and picks out trade ideas on the basis of results. Traders then choose themselves whether they agree and if to execute the trade ideas or not.
How Does Binary Options Robot Work?
The software takes the pricing chart of a tradable instrument and automatically overlays different technical analysis indicators, making predictions based upon accepted trading methodologies.