OptionRobot is one of the popular binary options trading software available today. But given that many auto trading software available often turn out to be scams, does OptionRobot stand out as legit software? Read on for a best binary option robot review 2020 plus tips and FAQs regarding the software.
- OptionRobot preview
- Getting started with OptionRobot
- Best Binary Option Robot Review 2020
- Unmatched user control
- Free to use software
- Implements familiar technical indicators
- Link with 9 different binary options brokers
- Excellent trader support
- Only trade currency pairs
- Enter simultaneous trades
- Option Robot advantages
- Disadvantages of Option Robot
- OptionRobot usage tips
- 1. Do not over rely on the auto trade feature
- 2. Always conduct fundamental analysis before trade entry
- 3. Avoid investing in neutral markets
- 4. Always try to invest in low volatility fx currency pairs
- 5. Using Option Robot doesn’t mean you throw your account management strategy out the window
- 6. Avoid the lure of opening multiple trades simultaneously
- 7. Always test before executing any new trade strategy
- 8. Be wary of using the Martingale trading system
- Option Robot FAQ
- Q: What is OptionRobot?
- Q: Is Option Robot a scam?
- Q: What devices can I use to access the software?
- Q: Do I have to pay to access Option Robot?
- Q: Can I trust the online binary options brokers that support OptionRobot?
- Q: Per day, how many investment signals can this software generate?
- Q: Why are the percentage return and payout different in the demo account and real money account?
- Q: How can I customize trade settings on the OptionRobot software?
- Q: Can I link my existing broker account with my new Option Robot account?
- Why you should consider using OptionRobot for binary options trading
The software design implements up to 6 different technical indicators that include trend, Stoch diagrams and CCI indicators. Many scam trading software will often mask their inefficiency by claiming use of a complex algorithm. Users of such software often discover too late that they invested in fake software which doesn’t deliver returns as promised.
Getting started with OptionRobot
Option Robot usage isn’t limited to citizens from a specific country or specific brokers. This makes it easy for you to use the software to make trades from anywhere on the globe. One of the things that stand out on the signup page copy is the lack of overhyped marketing material. Unlike many binary options trading automation platforms, you won’t get guarantees about earning over $1,000,000 by just running the software. Instead, the copy provides enough information regarding what it is and how to get started.
OptionRobot is easy to use. Despite being a binary options trading automation software, control largely remains in the traders hands. This makes it easy for you to place trades based on your chosen trading strategy. You can also easily turn the auto trade option off. In addition, you can customize the software to place and exit trades at predetermined time intervals.
If you’re not ready to invest in binary options trading software, you’ll be glad to know that Option Robot is free to use. Unlike competing software which requires you pay upfront before using them, Option Robot can be used by anyone with or without money in their trading accounts.
Best Binary Option Robot Review 2020
The OptionRobot binary options trading robot has set itself apart as one of the few legit trading automation platforms available today. In an industry where software creators try to trick traders into buying poor quality scam products, Option Robot focuses on transparency and credibility. Here’s the complete review of this software.
Unmatched user control
One of the major shortcomings you’ll find in common trading bots is the limits they place on user control. This means that traders often find themselves trusting bots with complex algorithms to manage their entire trading accounts.
Option Robot doesn’t limit the amount of control you have over your finances. In fact, you can easily adjust the software settings to match your preferred trading style. Features you have control over include trade expiry, trade amount and ability to allow the software enter and exit trades automatically.
Free to use software
Using OptionRobot will not cost you anything. To get started, simply create a new account. Once complete, you’ll find a “TRY DEMO ACCOUNT” button within your user interface. Clicking on this button directs you to the free account that’s initially credited with $1000 virtual cash.
Implements familiar technical indicators
Which are your favorite technical indicators? Having easy to read indicators is one of the factors which can affect the profitability of a trade. Option Robot implements 6 different technical indicators that include CCI, MACD and the RSI indicator. The platform is designed such that if you set more than one indicator during a trade, the bot will only generate a signal when all indicators are identical.
What’s more, this platform also offers three popular money management systems including the Fibonacci, the Classic and the Martingale system. Each trading system makes it easy for you to easily adopt your trading style to the software. For example, if you love to minimize the risk involved in every trade, using the classic system is recommended. If accuracy is you primary concern, the Fibonacci system will be your best bet.
Link with 9 different binary options brokers
Broker compatibility is one of the major challenges traders have to overcome when dealing with binary options trading automation software. Option Robot software can be linked with 9 different binary options brokers. These include Opteck, binary Tilt, Stockpair, ZeusOption, BD Swiss, Dinero Libre, BinaryMate, Binary Online and 10Markets..
Being able to link the software to different brokers has several advantages.
– You can use the software to automate your trades from anywhere in the world. That is, if a specific broker doesn’t accept traders from your country, you can easily switch to a different broker that accepts traders from your country as well as supports the OptionRobot software.
– You have more control over trades including the trade size amount and trade expiry periods.
– Switching from one broker to another one doesn’t require you close your Option Robot account.
Excellent trader support
OptionRobot staff has gone to great lengths to ensure that any trader using their software is fully satisfied. Their free account is a true testament to this. However, there are additional customer support features that stand out.
Simply visiting the OptionRobot website triggers a live chat app where you can easily ask questions. The chat feature is available 24 hours and messages are replied to almost immediately. You can also access their customer support team via email.
The platform also offers a detailed FAQ section as well as a blog which can be used as a trader’s resource.
Option Robot seems to be totally focused on forex currency pairs traders. This means that you cannot use the software to trade other asset types like commodities and indices. In addition, the software can only be used to trade 8 different currency pairs.
Enter simultaneous trades
To maximize profit potential, you’ll want to have several trades running concurrently. Option Robot makes it easy for you to enter into 1 to 8 different trades at the same time. You can also set the trade amount through the software’s settings section. The minimum trade amount is $5 while the maximum is $1250.
Option Robot advantages
– Option Robot software is free to use. The only requirement is that you have an active and funded trader account with one of the brokers that support the software.
– Ability to link to 9 different reputable online brokers makes it easy to switch between brokers
– Up to 6 different technical indicators and 3 different trading methods make it easy to use your preferred trading strategy
– Easy to customize the software to match your trading strategy through the settings section
– Excellent customer support with live chat and email accessibility
– Browser based software doesn’t require downloading anything and is accessible through different internet enabled devices
Disadvantages of Option Robot
– Some claims of demo account being designed to provide unrealistic returns and entice traders to sign up for real account
– Software only allows for trading in 8 forex currency pairs shutting out traders interested in trading other assets
Overall, Option Robot is one of the top binary options trading automation tools on the market today. As a trader who wants to use this software, you’re probably wondering how you can best leverage the software to maximize profit potential. Here are 8 tips to help you out.General Risk Warning! your capital may be at risk
Trading automation software should not be used to completely replace your trading strategy. Many traders make this mistake and end up losing their entire account balances. Binary options bots are never 100% accurate. This fact alone means that as a trader, your input before executing any trade will be necessary. If you’ve signed up with Option Robot, your chance for profiting is significantly higher compared to using other competing software. Why?
OptionRobot gives you a lot of control over its settings and therefore won’t have to rely on pre-set algorithms which can easily lead to trade losses. But how can you actually leverage the Option Robot software to increase chances of winning majority of your trades? Here are 8 tips.
1. Do not over rely on the auto trade feature
The auto trade feature might come in handy when you’ve learned how to use the software and have come up with a solid trading strategy. Even then, the auto trade feature needs to be used sparingly during the first months of trading. Initially, your focus should be placed on learning how to use the different software settings and see how they affect your trades.
2. Always conduct fundamental analysis before trade entry
The technical analysis tools offered by OptionRobot are meant to give you a glimpse about the movement of a particular asset. These are supporting tools and they should be used alongside fundamental analysis to get a clear picture about possible asset price movements. Fundamental analysis involves identifying news or events that might affect change in an assets price movement. Such information can be sourced from news, market reports and press releases. Unfortunately, trading software isn’t designed to perform fundamental analysis and it’s therefore up to you to do it manually.
3. Avoid investing in neutral markets
Neutral markets are characterized by little or no price movements. This means that entering a trade will most likely result in zero or no profits. To make the most profit, set your software to enter and exit trades when the signals indicate a bearish or bullish trend.
4. Always try to invest in low volatility fx currency pairs
Option Robot has done a great job by allowing traders to invest in only 8 of the leading currency pairs. However, you’ll also need to play your role in distinguishing between the most volatile and least volatile pairs. Remember that price volatility can change in an instant for example, in the event of a natural disaster. It’s therefore essential that you keep track of a specific currency pair’s history and if it has seen low volatility for a good amount of time, you can go ahead and trade in it.
The reason why trading in low volatility currency pairs is recommended is market changes usually won’t result in huge price movements. As such, you can easily protect yourself from incurring huge losses due to a small market change.
5. Using Option Robot doesn’t mean you throw your account management strategy out the window
Use the OptionRobot free account to test different account management strategies. For example, consider investing a maximum of 5% your account balance on a single trade while you get accustomed to using the software. This means investing a small amount per trade if you open multiple positions at a time.
6. Avoid the lure of opening multiple trades simultaneously
Option Robot allows traders to place up to 8 different trades simultaneously. This could lead to overtrading. That is, you might be tempted to open a high number of trades in anticipation of huge profits. Huge profit potential is always accompanied by huge loss potential. It’s therefore recommended that you have 2 to 4 open trades at any given time. These are easier to keep track of.
7. Always test before executing any new trade strategy
With binary options trading and especially software, nothing is cast in stone. You might easily come across new hot trends and tips regarding a specific currency pair or even a profitable strategy you can implement using OptionRobot. Never execute any hot tip without testing it first. Option Robot is free and testing out new strategies and tips is one way to make the best use of the software.
8. Be wary of using the Martingale trading system
The Martingale trading system is designed to allow faster profits generation from successful trades. However, the risks involved are unusually higher compared to using the Classic system or the Fibonacci system. Analysis of the Martingale system shows that it goes against prudent trading account management strategies and should therefore be avoided if you’re to grow your trading account steadily.
Practical example showing how to enter a profitable trade using OptionRobot software
Before entering a single trade, always make custom settings on the OptionRobot settings panel. Using the aforementioned tips, here is a practical example you can copy.
How long a trade will run really depends on your trading strategy. However, I’ll usually hold a position for 60 seconds to 10 minutes. My preferred trading method is Fibonacci due to the accuracy it offers.
I’ll usually have more than one indicator chart running simultaneously. This will further ensure that the software only enters a trade when it receives an identical signal from all open technical indicators. My favorites are the RSI, MACD and Stochastic indicators.
I will usually use a maximum of 5% of the total account value on a single trade. In addition, I never have more than 2 open trades running simultaneously. With regard to the currency pairs I select to trade at a particular time, my choice is largely determined by the currently open market. For example, if the London session is open, I ‘ll usually choose to trade European currencies as opposed to the USD or CAD.
This example seems pretty straight forward. However, sticking to a specific strategy and only changing it after testing out a new strategy isn’t quite easy. There’s always the emotional element of the trade to contend with. For example, what do you do if you enter into three consecutive losing trades? A good strategy would be to stop trading for the day, go back to the drawing board and analyze the trade histories. Then come up with a trading strategy for the next day. However, this is easier said than done. Most people will try to reverse their losing streak by placing new trades which could lead to more losses.
Option Robot FAQ
Q: What is OptionRobot?
A: OptionRobot is a browser based binary options automation software. Opening an account with Option Robot is free. The software works by entering and exiting trades on your behalf on a number of selected online brokers.
Compared to competing binary options trading bots, traders will find it easier to customize the software to match their trading styles. It offers 6 different technical indicators and 3 different trading systems to choose from. In addition, the software can be linked to 9 leading binary options broker platforms.
Q: Is Option Robot a scam?
A: OptionRobot offers several features which indicate that it’s legit software that traders can use to make profit. Opening an account doesn’t require that you invest some money. In addition, it includes a demo account which allows you to test the platform without investing your own cash.
This software doesn’t place limits on users’ ability to customize it to match their trading preferences. Like with other trade automation software, using OptionRobot doesn’t guarantee that you’ll profit from all of your trades. However, it includes unique features which if leverages properly, can see you profit from a huge percentage of trades entered.
Q: What devices can I use to access the software?
A: Option Robot is browser based. This means that you can access it via any internet enabled device including your smartphone. Also, you don’t have to download any app to access the platform.
Q: Do I have to pay to access Option Robot?
A: No. opening a new account is absolutely free. The free demo account comes credited with $1000 virtual cash. Switching between the demo mode and real money mode is as simple as clicking on the “TRY DEMO MODE” button or “REAL MONEY MODE” button.
Q: Can I trust the online binary options brokers that support OptionRobot?
A: Option Robot can be linked to broker account held by 9 different brokers. Many of these brokers are licensed and regulated by leading financial authorities. In addition, some of these brokers have built a good reputation for providing quality options trading platforms.
It’s worth noting that some brokers might not offer their services to traders from certain regions. It’s always advisable to check with each one of the 9 brokers that support OptionRobot to ensure that the one you invest your money with is actually permitted to operate within your region.
Q: Per day, how many investment signals can this software generate?
A: Theoretically, Option Robot software can generate well over40 different trading signals. However, it’s usually recommended that you don’t open more than 10 trades per day. This way, you will minimize the number of trading signals generated. Fewer trading signals mean it will become easier to track and analyze asset movements. It also makes it easier to follow through on your trading strategy.
Q: Why are the percentage return and payout different in the demo account and real money account?
A: All the signals available on the demo account are identical to those on the real money account. The differences between percentage payout and return are usually due to the effective return and payouts offered by individual brokers.
Q: How can I customize trade settings on the OptionRobot software?
A: Once you’re logged in to your account, click on the “settings” button. On the new window, you can make custom settings by making changes on:
– Number of simultaneous trades (1 to 8)
– Trade method (Fibonacci, Classic or Martingale)
– Currency pairs (8 different currency pairs)
– Trade expiry (60, 90 seconds,2minute 5 minutes)
– Trade amount ($5 to $1250)
– Technical indicators to use (MACD, RSI, SOCH, Trend, CCI and William)
A: Unfortunately, OptionRobot accounts can only be linked with broker accounts opened through the OptionRobot official website.
Why you should consider using OptionRobot for binary options trading
Many binary options traders agree that learning to trade currency pairs lays the foundation for learning how to trade more complex assets. If you want to accelerate the learning process, it might be necessary to use supporting tools such as trade automation bots.
OptionRobot sets itself apart from competing software by offering a free demo account. This makes it an attractive option for beginner traders who don’t want to invest a lot of money on expensive software. Experienced traders will also find the software a great tool to try out different trading strategies for free before investing their cash.
Option Robot also offers useful tools and features that you won’t find in ordinary commercial binary options trading software. These features include 6 different technical indicators and 3 different integrated trading methods. In addition, the platform links to some of the leading online brokers.
Getting started is fairly easy. Once you’ve created you account, you can easily start testing the demo account which has $1000 virtual cash. Customizing the bot to match your trading style is also quite easy via the “settings” button found on your account interface.
Overall, if you’re looking for a legit and unique binary options trading software, OptionRobot is worth considering. You’re not required to spend a dime to purchase the software. The only money you’ll need to invest is topping up your trader account balance with one of the 9 brokers supporting the software.General Risk Warning! your capital may be at riskTags: best binary option robot, best binary option robot 2020, best binary option robot review, binary option robot, binary option robot review, binary option robot reviews, binary option robot scam, robot binary option, the best binary option robot, what is a binary option robot, what is binary option robot