OptionRobot is a relatively new auto trading software. In this OptionRobot review, traders will find out more about this product.
This auto trading software allows traders to place their trades whenever they want to, and without prior education, fundamental or technical analysis. All they have to do is register and start trading.
OptionRobot review investigates good and bad sides of this auto trading software in order to help traders get a deeper insight into the world of automated trading. This review will also allow them to make better investing decisions.
In OptionRobot review it was impossible to find out more about the technology behind this product. While it is completely understandable that some things remain secret, traders can be confused due to the lack of information. Is it an algorithm or does it generate signals thanks to human traders?
When it comes to trading with OptionRobot, soon it becomes clear how the trader has very little control over the funds. Traders can only select the amount willing to invest, indicator and trading method. Completely automated trading systems are developed to help traders place trades as easy as possible, but in this case, additional features for account and trading preferences customization would be welcomed.
OptionRobot Open Account
Once the trader makes the decision to open an account with Option Robot it is necessary to click the ‘Register’ button. The trader will be taken on a new page with an online form, with 4 brokers to choose from, even though the OptionRobot supports more brokers than that. After we tried to finish the registration process, unfortunately, we got a 404, as page not found and were unable to complete the registration process.
It remains unknown how many traders experienced this issue as well, and whether or not this problem will ever be fixed. Registration is necessary for all traders, so it seems a bit unprofessional that this robot didn’t fix this issue yet.
OptionRobot provides a good selection of brokers like BinaryTilt, 24option, StockPair, Option.FM, Banc De Binary etc. All brokers are available with $250 deposit, but OptionRobot recommends $500 deposit minimum.
This approach can turn away smaller investors and traders who don’t have significant funds, as it seems that $250 is not enough to make a profit with this auto trading software. For this reason, it is necessary to mention in OptionRobot review that this auto software might be more convenient for experienced traders.
Traders who already have accounts opened with brokers provided by the OptionRobot will have to open new accounts in order to use automated trading.
OptionRobot Trading Features
Traders who manage to open an account with OptionRobot can use several interesting features. In OptionRobot review was noted that this auto software provides a demo account with $1000 virtual funds. This amount can be considered somewhat low especially as virtual funds are basically free.
Traders can use one of three strategies:
- Classic – strategy that is safe and secure, based on traditional binary options system. It remains unknown what OptionRobot considers a ‘classic’ strategy.
- Martingale strategy – used for faster profits. This strategy also carries the highest possible risk, and it is not recommended to beginners.
- Fibonacci strategy – the most accurate strategy. Trade size will be adjusted depending whether or not trader is winning.
When explained like this, all strategies make sense, but this is simply not enough information for beginner traders who are using binary strategies for the first time. Additional explanations would be welcomed.
Traders also have the opportunity to use six trading indicators that can be combined under special market circumstances:
The smallest trade with OptionRobot is $20, while the highest amount invested is $500. These amounts can be very limiting for traders who have their own trading strategies and ideas on how to do trades on binary markets.
OptionRobot is an interesting auto trading software that is completely automated. However, it seems that it is more oriented on more experienced traders who are not requiring additional explanations of different features. Broker selection is pretty impressive, however, the fact that FBO team was unable to finish the registration process implies that many traders can’t do it either. It remains unclear why and how long is this problem occurring.
It is also useful to note in OptionRobot review, that this robot supports only help via email. Email communication can be quite slow, especially in cases when traders need help immediately and need an answer right now. Live chat is more user-friendly and can be easily implemented for better user satisfaction. Email is considered to be an almost outdated way of communication in the binary options world.