CoinBotLab is a new automated trading robot, which makes outrageous promises of huge profits, but it is actually the same as the old CryptoRobot.
A big problem you will find when using this software, is a legal Forex broker to trade with. All the brokers they are working with are offshore scams.
The official website is at: CoinBotLab.com, and they opened on January 22nd 2018.
Scam Broker Investigator has reviewed more that 100 trading systems for Forex, Options and Crypto, see here.
Automated trading software companies use all sorts of methods to attract new investors. Either by advertising on Facebook, or by creating fake Top 10 Websites. It is important that you learn the differences between trading systems, and know that most of them are simple random number generators.
The CoinBotLab software has multiple options for you to configure, so in a way it is better than a “one button robot”.
- Forex Pairs: CoinBotLab can auto trade up to 16 currency pairs and five crypto currency pairs including, Bitcoin, Litecoin, Stellar, Ripple and Ethereum.
- Signals: Select which time frame you are interested in: Short Term, Medium Term and Long Term.
- Method: Here you can choose which strategy you want to auto trade: Classic, Martingale or Fibonacci.
- Max Simultaneous Trades: This is the number of trades that the system will have going at the same time.
- Indicators: You choose from 7 indicators (signal sources). The indicators are what the signals are generated from.
Although their home page promises you will make $250 – $500 on Crypto Currencies Trading, the reality is very different.
Real results vary by individual investor, and some people lose all their money in a matter of minutes, while other people can fluctuate between profits and loss for a few days. Since you decide how many signals, and which signals the robot should trade, your results will never be the same as another person.
Caution! If you tryout the software in demo mode, you will be amazed how many trades the robot can place at one time. So be careful, and select a low number.
CoinBotLab Forex Brokers
The most popular complaint you will hear from investors, is about scam brokers who work with Crypto trading systems. Currently, none of the brokers connected with the CoinBotLab software are licensed or regulated.
Learn more about how the Forex investing scams operate, read this.
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