Wiki Trader is an old automated binary option robot which initially opened in September 2016. We were also intrigued by the video of Kelly Wallace on the WikiTrader website, so we started researching to see if this software can really make money. As we got deeper into our review of WikiTrader, we noticed quite a few problems with the product.
If you already lost money using WikiTrader and you want to know why it’s a scam, you can read this.
Warning: Most people lost their money by using this software, read how.
Traders interested in using a real automated trading robot usually use: OptionRobot.com.
Wiki Trader Scam
WikiTrader hired an actress and a professional filming crew to give the appearance of a successful tech company. They make outstanding claims on their website about people who have used the software, and have made a lot of money.
The biggest lie they tell you is written in big bold letters across the top of the page:
“EASILY MAKE $8600 EXTRA PER MONTH USING WIKITRADER’S AUTOMATED APP”
We have see this before, and want to let you know that there is no such product in the work which will turn $250, into $8600 a month.
As you scroll down, they make even larger, more grandiose claims of:
“Our automated tracking system GUARANTEES daily profits of at least $7,250 per day!”
So we have to ask WikiTrader, which one is it? Are we making $7,250 a day or $8,600 a month. We did the math, and $7,250 a day equals $217,500 a month.
Anyone who recommends that you use this software is getting paid from a binary options broker commissions.
Wiki Trader Review
After watching pages upon pages of videos from Kelley. She starts off as a business woman, transitions into a bathing suit model, and then into a sultry woman in her pajamas. It is a new concept they are using to lure people into using this made up trading software.
Once we arrived at the actual trading platform, we didn’t see anything there. They connected us with a broker called AlgoStar, which is an unlicensed binary options broker. They are using the HelloMarkets trading platform which offers a built in algorithmic trading system.
Warning About Scam Brokers
Traders are constantly emailing us about problems withdrawing their money from a broker without a license. There is absolutely nothing we can do to help these people, and can only say, we wish you read about licensed brokers here.
There are a few automated trading systems available from 3rd parties, and from the brokers themselves. No matter which software you choose to use, it must be with a licensed broker.
Warning: The only CFTC licensed and regulated binary options exchange is at Nadex.com.
You should start with their free demo account, see here.
“ASIC urges all investors considering trading in binary options to check they are dealing with an entity that holds an Australian financial services licence.”