The Binary Options Robot was first created in Denmark at the end of 2014.
The software is no longer operational, you can compare the latest forex trading software listed here.
Binary Option Robot Review
What set the official Binary Options Robot apart from its competitors, is the advanced and professional nature of the software. The system was built by real binary option traders, with professional traders in mind.
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The software is so advanced with many options for customization, that some newbie traders are actually put off by the abundance of choices they must configure for the robot to work. This robot is now the largest and most popular software for automated trading of binary options.
When comparing this robot with other binary option robots there are a few things you will notice.
- There are no fake testimonials on their website.
- They do not guarantee performance results
- There are no promises of 90% accuracy.
- No phony sales pitch videos with fancy cars.
How To Use The Binary Options Robot
The robot has six sections. Trade Setting, Assets, Reverse Trading, Risk Level, Signal Providers, Expiration Times.
Trade Settings: This section is where you will setup your trade size, maximum number a trades per day, and a daily stop loss.
Assets: Here is where you will choose which assets to accept signals for. When researching historical performance, you may notice that signals generated on a certain asset do not have a high success rate, and you will no select that asset.
Reverse Trading: This setting should be used with caution. But at the same time, it is what makes the robot so powerful. When you see a signal provider that generated bad signals, you can reverse trade and profit from it.
Risk Level:The robot has 4 levels of risk to choose from, going from Green to Red. Green is low risk and Red is high risk. You will notice under the signals tab the historical results for; “High risk”, “Medium risk”, “Moderate risk”, and “Low risk”.
Signal Providers: There are currently five different signal providers available on the robot, up from the original three. The various signal providers are given names, but do not show you the basis for the signals. We use the historical results information to determine which signals are working well for the various different assets.
Expiry Times: In this section a trader can specify to only allow the robot automatically to place trades in which the signal was for a long term duration. We have seen many robots that are set for 60 second options or 5 minute options. Short term trading can have its benefits, especially with algorithm trading, but many traders prefer to take a slower approach.
Binary Option Robot Brokers
When choosing a binary option robot, the biggest problem traders face, is finding a robot that works with a licensed broker. The largest broker that you can use the software with is 24option, which is licensed in Europe by CySEC. The reason the robot works with multiple brokers, is so that you can run different algorithm strategies with different brokers.
The developers at the Binary Option Robot are currently working on integrating many more brokers into the system. We hear that there is a waiting list of brokers looking to become part of the system.
The software developers have no ability to publish actual results of the software, because there are too many settings. If one person programs the robot to only trade low risk signals, with weekly options, on the Euro against the US Dollar, then their results will be different from a person who chose to use high risk signals.
And this is the reason why the robot is so popular. You, the trader, has full control of everything!