Crude Oil Profit is an algorithm trading software which was released in May 2020. After the spectacular fall of WTI Crude Oil prices, many people have become interested in trading Oil.
The Crude Oil Profit website that we are reviewing today, is connected with CFD (Contract for Difference) brokers, which means that it is trading CFD’s and not Futures or ETFs. Official Website was at: CrudeOil-Profit.com.
It seems this website is no longer working, so look here, and choose a licensed broker.
Crude Oil Profit Reviews
When reviewing and comparing an automated trading software like Crude Oil Profit, the first thing you need to look at, is the ability to choose a licensed broker. If they work with popular licensed brokers like FPMarkets or ForTrade, then it is worthwhile research further.
When we signed up for Crude Oil Profit, they assigned us an offshore CFD broker, that is not regulated.
The second thing to check in an automated trading system, is the ability to control your risk via the software settings. Most of these systems do not share what the methodology is for placing trades. With the CrudeOilProfit software, it does not mention what trading methodology it uses. However, they do have a unique risk management system, which you need to setup so that your can set stop losses.
Not sure if this is a glitch, but if you look at the screenshot below, this software only allows investors to trade Forex pairs and not Oil.
Crude Oil Profit Settings
Risk Management: The 6 risk management settings are there to let you control your default trade size and minimize losses from bad signals. It is always smart to set the Max Daily Trades & Max Concurrent Trades number very low.
We have seen trading systems that can generate 100 trades in one hour. The Max Concurrent Trades setting is for you to limit, how many open trades are happening at the same time.
Asset Selection: The signals generated by this Robo-Advisor is for Major Forex Pairs, and not Oil like its name would suggest. Asset selection is an important part of risk management because, sometimes algorithms make money during trending markets, but lose money during volatile trading.
Demo Trading: You can take a free tour of the software after you signup. Just remember, demo trading is not real, and will only show profits! The purpose of a demo is to show you the features of the software, not real trading signals or results.
Find a Legit CFD Broker!
Crude Oil Profit connects their users via API to a variety of Oil CFD brokers, both unlicensed and licensed depending on your location.
A big problem with CFD trading, are the offshore broker scams that steal your money, and are not regulated by a government authority. Many trading robots we have reviewed looked good, but they do not work with licensed brokers which means they are a scam.
Very Important!!! Only invest your money at a broker that you have verified is licensed in your country!