Table of contents:
- 1 OptionRobot Experience
- 1.1 The experience at a glance
- 1.2 Does OptionRobot offer a serious business model?
- 1.3 Various settings and eight currency pairs for trading
- 1.4 Several partner brokers available
- 1.5 Bonus for new customers depending on the partner broker possible
- 1.6 Deposits and withdrawals are processed via the Partner Broker
- 1.7 Security and regulation at all Partner Brokers
- 1.8 Support at OptionRobot only on a low level
- 1.9 Only basic information available via website
- 1.10 Mobile App is not required
- 1.11 Conclusion
- 1.12 Is OptionRobot regulated?
- 1.13 Is OptionRobot an online Broker?
- 1.14 What is the minimum Deposit?
- 1.15 What is the recommended deposit amount?
- Asset varierity - 0/100/10
- Trading platform - 0/100/10
- Support - 0/100/10
- Fees - 0/100/10
- Deposit/Withdrawal - 0/100/10
Facts about the company:
- Type: Binary Options automated trading software
- Regulation: not regulated
- Minimum deposit: $0
- Demo account: not available
- Markets: Binary Options
- No minimum deposit
- Works with five different partner brokers
- Various Payment options
- Automated Trading
- No demo account
- Not regulated
It is a characteristic of our time that robots take over important tasks in many areas of life. Often they show themselves to be clearly superior to human capabilities. This also applies to stock exchange trading, where for some time now an increasing proportion of trading has been carried out automatically. The advantage of an automatic trading system is, first of all, that emotions are completely eliminated and trading takes place solely on the basis of rational analysis. Since a large number of online brokers offer their services and make it possible for private traders to trade with leveraged products, so-called derivatives, there are now also a number of platforms that offer the settlement of automatic trading. One of these providers is the platform OptionRobot, which specializes in the automatic trading of binary options.
But since OptionRobot is not an online broker in the true sense of the word, it is first necessary to open a trading account with a regular online broker. OptionRobot works together with a number of external providers for binary options trading. In our review, we would like to show what customers can expect from this type of trading and from this provider. Of course, we will also look at the partner brokers, as some details for the valuation depend on their requirements. And the question of whether fraud or rip-offs must be expected also plays an important role in our report.
The experience at a glance
In the following sections, we will go into detail point by point about individual aspects of the OptionRobot offer and thus want to take a closer look at and evaluate the business model. In addition, we will of course also look at other questions such as how deposits and withdrawals are made, what service customers can expect, or whether a bonus can be expected. In this section, however, we would first like to tell our readers about the most important experiences we have made in our OptionRobot test. Even at a superficial glance, it becomes clear that this is merely a platform that only works if a so-called partner broker is chosen, with whom a new trading account must then be opened. The provider works together with five different Partner Brokers and the opening of a trading account can be easily started from the pages of OptionRobot. But also the provider OptionRobot offers its own platform to control and customize the automatic trading. Against this background, it is quite helpful if the trader deals with binary options trading beforehand.
However, the available content on the Internet pages hardly offers any substantial contributions to this. All in all, the scope of OptionRobot’s internet offer seems quite manageable. However, a German version of the website is also offered, so that even customers without English language skills will quickly find their way around. The most important questions about the offer and trading are explained in a FAQ. A clear advantage can be seen in the fact that OptionRobot also offers its customers a demo account. According to the motto that trial and error is better than error, traders can test the principle of OptionRobot free of charge and without risk. The platform works flawlessly and offers all functions that are also available in the real money version. Especially the methods of money management and the different indicators should be experimented with extensively according to our experience. In doing so, the customers also get an impression of the fact that even automatic trading systems do not exclusively produce profits, but also make wrong decisions that result in losses. For this reason, it is also sensible and possible to enter trading with moderate amounts. There is no minimum deposit required by OptionRobot itself, but with regard to the available partner brokers, there is a limit of at least 250 Dollar deposits. How safe these deposits are and how serious the offer is to be evaluated in general, we would like to clarify in the following section.
Does OptionRobot offer a serious business model?
In principle, there is a certain contradiction between the simple trading principle and the construction of the products in the trading form of binary options. While in the actual stock trading it is always comprehensible for the trader at which prices were bought and sold and which fees were charged, the exact conditions of binary options are much more difficult to understand. It becomes even more difficult for traders if they entrust their money to an automatic trading system. In fact, after a phase of trading, it is possible to track which transactions were executed and what return was ultimately achieved. But in the end, it is hardly visible to the customer on which basis the decisions were made. And since the provider OptionRobot is not subject to any external control by an authority, it is above all a matter of trust how serious the provider is actually assessed. In the course of our test, we did not find any indications that manipulations are taking place or that fraud or rip-offs are to be expected. According to our experience, there is no other information available about this provider. However, the business model can also be classified as serious because we work exclusively with partner brokers who are subject to state regulation.
Trading takes place on the basis of eight currency pairs
In the following section, we would like to take a closer look at the concrete offer that customers can expect from OptionRobot. To make it clear once again, OptionRobot is an automated trading system where customers entrust their money to be used in trading according to their personal specifications. There are various settings and underlying possibilities for this purpose, which we would like to discuss first. Subsequently, we will take a brief look at the partner brokers with whom the trade is actually executed.
Various settings and eight currency pairs for trading
Anyone who has ever traded binary options on their own will know that it is a technically simple matter. However, it is a completely different matter to make the right decisions and to correctly predict whether the price of a certain underlying asset will rise or fall. The decision is made either on instinct or on the basis of chart analysis. Traders who leave the trading to automatic software, on the other hand, simply set which underlying is traded, which indicators are used, and how money management is actually carried out. Eight different combinations of underlying are available, which means that you can only trade with currency pairs. These include the combinations of the world’s most heavily traded currencies, i.e. US dollar, euro, pound sterling, and Japanese yen. The currencies Swiss franc and Canadian dollar are also available.
Customers can choose which or how many of the currency pairs to use in automatic trading. Eight parallel trades, i.e. the use of all available pairs, are also possible. Traders should also consider which system will be used for money management. There are three options to choose from. First, the classic system can be set. According to OptionRobot, this is considered the safest and most reliable. In principle, the amounts preset by the trader are always used in trading. The so-called Martingale system is much riskier, which allows for faster profits, but is also associated with a high risk of loss. This system is based on the idea that losses should be compensated by doubling the trading stake. However, in the case of a longer series of losses, this quickly leads to a complete loss of trading capital. As a third variant, the Fibonacci system can be used. Here, the stake is precisely adjusted according to the current profit and loss sequence, so that the opportunity and risk are balanced as optimally as possible.
As the most important setting, you can choose between different indicators on which trading decisions are based. There are six different indicators to choose from. Among other things, trading is possible with the classic trend indicator, which mainly focuses on the classic market development. The RSI indicator takes into account the relative strength of an underlying asset, i.e. it attempts to determine whether a value is oversold or undersold. The Williams indicator follows a similar approach. Another possibility is the MACD indicator, which makes decisions based on two moving averages. The speed of the market development including the stochastic is based on the so-called Stoch-Indicator and as the last indicator, the variant CC is available, where the mean value is used for the forecast. Our experience with OptionRobot has shown that all indicators produce different results, but this also depends on the respective market situation. In principle, it is also possible to connect several indicators in parallel, which also influences the trading results. In any case, the use of OptionRobot should be tested first on the basis of a demo account.
Several partner brokers available
Automatic trading must also be handled by a real broker. However, OptionRobot is only a platform where no real account can be opened. For this reason, OptionRobot works with five different partner brokers. These are Tropical Trade, empire option, BinaryTilt, STOCKPAIR, and 24option. And the choice of the respective Partner Broker also has a certain influence on the trade. This is because not all brokers offer the same selection of underlying and instruments, as well as the same yield. There are minor differences, especially with regard to expiration times, which traders should inform themselves about in advance. In principle, OptionRobot allows time limits of 60 seconds, 5 minutes, 15 minutes, and 30 minutes 60 minutes. Amounts between 20 Dollars and 500 Dollars per transaction can be used.
Bonus for new customers depending on the partner broker possible
An important issue for many traders is the question of whether you, as a new customer, can expect a so-called deposit bonus. It has to be said that this cannot be answered with regard to the OptionRobot platforms. This is because the account is opened with one of the available partner brokers. It is quite possible that you can also benefit from a bonus. Traders who would like to receive such a bonus should therefore inform themselves accordingly in advance. With a deposit bonus, the trader is provided with bonus capital in addition to the deposited capital, which can be freely used in trading. However, the payout of capital or profits is then subject to various conditions. In particular, turnover in the corresponding amount must be achieved. As there are often time limits for this, it is important to adjust the automatic trading to this. In principle, however, we do not consider it an absolute disadvantage if no bonus is offered, as the conditions for trading and payouts are more transparent.
Deposits and withdrawals are processed via the Partner Broker
In principle, it is not possible to make deposits on the platform itself, nor can withdrawals be initiated. As with many other aspects, partner brokers are also responsible for this. However, in our experience, traders can assume that a number of methods are always available. For example, any online broker available through OptionRobot can be deposited with a credit card. The provider’s Visa and MasterCard are available. Additionally, Online Brokers work together with various online service providers for the processing of payments. There are some differences, with providers such as Skrill and Neteller almost always available. A third possibility is the classic bank transfer, which is only offered by a few online brokers. This is anyway a method where traders have to be patient until the process is complete. In contrast, payments by credit card or e-wallet are quicker.
Security and regulation at all Partner Brokers
When evaluating the factors security and regulation, the first thing to look at is the chosen partner broker. However, OptionRobot assures that it only works with online brokers that are regulated by the Cypriot authority CySec. This has the advantage for the traders that strict regulations apply for the management of the trading capital. Specifically, these may not be kept together with the company’s funds. This way, the traders can continue to access their money even in the case of insolvency of their online broker. The partner brokers of OptionRobot can be considered safe and reliable in this respect.
Support at OptionRobot only on a low level
The support customers can expect from the OptionRobot platform is limited to an absolute minimum. In the corresponding section, there is only an e-mail address where requests can be sent to OptionRobot. In our experience, a quick response is not always guaranteed. However, a live chat is also offered. Furthermore, it seems to make much more sense to contact the online broker directly, through whom the actual trade is processed. Normally, an online chat is also available here. To answer customer questions, there is also an FAQ area available, which at least provides information about the important aspects.
Only basic information available via website
In our experience, the website of OptionRobot is very clear and therefore in principle user-friendly. However, and this is a clear limitation, the information about many facets of the offer is kept to a minimum. For example, the explanations of the available indicators are kept very concise, as is the presentation of how the variants for money management work. Much remains approximate here from the customers’ point of view.
Mobile App is not required
Most traders today expect to have mobile access to the full range of products at any time. This possibility is basically given with OptionRobot. But of course, the partner brokers have to be considered as well as the platform itself. The platform can easily be accessed via a mobile device. The settings described here can be made directly and thus the trading can be controlled. An app is not necessary and is not available. In contrast, online brokers also offer an app. However, even this is not really necessary if you only want to trade automatically.
In another test, we took a closer look at the OptionRobot offer. This platform is an automatic trading system. However, it can only be used in conjunction with an online broker for binary options, whereby a total of five partner brokers are available. The concrete conditions and terms also depend on the selected partner broker. However, the most important settings for trading can be made via the platform itself. Here we think it is important to first test with a demo account to get a feeling for how money management and indicators work. In principle, this business model involves similar risks as trading with binary options itself. We have not found any indications of fraud or rip-offs. This also applies to Partner Brokers, which are all regulated providers.
Most asked questions:
Is OptionRobot regulated?
Trading with OptionRobot is generally not regulated. However, security can be guaranteed by the cooperation with the other brokers, because they are regulated by CySec.
Is OptionRobot an online Broker?
OptionRobot is not an online broker. It is a browser based binary options auto trader that can be used through various brokers.
What is the minimum Deposit?
Option Robot has a minimum deposit of $0, however, trading is done through the respective online brokers. If they have a minimum deposit, that one applies.
What is the recommended deposit amount?
You can start trading with any amount of money you like. However, we recommend trading with a minimum deposit of at least $500 to $1000 so it pays off at the end.