Quick Summary of Money Bot
Let me guide you in depth about this software through this Money Bot review.
I have been trading for a significant period of time and what I object to the most is going for an automated software. Money Bot is no different and it is not a magic wand that will get you the money you need. Trading binary options mean that you need to have significant knowledge about the software. Not everyone can trade and trading knowledge is essential. Frankly speaking I do not understand the logic of how an automated software can do what the human mind can. This is the first most important reason to avoid this software.
Now when I was going through the details about this software I came across the logic behind the trading and that was more shocking. What the makers claim is that they accumulate the activities of the top traders. The software analyzes this data and this helps Money Bot to place profitable trades. Now I will explain you why this is a wrong approach. Now if you sign up with a binary broker most platforms offer follow option where you have the choice to follow the best traders. There is nothing wrong in this approach. The trades of these successful traders just give you an idea and you cannot just place the trades totally based on the judgment of others. This is one of the biggest mistakes that you can end up doing. This logic behind Money Bot can end up in a big disaster and you can end up losing all your precious investment. You need to have a sound education about placing your trades as a binary trader or be prepared for the disaster coming your way.
When I visited the website I came across the term that Money Bot is suitable for new traders. However, the reality is vice versa. The new traders are the ones who face the maximum risk because they lack the knowledge about the trading world and hence they are more vulnerable of losing the investment. The new traders should be more inclined towards devising trading strategies rather than going for an automated software for their assistance.
When I looked at the website it was a definite disappointment. There were no videos or proper tutorials. They had just put up some text information on the website. Generally if the website is this boring you will never feel like opting in for such software. Videos give you a quick insight about what the software has to offer. Thus the outlook of the website is another factor that looks quite discouraging. Have a look at the snapshot below and decide for yourself.
Now when you will sign up with software you will be directed to a broker page and the name of this broker is uTrader. Now I have never heard about this broker. The biggest disadvantage of this broker is that it lacks credibility. When you are opting for a reputed broker you are sure that you will not lose your deposit. However, with a broker like uTrader you have a lot on the line for you.
Now for a trader even a penny counts. Initially I was not about to figure out the deposit details on the website. When I searched I figured out that the deposit amount is about $300. Frankly for me this is quite a big amount. If you are new into the trading then I believe that it will not be advisable to put such a big amount on the line. The reason is that since the broker is not credible you might not be able to withdraw your funds at all.
There is another aspect that is not convincing at all. Once you make the deposit to the platform then you are provided three trading strategies and you need to opt for them. These three strategies are conservative, optimal and aggressive. I believe that the software is restricting the growth of the trader. All good platforms allow a trader to devise their own trading strategy and place their trade accordingly so for me this approach is a thumbs down. You should have the freedom to devise your own trading strategies and trade.
Now when a platform offers live support then it helps you to build up your trust on the platform. Well this factor is absent for Money Bot. These means that if you get stuck at some point then you will not be able to get the answers to your queries there and then so this is yet another major setback you will have to face if you decide to opt for this software.
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Now there is no mentioning of the owner of the Money Bot. I searched a lot , but could not find the name of the person. Think logically will you ever opt for a software that has not even got the information of the person who created the software. When some reputed person from the binary trading world comes up with any software then you should have the will to explore it. However, in this case you are being kept in the dark so the best approach is to say no to the software if you want to save yourself from frustration.
There are no profit details on the Money Bot website so how will you know how much money you can make from this software. The trader should be given some idea about the profits that will be coming his way. However, these details have also not been discussed anywhere. Thus how can you opt for a software when even the incentives are not clear to you.
When you look at the website all you will find our funny images so this website badly lacks a professional look. It makes it more discouraging to opt for this software. If you still have your doubts just have a look at the below snapshot and you will understand what I am saying. This is what I found on the website and as a professional trader such images do not appeal to me and for me the outlook of a trading software website is very important.
Now coming to the final verdict. I believe that you should not waste your time on Money Bot and save yourself from failure and financial loss. It will not be a smart deal. If you are looking for real assistance then you can get the assistance here. You will find a huge list of signal services here. These signal service will help you in placing your trades, but obviously you still have to use your discretion while placing trades.
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People often fall into the get rich quick scheme where the income is automated. The truth that it never exists nor it will. Although it’s true that some people make a lot of money doing binary option, but if you look at their past experience, those winners learn hard and face a lot of failure as well. The point is, you have to learn, apply, make mistakes, adjust, and improve. When someone say there is a tool to make you money without those skills, it is definitely a SCAM!