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Binary PowerBot Robot Review – Fully automated trading
THIS SERVICE IS NOW CLOSED. (see the best alternatives here) Binary PowerBot is a product which has been 3 years in the making. It is the result of a collaborative effort put in by a professional team of Maths gurus, experienced brokers and coding specialists.
The robot is build to analyze the market and find trading opportunities and allow users to implement the signals manually or using a completely automated push service.
Upon development, extensive testing, re-testing and optimization on the platforms of various brokers, the BinaryBot team have delivered not only a very interesting product, but also one that is affordable to everyone. At a single payment of only $69 Binary PowerBot offers the cheapest access to fully automated binary system. But is this robot any good? Let’s find out.
How to trade with the Binary PowerBot
One of the best features of the PowerBot system is it’s ease of use. Literally anyone can use their online trading robot with minimal effort. It is a completely web-based system on a fully responsive website accessible via any browser.
The above screenshot shows the complete system. All trading is done via this online platform. There is no need to jump between your signal service and your broker any longer. Whatever you trade on this system will automatically be traded on your broker’s platform because these two are fully synchronised.
To begin trading manually simply look at the signals with the highest confidence score (rated out of 5 and positioned on the left below each currency pair). The higher the confidence level the greater probability of the signal being correct. The signals are based on technical analysis and automated algorithms, however unlike some other signals we have reviewed earlier, PowerBot signal users don’t have access to additional charts to see how the signals are formed. There is a minimum amount of information that is presented to the user rendering this system very straightforward.
The other thing that you need to do to place trades manually is to look at the expiration timer that loops like a clock and shows you how much time you have left before the signal loses strength and expire. This is a nice visual that is also very easy to follow. From experience we can share that it’s always best to trade at the beginning of the signals rather then towards the end when the signals get weaker or the trend changes. Most trade opportunities are turbo trades of 60 seconds, 2 minutes, or 5 minutes expiry times.
The last thing that the user needs to do in the manual mode is to type in the amount of the trade in the box and click the ‘Trade now’ button . The trade will be immediately executed and it’s progress shown below in a coloured box. As you type in the trade amount you will see your potential return in the little green box next to your trading amount.
These three simple steps basically outline the entire experience of manual trading using the Binary PowerBot Robot online. It is not a complicated process, let’s agree that a child could do it successfully to sum up how simple it is. But the team and creators of the PowerBot robot went one step further and added the possibility to set this whole trading experience into a fully automated mode.
Trading binary options using a fully automated mode
It is also very easy to switch this entire system into a fully automated mode, a robot mode, in which trades are taken automatically as soon as a strong signal with a high confidence score appears in the system.
All you need to do is set a default investment amount in the box and switch auto trading to on. Th box to do that is on the left side of the screen below your account balance. To follow sound money management we recommend setting the default amount to not more than 3% of your account balance.
Once the automatic trading is turned off you can watch the screen to follow the trading activity that is happening without any of your input, or go for a nice run outside. The binary robot takes care of the rest. Although it’s a completely hands off we wouldn’t actually recommend switching the robot on automatic and leaving it for the whole day and night. That could prove fatal.
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Our tests show that trading in the automated mode is effective and brings in profit during the overlap of London and New York sessions.
This is very normal for signals generated automatically via technical analysis. The Powerbot robot signals are for turbo trades (1-5 min) so they need a lot of market volatility and movement. The London/New York session is where most volumes is traded so the signals are much more reliable.
Connecting Binary PowerBot to a broker account
When you purchase the signals you will receive a link to register a new account. It’s a very brief registration form that will register your Binarybot account, as well as, your new account with Cedar Finance broker whose trading platform is linked to the Binary PowerBot robot software. So when you trade online using the PowerBot system you’re effectively placing trades with Cedar Finance brokerage firm.
Using your available demo funds
Once you register you will be instructed to fund your account. You will also be called by one of their representative to confirm your registration. As soon as you access the system you will notice that you have been given $500 (if you choose a Dollar account as opposed to Pound or Euro) as demo to test the software and the entire system. The demo expires after 3 hours of automated trading, and then you will need to fund your account. Remember that the funds are used for trading, this is not an additional payment for Binary PowerBot. Of course if you already have an active account with Cedar Finance you can link to it by logging to the system with your existing login details.
Expect to receive many signals a day
The binary PowerBot robot generates many signals a day, sometimes even as much as a two hundred. No other signal provider generates that many signals. However, not all PowerBot signals have a high confidence score. The confidence level is rated out of five, with five being a very good trading opportunity. There are significantly less signals with a perfect confidence level, however you can still expect to receive at least 10 high quality signals a day. When you switch the robot to fully automated trading mode it will only take trades with high confidence score.
Social trading on PowerBot website
The PowerBot interface displays a social feed of activities of other traders using the system in real time. The feed is in a form of a box located at the lower right side of the screen and acts only as an insight into what is happening on the trading platform. Although it looks interesting it doesn’t actually add any value to the actual trading experience. You can see how much other traders deposit and how much they win, but you don’t see how much they lose, which would be nice to see the whole picture rather than just a fraction of it.
Also there is a trader activity indicator right under each asset with a number of traders who are trading the signal. This is dynamic and changes with more trader activity. It’s interesting to see that there are many traders who act on weaker signals too. However, we strongly recommend following only the signals with the highest confidence levels.
Profitability of the PowerBot trading robot
The Binary PowerBot team claims their robot repeatedly achieves 81% success rate. The trade performance of the software has been gathered from more than 12,000 users who have purchased this product, and there have been similarities in performance when assessed on a user to user basis. When we tested the system our £615 account increased to £816 within 1.5 hours of trading the London / New York sessions with the default trading amount set to £10, which is the minimum trade amount (or $10, €10) on the BinaryBot/Cedar Finance platform.
* Please bear in mind that in trading past results do not guarantee any future results.
Asset types traded and trade expiry times
The Binary PowerBot only trades currency pairs and there is no preference on what currency pairs are traded. The robot trades 24/7 as long as the markets are open. Most PowerBot signals are for very short expiry times of 60 seconds to 5 minute trades.
Things to consider before using the PowerBot signals
As with all automated software the results may be unpredictable. One day the software may produce outstanding results but the next day it can blow your account. Markets are never 100% predictable and there is no software out there that can produce 100% wins or even 90% success rate. It’s simply impossible to know whether the automated robot will give you a fantastic return or a loss. There are things you may do to increase your robot’s chances. For example setting the automatic mode only during certain hours of market activity.
If you’re an aspiring trader this system won’t teach you anything about trading. There are no charts provided for any insights to the structure of the signals, and you can’t see why the signals are being shown or how they are generated. If you want to learn to trade properly the best thing to do would be to subscribe to live trading sessions, such as Binary Options Trading Signals.
Main features of the Binary PowerBot Robot
- Simplicity of use – All the trader needs to do is simply to fill in tiny registration form to link the robot with broker.
- Fully automated – The Binary PowerBot software works in a fully automated way.
- 60-Day Money Back Guarantee – If you are not happy with the software you can claim a return within 60 days of purchasing.
- All trading activity is done via a single interface – The software has a built in broker platform
- Strong signals with highest confidence score – Trading the signals with the highest confidence levels active for at least a few seconds produces very good results
- Perfect for novices – The PowerBot Robot is so easy to understand that anyone can trade using its platform
- Accessible via mobile – Access to the robot is via a fast and fully responsive website that works with mobiles and tablets
- Single payment of $69 – With a price tag of only $69 the Binary PowerBot robot beats its competition entirely
Customer support and a LIVE chat
All correspondence emails will present the contact details of the Binary PowerBot team. You can, therefore contact the customer support team using the email address but the easiest method to contact the support team is via the Live Chat widget located at the bottom right corner of the screen. The support is active during all hours of market activity.
Purchasing and getting started
SERVICE IS NO LONGER ACTIVE. A user is expected to buy access to the Binary PowerBot trading robot by clicking the payment button on the Binary PowerBot webpage. The trader is then sent to the payment portal where payment of the subscription fee is made using a credit card or Paypal. Once payment is completed and successful, the trader will be sent setup instructions on how to link the trading account to the software, as well as a link to the user area on the website.
The trader is also expected to open a trading account with a recommended broker and deposit money before using the signals.
Cost of Binary PowerBot Signals
Access to the Binary PowerBot is attainable for a single payment of only $69.
There is a 60-day money back guarantee for this product in keeping with ClickBank guidelines. So if you use the product for two months and the outcome of the signals does not meet your expectations, you are free to request your money back.
This offer from Binary PowerBot looks good on paper. The fact that there have not been any major complaints in forums where we know dissatisfied traders usually come around to expose a bad software along with many satisfied reviews from traders gives the impression that the software actually delivers on its promises. Even though there is no evaluation period (free or low-priced), the 60-day money back guarantee provides enough security for traders to try the product risk-free for two months. At a one-time fee of $69, this product is a fantastic bargain.
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Robots and Automated Trading
Binary options robots, or “bots”, have become increasingly popular. Auto trading software has attracted many traders new to binaries. They are inherently risky however, and binary trading should be fully understood before any robot service is considered. Here we explain how a trading robot works, review the top services, and illustrate what you need to know and be aware of when comparing binary trading robots.
We will detail how and where to get demo accounts and also explain why risk increases hugely when using automated trading.
We recommend learning binary trading completely before even contemplating robot services. Despite being sold as such, they are not a good choice for beginners.
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What is a Trading Robot?
A robot is a piece of software designed to identify and analyse market signals, pinpoint suitable trades and execute orders automatically without human interference.
Whether or not a trade is placed is all dependent upon whether the market conditions meet the rules and parameters defined by the trader. A trading bot isn’t ‘intelligent’; it’s merely executing orders defined in advance by its creator.
These Automated Trading Systems (ATS) have been making headlines for some time. Volatile price movements are often blamed on trading bots. From Wall Street to London this form of trading is dominating markets.
Robot software and auto trading algorithms combine a signal service with automated trading. So the software will attempt to identify profitable trades, and will then place the trades automatically. This automated element takes signal services a step forward, and actually place the trades as well – rather than leaving that to the trader.
The MetaTrader (mt4 or mt5) platform is especially effective at enabling you to receive signals through its ‘Expert Advisor’ facility. Here, you can go so far as creating your own alerts system by setting the parameters to be followed by your very own Expert Advisor – or you can download a program from elsewhere and put it to work, simply by dragging and dropping it into the interface.
These systems will have differing levels of risk management – from stop losses, to daily fixed spend limits. The automated element however, does increase the financial risk for traders overall. The feedback and comments we receive generally focus on whether risks were hidden from traders before they opened an account. Make the financial risk is fully understood.
There is also a growing trend for brokers to provide their traders with the ability to configure their own ‘bots’ or automated trading systems. These tend to simplify the the process, letting traders “drag and drop” technical indicators into their system. The best bespoke robot features also allow traders to run their robot in a demo account, in order to trial it risk free.
Brokers are keen to promote robots, because they create higher trade volume, and therefore reduce risk for the broker. They can be a great tool for traders too – but as ever in binary options – any promises of profits are an immediate ‘red flag’. Robots, like binaries themselves, need to be fully understood before use, and they are not a route to guaranteed profits.
Auto trading, or trading via robots, has a number of benefits:
- Auto traders don’t sleep
Using an online brokerage platform enables you to trade 24/7 from whatever device you choose. But – of course – you can’t be online constantly, which means there’s always the annoying reality of missing out on possible opportunities – even if you’re getting useful trading alerts delivered to your phone.
A robot is always on call; no matter what time it is, so long as an opportunity arises that meets the pre-programmed criteria, the robot will make that trade.
- Software does not get emotional
A robot doesn’t frantically chase losses or diverge from a strategy on a hunch. It acts dispassionately based on the criteria it has been set to follow.
- Robots don’t get overwhelmed
All the markets are open and opportunities-a-plenty are presenting themselves. It can be easy to get bogged down, for tiredness to creep in and for mistakes to be made. For a robot, none of this is an issue; large quantities of data can be processed instantly, and the right actions can be taken at the right time – regardless of how ‘hectic’ the market may seem.
Equally, there are some disadvantages to auto trading:
- Robots do not react
If markets are impacted by an outside event, a robot will continue to blindly follow the settings given to it. Common sense will not apply to a robot.
- They are often miss-sold
Robots attract frauds. Our scam section below highlights how to spot them, but the automated element allows dishonest services to suggest “easy money” can be made. That is simply not true.
- Increased Risk
Automation means a certain loss of control. Although many risk management techniques can be applied (stop losses, and max losses etc) there is no doubt that risk is increased.
The automated nature of this style of trading is fraught with danger. If ever a trader hands control of their trading over to someone else, the level of risk grows hugely. Our scams page details some of the red flags to look for (including a list of scam services), but robots and auto trading in particular attracts a lot of scam operations.
Here are a few reasons why:
- Novice Traders – Auto trading software is often aimed at novice traders, or people who do not have the time or knowledge to trade themselves. This group is perhaps easier to mislead, and they are therefore targeted.
- Easy to blame the trader – Linked to the first point. Dishonest providers will simply say the software was misused, and therefore not at fault.
- Control – If traders have put someone else in control of their trading, it is very easy to simply say the money was lost trading.
Warning signs of a scam will include a lack of transparency (win rate results that are not verifiable), forcing users to use a particular broker, and the most obvious – the promises of guaranteed or very high profits. If it was easy, everyone would be doing it. Tread very carefully if proceeding with auto traders. The risk of scams is considerable. Here is a checklist of warning signs:
- Get Rich Quick Marketing
If a service promises large profits, with little or no effort, it is likely a scam. In the same way, any phrase such as ‘zero risk’, ‘100% win rate’ or ‘make money easily’ should be taken as an outright lie.
- Cold Calls
Legitmate services will not cold call you.
- Managed Accounts
It is a very bad idea to allow someone to trade for you, or trade with your money. Even with automated trading and robots, you need to be in control.
- Bogus Bonus Terms
Some bonus terms include locking in your initial deposit. Check the terms and conditions before parting with any cash.
- Sales Funnels
Some robot schemes force you to open an account with a specific broker. These are normally not the best choice, and often unregulated and untrustworthy.
- Free Robot Services That Are Not Free
If you have to join a broker, and make a deposit in order to get signals – they were not free. Free services require no deposit.
Some blacklisted services that pretend to provide signals and automatic trading are:
The Brit Method / Jason Taylor
These all promote binary options as an easy way to make money, and they should ALL be avoided.
The settings or indicators used within a robot are crucial. They will determine the success or otherwise, of the strategy. The number and flexibility of settings or parameters within a robot platform, are a useful comparison factor when judging different firms.
The best settings will depend on individual trading strategy – but the basic parameters should not be overlooked. Trade size and expiry time are two simple settings, but traders can forget to check if the size and time frame they want to use are available with the robot they are comparing.
Moving averages and volume are popular indicators, and almost any candlestick pattern can be set as a signal. The self build bot at Binary.com offers the most flexibility of settings. Some of the poorer services do not provide any. Some programs offer money management settings too. Martingale is best avoided, especially for novices.
The better firms will offer a free demo or virtual account to trial the service. This allows traders to amend settings, and find a money management plan, that works for them. The best demo accounts will be open ended, and even topped up if the balance runs out.
Some demos may require a software download, but the majority will not. Login details will transfer to the real money account when and if they are upgraded. Many providers offer mobile apps, and again, most will be compatible on android, iOS (iPad and iPhone) and Windows.
Review of Binary Bot from Binary.com
Binary.com also deliver the ability to design and create an auto trading bot. Binary.com are licensed in the UK and Malta, but based in Malaysia and popular in the region, particularly Indonesia and Singapore.
Often referred to as the broker for advanced traders, Binary.com now provide a series of ‘advanced platforms’ – including the ‘Binary bot’ platform which provides the ‘tool set’ for users to create their own algorithm of auto-trade software.
So the platform enables self build auto trading tools, but – as is often the case with this brand, they again provide for the more advanced client. The tools and settings available, offer greater depth than at rival broker. This enables users to target more complex strategies. In turn, this can led to more accurate and specific trading.
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