Two trading robots are better than one. But what’s better than two robots? An army of robots! That’s exactly what BinBot Pro is: a multitude of trading robots at your fingertips. Oh yeah, you’re gonna be rich again, in a matter of days, or even faster. Let me tell you how it works.
The BinBot Pro Story and the Human Opinion
Unlike many other money making machines, the BinBot Pro doesn’t have a sales story. Yes, you’ve heard that right. No fancy cars, no jets, no millionaire CEO who is trying to make me rich because why not. It almost makes me sad because I always enjoy a good story and a good laugh but hey, you can’t have it all.
The website (webPage rather) is extremely lacklustre, showing a “user experience” video (big quote marks because the guy is clearly working for them) then they tell me that I will get access to the “Ultimate Money Making Machine” and finally they show three “Awards” (yes, quote marks everywhere because everything is a joke). The awards are for Best Binary Robot, Top Quality and Confident 100%. Needless to say that the awards are not given by a major financial/trading publication and instead they probably decided to award them to themselves… because that’s how it works. You think of an award and then you award it to yourself.
There’s something else they show: the brokers that will get your money. If you want to use BinBot Pro, you will have to open an account and deposit with BinaryMate or Finrally (previously Finpari). Both brokerages belong to the same group (Finance Group Corp), have similar trading conditions and both belong in the lower tier of brokerages. Please be careful where you invest your money.
Ok, since the website didn’t offer enough info, it was time to pull out my trusty fake details and create an account. As soon as I did that, I was redirected to a page where I could see the robots in action:
What’s Included in the BinBot Pro?
They offer autotrading on 9 currency pairs (including Bitcoin/USD) and not one but 10 binary options robots. From what I can tell, their signals are not derived from ancient magic or crystal balls, but technical indicators. However, my BS detector is going off when I read some of their descriptions:
“We developed a momentum trading strategy based on the low-frequency trend component of the spot exchange rate. Using kernel regression and the high-pass filter of Hodrick and Prescott cycles. We recover the non-linear trend in the monthly exchange rate and use short-term momentum in this to generate the call and put signals.”
I had to read that multiple times to get what they’re saying but to no avail. All I can see is a bunch of fluff and some name-dropping to make it more interesting. The Hodrick and Prescott filter is a mathematical tool used to obtain a “smoothed-curve representation of a time series, one that is more sensitive to long-term than to short-term fluctuations”.
By the way, that’s from Wikipedia, I am not that smart. Anyway, this specific robot opened and closed more than 10 trades in a minute on a demo account but the Hodrick – Prescott filter is sensitive to long-term fluctuations, so how can that be applied to such a fast trading style??? I mean if something is designed to be sensitive to long-term fluctuation, doesn’t that mean that it will perform poorly in the very short term? I don’t know, just how I don’t know if this fancy filter can be applied to binary options. I don’t believe it can, but I am always skeptical so take my opinion with a pinch of salt.
So, moving on: apart from the robot I’ve talked about (HP cycles), they have 9 others, each with different deposit requirements, ranging from $250 to $3,000. Basically, the robots are free if you deposit the required sum but it’s not clear to me if the selected robot will take over your trading completely or if you have some sort of control afterward.
One thing I totally disliked was that I couldn’t see any of the trades while they were active or a history after they’ve finished. All I could see was a pop-up notification on the right side of the screen, telling me that the robot has opened a trade and some basic info (currency pair and amount). Also, the risk level was way too high (it opened several $100 trades on a $1,000 account) and I didn’t find a way to adjust it.
Bzzzt… Bzzt… The Robotic Conclusion
BinBot Pro is not your regular scam software that promises tons of money overnight. It’s not too flashy and doesn’t rely on the same rehashed story about a poor guy turned millionaire who for some reason will give you the secret to unlimited wealth for free.
That being said, there are many things that I don’t like about it, starting with the over the top description of how the robots work, continuing with the lack of information about the trades that are opened and the poor choice of brokers. Also, depositing $3,000 to get access to a robot about which I don’t know enough is a bad decision in my opinion.
And that brings me to the robots’ performance.
They show some amazing numbers, but you cannot verify that until you deposit… and I have a suspicion that you won’t get the same results. And by the way, they have a Robot Demo where you can see how much money a certain robot can make. I am 100% sure that demo doesn’t use real-time market data but I cannot prove it so I will leave it at that.
Ok, long conclusion, sorry. Let’s wrap it up: No!