Are you tired of making millions overnight on autopilot? Ready to come down to the real world? Good, then let’s talk about a “normal” trading software, one that assists the trader, without promising to turn him into Bill Gates. I’m not saying it’s the best thing since sliced bread, but it’s definitely something that’s worth checking out, so let’s find out more about it.
FXMasterBot: What, How, Why?
To put it simply, FXMasterBot is a good tool for newbies that are looking to get their feet wet and to get started with trading. It’s a software that offers assistance to people who want signals and trading straight into their accounts, meaning that FXMasterBot will shoot a signal and you can instantly replicate it on your account by clicking on the signal’s card. Some of the brokers they work with allow the software to trade on fully automatic mode, meaning that once a signal is generated, the trade is automatically opened on your account.
The signals are generated by a trading algorithm, which is not thoroughly explained, but at least they don’t give me the usual BS about a loophole in the market or some neural net with 101.55% accuracy. In fact, this software has absolutely no story behind it, no millionaire who suddenly decided he wants to make the world rich. Everything is straightforward and transparent: you get a signal and you click on the Trade button to execute it; then the trade is automatically transferred to your brokerage. Some of their brokers allow fully automatic trading and with others, you will have to approve the trade after receiving the signal.
And speaking of brokers, they work with regulated brokers such as 24Option and iTrader, but also with some unregulated ones, so make sure you choose one with regulation if it’s available for your region. See, this is another thing that separates FXMasterBot from the scam robots: they allow you to choose your brokerage. There’s a list from where you can choose, they don’t automatically open an account for you with one of their brokers. There are more than 10 FX, CFD, and Crypto brokers, depending on the region, so the choice is pretty wide.
Novice, Expert, Master
Depending on your initial deposit, FXMasterBot offers you three levels of customization. At $250 you will be a Novice, with a limited set of features and assets: multiple brokers, 3 currency pairs and 3 open trades at the same time.
More options become available at Expert (deposit of $500): multiple brokers, 9 currency pairs, unlimited open trades and partly advanced settings.
All features are unlocked at Master (deposit minimum $500 with 2 of their brokers): multiple brokers, 17 currency pairs, unlimited open trades, VIP customer support and all advanced settings. The advanced settings are basically risk management tools, which should be available for all types of accounts if you ask me: maximum daily trades, maximum trades open at the same time, daily stop loss, daily take profit and a few others. But on the other hand, you can simply stop trading if you’ve lost/gained a certain daily amount or if you’ve reached a predetermined number of trades.
If you’re not sure where to start or how the software works, FXMasterBot offers a Demo mode. All advanced features will be available in this mode and overall it’s a good place to begin but you have to be aware that currency rates are not updated in real time. Their Demo mode is a good feature but it’s only a simulation meant to get you familiar with the software, so if all signals are profitable on Demo, don’t expect the same results on a Real account.
You won’t find any performance sheets on the website and that’s mainly because the software can be used in many different ways, so people will get different results. For example, if you allow FXMasterBot to take a maximum of 3 low-risk trades per day, on 1 currency pair, the results you’ll get will be different than if you would let it take an unlimited number of high-risk trades per day, on all pairs.
Personally, I prefer them not showing performance results, especially if there’s a good reason for it, rather than giving me doctored pics and claiming 99.99% accuracy.
The Verdict: Should You Use FXMasterBot?
Our position has been pretty clear over the years: it’s better to learn to trade for yourself than to rely on signal providers and autotrading robots. That being said, If you insist on using such a software, FXMasterBot is a great option, way better than all the get-rich-quick scams out there.
You won’t get empty promises of thousands of bucks daily, you won’t get a cheap story of a self-made millionaire who is now on a mission to make us all rich and you won’t get fake testimonials. What you will get is a trading software that gives you signals based on technical indicators and works with licensed, regulated brokers. If you are looking for such software, give FXMasterBot a shot.