Robots, autotraders and Bitcoin bots have been a part of the world of online trading for a long time now. Many of them Suck and should be avoided, however, there are some that are worth a try or at least a closer look. Below you will find honest and unbiased reviews of all the autotraders, crypto robots and CFD bots available out there, or at least the more relevant ones.
We will show you the robots That Suck but we will also let you know which ones Don’t Suck after careful research and a fair assessment. Just how it’s important to have a trustworthy broker, it’s important to know what these robots are all about. If you’re on the fence about using them, read our reviews, get all the details and decide for yourself.
*Most autotraders / robots require a minimum deposit to an online broker
Trading Robots and Autotraders List 2020
Learn About Trading Robots
Let’s define an Auto-trading Robot (or just “bots”): to put it simply, it is an automated trading software for CFD, FX, and Crypto trading, which constantly provides Trading Signals and trades them automatically on your CFD/FX/Crypto Broker account. Robots are a little more advanced than a simple signal service and are a unique form of trading that encompasses many different types of tools. The robot enters trade information like an asset, amount, direction, and leverage in some cases. It then clicks the enter button and your trade is set. Hopefully, it’s a good one.
Who wouldn’t want a piece of software with a big red button that says START and when you press it, money starts to appear in your account? I know I’d like to have one of those. The bad news is that it doesn’t exist, or at least I haven’t found it yet but the good news is that everyone can have their own robot (or close to it). Here’s the deal: autotraders / robots are nothing more than technical indicators made to look differently and to give a signal. I am not a coder but basically, this is how it works: an indicator (say MACD for example) moves above zero so the software opens a Buy trade automatically. When MACD moves below zero, the autotrader opens a Sell trade. Other types of robots simply print an arrow and emit a sound when the MACD moves above or below zero. Yea, those are not really automatic because they don’t actually open the trade and instead notify you to open it but anyway the term is loosely used these days so you could say they fall in the same category.
So let’s recap: an indicator… indicates (that’s what they do, you know) a direction and the software (autotrader, robot, etc.) will translate that signal into an arrow and a sound or (if it’s more “sophisticated”) will open the trade on your account. But the thing is these autotraders are just as good as the indicator they are based on so actually you could be trading a MACD or the cross of 2 moving averages or any other freely available indicator. Sure, most of the autotraders and robots out there are free but they do come with strings attached so before you jump out your seat screaming “But the bot I am using was FREE!”, stop and think: was it REALLY free? Didn’t you have to sign up and deposit with a broker you don’t really like? Or maybe you don’t have anything against that particular broker, but if it weren’t for the autotrader, would you deposit there? Anyway, what I am trying to say is that all these robots – whether they open trades automatically or just give you signals to alert you – are nothing more than a gimmick used by brokers to make your deposit with them.
You will hear all sorts of stuff like algorithmic trading, special and advanced indicators built-into the bots but come on, use common sense: if someone really had the secret to perfect signals, would they share it with the entire internet for free or for a few bucks (oh, and don’t believe that story about “only 7 copies left” either).
So do you know how trading robots actually work? Most of them are just a ruse to make your deposit with a specific brokerage, which usually results in you losing all the money you’ve deposited. You’ll be treated (read “brainwashed”) with a story narrated by some self-proclaimed millionaire who is now willing to share his money-making secret with the entire internet. The broker will get your money and the robot creators will get their cut. You will get scammed…probably…possibly.
Search for Trading Robots – Are All CFD/FX/Crypto Trading Robots a Scam?
Indeed, most robots are definitely a scam, no doubt about that – check some of our reviews: the bitcoin trader or the crypto genius reviews (above). First, you have to know my opinion and the general opinion of ThatSucks.com about any automated robot or a signal service provider; we don’t like them unless they provide a legitimate learning experience. At no time is it a good idea to let someone else trade your money for you, especially some robot you find on the internet.
Yet, I don’t want to be too harsh on the businesses and people involved, especially those who are really trying to do a good job but come on people, learn to trade for yourself. If you are trading Forex, Contracts for Difference (CFD) or any type of Crypto, you really need to do it yourself, because you can’t expect to become rich overnight by pushing a button.
When you hear about the next overly hyped trading robot, don’t give into the hype! Instead, come here and search for that robot in our list of reviews. Read our take on it and maybe it will save you a couple of bucks.
Choose A Trading Robot
The fact is that most FX, CFD, and Crypto Robot creators say that their software is the result of countless hours of work put in by serious traders with tens of years of experience under their belts, but in fact, it’s just a program that generates random trades and – dare I say – bad trades. Have you ever heard of a guy becoming rich trading with a robot? I haven’t… at least not someone I can trust. But have you heard of people getting burned by X or Y robot? Just look at our Comments section, look everywhere online and you’ll see tons of people complaining about how they got scammed by robot sellers. Maybe there is a good robot out there, but I never found one and I’d like to see some actual proof before buying into the hype.
If your mind is set on using a trading robot, we can’t change it. After all, it’s your money and you are a grownup, so go ahead and do what you have to do – choose your “poison”. But at least postpone your decision until you read a review from the list above. Who knows, maybe you will see things differently afterward.