Estimated reading time: 6 minutes
Most traders are quite ambitious when they step into binary option trading. They feel that they will have a smooth ride to success. Well does that always happen? The answer is no because binary option trading is serious business and the goals are hard to achieve.
Note: A good alternative to this iRobot Scam Scam is the Super Simple Bot.
Now you might be wondering what causes you to end up being a loser trading binary options. The answer is wrong choices. Let me explain this by a simple example. You choose a trading bot like iRobot and end up with massive losses. Well here we will review iRobot so that you can understand how scam trading bots can cause irreparable damage to your future.
iRobot: A discussion on the scam
iRobot promises a win rate of 85 percent. Realistically speaking this rate is exaggerated and hard to achieve. A trader will have to search really hard to get his hands on a reputed and credible trading bot that can actually give him a winning rate of 85 percent because it is no easy task. 85 percent means that the maximum trades end in a win and the chances of loss are rare.
Note: It is advisable to opt for genuine trading systems and avoid the scam bots.
Now another controversial claim made by iRobot is that this system is free. If the investor technically evaluates the situation then this is just a trap to allure the trader. The proper procedure is that the trader has to sign up with the trading bot and make a deposit to the associate broker. Usually the deposit is no less than $200 to $250. This is a big amount for a new trader who can only afford to invest the minimum. Saying that the trading bot is free is something out of question.
Now what makes this scam tricky is that they have listed the brokers they use on their website. Usually the scam trading systems do not reveal the names of the associated brokers. However, the trader has no idea what is the real deal. This is what makes iRobot so risky.
It is quite boring to read all the content that is present on the website of iRobot. It would have been much better if a short and concise video could have been there on the website offering a walkthrough to the trader. This way the trader could have been saved from the agony of reading the elaborate content that is present on the website of iRobot.
Now any investor will be tempted to opt for a demo account to know more about the trading system. However, it is no easy deal. iRobot does offer a demo, but in return the trader has to give in all his personal details including his phone number so this means a compromise on the element of privacy. Secondly, there is no guarantee whether the trader is getting access to all the features of iRobot in the demo or he gets limited access so this is a major question as well.
iRobot claims to be offering 85 plus signals on a daily basis. Any intelligent trader will prefer quality over quantity and will prefer knowing whether the signals can genuinely do good to a trader. The authenticity of the signals is what matters at the end of the day so the investor has to be careful with his choices.
iRobot website claims that this trading bot offers manual and automated trading. The question is how the system operates. This information is insufficient and calls for a video demonstration that is missing on the website.
iRobot states that it makes use of six indicators. If the trader selects multiple indicators then all the indicators need to indicate the same direction or else the trade will not be executed by iRobot. Now this statement needs elaboration. These indicators make iRobot way too complex for a new trader who already has little knowledge about the market. Apparently it seems that the trader will first require tutorials to understand how these indicators work so that he can select the indicators correctly. One line definitions present on the website of iRobot are just not enough to explain things to the trader.
Note: Keep an eye on scam bots and choose reliable systems.
iRobot says that the trader can reduce the risks by setting the number of trades that he needs to be placed. Is this all that is needed for effective risk management? The answer is no. The trader needs to know the in depth mechanism and the execution of each trade if he wants a winning possibility. Thus the risk management facility offered by iRobot does not sound convincing enough and leaves the trader with a lot of questions.
The trader cannot rest his hopes on the FAQ section of iRobot because it just answers the commonly asked questions. It does not address any concerns regarding the operation of iRobot which is perhaps the most critical question about this system. This means that if the trader reads the FAQ section for help then he will just waste his time and will not achieve anything at the end of the day through this effort.
There is a random testimonial on the iRobot website. The trader’s hopes should not be pinned on the testimonials as well because they will not give the investor a clue whether this system actually works or not. The testimonials are only helpful if the trader can trace those people who actually wrote the testimonials and can get to share his thoughts with those individuals.
Interestingly the email address of iRobot is not mentioned on the website. This is something pretty weird because nowadays one rarely gets to see websites that do not have an email address. When the trader visits the Contact us page then there is a form and the trader is required to fill in the form and give his message. Now there is no guarantee if the message sent by the trader will ever be answered.
When an investor thinks on the line of signing up with this system then he will miss one more thing and that is live support. The reason is that sometimes the trader just does not want to go through the agony of sending a long and lengthy message. The trader just wants his questions to be answered on the spot. However, the trader is deprived of this key facility. This platform offer literary no real support to the trader and that raises a big question on the credibility of this trading bot. No trader wants to deal with people who are just hiding and refraining from revealing the truth.
The red flags
The major red flag about iRobot is that the trader will not find any information about the people who created this system on the website. How can the investor trust the system without having the knowledge about the maker?
The safe decision is not to choose iRobot. This system is truly not worth the risk. The features do not seem out of this world and the worst part is that they are not backed up by any proof. This is why choosing this system will be a rash decision on the part of the trader. There are so many credible trading bots that are waiting to be explored by the trader. Thus the investor should not waste his time and money on a scam like iRobot. No wise trader will ever make this move.