Estimated reading time: 6 minutes
FX Masterbot is a classic example of a binary options software. You will definitely lose money with this program since it’s made to fool and ultimately scam you of your money.
According to their website, FX Masterbot is the number 1 trading software on the internet. We are not quite sure which benchmark they are using to conclude that it’s the leading trading software in the world.
In fact, this is yet another example of an internet marketer rambling without giving solid facts to support what they are talking about.
Clearly this is a detestable habit because it usually results in an audience losing money as a result of falling for the lies.
The website of FX Masterbot also says that this trading program was designed by experts who understand creating trading algorithms that win.
It can allegedly trade Forex and binary options too. We don’t know how this is going to be possible since these two are different ball games altogether.
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Note: If your language is not English, you should use the language dropdown menu at the top right hand side of their page to select your language.
Last but not least, FX Masterbot delivers signals that can either be manually or automatically traded. It’s a web platform, and so there’s no need to download anything.
Could this be a white label software? Definitely it is. It’s one of the most common scams around, and we are going to expose them without hesitating for a minute.
The most popular and profitable trading products in this category are found here.
The website is even offering a free demo interface where everyone can test this robot from. We had to test and see how it goes — now that it’s being promoted as the best Forex robot in the world.
The moment we put it to task, it started winning one trade after the other. But when it reached a certain point, we were asked to make a real deposit in order to continue. The win rate for the demo account was over 90%. That’s quite impressive but deceptive at the same time.
We refreshed the web interface and decided to run the demo mode a second time. This time round, we were intending to compare the price they were giving us and that which other brokers are publishing on their platform.
Upon closely monitoring this, we discovered that there was a huge disparity in their price feed. Besides this, we also noticed how FX Masterbot software was faking some trades and even changing losing ones into winning ones.
And of course the third confirmation revealed that FX Masterbot was a rogue program that fakes trades to fool users into believing that it’s the most profitable trading robot to have ever been launched on the internet.
You don’t even need to be keen to see the kind of deception that’s taking place in this website. If you watch them closely, you will see that even the open and closing times of each trade is not making any sense.
The trade history shows an expiry time of several minutes when we know very well that in Binary options, expiry time is always 60 seconds at the most.
So, what does this tell you? It says that FX Masterbot demo is a big lie. It was designed with an ulterior motive. We therefore want to expose them further to ensure that our readers are not falling for these scams. Continue reading!
It’s the biggest lie that we’ve ever heard in this industry. Is there anything like apprenticeship or master level in trading? Definitely not.
But when you look at their 3 plans, you will see that each one of them has been given the names novice, expert and master.
Of course each one of thee plans have different features. The master plan should definitely attract folks who are looking for snake oil as it trades 17 currency pairs, works with all brokers, opens multiple positions (which isn’t recommended), and offers VIP support.
The master plan for the FX Masterbot software also comes with all advanced settings which they did not mention. On the other hand, novice and expert plans have some form of limitations imposed on them. For example, you cannot enjoy as much freedom when it comes to the advanced settings which you can use.
This is quite disturbing because as a premium member, one is entitled to receive all settings. You’re not supposed to be restricted to just a few advanced settings and told that you should upgrade if you want more advanced settings. It’s like saying that guys who will choose novice or expert plans will definitely not make more money compared to those who have chosen the master plan.
All in all, this does not make any sense. And of course the amount of money to deposit depends on the plan which you will pick.
These scammers have designed it in such a way that the basic plan will attract a minimum deposit of $250. The intermediate plan will attract a minimum deposit of $500. The ultimate plan needs $1000.
It looks like traders have a vast array of options here. But the problem is that FX Masterbot is a scam, and none of these things can translate into tangible profits in your pocket.
Therefore, once you make that deposit, prepare to kiss it goodbye because we’ve already seen evidence of fake trade results on their demo account.
Well, this is the one discussion that no one wants to have. That’s typical of scammers, and we anticipated this to happen here as well.
While they claim that FX Masterbot is designed with an advanced algorithm that lets it win most trades, that algorithm is not mentioned anywhere. The technique of trading is not mentioned anywhere on this site.
Their methodology of trading isn’t quite clear. Instead, the website puts more emphasis on how you can make a lot of money with their trading robot. We know that this is a lie because they have not proved it up to now. Moreover, they don’t have a good trading algorithm to rely on, and that’s the reason they are ignoring this part.
FX Masterbot claims to have a leaderboard in place where the best traders for the month will be rewarded according to their performance.
This leaderboard is supposed to be reset at the beginning of every new month. The more the number of points a trader has, the more they will get closer to winning cash prizes.
It’s the first time we are learning that a trading software developer is offering this feature as an incentive. It’s hard to believe these guys especially now that we know that they are scammers.
This is a fake trading system. The moment you hear the words FX Masterbot, run as fast as you can. Secure your bank account if you can because even if you choose their basic plan, it will still cost you $250, money that you were not willing to lose.
We’ve got some decent trading systems here. If you want success as a retail trader, the best way to go about it is to rely on our list of recommended trading systems. We are only recommending them because we have gone through the process of testing them. And so far, all trading systems in that list have performed astonishingly well.
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