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OlympBot Review: Is olympbot.com Scam?

OlympBot Review: Is olympbot.com Scam?

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OlympBot is a Binary Options trading software that promises users to be the latest and greatest. This bot was specifically built in order to work with a brokerage called Olymp Trade. This is a very popular brokerage as many traders are well conversant with them. The bot opens and executes trades on your behalf with an alleged win rate of 72%. Since the robot developer and the brokerage have an obvious connection, it means that this is a ploy to attract even more customers who would like to trade using a bot. We have also investigated the creators of this robot and realized that they are called Binary Bots Development, located in St.Petersburg, Russia. If you want to reach them, you can do so [email protected].

OlympBOT — Olymp Trade Robot Auto trading

Therefore, if you are just wondering whether this is the right tool to use, this review will answer all your questions in a precise way so you can know what to anticipate if you decide to use the robot. The creators claim that OlympBot is easy to use and is also free. This system is definitely making us ask a lot of questions because, at the end of the day, we desire to know what type of trading strategy it utilizes. The developer claims that OlympBot automated the trading process and even helps with choosing binary options pairs for trading.

The developers don’t explain how this robot has been able to generate consistent returns as claimed by their marketing material. In fact, they hinted that this system uses Martingale style of trading in order to allow traders to take a lot of profits in a short period of time. The type of explanation which they are giving us is quite shallow and we can tell you that if you already know a thing or two about trading, you will definitely wonder what type of a trader this person really is. If they were educated in trading matters, we are sure that they would have provided sufficient information with regards to the trading strategy of their robot.

Furthermore, Martingale style of trading is never reliable because it works in the same way that gambling works. The process is looking to take advantage of luck where it doubles risks multiple times after every single loss hoping to recover the previous loss if the trades end in the green. The obvious problem and concern with this method is that it will eventually finish your account balance because many trades will be lost and even if a few trades end up making money, the profits will not be sufficient enough to cover for the losses that were previously incurred. Therefore, you have to say no to such a trading strategy. Martingale trading strategy has never been considered a valid way of trading the financial markets. So that is the main reason why you can’t expect to use OlympBot to make any money. Just forget it. If you want to make money, you need to consider trading with these premium tools. You should notice that these trading resources come at a price. In that case, you should understand that the people behind them have worked hard in order to create working systems. They are selling you trading resources that work as opposed to those which do not.

OlympBot review

We have discussed one of the most critical things about this robot and that’s the reality you should have in your mind if you choose to ignore this review for the purposes of testing the robot with real money. OlympBot is being advertised as a free trading robot. The problem is that the word free can be misleading in this case because when you actually sign up, you will discover that the robot is locked until you have deposited a certain amount of money into your Olymp Trade broker’s account. This deposit has to go through their affiliate link because that is how they get compensated.

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The problem with this business concept is that once the developer has received their commission, there is no chance that they will ever improve the product. Once they have the money, that’s the end of your relationship with them and most of the time, they make products that don’t work. In that case, you will be getting a raw deal. It is therefore important that you try out the robot on a demo before going live. In this case, OlympBot cannot be tried out for free, and the obvious reason is that it does not work. The developer is not confident enough that OlympBot will work.

OlympBot’s trading performance

We would like to see proof of performance to believe that this automated trading robot makes money as alleged on the sales page. Unfortunately, this vendor just disappoints us with their presentation. They are only giving us statistics which cannot be verified. These numbers leave more questions than answers and in that case, we feel that the developer should change their method of selling their product.

The developer claims that they have over 400 active users and that this robot performs with a win rate of 72%. Whereas these numbers are quite attractive, none of these numbers can be verified. It is very easy for these guys to cheat us with their marketing strategy. That is why they should consider finding a reliable way of proving what their achievements with this robot.

By the way, with this lack of sufficient information, it is hard to believe that this vendor is serious with this trading app. Any trader who actually wants to test this robot with real money will find themselves asking a lot of questions. But to save yourself time, you need to avoid such vendors at all cost because there is a good reason why they are not presenting enough information concerning this bot.

Our best advice for you

We are not recommending OlympBot at the moment because of the issues we have raised in this review. If you want professional trading, we advise that you utilize these trading resources. 

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