Centobot Review: Is a Scam?

Centobot Review: Is a Scam?

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Centobot is an automated Crypto currency trading app. It uses a collection of generic trading indicators which include RSI, Stoch, MACD and many others to predict the direction of the market. The problem with these indicators is that they are known to repaint signals and this definitely means that we have a problem here. They have also teamed up with 3 option brokers where they will get their commission if you sign up to start trading. The features that we find with this software are also generic in nature as nothing special was presented on the Centobot website to warrant our attention. In fact, this is the same kind of software that was used to trade binary options in 2016. They just added Crypto currency trading and changed the name to something unique. So, the question is why is it being marketed so aggressively and can this app even help you make money in the first place?

We think the marketing surrounding it is empty hype and the actual truth is that it can’t make money as claimed on the website and in other websites that try to promote the app in order to make commission. If you want a working Crypto currency trading app, your safest bet would be to take advantage of these highly recommended tools.

Centobot review

This automated trading software is allegedly different from others because it has a minimum deposit requirement depending on the robot you choose to use. Some robots come with different trading strategies, with CentoBot, each trading strategy in called by a different name, and is its own robot.

The top robot they offer is called RSIMA Cross and it requires a minimum deposit of $3,000 at the broker they work with. They have a total of 10 different algorithms for their robots with varies names like xProfit, Rising East, Strong ADX, Bolly Band Bounce, and HP cycles to name a few.

When you look at the description of the robot called RSMIA, it says that income is 350. We were not sure if that means we will triple our money using the software, or what that number represents.

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They describe the trading algorithm of the robot like this:

“In this trading strategy, we will match the RSI with the moving average cross indicator. For the moving averages, we will use the 4-period and 13-period MAs. We will buy or sell the stock when we match an RSI overbought or oversold signal with a supportive crossover of the moving averages. We will hold the position until we get the opposite signal from one of the two indicators or a divergence on the chart.”

Opening an account with Centobot – same procedure as other robots

Registering for an account with Centobot is a simple and swift process that takes less than 5 minutes. Once an account has been created, traders get access to the trading platform where they can see a list of robots to choose from in a panel on the left of the screen. Here traders also have the option to fund their account to begin trading,

Traders should note that the Centobot software is completely free of charge. However, in order to start trading, they have to make a deposit with a broker connected to the Centobot system. We found that Centobot is currently only linked to one broker, BinaryCent. This is a bit limited since most robots offer their members a choice of several brokers. However, we understand that the system is still getting off the ground and more brokers may be added at a later stage.

Like Centobot, BinaryCent was also launched just recently in 2017. It is licensed and regulated in Vanuatu, meaning that the regulation is somewhat light so traders should exercise caution. However, the minimum deposit with this broker is just $10 while the minimum trade size is an unbelievable $0.10. This is a huge advantage and makes it stand out from most other brokers on the market.

When it comes to account types, trades can choose from 3 types;

  • Bronze – the cheapest and most basic and includes a live video chat and withdrawals within 1 hour.
  • Silver – comes with a minimum deposit of $100 which is still lower than the industry standard. Also, includes a web master class, a 50% bonus and 3 risk-free trades.
  • Gold – comes with a minimum deposit of $300. Includes 100% bonus, a Swiss prepaid card and a personal success manager in addition to all the perks of the cheaper accounts.

Traders may fund their account by credit card (Visa, Mastercard), bitcoin, and e-wallets (Skrill, Neteller).

The Centobot Robot Platform

After registering for a free Centobot account, traders will gain access to the platform and be able to choose from a list of top ten robots. What makes Centobot stand out from its peers is the fact that there are different minimum deposit requirements depending on which robot traders choose.

Each robot comes with its own description which explains the trading strategy employed and the profit percentage payout. The highest-ranking robot currently in first place on the Centobot platform is the RSIMA Cross which requires a minimum deposit of $3000 but promises a payout of 303%.

Support Options

Unfortunately, Centobot customer support also left much to be desired. All they provide is an email address ([email protected]) on their page and a generic form which traders can fill out and submit. We are usually accustomed to much more in this area such as phone support or live chat but Centobot provides neither of these which is quite disappointing.

There is also the absence of an FAQ or education section on the website; again, this works against the robot since these sections are generally considered important for traders to understand how the robot works.

Our best advice for you

However attractive and enticing it may sound, we still don’t believe that Centobot is the real deal. There are no trading results to back their claim that this is a money maker. We only need to trust these highly recommended tools to avoid any kind of disappointment that may come from other unreliable tools.

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