In this eye opening review, we will be explaining why you should not use ForexProbot to trade any asset. ForexProbot can be found at Forexprobot.com, and is marketed as the most advanced automated trading software for Cryptocurrencies and Forex pairs. It’s supposed to detect volatility in these markets so it can buy or sell assets accordingly.
However, the reason why we strongly believe that this is a money grab scheme is because the trading strategies don’t sound any complicated. In fact, the description sounds as if it was copied from some other website that sells this type of trading software.
The software is supposed to trade with a win rate of 89%. However, this data has not been verified, and it is even impossible to tell whether or not this is true. We do believe that for them to come up with this figure, they must observed the actions and results of this trading robot and concluded that it had a win rate of 89%. We want to see the data that was used to make these conclusions.
But apparently, Forexprobot.com does not have any of that information. This would have been provided in terms of trading history which they have not given us. Therefore, we shall only treat this as a claim and probably a lie because this software does not look as if it can trade with that accuracy.
So, what exactly is ForexProbot and why should you avoid it?
Most people want to know whether it’s possible to make money with a free trading robot. The answer is yes and no. It is yes if you find someone who is willing to give you a good but free robot. Those people are very few in the planet. On the other hand, most free robots are just scams. Forex Probot falls in that category since most of the things mentioned in that site have not been verified. It is safe to assume that this is yet another scam targeting those who would love to make money either with Cryptos or Forex pairs.
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Forex Probot is using the usual 3 trading strategies to place trades in the market. These are Classic, Martingale and Fibonacci trading systems. There is nothing so unique about these trading strategies. In fact, this software is based on a popular white label that uses these 3 trading strategies.
The software in question has been losing money and causing traders to lament over their losses, something they could have easily avoided if they did some due diligence.
This software uses some generic trading strategies and money management techniques. As you might have suspected by now, there is nothing unique about these methods of trading. Even if you used this software today, you would see that it is just a matter of switching settings on or off. But in the real sense, there is nothing complex in its algorithm. It is just using very common and basic trading indicators which can be found in all charts for free, and thus anyone who knows how to trade can never see the need to utilize such software.
The thing is, ForexProbot is a money losing robot. Based on the trading strategies that were mentioned here, we are fully convinced that traders can only end with one outcome. They all loss money which they had not planned to lose in the first place.
Traders might be excited when they are told that Forex Probot is a free to use robot. However, the word free should sound an alarm as far as the use of this software is concerned. You see, most free software vendors don’t put the required effort in order to create something that can truly work. There is not just enough resources out there that can enable one to create an amazing trading app that would then be distributed for free. That’s fact number one.
Two, this software will ask you to deposit $250 at some point. Testing it on the demo is free of course. But somehow they will give you a demo that is integrated with a fake price feed and somehow manipulated in favor of this software. What happens is that the software will keep winning trades to the extent that you will feel compelled to transition to a live account because the robot appears very profitable.
However, that would be your greatest undoing because the entire setup was made to trick you into depositing money in a real trading account.
The website where Forex Probot is hosted at is working with a number of brokers who are unregulated. These include Prime CFDs, ROITEKS, Ashford Investments, Olosson Capital and many other shady investment brokerage.
Now, any sane trader would not want to test these brokers with any money because they generally trade against their clients. Since they are not regulated, the result is that the broker will want to steal your money and offer no apology because he is not under any regulation to deter them from doing what they love to do.
Now that Forex Probot is working in tandem with these brokers, the best thing you can do is to avoid using the robot. At some point, they will as you to deposit a minimum of $250. This money will go to your trading account and you will end up losing it.
The other thing is that scammers who run Forex Probot will feel happy because they have earned their commission. These brokers work with ForexProbot because they want customers and in return will compensate with fat commissions. As you can see, this kind of setup is working against you and there is no way you can make money with it.
ForexProbot is clearly a scam trading robot. You want to use ForexProbot while disregarding this review. You can go ahead. But the consequences are quite clear. This robot does not have what it takes to trade the markets effectively to the extent of achieving 89% win rate. Please stick to our recommended trading solutions.
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