Unreliable Broker: Binary Options Robot Review
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On this page, you will find the review of a web software called Binary Options Robot promising huge profits. Things work as follows: You open an account with a broker (mostly a fraudulent firm such as zoomtrader or eztrader) and the software (the website robot) opens out trades based upon its own discretion. Of course, these trades will make you lose money pretty soon. You think “This must be sheer stupidity! Who would entrust his money to someone like this?”
Well, you are right; the trader is bound to lose the money very soon. I attribute the fact that people fall victim to this software to the people’s naivety. However, the fact that the software works (making people to go for it) is something I would not blame these people for. The software offers a toll-free test – a demo account.
Try out the binary options robot!
“You can test all the software without risk. Let the program trade with virtual money and you will see that the trades it makes are good. Eventually, you can invest real money to multiply the profit”, says the website.
In reality, things are different.
The demo account offered by the fraudulent software shows profit levels unachievable with a real account. Unfortunately, this trick is too complicated to reveal. The beginners are the easiest prey.
Simply put: The software opens positions (trades) randomly. In the demo mode, you see that all positions are profitable. However if you try and switch to real money trading, you will soon notice that the results are way different from the results you had on the demo account.
The robot’s customer support
The robot offers the possibility of contacting customer support. I made an attempt claiming for money I had lost due to their practices. Of course, their answer was that they could not be blamed for that.
Below you will see the transcription of our conversation.
I need your help
How can I help?
I lost all my money with your software! What do I do now?
It did not bring me any profit as you promised!
we don’t promise any profit, we can’t guarantee that as market is unpredictable
I am sorry to hear that
Yes you do guarantee profit! On the homepage it says “SAFE AND SECURE”
yes as you will not be scammed
I have just been scammed
and you can see your results at any time
and you can stop trading at any time
you were not scammed
you just didn’t win with our Robot
which can happen
Oh. So I should try again?
yes you can try again with more money
For more months of VIP account:
1. deposit with the same broker and you will be awarded with one month of VIP account
2. make deposit with another broker and you will be awarded with 3 months of VIP account
When you rewarded with more months of VIP, it will apply on all your broker accounts that has been funded.
Thank you I will try again
we can’t guarantee profit the second time also, but keep your settings on low risk, follow your results and let me know if you need any advice
As you can see I did a small test. I said that I would repeat my attempt to trade in hope that eventually I make some money. Obviously, they got caught on it encouraging me to try it again with more money to compensate my previous loss.
If this is a standard practice used by this broker to mislead traders I understand why this trick works and why people lose money over and over…. That’s why they can afford to employ people to sit behind computers and talking to sad, scammed people who contact their customer support.
CONSOB warns: Binary Options Robot is a scam
Binary Options Robot is well-known fraudulent software offered for several years. Regretfully, a lot of you have had the opportunity to encounter it. The regulators must have been blind or blindfolded. Recently, CONSOB, Italy’s authority, has published its warning . The warning says that the Binary Options Robot is a set of investment services whose provider has no authorisation for such business in Italy. In fact, BOR has no authorisation or license in any country, not only in Italy.
Binary Option Robot
The National Commission for Companies and the Stock Exchange reports that Binary Option Robot is not authorised in Italy to use cold calling, i.e. to promote or set up by means of any method, via distance communication, investment services or activities.
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- Fake trading platform
- Fake demo account
|Broker||Binary Options Robot|
|Languages||Many languages including: Englisg, Swedish, German, Italian,...|
|Trading Platform||Fake trading platform|
|Free Demo Account|
|Commission Info||SCAM Software|
|US Traders Allowed|
|Overall Score||We don't recommend trading with this broker.|