The question what are binary options robots is a frequently asked question among online traders. Binary options Robots are automated software systems that handle trading on the behest of traders. The main aim of using a binary options robot is to maximize trading profits. Presently, traders have a wide selection of binary robots to choose from.
How they work
Binary options robots are offered in the form of software systems by online brokers. Thus, to use binary options robots, traders have to first create accounts with their brokers. Using these accounts, traders can select the auto trader feature on their dashboards. Once this is done the software automatically starts trading.
Depending on the robot software in use it is possible to select the amount of money to be invested in each trade. Also, traders can restrict the robot’s trading to a specific period. The software will signal the trader upon the expiry of the set time.
Choosing a binary options robot
The wide selection of binary options robots available makes selecting the best difficult especially for persons who are new to online trading. When choosing a binary robot to trade through, it is important to go through a licensed broker.
Additionally, before depositing any amount of money it is recommended that traders first check a binary robot’s settings page. Online reviews can be useful in evaluating the reputation of a specific brokerage account and relevant binary options robot.
A broker’s online reputation will determine the efficiency of their binary options. It is virtually impossible for a trader to know what a binary options robot is programmed to do.
Do they work?
The question of whether binary options robots work depends on the robot selected. However, ordinarily, binary options robots have varying accuracy results. Thus, although some brokers may boast of having an accuracy result of % 90, it is not always guaranteed.
The success of a binary options robot will depend largely on the kind of streak it is on. A robot that is on a continued winning streak can have a % 90 accuracy result. However, a losing streak of % 40 can have a significant impact on the accuracy of a robot’s results.
Also, the accuracy of a robot’s results will depend on the kind of returns offered by the broker. Different brokers offer different returns.