PayBack Ltd are experts in getting money back for people who have been scammed. Binary options scams are one such area they deal with regularly. To find out more about getting your money back after being scammed, get in touch with one of our experts for a free consultation.
Binary option robot trading software is often sold by binary options brokers and is purported to help you make easy money through binary options trading. However, binary options bot software is also one of the most common ways fraudulent options brokers scam their clients.
If you’re looking to get into binary options trading, it’s important to know how to avoid getting scammed by a binary robot scam, and what to do in the unfortunate event that you do fall victim to such a scam.
What Is a Binary Options Robot?
A binary option trading robot is a type of software that allegedly uses pre-programmed algorithms to study the binary options markets and provide you with trading advice. Broker platforms claim that their bots advise you on how to make low-risk, high-return trades, but remember that many of these bots are just a type of binary options scam.
How Does a Binary Robot Work?
Binary options trading bots are available to purchase through certain binary options broker platforms, which are usually unlicensed and unregulated. In order to download and use the trading software, you typically have to pay a flat-fee and/or a monthly subscription fee.
These bot platforms, also known as auto-trading software, help you perform your daily binary options trades using trading signals and algorithmic predictions of market patterns. In other words, the software watches and analyzes the binary options markets and provides you with profitable trades to make. You can either make these trades manually or have the bots trade for you automatically.
Are All Options Trading Robots a Scam?
While the majority of binary options bots are scams, some of them are legitimate, and are offered by licensed and regulated brokerage platforms as free downloads or as part of a service package.
The difference between scam bots and legit trading bots is that the legit ones are regularly updated and improved upon, so they can actually provide real trading analysis. On the other hand, trading bot software offered by fraudulent brokers is not continuously developed, as it is not intended to actually help you make profitable trades — it’s just designed as a way to make money for the scammers through fees and commissions.
It’s important to note that, because of the high-risk nature of binary options trading, even legitimate trading bots are risky to use. While the low effort required on your part might be enticing, trading robots are not a way to “get rich quick,” and you can still end up losing a lot of money if you don’t use them effectively.
Benefits of Using a Binary Robot That Isn’t a Scam
Legitimate binary trading bot software allows you to set different trading criteria based on your trading style and risk tolerance. So, in theory, you can customize them to reduce the amount of work and analysis that you have to personally do in order to make good binary options trades.
Some of the other benefits of using a legit binary options robot are:
- Make trades without your human emotions involved
- Save time and make automatic trades while you are busy
- Are inexpensive or free through legitimate options brokers
- Can be integrated with multiple broker platforms
- Make trades faster than any human can
How To Avoid Binary Robot Scams
Read Reviews About the Binary Option Robot
The first thing you should do when you’re evaluating whether or not to use a particular binary option robot is look for reviews about the auto-trading software. There are lots of binary option robot review sites that rate various trading bots, which can help inform your decision. Many of these review sites also provide black lists of known binary bot scam brokers.
Some non-recommended and known scam broker sites to avoid include:
- Banc de Binary
- Bull Option
- Vault Options
Don’t Be Pressured Into Quick Sales
One thing that all scam brokers have in common is that they lure their victims in with high-pressure sales tactics. They often reach out using cold calling or cold emailing, or encounter you via social media, and push their options trading software on you.
Scammers may try to pressure you into signing up for a trading bot platform by saying there is some limited time offer that you’re going to miss out on if you don’t pay now. The key thing to remember here is that anyone who is pressuring you into signing up for trading software is likely a scammer — legitimate brokers do not need to use these kinds of tactics to get clients.
Never, ever purchase a binary options trading bot without first doing your own investigation into the software to determine whether or not it is legitimate. If you can’t find any positive reviews of a certain trading software platform, it’s probably fake.
Don’t Be Fooled By Fancy Images, Professional Statements, or High ROIs
Binary options robot scams also try to reel you in by making their software look highly professional and authentic. They might have things like screenshots and “testimonials” on their site to make their bots look like the real deal, but there really isn’t any way to know what’s real and what’s not. So, don’t let a polished, professional image trick you into thinking that any old trading bot is legitimate.
Additionally, binary options brokers (and all scammers, for that matter) usually promise you high ROIs that are simply too good to be true. The reality is that binary options trading is a very difficult trading market to make high returns in, and only very experienced traders do well in it. So, never believe any promises about “guaranteed” high returns if you sign up for a certain bot service.
Think Twice Before Making a Decision
Finally, always think twice before committing to a particular binary option robot service. Even if there are good reviews and the site looks professional, it’s impossible to guarantee that an options bot is high quality and will actually help you make good trades. So, make sure you’re still willing to take a risk and know that you could still end up getting scammed by the bot. When in doubt, always go with your gut feeling — if something feels off, it probably is.
How To Recover From a Binary Robot Scam
If you are the unfortunate victim of a binary robot scam, don’t despair. You may still be able to recover your stolen funds through a chargeback or other fund recovery tactics, and PayBack Ltd can help.
Our team of financial professionals and cyber crime experts has extensive experience dealing with binary options scams and other types of online trading scams. We will treat your case with the utmost care and do everything in our power to get your money back.
If you’ve fallen victim to a binary option robot scam, contact the fund recovery specialists at PayBack Ltd today.