Binomo bots are software programs that complete trades automatically. They provide predetermined algorithms and execute trading strategies on traders’ behalf. This means they can collect data, analyze, interpret, and review potential risks. However, although they automate the trading process, they have certain disadvantages.
While Binomo bots may sound like a quick fix to winning trades, knowing if they are legit or a scam is crucial before using them. This article discusses Binomo bots, their pros and cons, and the risks involved in using them.
Key Facts
- License: Binomo bots are not licensed or regulated by any financial institution
- Minimum Deposit: The minimum deposit required is based on the type of Binomo bots used
- Accessibility: 24/7
- Risk: High risk of a scam involved when using Binomo Bots
Is Binomo Offering a Trading Bot?
No, bots are not allowed on the Binomo trading platform. Although Binomo bots simplify the trading experience, they come with huge risks that put traders’ investments at risk. They contain viruses that can affect your account and reveal your trading moves to third parties. As a result, Binomo does not officially allow bots on the site.
(Risk warning: Trading involves risks)
Bots violate the platform’s values of fairness, honesty, and reliability. It prides itself on being a site built for people by people, so enabling bots goes against its purpose.
Regardless, independent suppliers have created multiple versions of Binomo bots, including browser and in-app versions.
However, while these bots are available, they are illegitimate on the website. The developers who created these bots are not affiliated with Binomo in any way. So, Binomo will not be held liable if you encounter fraudulent activities while using bots on the platform.
The High Risk of Using Third-Party Applications for Traders
Third-party tools can help traders monitor their accounts. However, they carry risks that can ruin your investment or cause you to lose your account on the Binomo website.
Below are some of the risks associated with using third-party applications on Binomo:
Technical Risks
Trading with Binomo bots exposes you to technical risks like software bugs, glitches, and malfunctions. These can be due to coding errors, compatibility issues, issues with the data feeds, etc.
For instance, software bugs or glitches may make the bots execute trades incorrectly or not execute trades at the right time. A bug in the algorithm may make the bot misinterpret market signals or place trades based on inaccurate data.
So, the slightest glitch can have a huge financial impact. Trading is fast-paced, hence, any delay or error can make you miss profitable opportunities. As a result, relying on bots to execute trades may put you at a disadvantage if technical issues occur.
Market Risks
Binomo bots work with predefined rules and parameters. However, the trading market is very unpredictable and may not follow the predefined algorithms that bots are structured to work with. So, traders may experience a huge loss if the bots don’t adapt to market changes quickly.
For example, if the bot’s algorithm is programmed to execute trades based on certain market patterns, it may struggle to react effectively if there is a change in market sentiment. Therefore, the trader may miss an opportunity or not gain an expected profit.
(Risk warning: Trading involves risks)
What Are the Different Ways of Getting Scammed by Trading Bots on Binomo?
We have observed that using trading bots on Binomo puts you at risk of being scammed in the following ways:
Malicious Software
The developers creating Binomo software are unregulated and illegitimate. So, they may distribute malicious software to the trading bots. Once installed on your device, they may steal sensitive information like your login details and financial data, manipulate your trading activities, and make unauthorized trades.
Phishing Scams
Scammers may use phishing tactics to trick you into revealing your details and other sensitive information through bots. They can send fraudulent emails, messages, or advertisements that may compromise your accounts.
They may also pretend to be associated with trusted entities related to Binomo to access your data. So, you may compromise your investment and account while sharing your information.
Third-party Interference
Some Bimomo trading bots may integrate third-party platforms for additional features. This gives them unauthorized access to your information, putting your account and investment at risk.
Bots may also share their trading techniques with others, resulting in low trade performance and huge losses.
(Risk warning: Trading involves risks)
Pros and Cons of Trading Bots
Some of the advantages and disadvantages of using bots include:
- 24/7 Operation: Trading with bots allows you to be active in the trading market 24 hours daily. As a result, you can actively monitor market activities to make proactive trading decisions. It also ensures you don’t miss opportunities to make profits.
- Efficiency and Speed: The best trading bots execute trades faster than manual trading. They analyze market data and leverage market fluctuations quickly.
- Backtesting: Some trading bots allow you to test your strategies with historical data. This allows you to review your strategy’s performance before investing. It may also suggest ways to refine your strategy to get better results.
- Technical complications: Besides bugs and glitches, bots are very complex, especially for beginners. You may need advanced knowledge of trading strategies. Other tactics to know include API integrations, market parameters, etc.
- Rigidity: Trading bots are structured to follow predefined rules. So, they may be unable to adapt to unexpected conditions, leading to losses and missed opportunities.
- Lack of human touch: Trading bots cannot make intuitive decisions; they work with designed strategies. This limits their ability to interpret market sentiments and trends.
- Scams: Using trading bots exposes you to scamming activities like phishing, malware, etc. It may also bridge your privacy and lead to data and financial loss.
Which Trading Bots Are Available on Binomo?
Below are the types of trading bots you can use on Binomo:
Bot BinPro
Bot BinPro is a Google Chrome extension for Binomo that works as a personal trading assistant for automating your trade and analyzing strategies.
It integrates seamlessly on the platform and has a user-friendly and intuitive interface for easy navigation. However, you must deposit a minimum of $250 to use the ready-made bots on the platform.
In addition, the brokers enabling these trades don’t have licenses and are not monitored by financial control authorities.
BinoRobot
BinoRobot is third-party software that allows you to trade on Binomo automatically. It offers proven strategies for effective trading. You can also try all the strategies they provide without any deposit.
However, using BinoRobot puts you at risk of being scammed or exposing your privacy to third-party applications.
BCube
BCube is a Binomo bot that claims to make trading easier when you download its Google Chrome extension. The robot allows users to choose a custom setting and begin trading using the Martingale system. After we reviewed the BCube website, they claim to allow indicator auto trading, allowing users to provide multiple timings.
Since BCube was created by an independent developer, you should know that it doesn’t have a direct relationship with Binomo. The bot also places you at a risk of security issues, especially because it’s a third-party application.
Obsignals — Signal-Based Bot
Bots can be algorithmic, signal-based, or arbitrage-based. Obsignals is a signal-based bot that follows a different approach from algorithmic-based bots like Binorobot and BCube. This bot claims to offer close to 150+ daily signals with an accuracy of 90%.
Obsiganals has been in operation since 2017 and we observed that they claim to save time, help decision-making, and diversify trading opportunities. It’s compatible with Binomo and other brokers like iqcent, PocketOption, Quotex, and many more.
Conclusion: Do Not Use Robots on Binomo
Although Binomo bots exist, we don’t recommend using them to trade on Binomo. They offer huge risks that may ruin your activity on the platform and cause financial losses. The developers creating Binomo bots need to be regulated by financial bodies, making them unreliable.
In addition, since Binomo does not officially accept bots, you will take full responsibility for the risk you experience while using Binomo bots. Therefore, we do not recommend using bots on the Binomo sites. Instead, gather adequate experience to trade effectively and dedicate time to monitor market trends and trade safely.
(Risk warning: Trading involves risks)
Most Asked Questions:
Do Binomo Trading Bots Work?
While Binomo trading bots help traders trade, strategize, and analyze market data, they are not always effective. Their ability to provide accurate results depends on different factors like market conditions and strategies.
Can Professionals Use Trading Bots?
Traders with any level of experience can use trading bots. Professionals and beginners use them to trade efficiently. However, trading bots come with various challenges like technical complexities and data breaches that may put your account at risk.
What Types of Trading Patterns Do Bots Do?
Bots may take a small turn, track the market, or buy or sell passively. They make trades based on simple or complex market parameters. Some of these parameters include price, timeframe, or order volume.
Can I Use Trading Bots During the Day?
You can trade with bots at any time of the day. However, while you may use trading bots to streamline your trading activities, they can’t replace your experience and expertise. You still need to monitor the market regularly for the best results.
