Why an IQ Option robot is probably a scam for your money

IQ Option is one of the most prominent Binary Options brokers licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). It is a legit trading platform available to users around the world. Established in 2013, IQ Option is known for its reliability, transparency, and innovativeness in the trading world.

As a cutting-edge platform, it provides high returns (up to 100% payout), allows a minimum initial deposit of $10, quick withdrawals, secure account verification, access to crypto markets, etc.

What is an IQ Option robot?

The IQ Option Robot (popularly referred to as IQ Bot) is used to practice automated trading on the IQ Option Trading Platform. The IQ Bot is a free feature provided to the users to work as their assistant for day trading in the stock market. The IQ Bot servers analyze the real-time stock market data with intraday trading indicators.

IQ Bot allows trading to take place without the need for physical involvement. As a trader, you will need to set up the software and link the same to your trading account. The IQ Bot will automatically start conducting the necessary analyses and executing your trades.

Pros & cons of a trading robot

There are several pros and cons using a trading robot. Let’s have a quick overview before going into detail.

Pros

The favorable reasons that support the adoption of the IQ Bots are:

• The Trading Robots are available to trade consistently throughout the day.

• IQ Bots make practical decisions based on thorough market research and analysis.

• Robots are highly efficient means of trading.

• IQ Bots assist you in trading even when you have no experience or knowledge of the market or its trends.

• You can make more trades via trading robots while investing less time and effort.

Cons

The downsides that make trading robots an unfavorable choice are:

• Trading Robots are efficient in performing technical analysis, which involves price charts and market statistics but are ineffective in conducting fundamental analysis, i.e., making judgments as per news analysis, etc.

• These are not suitable for the traders who want to hold their trades for a longer period as these only perform short-term trading, i.e., scalping.

• A high number of trading robots available in the market are scams. These are present for the sole reason to steal large sums of capital from traders.

Is the IQ Option robot legit or scam?

The IQ Bot is a captivating option, especially for new users looking to make easy money. Such users instantly get attracted to the IQ Bot feature due to its user-friendly interface and auto trading strategies. This will save them the time and efforts of monitoring the trading charts, market trends, price fluctuations, etc. But is this benefit worth the loss they might face due to IQ Bots? No.

Due to the high popularity of the trading robots since their introduction, they have become a common trade for scammers. Not all are honest in a bundle of trading robots; some are simply set-up scams to steal all your money. 

The IQ Option Robots genuinely assist the traders, making them more efficient and increasing their profits. Their assistance is very advantageous, especially in those cases where human beings are not quick enough to take advantage of an excellent trading opportunity. But you can avail of this benefit only by choosing the right robot.

You will easily find many trading robots on Google Play Store if you have an Android device. Research on the trading robot scam concluded that most trading robots are scams. The users should check the reviews on the site before installing a trading robot. Also, you should first trade the robots on your demo account to check their authenticity.

The main reason for trading robots being a scam is this basic question that comes to our mind when we think of getting an IQ robot: Why would somebody offer a trading robot to unknown users instead of using it to earn high profits?

Apart from some robot providers who have an actual tie-up with the trading platform, most of them are looking to scam unsuspecting users. If robots are a real source of income and profits, nobody in their right mind will sell them. If they are still providing the trading robots, there are high chances of:

• Scammers are trying to steal your account data through robots.
• Robots are not providing the estimated results/ profits.
• Scammers are on the lookout to provide you with a fake trading robot to steal all your money.

Tips to safeguard yourself from an IQ bot scam

Many sham brokers are waiting to trick you into purchasing their fake trading robots. Once you become a pawn in their scheme, they will deposit money by placing trades through your trading account, whether non-refundable or non-withdrawable. They steal deposits by making consistent losses on your trading account till it is completely wiped out.

The below tips will help you successfully identify the right trading robots, those that are genuine and not looking to rip you off. Whenever you are in search of an IQ Option Trading robot, you should always:

• Check the legitimacy score of the IQ Bot. All legit trading robots have a score above 70%. If your chosen IQ Bot has a lower score, you should automatically opt-out. 

• Check the hosting domain of the IQ Option robot provider. If a platform is continuously changing its hosting domain, they are scammers doing it to avoid being caught if their schemes are revealed to the public. 

• Check the reviews shared by the past users who have already tried your chosen IQ Bot to know if they have faced losses of huge amounts of money. 

• You should steer clear of the IQ Bots with an unsafe sign-up process. These do not provide user data security and constantly share unsolicited offers to the traders. Such websites are not SSL protected, making hackers steal data by intercepting traffic. 

• If a website has a poor design, you can consider it a red flag. No scammer will waste their time or efforts on creating aesthetic web pages. You should judge the website by its design. 

• If there is no information available regarding the past trading history on the website, then it should create some doubts in your mind. If a website is genuine, it will make its trading history visible. 

• If the period of the IQ Bot on the market is short, you should be concerned. It may be a scam or a genuine trading robot recently launched. But as it doesn’t show years of experience, you should be varied in the IQ of robots. 

• You should test the reliability of the IQ Option Robot via the demo account. You can apply the trading robot software without risking your capital. 

The final verdict

Trading has given us a way to invest our funds in the hope of increasing our profit level. It has also introduced us to non-human traders, particularly IQ Bots. The increased popularity of these trading robots has elevated the number of scams. It is highly recommended to conduct proper research and analysis before selecting an IQ Option Robot to avoid losing your money to scammers.