If you have been trading binary options for a while, you might have come across the term trading bots. But have you ever used it? Do you know how trading bots can help and disappoint you? We will clearly explain trading bots through this post so you don’t make any mistakes.
Among the possible options, Olympbot is a popular name. It helps traders have a constant win rate of around 72%, so their trading portfolio does not get ruined. But should you use this Olymp Trade robot? Or is it a scam for your money? Keep reading to get the answer.
(Risk warning: You capital can be at risk)
What you will read in this Post
Olymp Trade bot review: Is it a scam?
Olympbot promises to offer free services, but you will have to deposit the money once you get yourself registered with the application. Many traders have claimed that the bot has denied them their pay as they have used the bot for binary options trading. So, it is advised to stay away from the bot.
But one cannot deny that Olympbot can be used on Olymp Trade demo accounts to improve your trading game. Like many traders, you can also benefit from the bot if you have a stable internet connection on your device.
That means the choice is yours- you can use the trading bots or completely avoid them.
(Risk warning: You capital can be at risk)
Why do people use trading bots?
The main reason people use trading bots is that it helps earn huge profits in a short period of time. Interestingly the trading bot does all the work on your behalf. It selects the currency pairs and makes a trade. All you have to do is handle the withdrawals.
Olympbot claims to be the best platform, but it does not have as much traffic as it claims to. What impresses the customers is its promise of offering a 72% constant profit. But sometimes, maintaining such a good profit balance gets difficult because the binary options are an unpredictable market.
Honestly, Olympbot can be seen more as a gambling system, making you lose your money. While it guarantees a 72% constant profit rate, you cannot eliminate the risk that comes with this bot.
Olympbot acts as an affiliate program that redirects traders to the Olymp Trade platform. It is done, so traders get themselves registered with that trading broker.
(Risk warning: You capital can be at risk)
Benefits and risks of using online trading bots
Like any other trading aspect, trading bots also have risks and benefits. We have outlined some major perks and risks of using online trading bots so you can make an informed decision.
Advantages
You can trade throughout the day
One of the best things about trading bots is that it lets you trade throughout the day. The bots function 24/7 without stopping, so you can better understand the trading market.
Traders who do not use bots are limited to trading for specific periods of the day. It happens due to their commitment to work, leisure, or family. But if you don’t want to miss any important movement in the trading market, you should use trading bots. A reliable trading bot works without breaks, so you do not miss any valuable opportunities.
(Risk warning: You capital can be at risk)
Not controlled by emotions
One major advantage of trading bots over humans is that emotions do not control them. That means reasons and statistics influence all the decisions they make. While using trading bots, you can rest assured that they won’t make you lose money by getting controlled by emotions.
But it’s worth mentioning that trading bots are operated using a set of commands and algorithms. No matter how the market acts or moves, the bots will stick to the rules.
Operates efficiently
Another interesting feature of Olymp Trade is that it operates efficiently. Unlike humans, bots are more effective as they can properly scan the market in no time. Once the market is scanned, you can find better trading opportunities.
A human trader will take more time to analyze the market and find profitable trading opportunities manually.
Anyone can use it
The biggest advantage of trading bots is that anyone can use them. Whether you have been trading for a while or have recently entered the market, you can quickly understand how the trading market works and save yourself from all the coming losses.
Also, when you use trading bots, you don’t have to go through a rigorous learning process. You have to use the trading bot and earn huge profits.
Disadvantages
Not good fundamental analysis
While the trading bot is able to analyze the market 24/7, it cannot be considered good at doing technical analysis. Your trading bot might not be able to read the historic market statistics and asset price movement.
So, if you are using a trading bot to make appropriate judgments, you might not be satisfied with the result.
(Risk warning: You capital can be at risk)
Uses scalping method
Binary options broker bots are known to use scalping methods. Unfortunately, this method is not suitable for traders who want to hold the assets for a longer period.
Scams
Binary options trading bot scams are not a new thing. There are many cases of traders losing their money due to trading bots.
Power and internet
If you want to use trading bots, you need stable power and an internet connection. If the internet speed is not satisfactory, the trading bot might not be able to make proper trading decisions. As a result, you might lose money.
Conclusion: Olymp Trade robots are probably a scam
Binary options trading bot has become common. Mostly, Olympbot is used by traders to make automatic trades. Surely, some traders have had bad experiences with this trading bot, but the advantage of using Olympbot cannot be ignored.
It is a reliable trading bot that can make automatic trades and maintain a constant win rate of around 72%.
FAQs – Frequently Asked Questions
Should you rely on trading bots?
Honestly, the reliability of a trading bot entirely depends on how reliable the company marketing it is. So, it’s important to do detailed research to gather relevant information about the company. If the company is trustworthy, you can trust the bot with your money. For instance, Olymp Trade is a reliable trading platform. That means you can trust Olympbot.
Do trading bots work even after you have logged out of the account?
The trading bots turn off when you log out of your account. But if you want, you can continue to make auto traders even without entering the trading world.
(Risk warning: You capital can be at risk)
