Quotex Trading Bots | Why You Should Not Use Them


The purpose of Quotex trading bots is automation, a concept that isn’t new in the wild world of binary options with platforms like Quotex. But should you use them, really? We’ll explore several reasons why avoiding robots on Quotex is the way to go. 

Key takeaways

  • Bots are software or computer programs that place trades automatically.
  • Quotex’s platform doesn’t natively support robots.
  • There are several robot scams on Quotex that traders should know.
  • While bots provide some advantages, we don’t recommend using them.

What is A Quotex Trading Robot?

A trading robot or trading bot on Quotex is software that automatically places trades using a pre-programmed strategy. It’s a plug-and-play solution that automates the entire process of finding and executing opportunities in the markets. 

Robots were already in full effect when binary options became mainstream in the late 2000s. Despite their advantages, trading bots are highly risky in any market. In addition to the potential for being unproven or showing poor performance, many scams exist in this industry. Despite this, many brokers welcome bots mainly because they bring high volume, meaning more revenue.

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However, it’s worth noting that these platforms, including Quotex, don’t sell robots. Furthermore, you cannot run a bot on Quotex. Any bot advertised to work on Quotex is simply a third-party app or browser extension. You have to install this onto your computer while on Quotex before it handles all the execution automatically.

➨ Sign up with Quotex for free now!

(Risk warning: Trading involves risks)

Different Ways Of Getting Scammed By Trading Robots on Quotex

The first way to get scammed is to be lured into buying a robot from a professional-looking website with seemingly good reviews. Here, the so-called developers will present their robot as one with excellent results. These may either be from a small sample size or completely fabricated. The brilliant reviews may also be falsified to make the bot impressive and reputable.

Finally, the scammer may trick the potential buyer into believing the bot will function on Quotex after purchase. Sadly, this is when they would disappear once the user discovers that the robot doesn’t work on Quotex (or any other broker).

Another ploy is when developers create a website that’s strikingly similar to Quotex and which sells their robot. It may appear the website is associated with the real Quotex, but this wouldn’t be the case.

Pros Of Trading Bots

Endless connectivity

Assuming your internet connection is excellent, trading bots operate around the clock. Meanwhile, manual execution can’t always happen at this endless rate due to several limitations. This means a trader will miss plenty of opportunities.

Faster and voluminous execution

Bots allow users to execute their positions at faster rates than they could achieve normally. Furthermore, robots can trade bigger sizes or place many more trades. So, they let you take advantage of opportunities with perfect timing.

Time-saving

We know that manual trading is time-consuming. Meanwhile, robots can save ample time, allowing you to engage in other activities like a business, full-time, side hustle, or leisure activity.

Diversification

Robots make it possible to speculate in multiple markets and accounts simultaneously.

Reduces emotional errors

Even if you are intelligent, maintaining discipline can be challenging at times. Without the right mindset and emotional control, traders can commit mistakes that may cost them profiting opportunities or, worse, make them lose money. On the other hand, robots can stick to rules without deviation or uncertainty.

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Cons Of Trading Bots

Potential For Scams And Malware

Given their autonomous nature, bots offer the allure of quick profits. Sadly, scammy developers exploit this, creating poor-performing or fake robots to rip off their customers.

Something else worth noting is that binary options robots may bring malware once installed, causing havoc on your device.

Over-optimization

Many developers over-optimize their bots. This means designing an automated trading system that shows only the best results through repetitive fine-tuning

Often, these outcomes are based mostly on back-tested data, which is easy to manipulate. This information is unreliable for determining a robot’s effectiveness under real conditions. Furthermore, a robot may only be built to capitalize on one type of market (e.g., trends). This means that it will struggle in other kinds, like ranging markets.

Another issue is the track record related to the reliance on perfect results. Many creators only show a small sample size or data that covers a few months. Again, this does not indicate a robot’s long-term performance and sustainability.

Lack of Human Discretion

While robots are emotionally intelligent, they lack a human trader’s intuition. Ultimately, trading any market comes with many nuances. Robots are often too mechanical. After all, developers build to follow a fixed set of rules. Meanwhile, the average trader is more flexible and can spot sudden changes to those rules.

Technical Failures

While we mentioned that bots can work continuously, there is always a chance for a glitch. So, this can lead to missed opportunities or, worse, unintentional positions. We should also mention that you will probably have to monitor your robots periodically. So, they may not be as hands-off and time-saving of an approach if not properly developed.

Conclusion: Do Not Use Robots on Quotex

All in all, automated trading does provide several benefits. Sadly, it’s an industry with no oversight, particularly in binary options. So, it’s always going to be risky for customers on Quotex.

Ultimately, robots have more downsides than upsides, which is why we recommend that most traders avoid them.

➨ Sign up with Quotex for free now!

(Risk warning: Trading involves risks)

FAQs – Most asked questions

Do trading robots work?

While a robot may function as expected, this doesn’t mean it can produce consistently profitable results in the long run.

Are trading robots legal?

It’s not illegal to use trading robots in any market. 

How much do trading bots cost?

This depends on where you are buying them from. 

About the author

Marc Van Sittert
Marc Van Sittert is an experienced Binary Options Trader and coach who is originally from South Africa. He started his career in 2014 by trading old-school Binary Options online. His main focus is on short-term contracts with 60-second trades.

Write a comment

  • Daniel J Jean

    says:

    Is there a robot that will work with Quotex

    • Percival Knight

      says:

      No