It often seems that every time you visit a website related to binary options, there is a business advertising their software.
Binary Options Robots Australia – Are They Legitimate?
Of course, all of these promise excellent results and you don’t have to involve yourself with the trading either. As with anything that appears to be too good to be true, you may be wondering are binary options and binary options robots legitimate? This article tackles this very question, allowing you to determine whether or not this the right avenue for you.
Top Rated Legitimate Australian Brokers
You basically have these options (and let me explain below):
|Name||Min. Deposit||AU License||Features||Review|
|AU$50||YES||+ BINARY TRADING|
|AU$200||YES||+ COPY TRADING|
So what’s the difference between the two? Well there are actually 3 options, but I have removed one to make it easier for my readers to choose a legit broker.
This is your top choice. Highlow is a regulated Australian binary options trading broker. They have a very low deposit of only AUD50 and they have a valid ASIC license. Unfortunately they do not offer any binary options robot compatibility. However this is still the closest to what you are looking for (read below why the other options are worse).
eToro is a regulated trading website. You can trade stocks, commodities, cryptocurrencies, forex and much much more. They have millions of active traders and a great reputation.
eToro has a unique feature called “copy trading”. With this, you can select successful traders and copy their strategies on auto pilot. So it works pretty much like a binary options trading robot. There is only one catch: eToro does not offer binary option trading.
However due to the fact that eToro is a trusted and regulated brand, I recommend this over option 3.
Option3: FXMasterBot (removed from the table above)
Well you probably came here because you are looking for a binary options robot in Australia. FXMasterBot is the “best” trading robot out there. They offer a real binary options trading robot. However all brokers that accept Australian traders are unregulated. There are a few horror stories about binary options brokers stealing traders’ money (and all of them are unregulated), so I don’t really recommend this option.
But if you want to check it out here it is.
Not All Trading Robots are Scams
Yes, there are a large number of fake providers but there are also ones that are legitimate and accept Australian traders.
This is how to get started with binary options robots:
- Usually the robot software give you a list with all brokers, they are compatible with.
- If you choose one of those brokers, and make a first deposit, you usually get the software for free. The money will be deposited on your broker account. The trading software will have no access to it.
- You will then need to adjust the settings according to your preferences.
- When all is set, you can start trading on auto pilot.
The software will begin trading for you. You should also remember that just because a robot is authentic, doesn’t mean that the software is very sophisticated. This is something else that you will need to watch out for as well.
I always recommend you deposit the minimum at first, to see how the robot performs.
The Advantages of a Auto Trading Robot
Now, the next thing that you may be concerned with is if there are any benefits to using binary options robots.
- This type of software is typically touted at those just starting out with this type of trading.
- They don’t have a lot of skill or knowledge at their disposal so they are looking for some simple options.
- The robots provide them with this avenue, allowing them to simply sit back as the trades are made for them. This is also seen as a good solution for traders who don’t have a lot of time on their hands.
- Instead of having to constantly monitor the markets or pay attention to charts, the software places trades at appropriate moments.
As you see trading robots have quite a few advantages.
Is It Worth It For Australian Traders?
While there are free robots available, you will need to pay a monthly fee for most of these software. Also, you will only be able to use brokers that are compatible with that particular type of robot as well. Despite what is advertised, it is quite likely that a robot can be just as wrong as you. This is because the robots rely on signals. Once they receive one that is relevant to your trade settings, they will place the trade.
The most recommended binary options trading robot for Australian traders is FXMaster Bot.
Therefore, there is no guarantee that they will be any more successful at the trade than if you were following the signal. Of course, the downside here is that the robot will just follow the signal. The software will not stop to consider whether or not the signal is a reliable one.
Is It Right for You?
As mentioned, this is often see as a great opportunity for novice traders. However, it is a very passive method of trading. As a result, you don’t really end up learning anything about placing binary options trades.
You just let the software do it for you. On top of that, there is also no guarantee about the profits that you will make. Therefore, you will need to determine what you expect to get out of binary options trading and if the robots help you achieve this goal. While the robots may cut down on how much effort you have to expend, it will not aid you in gaining any skills.
This should answer the question, are binary options legitimate. With the information provided here you should also be able to figure out whether it is something you should invest in.