Ever since automated software found a foothold in binary options trading, there have been more and more apps claiming to make traders rich.
MoneyBot is just another name in a long list of automated software. However, very few of these supposed software providers are actually legitimate or can even report the kind of profits that they are promising.
The system claims to have an 85% success rate and promises to use flawless techniques to make as much profit as possible. This system claims that all traders, regardless of how new they are to trading, can use MoneyBot software with ease. It is time to decide whether or not any of these statements are accurate:
Accounts and Special Offers
MoneyBot has partnered up with a broker that goes by the name uTrader. This broker offers traders the option of choosing from five different types of accounts. These are the Start account, the Silver account, the Gold account, and the VIP account.
The most basic account is the Start account. To have access to this traders must deposit between $300 and $1000. This gets traders an introduction to the platform as well analytical and educational material. Next in line is the Silver account which requires a minimum deposit between $1001 and $5000. In addition to the services provided in the Start account, there are two educational classes and a personal analyst offered.
Then, there is the Gold account that requires a minimum deposit of amounts ranging from $5001 to $25,000. The bonus features here are four educational classes and a thirty minute review with an analyst each week. Then there is the Platinum account, which has a minimum requirement of $25,001 and $50,000.
This results in increased time with an analyst each week as well as a quarterly trading plan. Finally, it is the VIP account, which accepts minimum deposits over the amount of $50,001. You will be able to get account reviews upon request as well as a quarterly and annual trading plan.
There are several reasons to be concerned about the accounts on offer here. For starters, it requires considerable investment. Even some of the best binary options brokers do not require $300 to start up an account. Furthermore, these amounts quickly escalate without a lot in return. By doubting the broker, it is also feasible to be dubious about the automated trading software offered by MoneyBot.
MoneyBot Automated System Review
This automated system claims to work by following the strategies and trades made by experts and successful traders. However, the actual process behind this is not really explained. The website simply mentions that it is a complex system. Now, there are several things that can cause apprehension when this ‘copycat’ method is used. First, it is not necessarily reliable and is unlikely to produce the success rate that is advertised. Furthermore, MoneyBot does not actually mention who these professionals are. Therefore, traders have no way of knowing whose signals they are actually following. Thus, there is not much reliability and legitimacy attached to this automated system.
Being Careful With MoneyBot
Unlike many of the other binary options scams on the internet, MoneyBot does not necessarily claim to provide you with fantastic amounts of money. Still, there is much about this automated system that appears to be quite misleading. First, there is no information regarding who is behind this operation. There are no verifiable details and therefore it is difficult to trust that this is a legitimate organization.
Furthermore, when relying on an automated system, you will need to rely on real time communication with the individuals behind the software. Unfortunately, this is not an option available. Even with uTrader, although they claim twenty-four hour customer service, their agents are not always available.
After reviewing the website, the automated system, and the associated broker, it is safe to advise traders to proceed with extreme caution.
However, it is best to stay away from this operator completely. There is no evidence to suggest that they are an actual binary options trading entity, let alone that they are successful.
Furthermore, despite its statements about successful strategies, there are no actual profits discussed. Following this, traders actually cannot even predict how much they can stand to win or lose with automated system. To ensure that you do not lose your hard earned money, it is probably a good idea to not associate with MoneyBot.