Top 5 Binary Options Robots for 2016
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Auto trading involves the use of systems and tools to automate trades in such a way that traders do not have to manually press the execution button.
This is a similar concept to that used in Forex trading, where traders are able to code various messages (e.g. on the MT4 Platform), in such a way that even when they are not around, the MT4 system picks trades based on those rules and executes accordingly.
In binary options, there is a slight adjustment in the sense that binaries have expiry periods, whereas, forex trading has no expiration unless you insert stop loss/take profit limits, or run out of account money/margin limits.
Types of Binary Options Auto Trading
There are three major types of binary options auto trading systems. They are distinguished by the process of placing trades or the level of interaction a trader can have with the system.
Social/Copy Trading: This type of trading earned its name from the social media features included in the system. Social/Copy trading basically refers to the form of trading where traders come together for the common good helping each other out. It is a platform developed to allow traders to copy others’ trades for given period.
This activity can involve copying multiple trades at a time from amongst different traders or simply copying the trades of a single expert trader. Most forex platforms already have this feature including Ayondo Social trading platform, eToro platform and Tradeo, among others.
As for binary options, good examples come in the form of BestoCopy, ZuluTrade, and AnyOption’s CopyOp social trading platform.
Binary Options Robots: These are pretty common these days as many developers and expert traders join hands to come up with trading robots to sell to the masses that salivate to join the binary options market, but lack the skills and experience to succeed.
The best example in this case is Binary-Option-Robot.com and BinaryOptionRobot.com.
Binary Options Auto Signals: This is pretty similar to Binary Options Robots, but in this case, the system is designed in such a way that traders receive the signals first, after which, they can choose whether or not to execute.
These signals are auto-generated based on a number of technical indicators. In most cases, traders also have the opportunity to activate the auto-trading button. The ideal example in this case includes Binaryhedgefund.com, SignalPush.com and Algo-Bit.com, among others.
Challenges in Binary Options Auto Trading
The binary options auto trading marketplace has brought both good and bad image to the binary options industry. It’s been good because it has helped most traders who would have otherwise, due to lack of trading experience failed to join the market, to be part of it now.
On the other hand, ill-minded people have taken advantage of this opportunity to defraud unsuspecting novice traders by offering services ghost services. Internet scams related to binary options have been plenty especially in this category of auto trading, because at the moment, no one really regulates auto trading services.
Most of the players in this market are not regulated by any regulatory body, and while a good number of them do provide the service in good faith, others are just out there to take your money. Therefore, be careful when choosing your next binary options auto trading platform.
So how do you go about it?
The best way to begin is to identify auto trading platforms that are regulated by various regulatory bodies.
Most of the social/copy trading platforms are regulated while those that offer their services via a specific broker also paint a good picture because essentially, your money is with the broker, and you are only using the auto trading platform to execute trades.
For instance, BestoCopy and CopyOp’s partner brokers are both regulated by CySEC, while Algo-Bit’s partner is regulated by Gibraltar Securities and Exchange Commission. So it is good to try to identify legal binary options auto trading platforms.