BinRobot-Lady Review

Binrobot-Lady uses automated technical analysis to pick trades with 87% accuracy

 

Trading ‘robots’ have been employed by professional traders for several years now and similar products aimed at the retail market is a natural progression. The boom in popularity of binary options trading has led to an increase in the number of additional tools and services being offered to traders, including binary-options specific robots.

A trading ‘robot’ is really just a software-based algorithm that automates the technical analysis traditionally performed manually by traders. Technical analysis is the process of highlighting repeating patterns in the price movement, visualised in a chart, of an underlying financial instrument. The theory that underpins technical analysis is that short-term price fluctuations not caused by news on supply, demand and overhead costs (fundamental factors) are dictated by the mass-market psychology of buyers and sellers. This psychology is thought to manifest itself in buy and sell behavior patterns, which if isolated, give an indication of future price movement.

The different mathematical formulae employed to pick these price patterns out are referred to as technical indicators and oscillators. The more technical indicators and oscillators agree on the price pattern unfolding, the more accurate it is considered their mutual forecast is likely to be. The different combinations of these indicators that traders believe most accurately predict the future price trajectory of a particular instrument, in a certain market environment, are referred to as trading strategies.

Robots, such as Binrobot-Lady, automate the process of laying these mathematical formulae over an instrument’s pricing chart and highlighting the prevailing patterns. When the indicators and oscillators used in a trading strategy agree the software gives the trader a ‘signal’ on a trade that it expects to accurately predict the impending price direction.

 

 

Rating section

  • Bonuses: 0/100 (N/A)
  • Software: 85/100
  • Customer Support: 50/100
  • Options Choice: 70/100
  • Overall: 65/100

 

Ratings Summary

As a trading tool rather than a broker, the bonuses section here is not applicable to Binrobot-Lady. Available bonus offers will depend upon which of the brokers the robot is compatible with the trader chooses to trade with. As a piece of software, Binrobot-Lady is easy to use and performs its core function well – providing trading signals based on automated technical analysis. Customer support is somewhat lacking and consists of only an onsite enquiry form, something which could be improved and why the score here shows room for improvement. The nature of the product means that heavy customer support is not necessary but the addition of a live chat function would still be welcome.

Finally, while Binrobot-lady’s signals are only provided for 5 forex pairs, that can be considered as both a positive and negative. It’s a narrow selection of assets but only including those the indicators the robot works with show a high success ratio with must be considered a positive.

 

Company Information

The company behind the Binrobot-Lady binary options robot was established in 2014. There is not much else published on the company’s history, as is often the case with software companies. While binary options brokers and any other company that accepts client payments are obliged to publish company information, the same does not apply to trading robot software creators. No payments are processed by the company, which generates revenue from a commission paid by its partner brokers when a user opens a trading account with them. The trader simply receives trade signals and, having personally reviewed the information, makes a call on whether or not to place the binary option.

 

Trading Software

Binrobot-Lady’s software is set up through the product’s website. Users simply need to create an account and then choose one or more or the robot’s partner binary options brokers, all of which are CySEC-regulated. Our broker review section can be of help in making the right selection (link).

Users must then set up a preferred trading system. 3 default systems combining indicators are provided or traders can set their own combination. Binrobot-Lady’s software then works within the trading platform of the chosen binary options broker, as it has to work from its price charts, and offers signals on trades its technical analysis highlights. Binrobot-Lady’s software is programmed to use six different technical indicators:

  • Trend
  • RSI
  • Williams
  • MACD
  • Stochastics
  • CCI

 

Users have an automatic trade setting and a signals setting to choose from. In the former, the robot will automatically open binary options positions, at the investment value set by the user, as long as the user is online and has activated the robot. The second, which is what we would recommend traders stick to, only provides the signal with the trader then deciding whether or not to act on it and take the binary option.

 

Mobile

Binrobot-Lady’s own website does not yet have an app version and for now the robot’s software only works within the desktop browser-based trading platforms of partner brokers and not with their apps. However, modern browser-based trading platforms are always responsively designed and adapt to the smaller screen of a smartphone or tablet. While not quite as convenient as trading on an app via smartphone, they are still usable, allowing Binrobot-Lady to be used by traders on the go.

 

Trading Features & Fees

 

Binrobot-Lady has 3 default trading systems pre-programmed for user:

  • The Classic System
  • The Martingale System
  • The Fibonacci System

 

These systems use different combinations from the 6 indicators the robot can use: Trend, RSI, Williams, MACD, Stochastics and CCI. The user can also build their own trading system(s) from their own combination from these indicators if they prefer.

Binrobot-Lady’s default trading systems are compatible with five different forex pairs, which they have been demonstrated to have the greatest accuracy in providing signals for. However, users can, should they wish, apply the systems to other instruments offered by the broker(s) they have opened an account(s) with. Or use their own custom trading systems to provide signals on other instruments.

Users can also set their preferred risk level so signals are provided only if the trading system considers the current price pattern to be a more precise fit, and so more likely to be accurate. Alternatively, a higher risk setting would also highlight more potentially risky binary options trades more loosely aligned to the robot’s indicators.

 

Available Brokers

At the time of writing, Binrobot-Lady’s software is compatible with the trading platforms of 6 different brokers, all of which are CySEC regulated:

  • 24option
  • Bloombex Options
  • RBinary
  • Opteck
  • ZoomTrader
  • PlusOption

The list of compatible brokers is likely to increase and change so users should check what the current selection is. Each broker offers a different selection of tradable instruments, trading platform and general conditions. As such, users should research each broker before selecting one or more to open an account with.

 

Bonuses & VIP programs

Many binary options brokers offer traders bonuses as an additional stimulant to attract them to trade through their trading platform. These can come in different forms but are most commonly cash top-ups to deposits, ‘risk free trades’, where the investment stake on losing trades is returned and different education or training resources. CySEC-regulated brokers, the only kind Binrobot-Lady is compatible with, are limited in the kinds of bonuses they are able to offer traders, with, for example, the first two formats not permitted.

Binrobot-Lady itself does not offer bonuses so traders should check what bonuses the list of compatible partner brokers offer if this is a factor for them in choosing a broker. Our brokers review section covers bonuses offered and can be referred to.

 

Deposits and withdrawals

No payments are processed through Binrobot-Lady and all account deposits and withdrawals go through the partner broker(s) the trader has opened an account with. Again, different brokers will support different payment processing methods so the user should assess if they are happy with these when making a choice of compatible binary options broker. Bank wire transfer, debit and credit card providers and popular e-payment processors are usually supported but not every broker always offers all of these options.

 

Customer support

While Binrobot-Lady users should encounter relatively little requirement for customer support with such an easy-to-use product, one drawback of the software is that if assistance is required the only option is via an enquiry form found on the robot’s home website.

 

Extra features and resources

Binrobot-Lady provides a historical record of the success rate of the signals the robot has provided based on its default trading systems and the five forex pairs they are recommended to be used with. However, there is no objective means by which the publish record is verified so users have to take it on trust.

 

Verdict

Used as a support tool to relieve the burden of manual technical analysis, or to allow it in the case of traders who have not yet learned how to conduct technical analysis for themselves, Binrobot-Lady can be considered a very useful value-added tool for binary options traders. Traders should be cautious in completely relying on signals provided by trading robots and, as professional traders do, use them as a support and ‘trade ideas generator’ rather than a magic wand.

Applied sensibly, Binrobot-Lady is a nicely designed and useful trading robot that can be of real use to both beginner and more experienced binary options traders.

 

Pros

  • Free to use
  • All compatible partner-brokers CYSEC-regulated
  • 3 pre-set trading systems
  • 6 indicators traders can use to build their own customised trading systems

Cons

  • Enquiry form only customer support channel
  • Automated trade function could lead to traders being lazy and relying entirely on the robot’s signals when placing binary options instead of using it as a support tool as best advised.
  • Lack of objective verification for historical success rate

 

FAQ

  • Is Binrobot-Lady a Scam?

Trading robots cannot technically be a scam as traders must still make the final call on whether or not to place a binary option based on a signal provided. The trading systems used can be bad but in Binrobot-Lady’s case the three default systems are all commonly used by traders and accepted methodology. Other custom trading systems built using the indicators the software is programmed for are created by the user so responsibility must lie with them if they show poor results.

 

  • How much does Binrobot-Lady cost to use?

Binrobot-Lady itself is free-to-use software. The company generates revenue by earning commission from trading accounts opened with the 6 CySEC-regulated binary options brokers it has partnered with and whose trading platforms the robot is compatible with.

 

  • How accurate are the signals provided by Binrobot-Lady?

BinRobot-Lady’s website claims 87% accuracy in its signals

 

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