Over the last few years, the binary options trading market has evolved extensively. In order to trade options online, a trader needs to have access to a trading platform which provides high level trading capabilities. Most binary options brokers today offer a 100% web-based trading platform which means that you do not need to download any software in order to trade. As the market has evolved, many companies are now offering additional binary option trading software to increase trading accuracy and success.
Option Trading Software Reviews
In my quest to find information on the best binary option trading software available in the market today, I was amazed by the number of reviews that are available online addressing this subject. Some companies offer their software for free whereas others charge a monthly fee to use their services.
So let us have a look at what is available in the market so that you can make an educated decision regarding using this type of software in your trading.
Trading Software List:
- Binary Options Auto Trader
- Binary Option Robot
- Binary Trading Bot
- Auto Binary Spy
- Binary options Auto Trader (BOAT)
Binary Options Auto Trader
The Binary Options Auto Trader is a fully automated trade copying solution and their core selling point is that their signals are not sent via email, SMS or telephone. Instead, these signals are sent directly to the trader’s computer and their software then trades these signals for the trader automatically. The Binary Options Auto Trader software is developed as a Chrome extension which means that you will need to have Google Chrome installed on your computer. Once you have subscribed with this company, they will then send you the link to download their software from the Google Chrome store. Once installed, the trader will then need to configure their account and at the moment, the Binary Options Auto Trader works with specific binary options brokers such as 24Option, OptionFair, StockPair, Enfinium, TopOption and Zone Options. If you do not have an existing trading account with one of their preferred brokers, you will need to open one. Once you have logged into your trading account through the Auto Trader software, the trader will need to insert the amount they want to invest per trade and once the automated binary options trading software is activated, you can sit back and relax.
When a trading signal is received, the trader will receive an alert and the software will automatically make the trade on the trading account. That is, it will select the relevant asset, the expiry of the trade, the direction (Call or Put) and the investment amount as specified by the trader. The trader does not have to do anything – the system is fully automated and will send signals automatically from 6am to 6pm GMT. This process will continue all day and in some cases, traders will receive up to ten signals per day. While this automated service sounds fantastic, it comes at a cost. The cheapest monthly subscription is $200 which is based on a maximum investment of $200 per signal, while the most expensive subscription is $3,000 per month. While many reviews praise the Binary Options Auto Trader software, you have to ask yourself as a trader if the subscription fee is worth the binary option trading signal software you receive. Give it a try and evaluate the results for yourself.
Binary Option Robot
The Binary Option Robot is fully automatic trading Bot software offering over 83% trading success. This trading robot software trades automatically and according to the site, in only three easy steps, you can see trading success. These include downloading the software, opening or logging in to the traders binary options trading account and pushing the ‘Auto Trading’ button. The software is made up of two parts namely, the robot interface and the broker interface. The trader has the flexibility to select the number of trades they would like per day as well as the investment amount on the robot interface. The trader can also select which currency pairs they would like the robot to trade. Once the robot receives a signal which is in accordance with the trader’s selection, a trade will be executed on the broker’s site within the trader’s trading account.
The Binary Option Robot is described as free binary option trading software and from the homepage of their site, they offer a free download for Windows and Mac. Once you do some digging though, you will see that this free binary options software includes access to one binary options broker, a maximum of two simultaneous trades, three trading systems including classic, Martingale and Fibonacci, two currency pairs, trades of five minute expiry and $20 per investment within the standard binary options trade option (Call and Put). You also have the option to purchase their full Binary Option Robot software for $79. This will give you access to four binary options brokers, namely, TopOption, OptionWeb, SetOption and StockPair. You will also receive seven maximum simultaneous trades and seven tradable currency pairs. Other services include a variety of expiry times, free lifetime upgrades and updates and an investment trading amount of between $5 to $100 per trade for TopOption, OptionWeb and SetOption and from $20 to $600 per trade on StockPair. The upside of this product is that they offer a 60 day money back guarantee.
Binary Trading Bot
When I first entered the website for the Binary Trading Bot, I couldn’t help but get the feeling that it was like another ‘get-rich-quick’ scheme. This trading software offers 100% automated binary options trading and no VPS is required. The added selling point is that you can turn off your computer and the software will still run. If you sign up with one of their recommended brokers, you will receive a cash match bonus for your trading account. Their recommended brokers include TraderXP, Global Trader365 and TradeRush. The cost for the software is a one-time fee of $47 and they also offer a 60 days money-back guarantee. No downloading is required as the software is 100% web-based and the trader simply needs to login to the Binary Trading Robot’s member’s area, input their trading account number and set the risk.
Auto Binary Spy
The Auto Binary Spy is a 100% automated binary options trading robot which specializes in commodity trading, including gold, silver and oil. This binary options trading strategy software costs a once-off fee of $37 with a 60 day money back guarantee. This site provides a lot of information regarding the benefits of using bots for trading such as stating that when a human trader and a robot were put to the test, the robot earned 7% more cash than the professional trader. The process of activating Auto Binary Spy is simple – once you have activated the robot, you then link it to your binary options trading account and within three minutes you will have access to trading commodities automatically.
BOAT Binary Options Auto Trader
BOAT is an automated web-based trading tool which is designed to increase a trader’s win ratio. The software has added features such as live graphs, automatic login and refresh, account stop loss, simulation mode, audio alerts, live logging and more. Once you have launched the BOAT application, the trader then has the choice of three trade execution methods namely, trade copying which allows you to copy the trade of another trader who has authorized this connection, scheduled trades which allows you to select a time for unattended trades and formula driven which allows you to choose a formula for trading such as RSI (Relative Strength Index) based formulas or Bollinger Band and to enter the parameters that it requires. All one year licenses also come with one free patch for your preferred binary options broker and BOAT recommends a variety of brokers such as 24Option, StockPair, Banc de Binary, OptionRally and many more.
The exciting part about BOAT is that they offer a free trial but this requires the trader to open an account and to make a deposit with one of their preferred brokers. Depending on the broker you select, you will receive free service for a number of months. For example, if you open a trading account with 24Option, you will get one year free BOAT service and if you open an account with Beeoptions, you will receive three months free. If you do not want to use one of the recommended brokers, their monthly license fee is $29.95 or you can purchase a lifetime service for a one-time fee of $199. The minimum system requirements in order to run BOAT on your computer are Windows 7, Windows 8, Windows Server 2008, Windows Server 2012, or OSX using Remote Desktop (Virtual Server License), dedicated 2GB RAM and CPU Core 2.0GHZ+ as well as high speed wired internet.
Disadvantages of Using Trading Software
While there are many benefits of using trading software to increase your trading success, you need to be aware that robots often miss good trading opportunities since they do not have the ability to analyze fundamental analysis. That is, when important announcements or news impact the price of an asset, the bot is not aware of this news until it impacts the price of the asset. By then it just might be too late to make the perfect trade. Some people also question the security of trading bots. As a trader, you cannot afford for anything to go wrong since it is your hard earned cash on the line. Finally, trading robots cost money and there is no guarantee that the bot will make you profits.
It is clearly evident that the binary options trading market is not short on choice when it comes to added trading software. My recommendation is to start with a free binary options trading software in order to see what it can do in order to boost your trading effectiveness. Make sure to do your research and to check reviews online in order to establish the advantages and the disadvantages of the trading software.