Which Is The Best Bot For Binary Option Trading?
Best Binary Option Bot - Pocket Option
Top binary options autotrading sofwtware providers:
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Pocket Option - Offers a user-friendly mobile app with copy trading option
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Quotex - Stands out with its innovative trading tournaments, allowing users to compete and potentially enhance their earnings
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IQCent - Has a low minimum deposit requirement of just $10, making binary options trading accessible
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BinaryCent - Allows Copy Trading to replicate the trades of successful investors automatically
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Deriv - Offers flexible trading conditions, offering both binary options and forex trading on a single platform
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CentoBot - Offers automated trading with a focus on customization, allowing users to tailor their trading strategies
Manual binary options trading is demanding, requiring constant attention and quick decision-making, leading to challenges in keeping up with fast-changing markets and avoiding emotional errors. That's where binary options robots and auto trading systems come in. These are like smart tools that do the trading for you, promising to make things faster and more accurate. But with so many options out there, traders need to figure out which robots are the best.
This guide reviews the top 6 binary options robots, checking out what they can do, how well they work, and if they're a good fit for traders who want to make their trading more automatic.
Start trading binary options right now with Pocket Option!-
What is a binary bot?
A binary bot, short for binary options robot or trading bot, is an automated software designed to execute binary options trades on behalf of traders. These bots use algorithms and predefined criteria to make trading decisions without requiring continuous manual input.
Are binary trading bots real or fake?
Binary trading bots are real, but their legitimacy varies. There are reputable and effective bots designed to automate trading processes, but there are also fraudulent ones.
These bots operate without emotions, following predefined rules, which is perfect for traders who want to eliminate impulsive decision-making. With advanced algorithms, they also analyze market trends and execute trades at the right time, making them ideal for analytical traders who rely on data-driven market analysis.
While bots offer advantages, they don't guarantee profits, and users should be cautious of scams. Research thoroughly and consider the risks before using any trading bot.
Two Types of Binary Trading Bots:
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Copy Trading - Copy trading involves a binary options bot mimicking the actions of a successful trader, automatically replicating their trades in real-time to enhance user profits or learn from their strategies.
👍 Pros
• Beginners can follow top traders' actions without in-depth market knowledge.
• Understand trading strategies by mimicking successful traders.
👎 Cons
• Success relies on the chosen top trader's decisions.
• Less control over individual trade choices.
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Trading Bots provided by the Broker (Platform)- Trading bots provided by the broker are integrated tools within the trading platform, enabling users to automate binary options trades directly through the broker's interface based on predefined parameters and strategies.
👍 Pros
• Easy access directly through the trading platform.
• Often comes with support and guidance.
👎 Cons
• Might lack advanced features for seasoned traders.
• Relies on the broker's platform and services.
Also, there are free and paid binary trading bots:
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Free Bots- Free bots provide an accessible entry point for users to explore and experiment with automated trading without incurring upfront costs, allowing beginners to get a feel for the technology before committing financially.
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Paid Bots- Paid bots, being premium options, often come with enhanced features, greater reliability, and dedicated support, offering a more comprehensive and advanced trading experience.
Top 6 Binary Bots Comparison
| Broker | Type | Min deposit | Paid or free |
|---|---|---|---|
Copy trading |
$5 |
Free |
|
|
Copy trading |
$10 |
Free |
|
|
Copy trading |
$20 |
Free |
|
|
Trading bot |
$250 |
Free |
|
|
Copy trading |
$5 |
Free |
|
|
Trading bot |
$250 |
Partly Free |
Pocket option
Pocket Option is a global broker offering binary options with lots of features in trading platforms and an impressive array of assets. With a minimum investment of just $5, beginners should venture into trading.
Key Features:
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Pocket Option Robot - The platform provides an automated trading solution through the Pocket Option robot. This feature empowers users to trade various assets, including stocks, Forex, and cryptocurrencies, without the need for manual intervention.
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Copy Trading Platform - Pocket Option boasts one of the largest copy trading platforms in the binary options market. Users can seamlessly subscribe to signal providers, enabling automatic execution of trades and streamlining the trading process.
How to Launch the Bot
To initiate automated trading on Pocket Option, follow these steps:
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Sign up and create an account on the Pocket Option platform.
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Deposit a minimum of $5 to fund your trading account.
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Choose your preferred trading platform, be it MT4, MT5 or the dedicated apps.
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Explore the copy trading feature by subscribing to signal providers for automated trades.
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For hands-free trading, utilize the Pocket Option robot, which automatically executes trades across various asset classes.
👍 Pros
• User-friendly interface
• Low $5 minimum investment
• Diverse asset options
• Accessibility across multiple platforms
👎 Cons
• Non-regulated broker
• Limited education resources
• Lack of in-depth Market Analysis tools
Quotex
Quotex is a reliable binary options broker with a user-friendly platform, requiring a minimum investment of $10 for both beginners and experienced traders. It stands out for advanced charting tools, a comprehensive copy trading service, and responsive customer support, but users should be aware that it's a non-regulated broker, which comes with inherent risks.
Key Features:
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Advanced Charting Tools - Quotex provides traders with advanced charting tools and to implement with the bot hence making it easier to make informed decisions.
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User-Friendly Binary Auto-Trading - The bot’s intuitive design ensures easy navigation and effective use of automated trading features.
How to Launch the Bot
To initiate automated trading on Quotex:
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Create a user-friendly account with basic information.
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Accessible to beginners, the platform welcomes all with a low $10 minimum investment.
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Explore diverse tradable assets, utilize advanced charting tools, and engage in copy trading.
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Make use of the user-friendly binary auto-trading feature for an enhanced trading experience.
👍 Pros
• Low Minimum Investment of $10
• Advanced Charting Tools
• Responsive Customer Support
👎 Cons
• Non-Regulated Broker
• MT4 or MT5 Platforms are not available
IQCent
IQcent empowers every client to become an investor receiving additional profits without active trading. The platform offers a Copy Trading feature that seamlessly connects users with top signal providers
Key Features:
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Algorithmic Trading Strategy - The bot utilizes a sophisticated algorithm that incorporates MACD and RSI indicators.
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Cryptocurrency Pair Selection - The bot focuses on trading the most popular and widely used cryptocurrencies. It likely employs a robust selection process for determining which cryptocurrency pairs to trade. This could involve analyzing historical trading data for each currency pair to make informed decisions.
How to Launch the Bot
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Set up your account through a simple process of creation, verification, and a minimum deposit of $20.
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Access Copy Trading directly through the trading terminal.
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Choose from the top 10 signal providers based on their performance.
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Specify an investment amount ($20 to $1,000).
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Initiate the "Follow" action to automatically copy the selected signal provider's trades.
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Subscribers can simultaneously track and mirror trades from 1 to 10 signal providers.
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To stop copying trades, click the Stop button next to the name of the selected trader.
👍 Pros
• Clients can enjoy additional profits without actively engaging in trading.
• 10 best signal providers
• Flexible Investment ranging from $20 to $1,000
👎 Cons
• Lack of MetaTrader Terminals
• Lacking Safety Measures
Binary Cent
BinaryCent provides a user-friendly trading experience through its Bot, offering an easy interface suitable for traders of all levels. With a diverse range of tradable assets, including currencies, commodities, and indices users have ample options for diversification.
Key Features:
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Copy Trading and Binary Options Bots - The copy trading eature is accessible for all account types, allowing users to follow and replicate the trades of more experienced traders. Additionally, the platform offers binary options bots for algorithmic trading, enhancing trading efficiency.
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Unregulated Broker with 24/7 Trading - BinaryCent operates as an unregulated binary options broker, offering 24/7 trading on forex, cryptocurrencies, and stocks. Traders can engage in various markets, with payouts reaching up to 95%.
How to Launch the Bot
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Register an Account on the BinaryCent platform through a quick and straightforward registration process.
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Navigate to the bot section on the platform, where users can find and access the BinaryCent Bot.
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Follow the provided instructions to seamlessly integrate your account with the BinaryCent Bot for automated trading.
👍 Pros
• User-Friendly Interface
• A wide range of tradable assets, including currencies, commodities, and indices, provide ample options for diversification.
• A swift and straightforward registration process.
👎 Cons
• Lack of Regulatory Oversight
• High Minimum Deposit Requirements
• Necessity for Account Verification
Deriv
Deriv, formerly known as Binary.com, is a reputable international online trading platform regulated by VFSA, FSC, and FSA, offering diverse options for binary trading on Forex, stock indices, commodities, and more. With a low minimum deposit requirement, over 100 assets, and multiple trading platforms, including MT5, Deriv caters to traders seeking flexibility and portfolio diversification.
Key Features:
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Import Strategies - Traders can import strategies accommodating different trading styles while using the bot.
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Tutorial Support - The platform offers tutorial support, including a beginner-friendly video on how to start with the bot.
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Free BinaryBot Mobile App - The free BinaryBot mobile app enables users to trade on the go, providing flexibility and accessibility.
How to Launch the Bot
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Provide the necessary details and complete the registration process.
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Deposit funds into your trading account, meeting the low minimum deposit requirement.
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Explore over 100 different assets available on Deriv, allowing you to diversify your trading portfolio.
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Select a trading platform based on your preferences, with options including the user-friendly BinaryBot and the popular MT5.
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Utilize Tutorials to use the bot efficiently
👍 Pros
• Low Minimum Deposit Requirement
• Ability to import trading strategies for diverse approaches
• Enables continuous trading opportunities 24/7
• A tutorial that simplifies the learning process for users
• Over 100 different assets for trading
👎 Cons
• Inability to Define Odd/Even Robots
• Limited indicators and customization options
CentoBot
Centobot is a developer of ready-made bots for algorithmic trading, named "centobots," designed for both fiat currencies and cryptocurrencies on binary options platforms such as IQcent, Videforex, Binarycent, and RaceOption.
Key Features:
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Customization - Offers the flexibility to create customized bots within the Centobot user account, allowing personalized trading algorithms.
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Diverse Ready-Made Bots - Centobot offers a variety of pre-configured bots for trading fiat currencies and cryptocurrencies.
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High Payout Percentage - Users can benefit from a payout percentage of up to 248% of the bet amount.
How to Launch the Bot
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Account Funding - Deposit a minimum of $250 into the trading account on platforms like IQcent, Videforex, Binarycent, or RaceOption.
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Bot Selection - Choose from a range of pre-configured Centobots based on trading preferences or create a custom bot.
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Deployment - Activate the selected bot to commence automated trading.
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Algorithm Customization (Optional) - For advanced users, personalize trading strategies by creating a custom bot in the Centobot user account.
👍 Pros
• Multiple robots available for customization
• Wide range of cryptos
• Low fees
• Multiple trading assets
👎 Cons
• Past performance on robots is not available
• The demo account lasts 60 seconds
• No mobile app
How to choose the best binary trading bot
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Utilize Demo Accounts - Test the bot's features, execution speed, and compatibility with your trading strategy using the demo account.
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Evaluate Historical Performance - Examine historical data and user reviews to gauge the bot's effectiveness over different market conditions.
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Diversify Bot Options - Try out bots from different providers, considering factors like strategy, risk management, and user interface.
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Consider Customization Options - Choose a bot that provides flexibility in adjusting parameters and strategies according to your preferences.
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Control the risks - Don't let a bot have the opportunity to wipe out all your capital.
Pros and cons of binary bots
👍 Advantages:
• Automated Efficiency - Binary bots automate trading processes, enhancing efficiency. It saves time and effort for traders.
• Emotion-Free Trading - Bots operate based on algorithms, eliminating emotional bias. Ensures rational decision-making without emotional influence.
• 24/7 Operation - Bots can trade around the clock, seizing opportunities beyond regular hours. Enables continuous market monitoring and trade execution.
• Backtesting Capability - Best bots offer backtesting, allowing historical performance evaluation. Traders can assess a bot's effectiveness before live trading.
• Diversification Potential - Bots can trade multiple assets simultaneously. Facilitates portfolio diversification, reducing risk.
👎 Disadvantages:
• Quality Dependency - Bot performance relies on its quality and choosing an inferior bot may lead to inconsistent results.
• Strategy Limitations - Bots operate based on specific strategies. These strategies may not perform well in all market conditions.
• Technical Glitch Risks - Bots are susceptible to technical glitches. Malfunctions may result in erroneous trades or missed opportunities.
Expert Opinion
Binary options trading bots can be a powerful tool to help traders of all levels achieve their goals in the market. However, it's important to do thorough research to separate the quality bots from the rest. As with any automated trading system, bots are no guarantee of profits and still require the trader to understand how they work under the hood. It's always best to try out several bots by paper trading first to evaluate their efficacy in different market conditions. Keep in mind that to bot is perfect and markets can always surprise us. So it's wise to use risk management, start small, and be prepared to adjust any automated strategy over time as conditions change. With a bit of testing and fine-tuning though, the right binary options bot can be a valuable ally for traders who wish to streamline their process and maximize opportunities. As always, the keys are education, discipline and managing risk to turn the odds in your favor over the long run.
Conclusion
To sum up, using binary options robots can be great if you want to trade efficiently, without emotions, and all day long. But be careful when choosing a robot – make sure it's good quality, understand its limitations, and watch out for technical issues. Do your research, spread out your investments, and keep things realistic to do well in the world of binary options auto trading.
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Upendra Goswami is a full-time digital content creator, marketer, and active investor. As a creator, he loves writing about online trading, blockchain, cryptocurrency, and stock trading.
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