Binary Bot Review 2024
One of the best, proven, top-quality robot builders for binary options, Binary Bot is available for free online with no software download. Provided by Deriv, an online trading platform available 24/7, with a wide selection of derivatives, Binary Bot lets you define most of the script, programming and settings of a premium smart trading robot. It uses the XML file and formatting, according to a chosen strategy in a bid to design a master product that is accurate and profitable.
In this 2024 review, we take a closer look at Binary Bot, explaining what it is, how it works and everything else you need to know. We also provide a guide on how to install, setup and use Binary Bot to create, build and run your own trading bot.
What Is Binary Bot?
Binary Bot is a simple trading robot maker widely regarded as one of the best solutions in 2024. Traders can build a robot on a browser like Chrome for free with no download required. There is also a mobile app available for Android (APK). Investors from Europe, Kenya, South Africa and many other countries can start building a binary bot with the service today.
The program is easy to use, there is no need to watch a tutorial or scroll through a training forum or “how to use bots” pages on YouTube, Telegram, Reddit and Discord. Making a robot is simple, all you have to do is drag and drop pre-built blocks into place. Users can even add their own customizable blocks using XML files and code. The Binary Bot can be built to follow a chosen signal or strategy for forex, stocks and other assets on MetaTrader 4 (MT4), MetaTrader 5 (MT5) and other platforms.
Once you login to your demo or real Deriv account and access the online Binary Bot developer, you can define a range of factors such as the market traded, trade and contract types, plus the indicators used. You also get to define the time interval on your candlestick master.
It is not possible to set up certain types of binary options trading that you may see for sale online, such as digit differ(s)/match/over/under, last digit list or even odd robots. Equally, despite what you see online, it’s important to remember that you will never build an anti-loss, no loss, never lose, 100%-win robot for PC, it will always lose some trades.
The beauty of this solution is that when you have built a robot and put it into action, it will trade 24hrs daily. There is no need to worry about the best time to trade with Binary Bot or the time to sell at the market. Whether you develop a low risk/low profit or high risk/high profit, it will follow your chosen strategies and implement your ideas whenever the market is live. You do not have to spend hours tirelessly opening and closing binary options trades, the robot will do it all for you.
How Does Binary Bot Work?
Binary Bot functions as a simple drag and drop program using a selection of pre-built blocks that traders can select or they can choose to upload their own. When you start a new robot, the builder gets split into certain sections and tools to assist with the process. This section will describe each area so you can build your own robot:
Markets
Traders can choose from a variety of markets. They are able to specify three in order of preference and the bot will then aim to trade one of these three when signals are generated. Markets include forex, indices and commodities.
Trade Types
Binary Bot allows users to select which trade they favour, whether it’s an up/down (also known as high/low, higher/lower or rise and fall), touch/no-touch or in/out trade type. Like before, the developer allows you to pick trade types and order them by preference.
Contract Parameters
Once your trade type is selected, Binary Bot lets you further define the contract. For instance, if you select an in/out trade, you can select from Ends Between or Ends Outside (ie. predicting whether the exit spot will be inside or outside two price targets at the end of the contract period) or both. Moreover, you can define the timeframe of the candle pattern chart you are shown.
Trade Options
These let you define a series of other parameters for your Binary Bot robot. This includes the stake/price, desired contract expiry time, and any stop-loss/take-profit requirements you may wish to implement.
Indicators
Binary Bot lets you choose an indicator which can be used to find suitable trades. There are several effective indicators available to select from, including the Simple Moving Average (SMA), Exponential Moving Average (EMA), Bollinger Bands (BB) and Relative Strength Index (RSI).
Currently, the Binary Bot program does not allow clients to select a MACD indicator for binary options bots trading signals.
Fees & Price
Binary Bot is available to use for free. Traders do not have to buy the service or pay for registration and sign up, they can create a demo account on Deriv.com and start building right away. Whenever the user feels their Binary Bot is ready to power up and start, they can deposit funds and set it to work. Deriv’s minimum deposit of £/$/€5 will have to be met when opening a live account.
Once running, the Binary Bot will then stake the defined amounts on each trade and, if the strategy works, generate profits. The minimum position size for the bot (the size of a position within a particular portfolio, or the dollar amount that an investor is going to trade) is $0.35, the same as the minimum on Deriv.com.
Pros
These are the main advantages of using Binary Bot:
- Import strategies
- Removes emotion
- Easy to learn
- 24/7 trading
- Free to use
Cons
The downsides include:
- Cannot define even/odd robots
- Limited indicators
Regulation & Security
And now for the small print. The regulation for Binary Bot is covered under the licensing of Deriv.com. Within the EU it is regulated by the Malta Financial Services Authority (MFSA). This is a top-tier body that complies with all EU laws and stipulations.
Outside of the EU, Deriv holds licenses with the Vanuatu Financial Services Commission (VFSC), British Virgin Islands Financial Services Commission (BVIFSC) and Malaysia’s Labuan Financial Services Authority (LFSA).
Alongside the rules set by these bodies, Deriv offers extra security to traders through negative balance protection. This ensures investors cannot lose more than their deposit and cannot become indebted to the broker.
Reliability
Through its simplicity, the Binary Bot builder is reliable. The pre-built blocks and instructions are well developed and have proven over time to work efficiently. Equally, they work fluently with the Deriv.com brokerage. If you choose to upload your own instructions and blocks, they run the risk of not working. Always thoroughly check the code and ensure it will work effectively before uploading it to the program.
Mobile App
Deriv.com offers a free mobile app known as BinaryBots on the Google Play store for Android. The app is limited compared to the desktop version of Binary Bot. Users can choose between set built-in strategies which they may wish to use, rather than building their own from scratch like on Deriv.com. With that said, the app comes with money management tips and tricks, analysis tools and trading tutorials pre-loaded to assist new traders.
Binary Bot Verdict
In conclusion, Binary Bot is a simple-to-use service; a drag-and-drop robot-building program that supplies investors with pre-built blocks to create an automated trader. Users can also upload custom blocks using XML files. It is free to use on the Deriv demo account and can then be transferred to a live profile when users feel comfortable. Follow our ‘how it works’ section to learn about each area and create your own robot.
FAQs
Is Binary Bot Legit?
Yes, Binary Bot is a legitimate service. It is trusted by many traders and is simple to use. Clients simply need to open a demo or live account with Deriv.com to get started.
Is Binary Bot Profitable?
Binary Bot has the potential to be profitable. If you implement a successful strategy, your robot will earn daily profit even when you are not actively at your computer.
What Is A Binary Trading Bot?
A Binary Bot is a type of trading robot. It specifically invests in binary options contracts according to the instructions the user defines for it.
Is Binary Bot Safe?
Trading is inherently risky even when using Binary Bot. To reduce this, focus on building a safe strategy with risk and money management parameters.
Is Binary Bot Free?
Yes, Binary Bot can be used for free on a Deriv demo account. If you want to trade live markets, you will have to meet the minimum deposit requirement of £/$/€5.
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| Binary Bot can be used to develop and implement binary options trading robots. The free software can trade 24/7 with multiple customization options. | ||