There are thousands of professionals who trade on the stock market and currency markets (including binary trades) for a living and many do very well. There are also thousands if not millions of people around the world who do this from home to try to make a living or some extra money.
Binary Trading appears simple but it isn’t. You essentially bet on whether a currency or stock will go up or down in price – It’s risky and needs a lot of skill to make money. Only a small percentage of those who try make money – the rest do not.
But scammers don’t care about that – they try to push Binary Trading as if it were so easy you can’t fail to make money and they often use enticements such as guaranteed no loss trades to get people hooked.
The Securities and Exchange Commission investigated one such company EzTrader and found that only 3% of people trying binary betting from Eztrader made a profit.
Clearly it is possible for some people to make profits but in the end all but a tiny minority make losses and have to give up.
In gambling – the House always wins. Unless you have the requisite expert knowledge, you’re just gambling.
Binary Trading Robots or Auto Trade Software
There are companies offering automated binary trading but many are just scams.
A Binary Options Robot is automated trading software. You give the software access to your trading account and it does the buying and selling automatically for you.
You can see why scammers love this idea as once they can access your account they can try to empty it.
The theory is that the software makes trades on your account.
WhateverRobot.com is an automated signal service provider and binary options robot. This website is a service for binary traders that places trades automatically into their accounts. But it’s hard to tell the scammers from the real thing.
Usually, only the company offering the service makes any money.
Binary trading is best left for the experts.
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