Thanks to the Internet, more and more people are successfully making money online nowadays, which is a great thing. The not so great thing is that some of these people make money online by unethically taking advantage of other people who are also looking to make money online. The binary options industry is a case in point; while binary options trading is a legit and viable way to make money, the industry itself is plagued with unscrupulous brokers; fortunately, we are now seeing an increasing trend toward heavier regulation of the binary options broking industry which will be a positive boost for its legitimacy.

However, there is no such regulation when it comes to binary options robots, which are basically automated trading software that claims to be able to generate profitable trades on your behalf, usually through some opaque and technical sounding jargon that is suspiciously light on the details. With the claimed success rates of these robots, it is rather surprising that all those traders working for the big banks haven’t caught on yet! Clearly, they are missing out on such a splendid opportunity to make millions and millions of dollars.

Today, we will be looking at Gold Binary Robot; is this just another scam? Read on to find out.

What Is Gold Binary Robot?

That is an excellent question because the website for Gold Binary Robot does not even try to make a convincing attempt as to how the robot actually works. On their website, they claim that the robot wins on binary options through ‘four important ideas’ which are as follows:

• A high-performance algorithm – Of course, no explanatory details on this algorithm are provided.

• No more emotion – This is obvious; not sure why they felt the need to state this.

• Speedy execution – The only idea which they actually elaborate upon, claiming that the robot can trade up to 80x faster than a human. Of course, without knowing exactly how the software determines winning trades, this is useless.

• Ongoing analysis – Claims that the robot performs ongoing analysis in different markets. No further details are provided.

As you can see, Gold Binary Robot is light on details; so light in fact that they don’t even bother to use fake testimonials and paid actors on their sales page. In fact, their website is so sparse that it looks like it was cobbled together in no more than a few hours. Professionalism? You won’t find it at Gold Binary Robot. Unlike other robots, Gold Binary Robot does not even provide any success ratios or average daily winnings to bolster their claims; something that most other robots do (not that those claims are to be believed. of course).

The only ‘proof’ of success that Gold Binary Robot shows is a single YouTube video of the robot in action, which you can view here. Obviously, the video shows the robot eventually making successful trades, however, we want to caution our readers that this is easily faked, either by using specially modified demo accounts or by buying their own white label trading platform and modifying it. In the case of Gold Binary Robot, the trades shown in the video is likely done using a demo account. When we signed up for an account with Gold Binary Robot, a demo account was also provided, which (surprise!) also showed eventual profitable trades for us.

Screenshot

How Does It Work?

There is no cost for using Gold Binary Robot, it is free and on the FAQ section on their website, the creators claim that their main desire was to ‘make automatic trading available to anyone without having any prior knowledge in the matter’, which is simply laughable. By the way, no real information is given as to who these creators are too, except that they are three former traders with over 60 years of stock market experience behind them (yeah, right!). They then mention that because they didn’t want to make money from their clients (out of the goodness of their hearts, no doubt) they make money via broker commissions. This might actually be the only truthful claim on their website.

They also mention that because of their relationship with the broker, all clients can get their initial deposit (which is a minimum of $250) reimbursed. This so-called reimbursement is actually a 100% sign up bonus given by the broker, which if you know how bonuses work in most binary options brokers, you will realize that it is not a reimbursement at all but rather a lock on your funds. You see, in most bonus policies the client is not allowed to withdraw the initial deposit and the bonus until a minimum trading amount has been reached, which is why we always caution to read bonus policies carefully. In this case, just be aware that Gold Binary Robot’s ‘reimbursement’ is an extremely misleading claim.

In terms of brokers offered, we were directed to Banc De Binary from their site, which is incidentally also the broker used in the video linked above. While Banc De Binary is a CySEC regulated broker, it is also a broker that has been fined by both CySEC and the US authorities for EUR350k and $11m, respectively. The robot focuses on short-term trades ranging from 30 seconds to 5 minutes and focusing exclusively on currency pairs. It also recommends using the Martingale or Fibonacci strategy, which is actually a form of a progressive betting system, which works only in a theoretical scenario of unlimited funds. And since you do not have unlimited funds, you can expect your funds to be wiped out 80x faster than normal.

Final Conclusion: Is Gold Binary Robot a Scam?

To conclude, while Gold Binary Robot is not an outright scam, it attempts to lure customers in by not charging them upfront for the robot, however, customers will then find themselves locked in with the broker, regardless of whether they then choose to use the robot or not. There is also no evidence or information as to how this robot works, in fact, there is barely any information to be found at all. We highly recommend you give this one a definite miss.

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