A lot of tools on the Internet for online trading have one thing in common: they all promise huge profits with very little work.
Personally, I’ve always reserved a healthy dose of skepticism for these things. If all their claims were true, then there’d be more millionaires trading online, right?
Of course, you can’t discount the very real possibility of people wanting to help others. There’s also the satisfaction of knowing that a program they created is being used by so many other traders.
But just because they actually want to help doesn’t mean that what they offer actually helps.
The Binary Power Bot is a case in point. Does it help? Yes. The problem is that it doesn’t help as much as what its creator claims.
Features of Binary Power Bot
First, you’ll need to download the program. You have to pay $69 as a one-time payment, but there’s a 60-day money-back guarantee. The program is actually the MetaTrader4 Forex charting software, and the Binary Power Bot is the alert tool.
Once you’ve got the program running, you then log on to your Binary Power Bot account. The program offers as many as 4 charts to monitor. The bot gives you an alert (with sound) when it’s time to make a trade, and you then follow the advice as given.
It promises up to 70% accuracy, and for binary options that’s pretty high.
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The program is very easy to use, but what you need to keep in mind is that it doesn’t offer automated trading. You still have to do things manually, although the process isn’t all that difficult. You just click to make a trade after you indicate your investment amount and your call. I did find that the accuracy claims, as I feared, were rather inflated. For me, it was closer to 60% than 70% as claimed. Not only is it misleading but it doesn’t really help me make a decent profit. The fact that it doesn’t do the trading automatically when it shows you an alert is also rather inconvenient. You’ll soon realize that you won’t find much use for it if you’re a total newbie. You need a bit more background in Forex trading first. And what’s more, it doesn’t really monitor a lot of currency pairs at the same time. It’s very limited, and that means your earning potential is limited too.
So should you buy it?
On the face of it, the price for Binary Power Bot is more than reasonable for what you’re getting. It really does work. Just don’t put all your eggs in one basket and statistically you’ll end up with modest profits at the end of the day.
But then again, there are so many other tools that are more useful for you than Binary Power Bots. It’s a good tool, but you can do better.
