iRobot Auto Trader Review
iRobot, just as the name suggests, is a binary options trading robot designed to carry out analysis and execute trades on behalf of traders. The robot was introduced a couple of years ago and despite being pretty good when it matters, has not achieved much in terms of popularity. Currently, number of traders using the software is said to be slightly more than 2,000 which is a pretty small figure considering the market spans millions of traders. Nonetheless, iRobot is relatively more accurate than most auto traders with a given accuracy of 85%. Note that this is still unconfirmed using the conventional methods but no one that we know of has complained about low accuracy and/or lack of efficiency so we’ll give it the benefit of the doubt. Surprisingly, iRobot owners go to the extent of explaining how they create the signals and the quality checks they have in place to ensure that only the best and strongest signals are generated and transmitted. For the generation process, the software makes use of up to 6 technical indicators which are commonly used to analyze financial data and give a protection of future market movements. The indicators are:
- Trend Indicator
- Williams Percentage Range
- Stochastic Oscillator
- Moving Average Convergence Divergence Indicator (MACD)
- Relative Strength Index
- Commodity Channel Index
The trader reserves the freedom to select the exact indicators they want to have their signals based on. The minimum allowable number is 1, of course, while all the six indicators can be selected at once. Each indicator works in its own different ways and uses its own set of parameters to develop the signals. As such, to get the best experience, it is advisable to select all the six indicators in the settings page. There’s nothing to lose in doing that, as a matter of fact, it is advantageous. iRobot, to ensure that only the highest quality signals are produced; have a policy that all the signals generated from the selected indicators match. That is, if for instance, two indicators are selected, all of them have generated the same signal at the given time for a trade to be executed. That way, the system only places the trades that have a higher chance of an In The Money finish.
Like most auto traders, iRobot is available to traders free of charge with no hidden fees/commissions. As a matter of fact, if you sign up for the auto trader, you will only be sending money directly to your broker account and not to iBinaryOptionRobot.com. However, after opening both the software and trading accounts, you will be required to fund your account before you commence trading. The average minimum deposit across the 10 brokers linked to the site is about $250. For every deposit, you will receive some sort of bonus depending on your broker but which is mainly a certain percentage of your deposit amount.
Sadly, there’s no diversity in the types of assets traded by the system. iRobot only deals with some several currency pairs which is a disappointment to many who are into other types of assets. Nonetheless, binary options trading is more or less the same across all assets, more so when auto trading. That said, the following are the currency pairs traded by the iRobot software:
As you can see, all the major world currencies are represented in the list. However, we feel that the index, with only 8 currencies, is a bit too shallow and doesn’t offer much in the way of options. Also, lovers of exotic currencies have nothing to smile about here, unless of course they change their tastes just a little.