iRobot Software Review

At the mention of iRobot, most people will probably think about the electronics manufacturing company specializing in cleaning equipment which is pretty understandable considering the company is older and more relatively well known. However, we have no business writing about electronics and even if we did, we would have nothing of substance to write about as our passion is, and has always been binary options. The iRobot we are looking at in this article is the automated trading system registered under iBinaryOptionRobot. The story goes that a professional financial trader developed the system and being the philanthropic person he/she was, gave it away for free so that traders around the world get to enjoy the fruits, so to speak.

Conveniently, the said developer remains unnamed and makes no appearance whatsoever on the site. As a matter of fact, all evidence points to a group of people running the site, which is not really a bad thing as they do it very efficiently. Now, as a case of once bitten twice shy, a lot of traders who have previously lost money to scams have gotten in contact with us asking us to advise them on whether to go ahead and sign up for iRobot or run for the hills as they wouldn’t want to blindly experiment and end up losing more money. And we got the analysis alright.

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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.

irobot mainpage

irobot mainpage

Cost

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.

Asset Index

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:

  • EURUSD
  • GBPUSD
  • EURGBP
  • USDJPY
  • EURJPY
  • AUDUSD
  • CADUSD
  • USDCHF

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.

irobot stats

irobot stats

Brokers

The site partners with some of the best brokers in the world to give their 2,000+ traders seamless and secure trading experiences. In total, there are about 10 brokers featured on the site which, again we feel should have been more. Nevertheless, the site is still young with a small number of subscribers and the small number of brokers is understandable. The brokers you’ll find on the site include:

  1. Banc de Binary
  2. Option Rally
  3. Bloombex Options
  4. 24Options
  5. Binary Tilt
  6. Binary Book
  7. OptionFM
  8. OptionWeb
  9. RBOptions
  10. StockPair

If you have been trading binary options for a while, you probably have come across one, two or even all the above brokers. If you have, you know that all of them are legit and actually have CySEC licenses to prove so. And take it from us, the Cyprus Securities Exchange Commission does not just give a license to every broker who asks for it, only the most credible meet the cut. Here, iRobot outdid themselves and did a commendable job of bringing all these reputable brokers together. If anyone would ask what we really liked about the software, we would most certainly mention the brokers’ list.

Manual Trading Option

Basically, the iRobot system works in two ways. The first being of course as a 100% auto trader which requires no input whatsoever from the trader. There is also an option which allows the traders more control over their trades. In the Manual Trading mode, you will get to receive up to 85 signals a day via text or email after which you decide whether to place trades as recommended or wait for a more opportune time. This is a great option for traders who love a bit of control over the trading system.

irobot features

irobot features

Demo Account

Good thing about iRobot is, you get to first try it out with virtual money and only put in your real cash after you get satisfactory results. To open a demo account, click on the ‘Demo Account’ tab on the home page. Next up will be choosing your preferred broker from the given list of brokers who offer demo accounts (not all do). From then on you fill in some personal details – not much here – after which your account will be up and running, with some virtual money in it.

Demo accounts are pretty good when it comes to learning the working process of a particular auto trader and getting a feel of the interface. Otherwise they’re pretty much non-effective considering the system executes all the virtual trades, giving no space for the trader’s input, unless of course the manual trading option is selected.

Customizable Settings

A few of the available customizations have been discussed in the above sections including the selection of technical indicators. Apart from those, other customizable options include:

  • Trading system/methods used, whether Fibonacci, Classic or Martingale.
  • Investment amount per trade – minimum is $5 while $500 is the maximum.
  • Expiry time(s) – available expiries are 60 seconds, 90 seconds, 2 minutes, 3 minutes and 5 minutes.
  • Maximum number of trades that can be executed simultaneously.
  • The exact currency pairs to be traded. Traders can select and/or deselect from the various pairs given.

Conclusion

From our own research and experience, we can conclude that iRobot is not a scam, far from it. For one, there are no shady sales videos featuring hideous characters claiming to be the rich and successful developers. The site is also professionally designed and contains lots of information about the software which scam sites certainly lack. The listed brokers are quite good too – the best in the market right now. Then there is the demo version which allows traders to determine whether the system fits their tastes and preferences or not way before they put up their real money.

All that said, we cannot advise getting fully committed to the software considering that it’s still new and has only a few registered traders and thereby remains largely untested. Our advice would be to wait a little while and see how things turn out. For now, look up Option Robot – our, and a lot of other people’s favorite auto trader. Option Robot has a verified accuracy of 85% and has all the features you would ever want in an auto trader, most importantly credibility and trustworthiness.

 

Duncan Green Rating is