IRobot Review

irobotiRobot is a fully automated binary options software for trading the binary options market, which comes from the stable of the company known as the iBinaryOptionRobot. This software is a new software but is already making waves in the market. This software is the creation of renowned trader and has been either used or tested by more than 2,000 traders, all of whom have validated the 85% win rate that the software has been reputed to deliver.

The software is built to work with signals that are generated by 6 different technical indicators. These indicators are a mixture of trend indicators and momentum indicators. Only the Call/Put binary options are traded by the software.

The technical indicators used to constitute the iRobot are:

  • Trend lines
  • Relative Strength Index (RSI)
  • MACD
  • Stochastics oscillator
  • Williams % R
  • Commodity Channel Index (CCI)

Traders have the option of disabling some of the indicators so that the exact filters they need for specific trades will be provided.

Asset Types Traded

The asset types covered by the iRobot autotrading service are mostly currency pairs. Pairs traded are the EURUSD, EURGBP, USDJPY, GBPUSD, USDCAD, AUDUSD, USDCHF and EURJPY.

How it Works

Traders can sign up for a demo account on the iRobot home page. This allows the user to test the software before signing up to use it on a real account. When this has been done, the trader can step up to register for a real account. After signing up, the trader is prompted to the broker signup page where a choice of about 15 iRobot-compatible brokers can be made.

Once the trader signs up, the trading account is created for the trader and the integration of the iRobot automated trading robot with the trader’s account is done automatically. To complete the process of integration, the trader is then directed to the broker’s page to make a deposit of the initial trading capital with which to commence the trading process. This completes the process of integrating the software with the trading account.

The iRobot can either trade manually or automatically, depending on the settings chosen by the trader.

  • With the fully automated trading feature, the robot can trade any generated trade setups without human input. There is a button with which the trader can activate the automated trading function.
  • For traders who prefer to have control over the entire process, the iRobot trading software also has a feature with which the automated trading feature can be switched off. This does not stop the iRobot from detecting and recommending trades: it only stops the robot from implementing the recommendations, leaving this in the hands of the trader.

Traders can test the signals using a demo account. Clicking the demo account opening button presents a window for traders to open demo accounts with OptionRally and Banc de Binary.

Trade Settings

The settings will ultimately define how the robot trades. It is possible to adjust the trade parameters before trades are taken, irrespective of whether the trader decides to trade manually or leaves the whole business to the iRobot.

The settings that can be made on the IRobot are as follows:

  • Trading Method: The trader can make a choice of how the iRobot trades. Three trading methods are available: Classic, Fibonacci or Martingale.
  • Expiry: The expiry times that can be chosen are 60 seconds, 90 seconds. 2 minutes, 3 minutes and 5 minutes.
  • The investment amounts are $5, $10, $20, $50, $100, $250 and $500.
  • The trader can for the purpose of risk management, decide on the number of trades that can be held open at once. This number ranges from 1 to a maximum of 8 trades.
  • The trader can also make a choice from the listed currency assets. Clicking or un-clicking a pair either makes it available for trading (green) or disables it (red).
  • The indicators used can also be activated or inactivated by clicking or un-clicking any of the 6 indicators.

Cost

What is the cost implication to the trader? Using the iRobot software is 100% risk-free as it comes at absolutely no cost. This may sound unbelievable, but the software is absolutely free to use. To enjoy the free status of the software, the trader is however required to open an account with any of the 10 partner brokers on whose platforms the iRobot is configured to work. The benefits of using these brokers is that they offer traders the opportunity to test-run the software on a demo account before signing up to use. A demo account can be created from the software interface.

Profitability

The iRobot robot is acclaimed to have an 85% profitability rate. This was determined by a poll of 2,000 traders and beta testers who used the iRobot software for some time.

Special Features

The iRobot software has some special features that have been ingrained into the software for the benefit of its users. Some of these special features are as follows:

  • The iRobot software is broken down into component indicators and strategies and allows traders to make a choice in the trading methods used. This allows traders to test these methods on demo and eventually come up with the trading methods that they find most rewarding.
  • Trading signals are updated real time and require access to the member’s area.
  • Traders can select either the fully automated trading mode or the manual trading mode. Nothing is forced on the trader and choices can be made.
  • The trader is also given a choice to select the investment amount per trade, as well as the number of trades which can be taken at once. These two features give the trader risk management control over the trading activity of the robot.
  • Several signals are sent each trading day, but the trader is at liberty to choose when trades can be taken, irrespective of which trade mode is chosen.
  • The brokers that are used by the iRobot team are brokers that offer traders demo accounts, thus providing an avenue to test-run the software before being applied to a real money account.
  • The software comes at no cost with no hidden charges. The $250 deposit required to activate the software is the trader’s funds.

Customer Support

Traders can contact the support team at IRobot using the online contact form in the Members area. Otherwise, the contact page can provide users with a way of contacting the support team.

Conclusion

ApprovedThe iRobot presents a risk-free way of trading the binary options market profitably as a lot of control is left with the trader. Coupled with the chance to test the software on a demo account, the iRobot is arguably one of the best software to use right now in trading binary options.

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7 Binary Options review: IRobot: 3,5 stars.
John Miller
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John Miller

John has worked in investment banking for 10 years and is the main author at 7 Binary Options. He holds a Master's degree in Economics.
John Miller
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