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FXMasterBot is a software that promises to take a trader’s profitability to the next level so to speak. It does this by enabling traders to trade both forex as well as binary options via its easy to understand user interface.
Compared to the competition we found that FXMasterBot does an excellent job when it comes to trading both types of assets. That said its nearly impossible to find one platform or software that allows for trading both at the same time.
If anything the fact that any trader can switch between trading binary options and forex without thinking twice speaks to FXMasterBot’s effectiveness. Plus, it helps traders employ an array of money management and trading strategies.
The FXMasterBot review is designed to explain how everything works as well as give you more information regarding account types and what to expect from its customer service. You should continue reading to learn everything possible about FXMasterBot, which is free to use.
One of the interesting things about FXMasterBot is the fact that it is an advanced piece of trading software. While many in the competition claim to be superior FXMasterBot is the only one that does not limit traders to just one account type. So, traders can upgrade their accounts moving forward.
Plus, FXMasterBot also offers traders a demo account which they can use to gain experience trading with virtual money. The demo also helps more advanced traders try out various trading strategies. In addition to the demo account, FXMasterBot offers three more account types as we will describe in detail below.
- The Novice Account
The Novice account is for newbie traders who has almost no experience in the industry. All they have to do is to make a $250 capital deposit with the broker. Traders will be entitled to exclusive benefits like being able to include three currency pairs, they can have three trades open at the same time, also its possible to trade via multiple brokers and there is a leaderboard multiplier.
Since its a beginners account, things have been kept cost-effective and straightforward.
- The Expert Account
Anyone who makes an initial $500 deposit can upgrade to the Expert Account. The reason to upgrade is the fact that in addition to getting all the benefits from the Novice account, traders can also trade nine currency pairs, plus have access to various other settings and an x2 multiplier leaderboard.
- The Master Account
If anything this is the best account and one with the most features. It gives traders the power to leverage the full power of FXMasterBot. Traders that want to use this account will have to make a $500 deposit with each of two traders. The benefit of the account includes an x3 multiplier, access to a massive cache of advanced settings, VIP support, and you get access to all currency pairs.
- The Demo Account
Once you register at FXMasterBot, you are given access to the demo account. The demo is free to try, and you can trade using virtual money. It looks, feels and works exactly like a fully functioning real trading account. However, as mentioned before this one will not help you make money but rather give you a feel for how everything works.
The demo does not require that you deposit real money or even bug you to put money and upgrade to a fully working account. Though you can use the demo for just 5 days, after which you’ll need to start trading with a real account. But during those five days, you can execute as many trades as you want.
We have rarely if ever seen so much variety when it comes to binary and forex options with a trading platform. If anything we think that FXMasterBot is before its time but people are appreciating the fact that it allows them to explore their full potential.
Features of the FXMasterBot software
One of the highlights that will make many traders happy is the fact that they can use various trading combinations since the platform supports both forex and binary options trading. Plus, FXMasterBot supports automated and manual trading. FXMasterBot boasts of many different settings which can be tuned to your needs like:
- Reverse Trading
- Daily Take Profit
- Compound Wins
- Daily Stop Loss
- Reverse Trading
- Max Daily Trades
- Max Concurrent Trades
The advanced or Master account offers the most settings to traders.
How does FXMasterBot work for trading binary options?
We found that trading binary options like anything else using FXMasterBot is pretty easy. All traders have to do is to select from either automated or manual trading depending mainly on what they want to achieve. Now if they opt to trade manually, they will get trading signals, and they can then choose to act on those signals or their hunches just like any other trading software.
Automated trading, on the other hand, is handled by FXMasterBot, which will get the signals and immediately act on those signals accordingly. By choosing the automated option you’ll never have to execute a manual trade again or you may not even have to learn about it.
How trading Forex works with FXMasterBot?
Now it’s important to clarify that FXMasterBot’s forex trading module works slightly differently from how binary options trading works. That said its to be expected as binary options work differently from forex trading. The first thing that traders can do is set a stop loss and then take profit.
Forex does not have any expiration times, and so traders can set limits to ensure that the trade closes at the right opportunity. So, if you set the ’take profit’ at $90, and the ’stop-loss’ at $20, the software will automatically close the trade whichever limit is reached first.
The forex trading features included in FXMasterBot is very similar to trading forex manually. The only difference is that your personal settings are imported into each trade.
How does the software work?
The thing worth mentioning is that FXMasterBot is not your typical or traditional robot. It is a computer software program that is wholly based virtually online. So, you don’t have to download anything to your computer, and so you don’t have to worry about disc space. It can be accessed via any modern web browser.
When reviewing FXMasterBot, we found that the software offered access to many different brokers which is to be expected as FXMasterBot does not provide a brokerage service. Though the software works as a connection between the broker and trader thus offering a much more fluid trading experience.
Since FXMasterBot is not a broker, they are not the ones receiving or handling your funds. The software itself is free to use. Though depending on the deposit and withdrawal methods offered by the broker you choose, you can pick the one that works best.
FXMasterBot Customer service
In the trading industry customer service is one of the most essential features that experienced traders never overlook. So, we took the time out to test FXMasterBot’s customer service.
FXMasterBot extends its customer support to all registered as well as potential traders.
Live chat can be used to contact support professionals. We used the feature to ask the person on the other end a couple of complicated questions. We found that the agents were knowledgeable and replied near instantly. They also walked us through various features of the platform. Additionally, users can send customer support an email with their questions.
Someone who does not have time to chat or does not want to interact with someone can check out the website’s FAQs. The FAQs provide answers to the most frequently asked questions by traders.
Acceptable payment methods
As mentioned elsewhere above FXMasterBot is a trading software and is free to use, but they are not authorized to handle money for traders or brokers. Though they help make it easier for people to avoid having to pay a membership fee.
But before you start using FXMasterBot to trade its imperative to choose a broker from the list of supported brokers and make the initial deposit depending on the account type you have chosen. The minimum deposit has been set at $250 for the Novice account, but the money is processed by the broker you choose and not by FXMasterBot.
In our experience, FXMasterBot is an innovative approach to online trading. Thanks to the platform traders get to enjoy various types of trading and all from the comfort of just one platform. Plus, they can choose between manual and automated trading. So, its possible for every trader to find their respective sweet spot.
FXMasterBot also gives traders the chance to win many different cash prizes via the leaderboard system. Traders can make progress by upgrading their account and making use of all the various settings depending on how much they initially deposited.
FXMasterBot gives all traders the opportunity to experience a truly unique trading system which can customize as they want but its free! Being free is another considerable advantage of using the system because it frees you to invest in trading rather than a membership fee for the platform.