FXMasterBot is a fully independent trading bot that allows trading on financial markets through any brokerage firm. Automated software was developed recently, in 2017. According to the developers, this is the optimal solution for the automation of trading when trading currency pairs and CFDs (stocks, precious metals, raw materials, cryptocurrency).
This robot does not seem amateur. Even at the first acquaintance, it is noticeable that the developers were a professional team of traders and programmers. The project’s official website, FXMasterBot.com, provides an attractive and informative user interface.
Features of automatic Forex bots
FXMasterBot has a number of specific features:
- The site does not include a guarantee of profitability, and also does not mention the exact figures of profitability for promotional purposes (as is customary in many SCAM projects);
- User reviews are not published on the site, so you can study the reputation of the bot only by real responses on independent portals and forums;
- Not on the site and training videos, where actors talk about the numerous income and fabulous profits from the trading bot;
- To test the project presented a free demo mode.
To start trading it is enough to choose one of three modes. The first trading mode involves the use of a deposit in an amount of $ 250. When choosing the second mode, you will have to deposit a broker account from $ 500. When choosing the third mode – from $ 1000. At the same time, the list of brokers is not limited, therefore, development of FXMasterBot cannot be considered solely advertising. You can use your financial broker without restrictions by connecting a new trading bot through the Metatrader platform.
What settings can be chosen for this robot:
- Expiration time;
- Secure transaction mode;
- Transaction settings.
In the section of expiration time, you should choose between three trading formats: short-term, medium-term and long-term trading. Please note that scalping is not a rational choice for a beginner since high volatility creates certain risks for the trader.
The safe transactions mode allows you to activate additional technical indicators that will be used when analyzing entry points to transactions and closing points of orders. Maximum security mode reduces the number of orders for one period of time but increases their profitability.
General settings of transactions in the robot include parameters such as Stop Loss, Take Profit and the like.
By changing the basic parameters, one can always tailor the degree of risk and trading conditions to the individual style of trading in financial markets.
One of the features of this project is that you can use a trading robot without downloading files and installing them in the Metatrader trading terminal. Directly from the developers’ site (it is listed above in the article) you can go to the web version of the terminal, where you can connect trading signals with automatic execution.
Is the FXMasterBot robot a scam?
Making a comprehensive study of the project, one can draw many-sided conclusions. First, the project deserves attention. Its implementation is very high quality. That only costs a bright and informative design of the main site, as well as the development of a web terminal to connect Forex-robot directly, without downloading files.
Secondly, the project does not bear any advertising load. Everyone understands that statements about getting 100% profit for a couple of weeks of trading are a myth. And this is also a positive factor in favor of FXMasterBot.
But let’s talk about the negative points.
- The robot really has no evidence that it is effective. You will not find the test results on the independent portal Myfxbook and read the different reviews about the system (as it is fairly new and not very common).
- The trading can be conducted through a web terminal. But what is this version? Who created it? Who is the supplier of liquidity (quotes)? Therefore, it is impossible to be sure that the indicators in the web version of the terminal are not screwed up, and your deposit will not be drained in a few days or weeks after you start working with the Forex bot.
Therefore, we recommend initially testing the robot through a free demo mode in order to understand all the settings, parameters, test the possible profitability and determine all risks for yourself. The minimum deposit of $ 250 – this is also not a factor in favor of this robot. Not every beginning trader has this money.
And before you start investing make sure that you really need this system.