BEWARE OF MoneyBot – review

This review is a warning, you should think twice before investing money with MoneyBot.

What it is about

moneybotMoneybot is a binary options robot that can trade binary options on autopilot.

According to the presentation Moneybot can win up to 85 % of trades, which would be a really great performance.

Why you should be extremely cautious

disclaimerAll the binary options scams we have reviewed so far work like this: You are promised great earning on binary options with a free program, but in order to use it, you have to sign up with a selected broker and deposit money. It is because scammers are affiliated with certain brokers and get paid for referring new depositors. So they don’t care that in the end you will lose your deposit with their program.

Now the unfortunate thing about Moneybot is that it requires you to deposit money with a selected broker (Utrader), otherwise you won’t be allowed to use the program. So you cannot test it first to see if the claim about the 85% win rate is true. In all honesty, it is extremely improbable that a free robot would be profitable, let alone at this rate.

So while we cannot clearly state that Moneybot is a scam, we also have to say that it has a lot of common traits with all the scams we have seen so far.

Interesting

termsWhat we found interesting is that in the Disclaimer of Moneybot you can read that binary options rates you can see in the program are the ones at which Moneybot is willing to sell them.

It would suggest that Moneybot also acts as a broker, which in our opinion would be a conflict of interest.

On the other hand they require you to open an account with UTrader, which is an unregulated broker, so it is not a good idea to trade with them anyway.

Conclusion

We strongly recommend not to trade with Moneybot, because you can start using it only after you deposit your own money. So if it is losing money, which is what we expect, you will lose your deposit and never get it back.

You should always test any system/strategy on a genuine demo account with a regulated broker to verify the performance.

Only when you see on the demo that it is profitable, you can start investing real money.

Summary
Review Date
Reviewed Item
Moneybot
Author Rating
3
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