The FX Master Bot site says that it is the “No. 1 auto trading software”. It allegedly uses a professional trading algorithm developed by experts, which will provide you with trading signals that can be traded manually or automatically. The robot trades binary options and Forex.
Strangely, the robot is free. So, what’s the catch?
FX Master Bot scam
The trading software has a demo mode, so we decided to test it. We ran a first test and the robot quickly amassed winning trades, then it said that it reached a 25% profit and that we should deposit money into a real account.
So, we ran a second test, this time we closely watched every trade and we compared the prices with a regulated broker. This time we noticed that FX Master Bot is faking some trades, it artificially changed some losers to winners, like the one on our picture.
Our third test confirmed it, FXMasterBot is faking trades in the demo mode to make you think that it is really profitable. But it obviously is not. The demo also fakes open and close times of each trade, in the trading history it shows several minutes of difference, meanwhile every binary options trade it opens is always with a 60 second expiry.
The demo mode is a big lie with one hidden purpose. Continue reading.
How it really works
Every time you try FX Master Bot in the demo mode, it will quickly reach a profit and tell you that you should start trading with real money. It will then send you to the deposit page of the broker KayaFX.
It won’t even ask you if you want to open a real account, it will do it automatically and secretly on your behalf with details you provided during registration. Then it will push you to deposit. The reason is that people who run FX Master Bot are being paid by this broker for referring new depositors, that’s the story behind it.
By the way, KayaFX is not regulated, so you should not trade with it in any case.
FX Master Bot is a scam that fakes demo results to push you to trade with real money with an unregulated broker, beware!
No free robot will make you money. You have to learn and build yourself a proper trading strategy, you can try it on a free demo account with a regulated broker.
Don’t trade with real money until your strategy is proven to work in testing.