Forex Robot is, as its name suggests, a robot designed for Forex trading. It means that it can automatically trade for you, you don’t have to manually place trades.
The robot uses several indicators and money management strategies. You can select your settings.
The robot is free, so is there a reason for using it?
Stay away from Forex Robot
The dirty trick of this software is the demo mode that uses fake prices to generate fictitious binary options profits. We don’t know if Forex Robot uses this same fake demo, but the fact that it is based on a software used so far by scams only, is a huge warning sign that should make you stay away.
The second reason not to trade with Forex Robot is the fact that it pushes you to sign up with MaxCFD, which is a broker that is not regulated. This means that your money would not be protected and insured like with licensed brokers.
Unregulated brokers often deny withdrawals and create all sorts of problems for traders. And unregulated brokers of course cannot provide their services legally in countries with financial regulation.
How it works
Based on our experience we are persuaded that the only reason for the existence of ForexRobot.com is to make you deposit money with MaxCFD, because people who run the robot are getting paid by this broker for referring new depositors. As simple as that.
If you want to test the robot in the demo mode, be sure to compare your trades and prices with a true price feed of a regulated broker to see if results are accurate.
We recommend not to trade with ForexRobot.com, because it is based on a software used by many scams and because it pushes you to deposit money with a broker that is not regulated.
It is always better to use a free demo account with a regulated broker and build your own strategy that will generate you profits.