One does not have to be a trading expert to feel that something just does not add up about FXMasterBot, immediately after accessing the site. The pitch that we’re given is an all-too-familiar one and no matter how long and hard we look, we will not find anything to alleviate those suspicions. In fact, the deeper we read into the offer, the more certain it becomes that this is nothing more than a clumsy scam indeed.
What exactly does FXMasterBot.com peddle?
The auto-trading angle has been done and re-done countless times in this vertical, and we are sorry to say that FXMasterBot brings nothing new to the table in this regard. Indeed, some 99% of all auto-trading solutions offered turn out to be scams, nothing more than sneaky ways for affiliate marketers to get people to sign up with their partner brokers. The 1% that make up the exception, stand out through a couple of easily identifiable traits: first of all, they’re sold for money, and most of the time, they’re not what one would call cheap. Secondly, they are fully transparent in regards to the algorithms they use to generate their trading signals, meaning that they actually show their users their source code, the technical indicators they use and they allow their users to tinker with a massive range of settings. Legitimate auto-traders NEVER promise profits, or that their users will “master” the markets. They are sold as tools meant to take the grind out of the equation for their users. The success rate of such tools depends entirely on the settings used. Usually, around such auto-traders, there are vibrant forum/discussion board-based communities, which dissect settings and strategies, and share setups.
Needless to say, FXMasterBot ticks none of those traits. Though pretentious, the homepage copy does not really say anything in the way of background information on the algorithms used by the signal generator. The system is made up of a signal generating module, which is a sort of “magic box,” in the sense that the user never really gets to know how and why it works. It just does, and we’re all expected to swallow that fact. Users of the trading bot are allowed to apply the trading signals manually, or to let the system trade these signals automatically.
There are three account-tiers offered, the first of which relies on binary option signals, and requires a minimum deposit of just $250. The second one, the Expert account, costs $500, and it generates FX signals as well, on no fewer than 9 currency pairs. Through this account, users stand a better chance to rank high in the leader-board race run by FXMasterBot, because of the 2x multiplier applied to their Leaderboard points.
The top account is the $1,000 Master one, which features 17 currency pairs and a 3x Leaderboard multiplier. As one progresses through the accounts, the software will allegedly make more and more settings available, thus “teaching” users how to trade, and turning them into masters of the FX markets in the end.
There’s a Demo account available too, which is a tricky little addition, and which is supposed to give would-be users a risk-free taste of how the system really works.
Should I Trust Fxmasterbot?
No you should not, and we’ll give you plenty of arguments in this sense below.
Red Flags and Question Marks
Where to begin? The above mentioned Demo account is a good starting point. With great difficulty (on most browsers, the option just wouldn’t work), we managed to create an account and to log into it, only to realize that the trades that were done through this account were faked, to hype up the abilities of the auto-trader. Having run a search on the matter, we then realized we weren’t even the first to notice this “insignificant hiccup.” Once Fxmasterbot paints this unrealistically flattering picture of its capabilities, it shoves the real money account option into users’ faces. The broker one will be registered with is KayaFX, an unregulated brokerage, which fits the scam mold to a T.
Another red flag is that the trading bot is free. Indeed, the perpetrators of this scheme get paid for their “efforts” through the affiliate commissions they pick up from their partner brokers (like KayaFX), with whom the clueless victims make their deposits.
Yet another red flag is raised by the fact that FXMasterBot sees no need to reveal to its users how its algorithms work.
The fine print at the bottom of the page states that FXMasterBot does not provide investment services or investment advice…this is puzzling the say the least, because that’s exactly what it peddles. Giving a user a trading signal, and sometimes even executing a trade in his name based on this signal, is the very definition of investment advice.
Last, but not least: the fact that this is indeed an auto-trader is a major red flag in and of itself. No automated trader is capable of generating consistent profits for its users without outside intervention, and those selling legitimate auto-trading solutions will be the first to admit this.
As said above, there are a handful of reviews and posts out there, exposing FXMasterBot for what it really is. What’s surprising is the high number of positive reviews though. When reading into these reviews, you will quickly find however that they all come “adorned” with a big, fat affiliate link here and there, and that does indeed explain a lot.
FXMasterBot Review Conclusion
FXMasterBot is nothing more than the repackaging of the age-old auto-trading scam, the goal of which is to get gullible users to deposit real money with unregulated brokerages. The perpetrator of the scam gets paid through the commissions.
Free robots won’t make you money. Just stop and think about it for a bit: doesn’t this pitch sound a little too good to be true?