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Profit Trade Review – is profit-trade.com scam or good forex broker?
RECOMMENDED FOREX BROKERS
Trading Accounts & Conditions
|Account type||Minimum deposit||Maximum leverage||Spread|
|Educational||$250||1:100||Fixed, 3 pips|
|Standard||$2500||1:150||Fixed or floating|
|Premium||$20 000||1:200||Not specified|
|VIP||$50 000||Not specified||Not specified|
|Tailored||Not specified||Not specified||Not specified|
|Robot||$5 000||1:200||Not specified|
Profit Trade is a forex and CFD broker that appears to offer a multitude of everything from account types to tradeable financial instruments. Nonetheless, we cannot say that it radiates a lot of credibility. Read on to understand why.
Profit Trade Advantages
Wide range assets available for trade
With Profit Trade one can trade in a wide selection of currency pairs, CFDs on commodities, indices, stocks, and some of the most popular cryprocurrency pairs. More specifically, the latter include Bitcoin, Ethereum, Litecoin, Dash, Bitcoin Cash, and Ripple. They are traded against each other, EUR, USD and AUD.
If you are one of the crypto-enthusiasts, however, Profit Trade is hardly the best choice for you. It is not a company that is licensed as a financial services provider and therefore is not credible.
Offshore broker, shady registration
The most important thing about any broker in general is whether it is licensed and monitored by a financial authority. It is essential for traders to know that they have some sort of governmental protection.
Profit Trade is allegedly owned by GPS Marketing Ltd and provides two addresses on its website – one in Sofia, Bulgaria, and another one on the Marshall Islands.
The company is not regulated by the Bulgarian Financial Supervision Commission (FSC), nor any appropriate agency. As regards the offshore islands, we have reviewed a number of other shady brokers registered on the same address as Profit Trade: iForex24, CryptoEU, Tradex1, PBN Trade and FXG Invest, to name a few. You’d better read some of the user comments to our reviews if you are considering opening an account with Profit Trade or any other broker with whose address is on the Marshall Islands, Majuro, MH96960.
MetaTrader 4 not available
Instead of the popular MetaTrader 4 (MT4), Profit Trade uses a proprietary web-based platform that is very basic, with no analytics whatsoever, nor automated trading options. Here is a preview:
Profit Trade’ in-house web platform. Click on the image to zoom in.
Meanwhile, the MT4 platform hardly needs a presentation. It is the most widely used forex trading terminal that has proved its reliability and ease of use over the years. Besides, it has great charting, analytic tools as well as wide range of Expert advisors for automated trading.
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Good Broker For Experienced Traders!
Profit Trade has a rich and diversified product portfolio, including a plethora of cryptocurrency CFDs like Bitcoin and Ripple, which are one of the most popular assets on the financial markets.
However, this broker not regulated and not to be trusted, as it has the same registered address on the Marshall Islands as a bunch of other shady brokers, and might be a scam.
That is why you’d better avoid Profit Trade and offshore brokers in general and choose among financial services providers licensed by one of the most respected financial regulators – the Financial Conduct Authority.
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Traders` reviews for Profit Trade
They force my to pay additional tax
THEY request aditional invest i reuest to returnd my funds +profits and they force my to pay tax denominanted SKAT-i request copy of legislation an never received–they want me to deposit from my country but it is not posible-am under the impretion they want to desapier more money–resosable name alejandro alvares-
Very unserious&bad company
Unserious company..please never invest your money because you will lose all for sure. very bad and unserious company.
never trust them
at the begining they hep you to trade they make trade for you to for show you it work,
Forex robots and how they work
In essence, there are two ways Forex traders can approach trading: they can either decide to analyse the market and trade on their own, or they can go with the increasingly popular Forex trading robots that do all the hard work for you and place trades automatically. But, are they really a profitable substitution to trades hand-picked by experienced Forex traders? Let’s find out.
What is a Forex trading robot?
A Forex trading robot is a simple (or complicated) computer program that analyses the market through various mathematical algorithms, connects with your trading platform and opens, manages, and closes trades automatically. All you have to do is install them to your trading platform as an add-on, and you’re done.
Forex robots continuously follow the market and include each new price tick in their calculation to find a trading opportunity. Once the results of their calculations show that it’s a good time to buy or sell a currency pair, the Forex robot will send a signal to your trading platform to open the trade and keep it open until the price hints that the setup is no longer valid. That’s when the robot will close the position, ideally leaving you with a profit.
There are virtually thousands of trading robots that can be found online. While some of them are free of charge, there are also many robots that need to be purchased. They usually come in the form of an EA (Expert Advisor), which are then copied in your MetaTrader’s installation folder and the next time you open your platform, you’ll see the robot (EA) listed in your platform’s navigator window.
As previously mentioned, Forex robots usually rely on purely mechanical rules to find a tradeable setup. In the following lines, we’ll dig deeper into the construction of a Forex bot and mention some advantages and drawbacks of trading using robots instead of trading on your own.
Trading robots rely on mechanical rules
One of the main characteristics of Forex trading robots is that they rely on mathematical algorithms to find a trade setup. To do so, many Forex robots incorporate various technical indicators which are then used to decide whether to buy or sell a currency pair.
Popular technical indicators used in the programming of Forex robots include moving averages, oscillators and trend-following indicators. For example, a very simple trading robot may initiate a buy signal if a 100-period moving average crosses a 200-period moving average from the downside. Sound familiar? Yes, this is a popular MA strategy called the MA crossover. What the Forex robot does is simply automate the process of following when a moving average cross happens, across many different currency pairs. For sure, this has many advantages compared to manually looking for an MA cross, but the ultimate trading performance is only as good as the MA crossover strategy can be – whether executed manually or automatically.
Another example of a Forex bot is the usage of the Average Directional Movement Index. A Forex robot can be programmed to open a long position only when the ADX indicator shows that the current trend is up, or to open a short position only when the ADX indicator shows that the current trend is down.
Since the ADX indicator usually lags the price (just like most other technical indicators), the Forex robot may open the trade when the initial price movement is already completed, leaving you either with a small profit or a loss if the price reverses. The following chart shows a simple mechanical trading rule which can be programmed into a Forex robot, using the ADX indicator to open trades.
Mechanical trading rules usually work only during certain trading conditions. A trend-following robot would have a difficult time generating profits in range-bound markets, while a robot that trades support and resistance levels will likely disappoint in strongly trending markets. While more complicated robots take into account the current market environment, their performance is still tamed by existing limitations of mechanical trading rules.
How to evaluate a Forex trading robot
Since Forex trading robots are basically EAs, they can easily be back-tested using the MetaTrader platform. Many Forex bot providers have already done that, so you can pick the one that suits your trading goals. Metrics that one needs to consider are profitability, profit ratio, winning ratio, and maximum drawdown, as these are the most important metrics that are used in the evaluation of any trading strategy.
If you’re using the MetaTrader platform, you can check a Forex robot’s performance by clicking on the Signals tab inside the Terminal window and selecting a bot. This will open a window like the one shown in the following picture.
You can check the robot’s growth rate, net profit, number of subscribers, as well as the subscriber’s funds, maximum drawdown, trades per week, average holding time, and more. Make sure to make your analysis if you want to employ an automated Forex robot to trade for you, as you want it to make the right trading decisions and return a profit.
How to use Forex trading robots
By now, you know what a Forex trading robot is, how it works, and how to evaluate its performance. Now it’s time to explain how to make the most out of the Forex trading bot, by taking into account the way it makes its trading decisions.
The most important rule is to use a trading robot only during certain market conditions for which the robot is programmed. Just like with an airplane, the pilot will manually perform the take-off and landing procedures, and fly on auto-pilot only once everything works fine and the airplane is in the air. Similar to this analogy, you shouldn’t use a trading robot during market disruptions and important macro-releases (unless the robot is programmed specifically to trade macro-releases). In addition, don’t use a trend-following robot when the market is ranging, and vice-versa.
Knowing the market conditions during which your robot returns the best results is mandatory, so you can employ them only in times when their profitability is the highest. You can also use several robots with different trading strategies and use them according to the current market environment. This way, you’ll make the most out of the trading robots.
Advantages and drawbacks of trading robots
Trading with Forex robots has both its advantages and drawbacks. The most notable advantage is that the robot is programmed to do all the hard work for you. It will analyse the market using its algorithms and automatically open, manage, and close the trades for you. The drawbacks of using Forex robots are closely related to its advantages: Can a robot really be profitable, and can the markets be successfully analysed and traded according to mechanical rules?
Here are the most obvious pros and cons of Forex robots:
1) Pro: automated trading – Simply run your Forex robot and you’re done. It will trade for you, and you only need to watch your trading account growing (hypothetically). Automated trading is the most significant advantage of robots, as it prevents emotional trading and you have more free time to spend on other things.
2) Con: mechanical trading doesn’t always work – This is the main disadvantage. Markets cannot really be traded using mechanical rules all the time. Large market disruptions, unexpected events, and changes in risk sentiment and in market conditions can all cause a profitable robot to become unprofitable. This can be partly offset by using multiple robots for various market conditions, but hand-picked trades from experienced traders will likely beat any robot’s performance.
3) Con: risk and loss management – A robot will open a trade whenever its algorithm says so. Even if you wouldn’t take the trade in manual trading, a robot has no common sense and simply follows orders. While some robots have advanced risk management rules, programming common sense is still not possible, which can lead to losses which could have been avoided otherwise.
Forex trading robots are computer programs that can be utilised as add-ons to your trading platform. They use mechanical trading rules to analyse the market and open, manage, and close trades automatically. While this may sound like the Holy Grail of trading, you need to be aware that robots have their limitations, which prevent them from being profitable all of the time.
This is not to say that you shouldn’t use robots. Trend-following robots will do extremely well in a trending market, and robots that are programmed for ranging markets will be profitable in range bound markets. Still, you need to take an active role in determining current market conditions and switch between various robots to make the most of them.
Also, don’t forget to evaluate a robot’s performance before you utilise it in trading. Key metrics such as profitability, growth rate, maximum drawdown, winning ratio, and net profits need to be taken into consideration when choosing the best Forex robot for you. By following these rules and being aware of the advantages and drawbacks of Forex trading robots, you can start to enjoy the profits that come with automated Forex trading.
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Reading time: 8 minutes
Forex trading is versatile due to the different trading styles, Forex strategies, and Forex systems that can be used. In the Forex market, there are traders of all levels of proficiency, and each type of trader will have different ways of working. One of the features of Forex is the split between the traders who want to manually trade, and those who want to utilise automated trading. This article will focus on automated trading.
What is a FX Robot?
Automated trading requires a lot of research to find the right software that will perform trades correctly. Sitting back and letting an automated device perform the work for you can be a real temptation, and it’s here that automated Forex trading robots come into play. An FX robot is a computer program that is based on a set of FX trading signals which help to define whether to purchase or sell a certain currency pair at any particular time.
Trading robots are available 24/7 to Forex traders, and can easily be bought over the internet. It is imperative to confirm that there is absolutely no such thing as the ‘holy grail’ of trading systems, regardless of the type they belong to. The question many ask is do Forex robots work?, or will choosing one turn out to be just another commercial scam? We’ve prepared this article order to address this question.
GPS Forex Robot
This the first Forex robots service in our list. This FX robots provider undoubtedly has something to offer to traders. If you already have experience and moderate knowledge of the financial markets, you may benefit from utilising these robots.
If you are trading using the MetaTrader 4 terminal, it would be preferable to use the advanced trade copier. Traders who invest a lot in the FX markets each month often favour this product. There is no monthly subscription at GPS Forex Robot, robot comes with $149 one time payment.
Overall, GPS Forex Robots are user friendly and provide easy access to good customer support – contact details are clear and they answer almost immediately, which technically serves a user well – which is one more reason why they are in the list of top Forex robots providers.
Itic Software, provides FX traders with a wide variety of service. They indicate to their clients when it is an appropriate time to carry out buy-sell actions of main currency pairs on the Forex market, based on analysis
Itic Software robots have multiple trading strategies. The wide service they offer is continuously tested by professional traders, products are not repaints, they always provide the source code and use unique mathematical algorithms only.
How Does a FX Robot Operate?
FX traders want to use robots because they hope to make easy money from the Forex market, without having to devote a lot of personal time to it, or do anything manually. Those who use robots have to find a good currency pair and the perfect time-frame to trade in it to maximise their profits.
Some Forex robots are capable of scanning numerous charts in a way that humans physically can’t. In addition, robots are developed with particular parameters needed in making trade decisions. With implanted trading signals, they determine when it is appropriate to trade, or conversely not to trade.
The best Forex robots suggest solutions to find profitable trades even in unstable markets, when the actual trending direction is unclear. Robots will follow the best trend to enlarge profits, and perhaps eliminate the chances of potential losses. Trading against the trend will eventually lead to loss after loss, whilst trading with it increases profit, no matter what method or robot is used to trade.
However, what must be remembered is that the majority of robots trade within a certain range. They make a particular amount of pips inside the tight range, during the slowest time on the Forex market, and they regularly set a few pip targets, and may not even use a stop-loss. They can be classed as successful, as they do tend to make profits in each trade, even if it is only a few.
When an unanticipated and strong range breakout occurs, it wipes out the small profits that they have made. Some robots which are promoted as the best Forex trading robots, can gain a profit in a positive trend, although they may lose money in a choppy FX market, so the discovery of a great trend to follow is an essential task.
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The Effectiveness of Robots
Though FX robots promise to make beneficial trades, not all of them are what traders expect them to be. Moreover, some federal governments consider them to be scams. In a similar way, you are not likely to find any article in Forbes, the Wall Street Journal, or any other respectable news source that promotes them.
What’s more, even online robot merchants try to move their robots in rank by claiming that their opponents’ ones are scams. A lot are advertised with false claims by people who have made serious money applying these systems. The truth however, is that a great number of investors and traders have lost a lot of money using so called ‘free’ Forex robots that work. There have even been circumstances in which whole accounts have been wiped out.
If you really want to know how effective robots are, you should check out reviews and authoritative testimonials online. Although they can scan millions of different charts within seconds, most often 90% will turn out incorrect information. This is understandable – because FX robots are just robots. Even though they are capable of performing highly sophisticated tasks, and many at once, every Forex robot or Forex robot free is still deprived of creative thinking. They cannot imagine what may take place in the near future, as their functionality is restricted to how they were initially programmed, as well as past performance.
For traders who use robots, they should not fully depend on it to conduct all of their trading activity. Ultimately, trading demands a considerable amount of human research and observation. Additionally humans, and not trading software, can actually follow up with diverse economic conditions, and keep up with the news in the financial world. Forex robots, which are thought to be Forex robots that work, can solely find positive trends as well as trading signals, but occasionally their functionality is unfavourably affected by either jittery trends or false information.
In addition, hackers and viruses may also hinder robots. All in all, automated FX trading software, or Forex robots, are nice opportunities for their designers to make money, but offer little benefit to you as a Forex trader. It is a debatable question – will a robot make you rich, or will it just wipe out your trading account?
One thing is likely – their developers can potentially become millionaires. Smart designers are aware that people yearn to make a lot of money, and try to ensure that robot Forex trading appears to be one of the finest ways that they can achieve this. Nonetheless, they exploit this as a possibility to design a robot, or any other software (or even a DVD, webinar, seminar, e-book etc) to sell and prosper.
If the robots they sell could actually make a huge amount of money through trading the currencies, then what is the point in selling them to others and not utilising them on their own Forex accounts? The answer is logical – robots can barely make money for a Forex trader. Can a $99 FX robot or a free Forex robot really make hundreds or thousands of dollars every month? If it could, you have to ask yourself – would it really be sold for such a relatively low price?
If it was this easy to earn money utilising robots, nobody would ever go to work. It is possible that robots can make money for a restricted time period, but they could start losing after awhile – and the money earned by the ‘best Forex robot’ with one position may disappear before you can claim it. In addition, the vast majority of robots are scalpers. They make just a few pips with every position they take – and they can set a considerably tight target. The chances of surviving with such a strategy are quite limited for a trader.
Successful FX trading is based on knowledge, proficiency and skill. It involves analytical thinking, and something visual. When looking at what are Forex robots, it is clear that they cannot properly work in this manner. Market conditions tend to change all the time, and only an experienced Forex trader can distinguish between when to enter the market, or when to stay away.
We have described the aspects of applying robots in Forex trading from a rational point of view. What we hope can be concluded from this article is that instead of spending your time and capital on things like automated FX trading software robots, it would perhaps be better to devote time to learning a good trading system.
Eventually you may become a professional trader who relies on experience and knowledge, rather than using computer algorithms and codes by someone who is not a Forex trader at all. It is completely up to you whether Forex robots are worth your attention – and only you can answer the question of: Do Forex robots really work?
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It you would like to learn more about automation In Forex, why not read our related article?: How Does Automated Forex Trading Work? Additionally, did you know that we also offer trading courses for beginner traders? Learn to trade step-by-step with our educational course, Forex 101, featuring key insights from professional industry experts, click the banner below to register for FREE!
About Admiral Markets
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.
What trading robot software is legit?
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The ones you make.
Talking from the experience of friends who manage a decent portfolio, every bot they bought—even ones priced 3k USD or more—failed.
I’ve got my own, and depending on how you code them, managing them is a risky proposition if you don’t implement proper fail-safe methods.
Bots whose strategies are too strict will fail to adapt to the market.
Bots whose strategies are too flexible or chaotic are a management problem.
Bots who are over-fitted to the financial time-series are not reliable in the future.
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