Starting off in trading is not easy, there is much to be learnt before you start using your hard earned cash, probably that is why using a Forex robot is proving popular with novice traders. This FXMasterBot review aims to explore the features and options on offer by one such company. The first suggestion would be that potential users open an FXMasterBot demo account to learn how it works. You can also do this on any mobile device as fully optimised for the smaller screens.
The demo guides you through the steps to fully utilise the bot and grow from novice to expert then master levels. Once you decide to open an account, the minimum deposit for the novice level is $250, and it comes complete with three open traders, three currency pairs, several brokers and a leaderboard multiplier x1. Starting at this level is a good plan, as once you feel confident with the bot you can move up the levels. The reviews about the FXMasterBot indicate this could be your trading best friend, but is it all that it seems? There are some questions as to the validity of the demo results and indications that its brokers might not all be regulated.
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Is FXMasterBot a scam? Is FXMasterBot regulated?
Reviews about this platform being an FXMasterBot scam are mixed. Some facts seem to show that it works very well for its members. Once you sign up, a straightforward process, you have full controls over its activities. You get to decide the minimum and maximum trade occurring during a day and set limits on losses and profits. You can select the maximum or the minimum number of trades in a day, plus approve trades or opt for auto-trading.
The FXMasterBot is designed to assist you in your Forex trading by sending signals & trades direct to your account. Red flags came up on our research over the quality of the demo results, the possibility of the inclusion of fake results to increase the profits and some pressure is put on demo users to open an account. Then once on the deposit page, it directs you to an unregulated broker, something we do not recommend you use. As with any decisions in trading, you need to do your own in-depth research. There are no quick routes to gaining experience, and nothing can promise they can make you money, there are tools to assist you but ensure they are doing this correctly.
Alternatives to FXMasterBot
If you are not sure about becoming a member of FXMasterBot then maybe check out a Markets.com review. Markets.com is a well respected, well-known name in the trading community, some might know its name, as it is an official sponsor of Arsenal football club? A recognised premiere Forex broker, it now offers CFDs on 1,000s of underlying assets, and they have started to provide cryptocurrency trading. Another consideration is 24Option, also a football sponsor, this time for Juventus, another well respected and regulated broker in Forex trading and CFDs. When making your decisions remember no-one can guarantee you a ‘get rich quick’ solution, if they do, be suspicious!