Published on January 9th, 2020 | by John Kane0
Software Review: OlympBot
If you’re looking for an automated binary options software, then it’s possible you’ve come across this new system promising to be latest and greatest, OlympBot. Built to work specifically with the Olymp Trade brokerage, this trading system automatically opens and executes trades on your behalf, within your broker account. Considering the obvious connection between the broker and the software, it’s hard to believe that this is anything more than just a ploy to attract more clients.
The robot is developed and serviced by Binary Bots Development, located in St.Petersburg, Russia. To get in touch with support, traders can email [email protected].
The creators of the OlympBot software want the community to believe that the product is simple to use and free of charge. I’ll get into the free of charge commentary in the next section of the review, but for now let’s take a look at the system and what type of trading strategy it is utilizing.
We are told that the system “automates the trading process, including automatic selection between binary pairs.” In terms of strategy, there are only 2 sentences which inadequately explains their martingale methodology as a way to allow traders to “take profits in a small time.” This is a really poor explanation, and it leaves me wondering what type of trader put together this product, because they are coming across as very uneducated traders.
In no way, do I ever recommend martingale trading as the main method or strategy for any trading system. Martingale, is the process in which you double your investment after every single loss, over and over again until you recover. The obvious problem with this approach, is that eventually you will lose so many trades in a row that you don’t recover in the account is blown. This is not an over exaggeration, it is truly the pitfalls of an underwhelming trading strategy.
Like every other binary options robot that is come before the OlympBot, this application is being advertised as a free product. This is not the case, as in order to gain access, you will have to register and deposit funds with the Olymp Trade, through the BBD affiliate link.
The problem I have with this model, is that once you register and deposit with the broker, the developer of the software has no incentive to continue improving their product. The system could easily be forgotten, because once the developers receive their commission, they really don’t owe anyone anything.
In terms of trading results, the vendors do a very poor job at presenting us adequate proof that the OlympBot performs well. We are given a handful of statistics, but all of the statistics just lead to more questions that cannot be answered.
The developers tell us that they have a winning rate of 72%, 416 active users, and average deposit of $132 and over 4600 payments made. While this is all well and good, none of these statistics can be verified. This leads me to question the integrity of the developer, because if they can come up with these numbers, they must be coming from somewhere.
If the software was truly winning 72% of its trades, the developer would be able to show us a trade by trading account on a daily basis. Not only are we not provided a daily trading results section, but there are actually no trading results provided of all. I’m not sure what the vendor wants us to do with this lack of information, but I don’t see how anyone would be willing to sign up with the system that is an providing actual trading proof.
The OlympBot software has its application available through Google play. On this page, we can see that they have received a 3 star rating out of 123 reviews.
Only two traders have left comments thus far, but both of these are 1 star reviews, warning other traders to avoid it.
While I was interested originally, after putting together the OlympBot review, it’s quite clear to me that the software has very little to offer at this point in time. If the vendor could clear up some of the issues with the strategy, the trading results and the client feedback I’d be happy to revisit this review. However, until that happens, I don’t see how I could recommend this to any of the Binary Today readers.
Thank you for reading the review, and have a great day.
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