FXMaster Bot is a free piece of software designed to help you trade the Forex markets more effectively and efficiently. Although there are a lot of Forex-based software apps out there, and they all claim to be “the best way to earn money,” very few of these actually deliver on the promises that they make.
FXMaster Bot stands out and separates itself from these others. Not only has it shown a proven track record of success, it also is incredibly user friendly and transparent in how it works. It’s definitely not the best thing out there for all Forex traders, but many people would benefit from using this.
If you’re thinking about changing up how you approach your Forex trading, or you’re brand new to the Forex market, then FXMaster Bot is worth taking a look at. Here, we will go over the basics that you will need to know to get started using this software. Let us know if this FXMaster Bot review meets your expectations.
What is it?
FXMaster Bot is basically just a trading account that becomes available to you when you make a deposit (through them) with one of the Forex brokers that is available on their platform. However, even though this seems like a very simple concept on the surface, this unlocks a lot of potential for you as a trader.
Like its name implies, FXMaster Bot specializes in automating your trading, although manual trades are also available through this platform.
How it Works
Before you start using this software, you will want to adjust your personal settings so that the bot understands what your risk profile looks like and will make only the types of trades that you will want it to. There are two main settings that determine this, although they are not the only adjustments that you will want to make before you start with the software. The first setting is your stop-loss point. This is when the robot will automatically end a trade for you to minimize losses. If you’re unwilling to lose more than $50 on a trade, enter this before you set up your auto trading account. The other big setting to be aware of is the daily take profit number. Let’s say you’re happy making $200 per day, and once you’ve made that, you don’t want to make any more trades for fear of losing your profits. You would enter $200 as your take profit number, and once the bot has hit that, you will not have any more trades made for you that day.
The bot has a very intuitive and easy to use platform. Checking out their product will help you to understand how to use it in a much better than an explanation can. The bot is free to download, and there’s no commitment necessary on your part to fund an account if you do so.
Types of Accounts
There are four main types of accounts available through FXMaster Bot. The first is a demo account—which everyone who uses this, regardless of skill level, should use first. Through a demo account, no actual trades take place. However, you will get to see what the bot does in real time, with real assets, if the trades had taken place. This is basically a way for you to test the services provided to see if they will actually be helpful for you. Even if you are a pro trader, using this account first will be a good way to practice and get a feel for what you are doing, before you have any sort of money on the line.
The first real money account that you will find is the Novice account. This is the account that you are given when you create an account and make a minimum of $100 deposit. You can trade three different currency pairs with this and have three open trades at any given time.
With an Expert account, you get a few more benefits. You can trade with nine different currency pairs and have a maximum of three trades open at once. If you have a bit more experience with trading, this might be the right type of account for you. You need to make a minimum deposit of $500 to gain access to the Expert account.
The account that comes with the greatest number of benefits is the Master account. With this, you need to make a deposit of at least $500 to two different brokers—for a total of at least $1,000. You get access to every currency pair that FXMaster Bot offers and they even have a VIP team that will help you out with your needs as you’re exploring the site and growing as a trader.
The right account type for you will wholly depend on what you’re looking for in your trading and the experience level that you bring into it. As a general rule, the more advanced your account is, the more you will be able to tweak and customize your trading.
Other Things to Know
FXMaster Bot doesn’t charge you any direct fees, but that doesn’t mean that they do not make money off of you. Just like any other financial service, they need to stay financially profitable in order to continue to provide you with their services. They make money by taking a higher percentage out of what you earn. So, if you would have made a profit of $100 on a trade without using the bot, you will not see $100 returned to your account when you use the bot. The size of the cut that FXMaster Bot takes will depend on the spread and a number of other factors. This is common with services like this, and it is the price that you pay for automated, profitable trades.
One of the perks that FXMaster Bot offers its clients are called Leaderboard prizes. Basically, your earnings are ranked in comparison to other platform users. The traders that rank at the top at the end of each given time period (usually one month) are eligible for a cash prize. The benefit of having a larger account really shines through in the Leaderboard contest. The larger your account, the larger the multiplier that is added on in your Leaderboard ranking. Having a Master account allows you to multiply your original score by a factor of three, helping you to get to the top spot a lot more easily.
Finally, it’s important to add that FXMaster Bot has a pretty strong customer support team. You can contact them by phone, chat, or email if you have any questions about the platform or how to use it more effectively. They also have a pretty comprehensive FAQ section where a lot of your questions are answered before you even need to ask them.
Pros and Cons
Pros: Automated trading, stop-loss features, adjustable settings, free to use, easy to use platform, Leaderboard prizes, strong customer support team, trustworthy financial transactions.
Cons: Beginning accounts don’t have many trading options, not available in all geographic regions, knowledge of Forex trading necessary for success, Leaderboard prizes easily won by larger accounts.
Forex trading, like any other type of trading, is risky. There’s a chance that you will lose money trading, even if you are using a bot like FXMaster Bot. That’s why it’s so important to find a broker, bot, or any other trading product that works for you and your particular situation. We don’t know if FXMaster Bot is right for you. Hopefully, this review has helped you to learn more about them and the services that they offer.
If you are looking for more information regarding FXMaster Bot, feel free to check out their website and download their free software for yourself. You can use a demo account to get a better feel for how things work and whether FXMaster Bot will fit in with your trading needs.