Trading with the bots is an attractive option for the trader who doesn’t know about trading. But while most people talk about the good side of the bots there is also a dark side to them that you should know about. Trading bots are not all genuine. There are many scams that have led to big losses for the investors around the world. Take Infinity App for example – this is a trading bot for options trading and it received a lot of negative reviews recently. There are many such bots on the market that are known to fool the traders with a lot of attractive ad banners with facts that are only there in the website. Take options trading, for example, there can be many types of scams and here are a few-
If your trading bot is looking for mining customer data then your privacy is at risk. You might end up with your contact information falling into the wrong hands. So you would have to bear with endless cold calling and the other drawbacks of personal data loss. There have been numerous instances where options trading bot teams have sold user data to other agencies.
Zero risk promise
Any type of trading is subjected to the market risks that are inherent and unavoidable. So if you find an options trading bot that talks about zero risk trading then be warned. If the bot also has a promise of fetching you a specific sum in a specific period this is another red flag. You cannot precisely predict the profits or losses that are imminent.
Manipulation with simulated results
Options bots that have lured customers with the simulated results are many. Here there are several files that are attached in the name of past results. The results might look very genuine as if they were captured from the real market. But not all of these results might have been actual ones.
Deposit bonus and withdrawal terms
There are many bots that talk about free bonuses for deposits. These might result in your money being trapped in your trading account. If there is an additional sum being placed in your trading account this might change the control that you have over claimed your funds. Another problem might be with the unclear withdrawal terms. You might not be informed about all the terms and conditions in the beginning. But later you might have to face trouble with withdrawing your money unless certain conditions are met.