Hi! You are reading our full report on the SetOnTrade auto trading and manual signal software. This new binary options software has had some shocking results from many of the traders we’ve spoken with. Our in-depth SetOnTrade review will help you make the best decision when it comes to this trading software.
You will find the good, the bad, and the ugly all right here in this review.
If you have already opened a trading account with SetOnTrade, please contact us and let us know. We can help you get your money back! We have already helped scores of other traders like yourself who have been scammed. Please check out another binary options scam to go viral, Zeus 2 Scam.
Our team has reviewed hundreds of binary options auto traders. Rarely have we seen one as honest and forthcoming at SetOnTrade. They have gone over and beyond in trying to be transparent and honest with their readers. However, as you will see below, we still DO NOT recommend this system. Continue reading to get the full story!
Official Website: http://setontrade.com/
There are several options for using SetOnTrade. They have a manual option and an automated option. You can take signals on your own or you can turn on the auto trader. These signals are chosen based on the industry’s top indicators, such as Trend, RSI, CCI, MACD, and Stoch. Using a combination of these signals the software generates trades that are executed manually by the software. If you choose to use the software manually, you will see signals pop up that you will then need to take on your own.
The creators of SetOnTrade have gone to a lot of trouble to try and make their software actually work. But does it? We spoke to several traders who opened an account with $250. Some of them took manual signals and some used the automated feature.
Our users agreed that using the SetOnTrade manually was more profitable than turning on the auto trade. The software gives on average about 5-6 signals a day, which is less than the 8-9 the website promises. Out of these signals, our readers claimed that they ended up with a 56% ITM. For those of you that are novice traders, you will realize that this is a losing ITM and will drain your account within a matter of days.
The SetOnTrade website actually recommends that people do NOT use the auto trading feature while they are away from their computer. This is because it is best to monitor your trades so that you can stop the trader if your start losing too much. The fact that they admit this possibility on their website means they are attempting, to be honest, and transparent.
That being said, the vast majority of traders we speak with our simply looking for an easy “done for you” system that allows them to make money while they attend to their real job or other life duties. This means that most people that used the auto trader feature were NOT following the guidelines set out by SetOnTrade and did leave their computer alone during the auto trading. This resulted in a mass loss, most people claimed it emptied their account within 24 hours.
We only spoke with one person that monitored the auto trades. His account was that the trader seemed to dance right around a 50% ITM before he turned it off after losing over $100. He closed his account and is still waiting for his withdrawal.
SetonTrade offers a free demo account trial period, which we thought was great until we read the fine print. Each new member gets unlimited access to a demo account where they can try out different money management strategies as well as test the auto signals vs the manual signals. Included in this demo account is 6 thousand play dollars (not real money). This is a great option that any of you can use in your free time for fun.
Before you take this option, you should be aware of the following information! The demo account provided by SetOnTrade is NOT the real binary options market! It is a simulated trading experience and does NOT represent real market conditions. SetOnTrade fully explains this in a rare one of a kind attempt at honesty and transparency.
SetOnTrade requires a new broker sign up to activate your software. You can NOT use a broker that you already have. Neither of the brokers provided by SetOnTrade are regulated. This means that you are trading at your own risk and will have no legal recourse if you lose your money. Regulated and honest brokers such as 24 Option or Daweda Exchange never work with binary options auto traders, because binary options auto traders are notoriously awful!
Make no mistake, every single trader that trades for a living would not touch Martingale with a 10 foot pole! Some people use this system, but only if they have thousand of dollars to play with, which the average new day trader just doesn’t have. Even then it is incredibly risky and blacklisted by almost every regulated broker we have knowledge of. Do NOT use martingale!
Is SetOnTrade a Scam?
The following facts are all signs that SetOnTrade is a scam. Despite their attempt at transparency and honesty, we are still blacklisting this software service!
1. They work with unregulated and shoddy brokers.
2. Their demo account does not trade on the real binary options market, but rather simulated (fake) version.
In our conclusion, we are putting SetOnTrade on our BIG NO list. If you still chose to try this system out please remember that their demo account IS NOT real market trading conditions or signals!