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Where to next? (If you do not meet the requirements)
- FX Options – Attractive alternative to binary options?
- Read our in-depth guide for cryptocurrency beginners
- Read how to trade forex and other CFD instruments
One of the most known binary brokers – IQOption offered the possibility to create and use fully automatic binary robots. In case you haven’t heard about IQ Option before, you can find out more about the broker in our comprehensive IQ Option review. As you may probably know, there is almost no binary broker that offers automatic robots, the only brokers that offer expert advisors work on MT4. But in order to create such robots, you need to know, how to program in MQL4 plus these brokers don’t support trading short term binary options.
IQ Option is one of those brokers who always comes with some kinds of cool stuff, which are not yet offered on the market by anyone else. We could be assured about that when they launched their stylish trading platform 4.0. IQ Option had implemented expert advisors on their own platform and usage of these robots was totally for free, you could try them for yourself even on a free demo account.
Basic information about IQOption robot
- Minimum deposit to a real account: 10 $
- Minimum deposit in order to use IQ robots: 0 $
• IQ Robots platform was available for free
• IQ Robots could be used both on a real/demo account.
• Wizard and Constructor functions offered the possibility to create and construct a simple, highly complex and sophisticated robot.
• All the robots could be very quickly tested on historical prices, thanks to the function „test“.
• Successful robots that traders created automatically appeared in the catalog and they were accessible to all traders
• Already created robots were very easy to use
The brokered offered 3 ways, how you could get your IQ Option robot. You could either choose from a catalog or you could create your own by using wizard and constructor features.
IQ Option – robots catalog
The easiest and most convenient way which used to be appreciated not only by newbies was choosing your robot from the catalog. Here we had two lists of robots, they were sorted out by their winning probability and by their popularity. Settings of these robots could be changed only by the creator, however, you were able to set your own trading limits and investments.
The robots could be filtered out by their performance in a certain time, for example in 24 hours, 7 days, 30 days, etc. You had also the possibility to choose a robot which was created for turbo options (short term options) or for binary options (medium term and long term options). Furthermore, you were able to select asset, minimum and maximum success of the robot. If you wanted more detailed search, you could have clicked on “advanced search”.
Once you found IQ Option robot that suited you the best you could test the functionality by using test function, which had put your robot to testing process on historical prices. The robot could be also used right away on the demo or real account, you were able to do so by using the function „run robot“. In settings of your robot, you could select an asset that you wanted to trade and the size of the transactions that robot should create. However, you had to keep in mind that setting different settings than the one which was set by robot’s creator could significantly affect the results.
Backtesting was one of the most important functions that IQ Option robots offered. Thanks to this function you were able to test your robot on historical prices. Therefore you were capable of finding out whether the robot would have been successful in the past and you could discover it fairly quickly (in comparison to testing on a demo account). Look at the picture below, to observe, how your backtesting could look like.
Robots.IQoption wizard was used primarily by beginners who wanted to create their own robots. Again, you could use an already established strategy, or you could create your own. If you wanted to establish your own strategy you could have clicked on the icon “create your own strategy’>” create a strategy “. Furthermore, you were able to set your robot by using the operators “AND” plus “OR”. The operator “And” was applied once all conditions were met. The operator “or” used to be triggered once at least one condition was met.
The constructor was designed for experienced traders who wanted to create their own trading robots and who wanted to set them up to the last detail. If you have decided to go this route, I had recommended looking at the introductory video where was described how the robots could be created. Using the constructor function to create a trading algorithm was much more complicated than using “wizard function”. On the other hand, you had significantly more operators and functions there, so if you took your time with creating your robot you were able to develop a very complex automatic trading system.
IQ Robots Pros and Cons
• You didn’t need to know how to program in order to create your own robot
• You could use robots of other traders
• The robots could be tested on historical prices
• You had full control over your robot’s settings (you were able to set up maximal take profit and loss)
• Using robots was totally for free
• You could use them even just on a demo account
• Creating a complex robot (constructor functions) required certain skills
Iq Option provided the possibility to try out using automatic robots to every type of trader. Newbies could use the most profitable or most popular robots from other experienced traders, on the other hand, professional traders were able to create their own robots to the last detail. I used to test some of the pre-made robots with quite a good success. It was a great disappointment for me when IQ Option announced that they will be no longer available.