InfoFinance Explains: Are Forex Robots Legal?

Forex robots are legal, but legal doesn’t necessarily mean reliable and legitimate. Certain countries do not support the use of forex robots, and there are also a handful of brokers who frown upon this method of trading.

Are Forex Robots Legal?

The nervousness surrounding robots stems from the marketplace being littered with scams; it is not highly regulated. Companies can sell useless robots and traders often have no comeback where the law is concerned.

Automated robots can be bought online legally, but it is not unusual for companies to disappear as quickly as they spring up. Sellers often promote a money-back guarantee with the sale of a robot, but that guarantee vanishes with them, leaving the trader out of pocket.

Out of the many companies selling forex robots, few have legitimate software for properly assessing opportunity and risk. Many of them use tactical visual representations to trick the trader into thinking the robot on offer will generate huge profits.

How to Tell If a Forex Robot Isn’t Legit

If it seems too good to be true, it probably is; effective forex robots aren’t cheap. Here are some tips on how to tell if your forex robot isn’t legal/legit:

• It is free or cheap. If you’re surprised at how reasonably priced a forex robot is, move on. The likelihood is that it is not worthy of the money you are considering paying for it, and you won’t break even when it comes to the profit you will make off the back of it.
• Grand claims are being made. If a company is guaranteeing big profits with minimal financial risk, promising zero spreads, or making other grand statements, suspicions should be raised. There is no such thing as guaranteed profit where forex robots are concerned, and a legitimate forex robot will be costly and won’t feature bargaining additions, so this kind of marketing speak should immediately set off alarm bells.
• The company boasts new, advanced technology. Remember, there are no guarantees with a forex robot, no matter how much the company promises. If a company had developed groundbreaking new technology to win big, they would earn more from using the robot themselves to trade, rather than selling the technology.
• The marketing speak is trying to win you over. Watch out for marketing messages that sell you the dream of what the money you make could buy you. A genuine company should be able to show you the numbers that prove what the robot is capable of, rather than using flamboyant language to promote the benefits of big profits.
• A virus checker alerts you to a problem. A virus checker may alert you to potential issues with the software, which should be a red flag when it comes to establishing whether or not a company is legitimate. The likelihood is that to do this you will have already purchased the software, but you will at least know not to trust the robot with your money.
• The company does not provide proof of its legitimacy. One of the most useful ways to quickly ascertain whether or not a company is legitimate is to find out whether they are registered with a regulatory authority. A genuine company will always provide proof that they are regulated.

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