When you buy this bot you enter your details on a registration page and then login to ‘the bot’ which is in fact a member’s area on a website.
Once logged in, you are prompted to upload funds to the broker and following the link leads you to cherrytrade.com which is one of the many binary option brokers out there.
Essentially this is a trade copier service whereby once you have uploaded your funds (minimum $200) they then proceed to trade your account for you while you sit on the beach.
The sales copy goes on about how the author made $800,000 in one year using this system and he’ll do the same for you, all you have to do is open an account at cherry trade, deposit your funds, and leave it to grow.
Now, since starting this review I received a number of e-mails from readers that have said they have, or know someone that has, had great difficulty getting funds out of these Binary Option brokers.
I’ve not used one before now so let me expand a bit on my experience with cherry trade.
Opening the account and depositing funds was a piece of cake. I was up and running within minutes. What I would suggest to anyone thinking of trying this type of thing is that they use a phone number that is non-essential, like a spare pay-as-you-go mobile phone or something.
I say this because within 24 hours of signing up, I had two messages on my office phone from a bloke calling himself ‘Brett’ asking me to call him back about my account.
I didn’t call him back; I e-mailed him asking what he wanted. He replied asking me what the best time to call would be. I replied that I was perfectly capable of reading so that if he had something he wanted to tell me to just put it in the e-mail.
He replied saying that he wanted to ‘discuss my portfolio with a view to maximising my potential blar… blar… blar…’
I told him I had no interest in anything he had to offer to which came a snotty reply along the lines of he could see I was using a trading bot and that I’d never make any real money with that so if I wanted to ‘learn how to make money’ I needed to call him back.
Needless to say, I didn’t bother.
Two days later I get another message on the phone from another broker at cherry trade asking me to call him back.
I think you can see where this is going…
Anyway, some readers suggested I should try withdrawing some funds. Since my account at the time had increased from $200 to $250 and then back down to $227.50 I thought I’d try making a withdrawal for $27.50 to see how quick they are at that.
I got an e-mail from my new friend Brett at cherry trade explaining that to withdraw funds I needed to give all sorts of info including… a photograph of the front and back of the card I used to deposit funds, a bank statement with my address on it, and photo ID.
I sent this information (albeit with the first 12 digits of my bank card photo shopped out on the front AND the back) and waited to see what happens.
Now onto the bot itself.
As I mentioned earlier, my $200 account increased to $250. In fact it did this on the first day, which was encouraging. Since then, however, it’s been a bit of a damp squid. Over the following month it pretty much went from $250, down to $190, back up to $227 etc.
After one month I’d lost nearly half the bank. Who would have guessed?
Ok, I’m being slightly sarcastic here but I don’t think this really comes as a surprise to anyone. And this is why I went in with the minimum deposit allowed.
Two weeks later the balance went back up to $200.25 so I attempted a full withdrawal and this time both the $200.25 and my initial $27.50 withdrawal came through, so I did in fact make a profit of $27.75 overall.
However, I wanted to continue the test to see if I had just gone through a bad patch and fortunately for me one of my readers, Wayne, had joined at pretty much the same time as me and agreed to send me his trading statements.
I’m very glad he did, as it saved me from losing my entire bank. Over the next two months, Wayne continued to send his statements through and it ended on 4th July with the final losing trade leaving only $24.50 in his account, which is not enough to cover the minimum $25 required to trade.
I had a lucky escape.
I asked the vendors why people are losing money with their bot and they replied saying that some people have made money and some have lost money!
This didn’t make any sense at all as surely everyone should be getting the same trades. Apparently not.
Auto Income Bot is just another in a whole line of trading bots that only really serve one true purpose. To make affiliate revenue from the broker for the vendor.
The vendor gets paid for every new customer he brings to the broker, plus he gets paid on any ‘revenue’ (read ‘losses’) generated by said customer.
So all he has to do is run a bot giving opposite trades to each half of his customer database. One half will have a winning trade; the other half will have a losing trade. Either way, he makes a share of the profit without having to ‘invest’ in anything himself.
Some customers might get lucky for a while (like me) but all will lose their banks over time.
The vendor of this bot approached me continuously to promote his product, but failed on every occasion to reply when I pointed out that his bot was losing money for customers so why on earth would I promote it.
He didn’t seem to understand that I actually give a damn.
This bot gets a definite Failed, Failed, and Failed. Three for good measure.
I’ve never found a ‘Binary Option’ bot, or system, that makes money and I suspect there aren’t any, unless you are a vendor with no moral compass whatsoever.
Steer well clear.
Check out their sales page below but beware… here be dragons…