AlgoTradingBots Review – Transparent and Legitimate But Not Reliable

AlgoTradingBots is a set of tools developed by Swedish company Borisov Holding AB (VAT: SE559258900501). With such transparency, it’s clear the company is not there for short-term goals.

However, with a very low number of traders trusting these tools, there must be something about it. Therefore, read this AlgoTradingBots review to find out if you can trust it or not. Also, for more useful comparisons check our ChartPrime and Coinalyze reviews as well.

How Does The AlgoTradingBots Work?

According to the company, every bot is run on its own with its own money. Yet, they collect their money besides pricing plans through fees and commissions. You will need to have a brokerage account and ProRealTime software to get started. Important to realize is that on both sides, you have to pay access to tools to make it work properly.

But keep one thing in mind. You need to have a trusted broker’s account if you want everything to work. This company recommends the IG.com broker, which is not regulated by the top-tier authorities. Those regulations are FCA, BaFin, ASIC, CFTC, or similar. Therefore, their recommendation doesn’t make sense.

What Do Traders Say About The Software?

Surprisingly, this company has been around since 2020. However, no AlgoTradingBots reviews are publicly available. The company advertises its Discord group as a reliable source of information. Yet, with only 780+ members and 104 followers on Facebook, that’s not something very representative.

The worst thing of all is that the company clearly states that the past results might not happen in the future. Therefore, if you lose everything with this software, who can you blame? Only you for choosing such options. 

What Are AlgoTradingBots Pricing Plans?

Generally, nothing that you can test in a live account shouldn’t be as expensive as these tools are. We all know that everything could be fake nowadays. Same as the past results any company presents us with. 

However, without judging potential issues, the company’s fees are quite high. Not to mention, they don’t offer one-month payment options or refund options. All accounts include pretty much the same options, such as:

• Access to updates during the license period
• Complete setting up guide
• Single user licenses
• Available support with quick response time

The difference is how many algo trading options you can choose out of 13 available. Therefore, you should opt between:

• Single – 299€ – 6 months / 569€ – annual plan
• Basic – 629€ – 6 months / 1199€ – annual plan
• Premium – 1499€ – 6 months / 2729€ – annual plan

What Support Options Traders Have?

According to the company’s presentation, only the AlgoTradingBots Discord channel is available as the contact option. Apparently, they have a quick response time, but you never know. 

In general, if anyone outside of Europe decides to use these tools, they might have trouble reaching out. So far, it seems this software is mainly promoted to traders from Sweden, the Netherlands, and Norway.

All Algo Options Available

As can be seen, these trading tools are only optimized for trading indices. Not even all of them, but only from the US and Germany. That’s quite a narrow instrument range you can trade. The problem with it is that traders limit their profit potential. 

On top of that, there’s no guarantee these algorithms will work. Anyway, all the available options are: 

• NASDAQ                 
• DOW JONES
• DAX30
• S&P500

Important to realize is that all algorithms average about 14 trades per month. But if you learn how to analyze the market properly, you can make much more than that alone. You can also use the Funded Trading Plus program without risking your money in the market.

Pros and Cons Of AI Trading Tools

One big advantage of AI tools is that they can automate our trading process. But also maximize results in the shortest period of time. Fairly, who wouldn’t love it? However, nobody found so far any reliable tools that can work successfully with some consistency. That’s the biggest flaw of AI. One wrong move, and you could wipe your account balance off.

Yes, there are risk management tools, but who guarantees the software won’t overrule it for nonsense reasons? But even if you are using AI tools, it’s far better to learn the trading basics. If you get into it, you can even go deeper. At the very least, you will understand better what’s happening around you.

Final Conclusion – Are There Better Options?

When it comes to trading tools, there are certainly better options than the AlgoTradingBots app. However, you cannot rely on that primarily because the company promotes offshore-regulated brokerage. 

Nevertheless, testing different strategies and tools on a live account is unreasonable. That’s why, nowadays, many traders opt for funded programs where the risk of losing money is excluded. For instance, Funded Trading Plus offers programs up to $200k on your trading account. Once you pass the testing phase, you can start sharing up to 90% of the profits gained. The key is to make your strategies work for both sides. Once you learn all the skills, you won’t need all those unreliable trading tools.

Fairly, once you experience trading with this platform, you will ask yourself why you didn’t try it earlier. Sign up now and get access to your first funded account today.

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