Nowadays there is an abundance of financial instruments that a person can trade online with binary options.
With automated trading systems widely available as well, trading the complicated financial markets is as simple as point and click.
Although these automated trading robots might have helped to simplify the complicated trading process for beginner traders, many traders are still reluctant to use these automated trading systems due to the many fraudulent apps that are available on the internet as well.
Most of these fraudulent Auto Trader systems claim to be able to produce sky high profits for these users without any proof of performance making it difficult for anyone to put their faith in these systems.
So is the Glory Trader automated trading system that was recently launched on the internet one such scheme or is it a legitimate trading robot that can deliver on its promises? Check out our review of it below.
What is the Glory Trader?
Essentially, Glory Trader is a binary options trading robot. Its function is to help simplify the entire trading process so even a beginner trader can start trading like a pro.
Designed to be user friendly, a trader using the Glory Trader system only needs to input the risk level that he is comfortable with as well as the amount that he wants to trade with.
The Members Video is set as private, another clear piece of evidence that this software isn’t legitimate
Once the trader has set the two trading parameters, the Glory Trader will take over the trading process and you can just wait for the trading results.
Sign of a Scam Afoot: Fake Reviews
The person calling himself Phillip Michaels doesn’t show his face or appear to even exist. In our research, we came across no social media or any other profile for someone who asserted to having the key to $1,000 in profits for your first trading hour using his system. So we can’t verify any facts about him even with a Google search.
But what about some of the claims from users regarding Glory Trader system itself? Don’t believe everything you see on the site. Fake reviews are one of the clear tell-tale signs of a fraudulent system. And too many of these scams do such a poor job of hiding it; with just a little bit of research, the whole house of cards comes tumbling down.
For instance, we know that the photos of Joseph Whiting, Frank Kerr, Gregory Becker, and Summer Roberts are fake as they came from an online stock photo site. Scam developers in the trading industry love using stock photography in their promotional material, particularly when it comes to providing testimonials to convince you of the credibility of their product.
But these people don’t really represent who they profess to be. The real people behind the product are hiding instead of showing their faces because they know their system is a scam.
In fact, the creators of Glory Trader system gathered some of their images from real estate websites to go along with the false testimonials. With a Google search, you can find Stephen Castillo showcased on a website for selling Cedar City property in Utah.
An example of the fake testimonials/reviews used by this trading robot
If they have to fake testimonials in place of real ones, then maybe they have no real, positive ones to showcase. Don’t succumb to their unethical methods and think that you can be an exception. It isn’t worth risking your money…or even your time.
How does it work?
- Although Glory Trader is said to be an automated trading robot, it also comes with a manual mode for traders who want more control over their trading activities.
By switching to the manual mode, the trader will receive the trading signals generated by the software. The trader then decides if he wants to place a trade based on the signal received.
- Glory Trader uses a trading algorithm to generate the trading signal that the trades are based on.
It first analyzes the market for trends then based on the analysis predict if prices are going to rise or fall. And once it has managed to identify a profitable opportunity, it will then generate a trading signal and send the signal for the trader to act on.
Above we can see what their platform supposedly looks like
- The Glory Trader is provided as free software.
However in order to gain access to the software, traders are required to sign up and open a live trading account with one of the recommended brokers. You are also required to make an initial minimum deposit of $250 before you can start using the software to trade.
While there is only indirect evidence which points to the fact that Glory Trader is scam, we still strongly recommend our readers to avoid using this software while trading the financial markets. There are several reasons for our conclusion.
- First of all, we couldn’t find any information about the creator of Glory Trader. Instead what we found were striking similarities in the design and features of the software with two other well known fraudulent apps called Citidel LTD software and Tauribot.
- Secondly, there is also no verifiable information concerning the performance of Glory Trader. It likely works in the same manner as other fraudulent apps, trying to induce subscribers to sign up and open an account with an unregulated broker. By doing so, the promoters of Glory Trader will receive a commission.
- Furthermore, it is likely that once you have signed up to use this software to trade, the software will automatically take up losing positions and lose all your money.
Please save your money and avoid this software.
- Free Software
- No information on the creator of the Software
- Required to sign up with unregulated brokers
- Replica of known fraudulent systems