Neo2 claims to be the the new innovation when it comes to binary options trading. Taking their knowledge of advanced weather prediction software and trading algorithms that claims to make users $4000 a week. Bold claims, I have tried the Neo2 system and test out their claims.
Founder: Dr. Jack Piers, PhD
Broker: Does depend, it matches you up with a suitable one, dependant on where you live. I was matched with Tradorax
Minimum Deposit: $250 is quoted in the video, but Tradorax minimum is $350
First of all, what is Binary Option Trading?
SO what is Binary Options Trading?
Simply put, it is a form of standard trading. It relies on you predicting on whether the asset will be higher or lower in price than the current price, after a certain time. (1min, 5 min, 10min or a set time) There are certain types of trade, which I elaborate more in this post.
I must stress it is not risk free and you should never trade more than you can afford, although the advantage of binary options is you know the risk upfront. as you only trade an amount you select. It also tells you how much you will gain if it finishes ‘In The Money’ or you will lose the initial amount you chose at the beginning if it finishes ‘Out Of the Money’.
What Does Neo2 Do?
It is designed to predict trades that will hopefully finish ‘In The Money’ more often. In the video on the homepage states they use weather systems along with trading algorithms to predict whether assets will go up or down. YOu can understand the logic, as certain assets (wheat, corn, etc) can be affected by bad weather. As binary options works on a supply and demand. If an asset is not in demand it will be more valuable than a asset where there is no demand for it.
How Does it Work?
After signing up with Neo2 on their website, you get matched up with a broker (For more on Brokers, click here). I was matched with Tradorax, I live in the UK so it does depend on where you live). They did require a higher deposit than others at $350, but once I had done the deposit, and gone through the verification process (Proving I am who I say I am). I was in.
Then as the video states, I just press ‘Start Now’. It then searches for trades, and puts them on for you based on your rules.
Many Binary Traders will suggest you only trade 5% of your balance on any trade, and then only 3.
You can quite easily into the trap, that you may find yourself in at gambling games, betting more than you can afford.
The system is also not a guarantee it will work. I am honest in saying that I ended up in a situation where my balance disappeared quite quickly. I do not blame the system, but the fact that a system can only do so much. When you have things that can impact the markets other than weather, like things that happen in the news, or a speech by an important dignitary, i.e. Head of the Bank of England. It can affect the markets in a way that a computer system cannot predict. These are called the fundamental factors to consider
In the end, some of the trades worked, and some didn’t.
It also gives you suggestions of trades you could use manually.
Is it for New Traders??
That is the big question, some people will want a system that does all of the hard work for them and sit back and see the money roll in. That is why some will say an autobot is a scam. Trust me, there are scams out there. But for me, this system is for experienced traders who want to match it with trades they already do, and have put the time and effort in to understand the options market, and use Neo2 to supplement them.
Let’s be straight, it isn’t a get rich quick system. you need to have some experience with binary trading for it to work for you. It isn’t scam, it just will not work for everyone. So rather than call Neo2 a scam, I would say use it if you wish.
But my advice is learn all you can about the binary options market, try it with a free account and learn you own techniques, before even attempting letting a robot free with your savings.
IQ option offer a free demo account, it comes with $1000 or your local currency, for you to try out techniques. They also have a learning library you can tap into.
Hope you found it useful?
Any questions or comments, leave them below