According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $500
- Binarycent
- IQcent
- RaceOption
- Videforex
- Trading terms differ depending on which broker the account is opened with
Our Evaluation of Centobot
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Centobot is a broker with higher-than-average risk and the TU Overall Score of 4.82 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Centobot clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
Centobot is a solution for traders who prefer trading with bots. Centobots are designed to generate passive income from fiat and cryptocurrency trades. They apply technical indicators to analyze the market and make trades.
Brief Look at Centobot
Centobot is the developer of a collection of ready-made bots (or robots) for algorithmic trading. Its robots, called “centobots” are eponymously named in honor of their creator. Bots are designed for trading with fiat currencies and cryptocurrencies on the trading platforms of four binary options brokers: IQcent, Videforex, Binarycent, and RaceOption. To begin trading with fully configured bots, the user must deposit at least $500 into his trading account, but the use of the robots is completely free. If the trader does not find a suitable option among the standard bots, he can create a bot in his Centobot user account that will make trades using customized algorithms.
- a wide range of ready-made bots for trading fiat pairs and cryptocurrencies;
- free access to tools for creating customized robots;
- no fees for using bots of any type, even with the highest profitability;
- simple creation of a trading account and a user account;
- limited range of brokers whose platforms are compatible with centobots;
- the minimum deposit amount for connecting ready-made bots is higher than that of its competitors;
- the company's website lacks educational materials on binary options trades.
TU Expert Advice
Author and expert at Traders Union
Centobot offers an array of services, including algorithmic trading bots for fiat currencies and cryptocurrencies on Binarycent, IQcent, RaceOption, and Videforex platforms. Traders can access pre-designed bots or customize their own bots using technical indicators like MACD and RSI. The platform supports various fiat currencies and cryptocurrencies, with leverage up to 1:500, depending on the chosen broker.
However, Centobot has several drawbacks, including its reliance on a limited number of unregulated brokers, which may impact user funds safety. The minimum deposit of $500 is comparatively higher than other platforms. Due to these factors, Centobot may not be best suited for traders seeking broad regulation and lower entry costs but could appeal to those interested in automated trading with specific brokers.
- You seek a wide range of ready-made bots for trading fiat pairs and cryptocurrencies. This broker offers a diverse selection of bots, providing options for traders with varying strategies and preferences.
- You require compatibility with a wide range of brokers. This broker has a limited range of brokers whose platforms are compatible with centobots, which may restrict your trading options.
- You prefer a lower minimum deposit amount for connecting ready-made bots. The minimum deposit amount for connecting ready-made bots with this broker is higher compared to its competitors, which may not align with your budget or investment preferences.
Centobot Summary
Your capital is at risk. CFDs are considered complex derivatives and may not be suitable for retail clients. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The products mentioned here may be affected by changes in currency exchange rates. If you invest in these products, you may lose some or all of your investment, and the value of your investment may fluctuate. You should never invest money that you cannot afford to lose and never trade with borrowed money.
| 💻 Trading platform: | Binarycent, IQcent, RaceOption, and Videforex brokers |
|---|---|
| 📊 Account types: | Robot demo, Real |
| 💰 Account currency: | USD, GBP, EUR, LTC, BTC |
| 💵 Deposit / Withdrawal: | Bank transfer, Visa/MasterCard, Perfect Money, Skrill, Neteller, and other electronic payment systems, or cryptocurrency transfers |
| 🚀 Minimum deposit: | $500 |
| 📈️ Min Order: | $0.1 |
| 🔧 Instruments: | Binary options (fiat currencies and cryptocurrencies) |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| ⭐ Trading features: | Trading terms differ depending on which broker the account is opened with |
| 🎁 Contests and bonuses: | No |
Traders who have connected one or more centobots trade under the terms of a particular broker. For this reason, the range of assets, type of execution, and fees may differ. So, the maximum leverage for Videforex and RaceOption is 1:500, and for Binarycent and IQcent it does not exceed 1:100. There are differences in the size of the minimum order: on the RaceOption, Videforex and IQcent platforms, it is $1, and on Binarycent users can bet from $0.1. To unlock the centobots, he needs to top up his trading account with at least $500.
Centobot Key Parameters Evaluation
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Trading Account Opening
If a trader decides to use centobots, he must first create a user account on the developer's website. It has a list of available robots and a button to unlock them. A brief guide on how to start trading using Centobot’s algorithmic programs:
Create a user account. On the main page of the official Centobot website, click "Registration" and fill out the form. You must specify your first and last name, phone number, and email address. From the drop-down list, select the broker to open an account with and the account currency. Create and enter a strong password that you will use to access your user account in the future.
User account authorization. Click the "Login" button, located on the top of any page of the website. In the next window, enter your email address and previously created password. Next, confirm that you are a human and not a robot.
The main functions of the Centobot user account are:
The user account allows you to also perform the following actions:
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view the history of completed trades and their outcomes;
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track which bots brought in the most profits;
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read financial market analytics and the latest economic news;
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get advice from professional traders and investors;
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use the economic calendar to conduct fundamental analysis.
Regulation and safety
All brokers that support trading using centobots are unregulated companies. This means that their activities are not being monitored by financial regulators, which is bad for traders. In the event of a disagreement with the broker, it will be impossible to file a complaint with the official regulator.
The company that creates centobots is also an unlicensed market participant. None of the information on its website should be construed as investment advice, let alone a direct recommendation to use its centobots.
Advantages
- High leverage
- A wide range of payment gateways
- A simple opening of a trading account
Disadvantages
- No guarantees of the safety of client funds
- Brokers do not publish financial statements for past trading periods
- Disputes are resolved by the employees of the brokerage company, and not by a third (disinterested) party
Commissions and fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Real | From $1 | Banks and payment service providers may charge fees. |
If the connected centobots do not trade intraday, then the trader pays a swap fee of 0.07% of the amount of the trade transferred to the next day.
The Traders Union analysts calculated and compared the average value of Centobot and other binary options brokers' fees. Based on the results of the research, they determine the level of fees for each of the brokerage companies.
| Broker | Average commission | Level |
|---|---|---|
|
$1 | |
|
$5 | |
|
$7 |
Account types
Centobots are connected to the broker's trading platform. A trader can choose one of these brokers: IQcent, Videforex, Binarycent, or RaceOption. After that, he needs to open a trading account and make a deposit of at least $500.
Account types:
If a trader wants to practice trading binary options with virtual funds, then he can open a demo account with any of the above brokers. However, centobots cannot be connected to training accounts, so their work can only be evaluated in the Robot demo mode.
Centobot's standard robotic indicators work on the trading platforms of certain brokers. Using them, a trader can profit from binary options trades without having to open or close them personally.
Deposit and withdrawal
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Centobot is a developer of trading robots and does not accept or withdraw funds. This is the task of the service broker, who sets the withdrawal rules.
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All four robot brokers have an identical approach to charging fees: no withdrawal fees are withheld from traders. At the same time, there can be fees on the part of banks and electronic payment systems.
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Another common feature is that traders must pass a verification process, which includes providing identification documents.
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The differences in the withdrawal policy relate to the minimum withdrawal amount and the list of available payment systems. All information about the withdrawal of profit from trading bots can be found on the websites of the respective broker who opened the trading account.
Investment Options
Centobot provides a wide range of ready-made robots for trading according to specified algorithms. They are not suitable for traders who make binary options trades on their own. They can, however, be used in conjunction with active trading to generate additional passive income.
Centobot offers trading bots for beginners and experienced algotraders
Users can choose a centobot from a special rating list presented in the user account on the developer’s website. The robot's position in the top 10 depends on the percentage of profit it will bring in the case of a successful price forecast. There is a clear pattern: the greater the amount of money received for trading with a bot, the higher its place in the rating.
Features of using centobots:
A trader does not need knowledge of programming languages or technical indicators. The Centobot website contains ready-made bots, the algorithms of which are configured by market participants with broad experience.
The amount required to unlock the bot is determined by its position in the top 10 — the higher the position, the more funds the user must deposit to the trading account.
Also, the Centobot website offers bots tailored to different assets and strategies. So, an investor can connect a robot to trade fiat currencies or cryptocurrencies. The choice of the latter is especially wide.
All Centobot clients can also earn passive income by copying trades in their broker’s trade platform. Combining algorithmic and social trading can increase potential profits and diversify risks by utilizing various investment services.
If you are a large investor and plan on investments over $10,000, contact us at [email protected] or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Centobot’s referral program
Centobot is not a broker and does not offer a referral program. Its centobots are connected to its partner brokers' trading accounts, allowing traders to participate in their referral remuneration programs. The terms of the IQcent, Videforex, Binarycent, and RaceOption referral programs are similar: the trader who connects the referral receives 20% of the amount of his first deposit.
Customer support
Online chat operators are available 24/7.
Advantages
- Live chat
- Chat is available 24/7
Disadvantages
- Operator answers are made up of common phrases
- It is not possible to request a callback
Clients can contact Centobot client support using the following channels:
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email: [email protected];
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online chat on the company's website.
Client support on the Centobot website provides answers to questions about ready-made bots. To get information on trading terms, depositing and withdrawing funds, or the operation of trading platforms, the trader must contact his broker.
Contacts
| Foundation date | 2017 |
|---|---|
| Official site | https://www.centobot.io/ |
| Contacts |
Education
Centobot.io is a website intended to acquaint the user with centobots, so there are no educational materials on binary options trading. A brief video tutorial explains how to connect trading robots and how they operate.
If a trader needs to practice binary options trading, he can use the demo account of any of the binary options brokers. He will, however, be unable to test bots on them.
Comparison of Centobot with other Brokers
| Centobot | Pocket Option | QUOTEX | Binary.com | IQcent | VideForex | |
| Trading platform |
RaceOption, Binarycent, Videforex | MT5, Web, Mobile | Web platform, Browser platform | Deriv Trader, MT5 | WebTrader, Mobile platforms | Proprietary platform, Mobile platforms |
| Min deposit | $500 | $5 | $10 | $5 | $100 | $50 |
| Trading instruments |
Binary options (fiat currencies and cryptocurrencies) | currency | currency pairs / CFD, indices, Cryptocurrencies, Commodities | indexes, Forex, goods, stock, random index | currency pairs / CFD, Commodities, Options, Crypto, Currencies, Stocks | Commodities, Currencies, Options, Stocks, Crypto, currency pairs / CFD |
| Signals | No | No | Yes | No | Yes | Yes |
| Analytical support |
No | No | No | Yes | Yes | Yes |
| Training | No | No | No | Yes | Yes | Yes |
| Additional tools |
No | Copy Trading tool | No | premature closing | Copy Trading tool | Copy Trading tool |
Detailed Review of Centobot
Centobot is the name of both the developer and its robot trading products. Its centobots are designed to make a profit on the price movement of fiat currencies and cryptocurrencies. They are completely free to use. Furthermore, the Centobot interface enables clients to create their own trading applications for binary options trades. Centobot services are used by traders worldwide who prefer algorithmic trading over independent trading. A simple robot control panel allows both professionals and beginners to quickly choose and connect a suitable bot.
Centobot by the numbers:
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bots of this developer have been available for more than 5 years;
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when creating a customized bot, the client can use from 3 to 6 indicators;
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the author's robots can be configured for three time periods, which include 5, 15, and 30 minutes.
Centobot’s operating principle
The investor's task is to choose a robot from the proposed list and deposit the specified amount into the account. After unlocking the bot, it analyzes the changes in the asset price according to the specified algorithms. When the price reaches the desired level, the asset is bought or sold automatically. In the event of a correct put or call forecast, the trader is refunded the amount of his bet plus the agreed percentage on top. If the bot is wrong about the direction of price movement, then the investor loses all the money involved in the trade.
Centobot does not provide its own trading platforms. Bots trade based on the platforms of RaceOption, Binarycent, IQcent, and Videforex brokers. All provide free demo accounts, allowing traders to test each broker's trading platform before opening a real account with the one they prefer.
Useful Centobot services:
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Analytical materials. When a trader connects one of the robots, he gains access to free analytics through his user account, which includes reviews of various markets, an economic calendar, a newsfeed, and tips from professionals.
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Robot demo. It is a bot demo mode that allows the user to understand the bot's principles of operation and evaluate its performance. When choosing a robot in your user account, the user can track within 60 seconds what instruments it trades, when it buys an asset, and when it sells it.
Advantages:
24-hour technical support;
a wide range of payment systems for depositing and withdrawing funds;
free analytics, market data, technical, and fundamental analysis;
the ability to connect several bots from different brokers at once;
ready-made bots do not require setup and adjustment by the investor.
A trader can use both custom and ready-made scripts at the same time, as well as copy trades via his broker's platform if desired.
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