This WikiTrader software review is taking a look at the claims by Kelly Wallace and whether this app can be trusted or not. I'll tell you right away that initially I thought this binary options trader would be easy to classify as a scam. I stated digging a bit deeper and found that I might be wrong. Read further to get the full picture and make your own judgement.
UPDATE: Check the live trading update further down!
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I realize that it's difficult to figure out if software like WikiTrader is good or not. There's a lot of binary options systems that bombard us every week. How do you pick the right one?
WikiTrader Software Features
1. Free web-based software
2. Binary options trading tool
3. Easy to use for new traders
4. Auto-trading system
5. Steady profits
6. Achievable revenue targets
7. 80% Plus accuracy
Let me tell you how I look at binary options systems. There are some external signs that often make it easy to spot if a system like the WikiTrader app is a scam. You can take a look at if there are countdown timers. Watch out for outrageous claims, and see if what they say about the system makes sense.
Does WikiTrader Work?
At the end of it all, the real thing is that you need to know if it works or not. There have been a number of systems that looked pretty promising, but ended up being duds. Others stated out looking like a scam, but ended up performing very well over time.
In this particular case, we already have some very positive feedback from reputable blogs about the WikiTrader.
Things I Don't Like
There are a number of statements made during the video that are clearly overstating the capabilities of the system. At one point Kelly Wallace says that you can make at least $35,000 per month.
Shortly after that she says you can make up to $12,000 in a day. It should be made clear that those figures are ideal numbers, and not guaranteed at all. To make money like that in a short while, you would have to start with a lot more than $250.
During the promotional video, Tom Kingston who developed the system along with Kelly tells us that it knows with “100% accuracy” if a trade will win. This is clearly marketing “puffery” and exaggerated marketing speak.
These statements initially put me off. However the WikiTrader.co site clearly says you can make $8,600. That's far more achievable, and believable. The other statements are obviously purely made to grab your attention.
Top 5 Reasons Why The Software Works
The interesting thing is that the system was apparently developed by accident. Kelly Wallace and Tom Kingston wanted to develop an open source auto trader app. Since Kelly is involved in a lot of varied business ventures, it makes sense that someone with a very busy schedule would want an auto trading system.
The WikiTrader software was made to automatically improve itself. That might sound odd, but there are many examples of those types of systems these days. Google's translator, for instance is self-training (see http://research.google.com/pubs/NaturalLanguageProcessing.html) and there are also other algorithms that are self-improving (see https://www.cs.princeton.edu/~chazelle/pubs/soda06.pdf).
The point is that we are at a time in history where these types of automated systems that are capable of training themselves are becoming commonplace. There are some statements by the WikiTrader team that are plainly meant for marketing hype, but solid results trump all of that. A system that improves itself clearly has an advantage over time to stay accurate.
The WikiTrader app has a real-life accuracy rating of 80% plus. This means that with the feedback we have received, the actual performance should give you an 80% ITM (In The Money) rate. This is excellent. It means that the app performs on a par with the best binary options traders, and ultimately that's what you want.
The WikiTrader software not only places trades automatically, it also keeps on monitoring trades after placing them. This means that it basically learns from its own mistakes and successes.
Although I've stated often that I prefer manual trading, there are benefits to a good auto-trader that are hard to resist. For one, it executes trades without emotional interference. Especially for new traders, this is a very important advantage to have. Emotional trading is the enemy of profits.
Apart from some very solid performance results we have heard of, this auto-trader has also been able to attract some very good brokers. From what I've been able to gather, both TradeXtra and GTOption are available. These brokers are both well-known and trusted by many traders.
5. Proven System
Some time has passed since my initial review, and in the meantime there has been some very good feedback about the WikiTrader software that makes me comfortable to say that it is a proven system. I've been away on a holiday break, so I haven't been able to test it directly. However, I've heard from a very good professional trader that he's very impressed with the system.
If that's not impressive enough, you can look up his website iBinaryOptionsBlog.com and see how he made $230.83 in just 10 minutes! All he does is check the general direction of the asset and if it lines up with the WikiTrader signal direction he enters a quick 5 minute trade.
The bottom line is that the software is now proven and works.
I started off by saying that initially I was ready to call this a WikiTrader scam. There are definitely elements of this app that push the envelope with regards to their marketing claims. However, at the end of the day, results count. The feedback we're getting from very reputable blogs indicate that this binary options auto trader delivers realistic results.
In the end, that's all we're asking for. If it has an auto-trading function that works well, even better.
Keep in mind that all trading still involves risk, and you should never invest money that you cannot afford to lose. No matter how good a system is, none of them are infallable. Traders in the US are also reminded that Nadex.com is the only fully regulated USA binary options exchange that we endorse.
If you're considering signing up for the WikiTrader app, remember that we also have your back if it doesn't work out for you. We have our industry-first ETS Guarantee that will give you the opportunity to learn how to trade and get profitable trading signals even if this software does not work out for you.
In fact, no matter which system you sign up for through our website, the ETS Guarantee has you covered. We want you to be successful in your binary options trading.
Those of you that have signed up for binary options auto-traders before, you will likely know what to do. If you can invest an additional $250 into a trading account, then go ahead.
On the other hand, if you are new to binary options trading, there are a few pointers you have to be aware of. Firstly, you should use your proper email and name, and use them throughout the sign-up process. The reason for this is because the WikiTrader software and the broker systems need to sync up to work properly. The way they do that is through your email address.
In addition, once you want to withdraw the money you made with the WikiTrader software, it will only be released to a properly verified person. Therefore it is imperative that you are consistent with the information you provide. The broker will most likely be required to verify your identify at some point. Some do it before you start, and others do it when you want to withdraw your money the first time.
This process is usually very quick and efficient, you will be trading with the WikiTrader app in no time at all!