I found yet another free signal service provider – SignalsBinary.com – and this one actually made me laugh out loud. When I first read the description on the Google SERP page it said, and I quote, that the website is “Free of charge as a service to the binary options industry”. Seriously? I’ll be the judge of that. Like an old mentor of mine once said, “your horn sounds louder when somebody else blows it”. Of course I was skeptical, there is nothing free on the internet. Even websites that offer truly useful information without charge or scam usually have Adsense or some other form of revenue machine on the site.
This website was created by binary traders, for binary traders, because they hate to see people lose money when they could be winning. If only it were that easy. I think what they really mean is that they hate to see you lose money when you are not signed up through one of their chosen brokers. The service is free but only if you sign up and open an account with one of their recommended brokers. You can pay $199 per month instead but you will still have to send them your account info and they will still make some money off of your trading when you re-deposit. The fact they spend so much time letting you know that the service is free and they are only trying to make a buck gives the website a less than professional feel and doesn’t hide the fact that they are trying to make money from your trading. This is why you have to be wary of any signal service. They really have no skin in the game. They are not risking anything and it is in their interest for you to deposit money.
I’m not saying that their strategy and their signals are not good. It’s just that it’s set up for you to lose. I know they have an impressive list of trades. They are making between 15 and 20 trades a day with success rates in the range of 60-70% on average. The thing that you have to keep in mind is that they put the onus of choosing a trade on your shoulders. They are the signal provider but you still have to analyze it and decide if you want to take it or not. If you take all of their signals you can be assured to have the same success rate as the service but if you pick and choose the ones you take then you open yourself up to unlimited amount of risks. What if, out of the 15 trades given on any one day you happen to pick the 5 losers and only 2 of the winners.
Another reason to suspect the motivation behind this website is their offer of 4 extra trades. I mentioned above that they are making between 15 and 20 trades a day, according to their trading logs. The basic service only comes with ten trades. To get more you have to open more than one account. That’s right, more than one account. To get the extra signals you have to open at least three accounts with three different brokers on their approved list and make the minimum deposit. Apparently it is in your interest, because they are looking out for you, to open multiple accounts in multiple brokers so that they can get multiple affiliate payouts. I hope you could read the sarcasm I tried so hard to write into that last sentence, and don’t even get me started on the risk that would add to your trading. First, if you only get ten signals to start with can you trust that they are ten good signals? Are the four or five extra ones the ones that count? And if you have three accounts should you trade all the signals in all the accounts tripling your exposure or should you trade some signals in some accounts or not in others? If you do the latter what is to say that one account one get the losers and one the winners.
Finally, the construction and content of the website give me pause. For one, the information is very shallow and repeated endlessly through links to pages with the same non-information. Second, the writing is so full of grammatical, spelling and just plain mis-use of words I really have to call into question just who these people are. They sure didn’t provide any on the website. So, what’s the verdict? The signals may be OK but I don’t trust this website enough to trade on them. I certainly don’t trust it enough to open three accounts and make the minimum deposit, that is just ludicrous. As always, if you want to get into trading through binary options learn to trade for yourself. Signal services just aren’t worth your time. Is this one a service to the industry as they claim? I don’t think so.