Binaryoptions-live-signal.com (Bls.com from here foreward) is yet another binary options signal service claiming to have the highest returns. This SSP uses a Skype interface to provide real time signals from a group of professional traders. They have a variety of packages available and all for free, kind of. There is no fee for the service, and you can choose to use whichever broker you wish, but to get the full package you must use their chosen broker, Safe24Options.com. Once you’ve signed up trading is as simple as choosing a trading session and awaiting the signals.
There are quite a few different sessions available, corresponding to the different international markets. Signals are generated for forex binary options and 60 second trading. The forex sessions are all equal to the daily session for the Japanese market, Australian market, U.S. market and so forth. The 60 Second trading sessions are all 30 minutes long and are tailored to suit each market. Bls.com trades on only 6 currency pairs. This is a little limited but if you’re letting someone else make trade decisions for you why does it matter. Signals are issued in a format telling you to buy a call or a put and at what price to target.
The Good, The Bad and The Ugly
There are some good points to this SSP that I would like to point out. The Skype interface is pretty cool. This is a great use of the service and provides a valid source of real time signals, provided there are no connection issues. They claim to have a 75-85% win rate and based on the information provided that looks to be accurate. You can test this out by signing up for the free 3-day trial. This however is when the good points begin to fade away and I have to call BS on the whole thing. Once you use the free trial the only way to keep your “free” SSP is to sign up with their “trusted” broker. You know what that means? A big fat affiliate marketing scheme.
As for bad, I do not think very highly of 60 second trading. The time frame is just to short to be truly predictable. The reason binary options brokers like to promote this form of trading is because they make a lot of money off of it. Adding to that is the lag time involved with accepting someone else signals. Sure Skype is fast but it is not instant. Once a signal is taken by the trader it most be typed and sent, then received and acted upon by you, the trader. How much time does that take? The option is only good for a minute, how much time can you waste getting into a position like that?
The ugly is pretty ugly. Even though they provide the stipulation that you shouldn’t get into a position if it is 3 pips away from their target price there is still a whole lot of room for trader errors. Errors for which I am sure that Bls.com will not take responsibility. For one, they tell you to take the nearest available expiry, which is OK if you are using their trusted broker. If you are using the 3 day free trial this may not work for you and could lead to losses. They also tell you to get in “as close as possible” to their target rate. How long do you wait for this to happen and when is the signal negated?
The “Trusted” Broker
Who is Safe24Options.com? A silly Spot Option white label trying to get traders by using the words 24 and Options in their name. I like SpotOption and for the most part the brokers that use this platform. However, there are much better brokers with the same platform not to mention that the real 24Option is a better broker too. The thing about these affiliate marketing based SSP’s is that you can never be too sure about their motives. Of course they want to make money and that is their right. I’m not asking them to give their services away for free but the questions remain. If the system is so good why aren’t these people all retired on a beach somewhere? If the system is so good why isn’t worth an actual subscription? I personally would feel much better paying out right for a service than trusting to an affiliate marketer.
The reviews are not good. At all. The first thing I found that disturbed me was that the SSP, Binaryoptions-live-signal.com, is owned and operated by the broker Safe24Options. WTF?!? This makes them worse than an affiliate marketer and a complete fraud. This is a big conflict of interest and a total scam. You can not trust an SSP run by a broker because all they want is for you to trade and lose. Adding to this is a string of complaints about not getting withdrawals. These complaints come from traders with balances over $100K and from traders with balances of only $1K. Several replies from BLS.com on the forums where the complaints are posted claims that the banking issues in Cyprus are affecting withdrawals which is total crap. Other complaints say the SSP doesn’t make as many trades as stated and that they attach spam and other viruses to the signals.