Is free really free when it comes to a binary options signal provider? Usually not and that is what I found when I was checking into BinaryoptionstradingITM.com. This is a supposedly 100% free binary options indicator service, I say supposedly because there is a catch. In order to get the free service you must sign up for the email list. I suppose this is OK because they have to get in touch with you somehow. Of course, as with any great marketing scheme one catch leads to another with the tiniest of steps until you find yourself deeply entrenched. Once I got over the fact they wanted to collect my email for their 100% free service I learned it was only free for 30 days.
What Is The GCAD 1.0 Indicator
The GCAD indicator is an oscillator that tracks the price action of any asset. This one was developed primarily for the CAD/JPY but as I said they claim it will work on any asset and it probably does. The indicator can be displayed on the “sponsoring brokers” platform or you can buy it out right for MetaTrader. Signals are a combination of crossovers and divergences and taken in the one minute time frame supposedly have a success rate of over 80%. Yes they have records that show their successes but can you really trust information that they themselves are providing?
This website is advertising more than an indicator, it’s advertising a system. A question I always have to ask is how does the system work? Even the scammiest services have to have some illusion of reality. This one is an automated system for trading the CAD/JPY using the GCAD oscillator. Of course to really find out how it works you have to sign up for emails, they won’t tell you on the website. The automated part is really what makes it something to be wary of. Trading 60 seconds is super risky if you know what you are doing and not something I like to do using only one indicator. Adding an automated signal that newbies have to act on can only lead to disaster. I see losses ahead for anyone using it as indicated, not just newbies.
One bonus is that the indicator, at least according to the website administrator, can be used in any time frame and on any asset provide it has enough liquidity. This is good because it means traders can practice in a longer, and slower, time frames until they get good enough to move down to 60 second options. Traders can download this indicator and a few others offered by the website to use with the Metatrader platform and, here comes another catch, their preferred broker. I knew there would be a recommended or preferred broker, affiliate marketing is how these free services make money. What I discovered when reviewing the broker may makes this website more than a simple affiliate marketer.
Of course this is another affiliate marketing scheme. In order to get the “free” software package you must deposit money with what they call the sponsoring broker. This is another potentially shady broker I have never heard of, BinaryInternational.com. I wouldn’t be surprised to find out that the broker was in fact the the owner of this indicator service. BinaryInternational.com is headquartered in Anguila, West Indies, is owned and operated by Neuro Tech International and is not regulated by CySEC. This of course means that U.S. traders are welcomed but I would watch out. The broker is obviously working with the SSP because they advertise free trading software for all new clients. Free software that turns out to be the very indicator I am talking about today.
Can You Trust This Indicator?
I believe you can trust this indicator if you use it properly. The thing is, I don’t believe any indicator, no matter how good it is, can be used to successfully trade 60 second options over the long term. 60 second options are a losing proposition for most who chose to trade that way. That is why brokers want to use them, so they can make money and that is why this is a scam. The broker is using the indicator to increase 60 second binary options trading.
Here is my caveat; the indicator may be good to use but I don’t think this website service is on the up and up. It is most likely being operated by the very broker who happens to be the only broker whose platform supports this technology, BinaryInternational. They are using this so-called third party soft ware to lure you, my binary trading brothers and sisters, into risking your hard won capital on 60 second binary options. My advice to you is that if you are interested in the GCAD 1.0 indicator for binary options you should get the free trial, if you like it then buy it but I’d be very wary of the broker behind this scam. Oh, and if you doubt that the broker and the SSP are in bed together, notice in the screen shot above how the company name NeuroTech is prominently displayed on an ad for the system.