Estimated reading time: 6 minutes
Well, when folks bump into this binary options service hosted on this domain, Best-binary-options-signals.com, the first question which they ask is whether it’s a legitimate signal provider or not.
We will answer that question in this review as we analyze the various aspects of this service. But first, it’s important to know that this signal provider is offering free signals and at the same time offering a premium plan which is to be paid for at the end of every 30 days.
Their free signal service is basically meant to lure in traders to subscribe to their paid signal service which the website says has more value than the free service.
So, is Best Binary Options Signals worth signing up for? Can you increase your efficiency in trading Binary options by simply following and implementing their signals.?
Now that it is quite obvious that Best Binary Options Signals is a signal provider, we should go into details right away to let you know how it is like to use their signal service.
Let’s start with the free signal service. It’s meant for people who want to try out their service for free. But you generally have to wait longer in order for signals to show up. Besides, the website claims that free signals are not as accurate as paid ones.
So, is there a possibility that the free signals are randomly generated while paid ones are carefully selected by expert market analysts? We are being tempted to think that Best Binary Options Signals is basically displaying random signals on their site, and it works in mysterious ways. Here’s how it often goes:
A traders comes to the website and tries to follow at least 5 signals. If the signals win most trades by chance, this trader will be prompted to sign up for the premium signals plan which costs £55 per month.
When they sign up for the premium signals service, they will be getting into a contract that is renewed on a monthly basis. If the trader forgets or fails to cancel their membership (in the event that they want to opt out), a month’s fee will be charged for that particular month anyway.
Generally, the free plan is a time waster because it keeps you waiting for a long time before new signals can show up. We believe that this can be a hectic way of trading Binary Options especially if you’re used to automated trading robots that save you from unnecessary screen time.
The website is very open with their average win rate. They say that their win rate is 63.04%. In November 9th 2017 for instance, they said that they sent out 138 forecasts and that out of these, 81 signals made money while the rest, 51 lost money.
This win rate is not the best you can have in the industry right now. With cutting edge trading robots on sale today, there is no way you should find this service desirable because that win rate is just above the break even mark.
If it was consistent, it would take you a long time to make a significant amount of money. In addition to this, you cannot put what you cannot afford to lose at stake. If you did this, you’d be raising your risk profile for huge, quick profits. That would backfire on your account because we are talking of signals that hit the green, 63% of the time.
Generally, we would not advice readers to sign up with Best Binary Options Signals because of the low win rate.
Their free signals service is a little bit restrictive. There are only 5 trade-able assets to work with. But on the other hand, their paid service issues signals across a broad spectrum of assets. This can be up to 15 different trading assets.
This should not be a problem for you if you’re not into fast paced trading which often leads to over-trading and ultimately account blow.
But if you’re the kind of person who is always looking to jump into the next trade, you might find the free plan quite restrictive because one has to wait for a count down timer for a signal to come along. To remove this count down timer, Best Binary Options Signals is asking traders to upgrade to their premium plan which will then unlock over 100 plus signals per day.
When you go through this website, the first thing you will see are signals waiting to show up or signals that have already been traded.
In other words, this website also shows us history of their signals. However, there is no performance record to show how their past signals performed.
We are not sure if Best Binary Options Signals is trading these signals or just sending them to users after analyzing the market. We do believe that professional market analysts are traders themselves. This means that before they can even think of sending the signals, they should be thinking of entering a trade based on a specific entry point which have figured out on the chart.
One might think that we are asking too much when we say that Best Binary Options Signals does not have trade history.
We are not. If these people are real expert traders, they should keep a clean record of whatever they have been doing for the past one month or so.
Nevertheless, we can also see that this question is being camouflaged by the fact that they are offering free signals for your testing. That means you should test their free service on a demo account and if you’re pleased, you can upgrade. The question is, what is so difficult about providing daily trade records that can be verified? Isn’t this the ultimate test of transparency that every signal provider should embrace in order to convince traders that their signals work?
Before we forget, Best Binary Options Signals is also offering a trial plan for £15. This expires after 2 days and is non-refundable in case you fail to take advantage of the signals.
Best Binary Options Signals states in their fine print that if you subscribe on a weekend for the trial plan, this will not be counted, and yet money shall be deducted with no refund later on. We feel that this is a little bit unprofessional.
If you read the fine print at the footer of the site, you will see a notice saying that information on this site is meant for education purposes only. Again, this service needs you to have some knowledge on how to trade Binary options. If you have never traded before or are not proficient in analyzing charts, it is not for you.
In other words, Best Binary Options Signals is just looking to provide clues on how entry and exits which will cost you £55.
If you already know how to trade, we don’t see the need to sign up because you know where to enter and exit your trades when the right patterns form. If you don’t know how to trade, then we suggest that you pick a trading software/signal service here.
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