BinarySignal is a signal service that we were asked about recently. It has been around since December 2014, but strangely we only heard about it now. What we found interesting about this signal service is that it’s completely free as well as transparent. But is it profitable as well? Stick around to read this quick review and find out!
Who is Behind BinarySignal
The domain binary-signal.com was registered by Aleksey Anpilogov c/o Dynadot from San Mateo, California, US. His telephone number is 16505854708. No information about the site’s owner is provided in the site. There are no contact details either. Just a contact form.
Apparently, the same person has four other sites:
- signal-binary.com – a mirror site
- signals-binary.com – another mirror site
- foresignal.com – offering free Forex signals
- foresignals.com – mirror site of foresignal.com
The following disclaimer is presented on binary-signal.com: “Trading Binary Options is highly speculative, carries a level of risk and may not be suitable for all investors. You may lose some or all of your invested capital; therefore, you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with trading Binary Options. Binary-Signal.com does not accept any liability for loss or damage as a result of reliance on the information contained within this website; this includes education material, price quotes and charts, and analysis. Please be aware of the risks associated with trading the financial markets; never invest more money than you can risk losing. The risks involved in trading binary options may not be suitable for all investors. Binary-Signal.com doesn’t retain responsibility for any trading losses you might face as a result of using the data hosted on this site. Prices may be different from exchange prices and may not be accurate to real time exchange trading prices.”
Pretty standard risk warning… the interesting part comes right in the end:
“Click2Sell is an authorized reseller of premium membership.”
Click2Sell is an affiliate network which apparently provides clearing services for product owners.
The Business Model
So in addition to the ads presented on the site, signal-binary.com is also selling a premium membership. This comes in the form of three packages.
With the Starter package you get 1 month of premium membership as well as instant signals (no delay), unlimited access to the site. It requires a one time non-renewable payment of $19.
The Value package costs $39 and it includes 3 months of premium membership as well as instant signals and unlimited access to the site.
The Pro package costs $99 and grants you with one full year of premium membership.
Since the signals are available for free on the site, it’s unclear to us what the benefit are of the premium membership.
Is it Legit?
Binary options trading can be very lucrative no doubt, but that does depend on certain factors. One of those factors is the legitimacy of the service involved. Another factor is how accurate those signals actually are. Binary Signals is not like many of the other programs and services out there. Make no mistake about it. This is not an automated service that places trades on your behalf, not at all. It is nothing more than a signals provider, but that is something which up until now, it has done quite well.
The real beauty about Binary-Signal is that there is no way that it can actually be a scam. Now, we are not saying that it is the best signals provider out there, or even necessarily a good one. However, there are no brokers associated with it, you never need to make a deposit, and you don’t actually trade with it. Therefore, the possibility that BinarySignal is some kind of online scam is astronomically low. We’re here today taking BinarySignal on a test drive to see just how reliable and effective the service is. We don’t want to give it all away just yet, but we have had the privilege of using it already and we are definitely going to share our results with you!
What Is BinarySignal?
Well, most of the people reading this post probably already know what binary signals are. They are the pairs of signals that binary options traders use to execute trades. These signals come in the form of currency pairs such as EUR/USD, CAD/USD, GBP/USD, and so on and so forth. This service is of course closely related to this whole field of trading. The name of the service, BinarySignal, could really not be more accurate.
This is because Binary-Signal is a binary options signals provider, nothing more. Do not be fooled into thinking that BinarySignal is some kind of brokerage or trading platform. It is only a signals provider, nothing else. However, the upside to this is that you get to choose your own platform and broker, which means that you can easily avoid being scammed if you know what you are doing. These are signals that you follow in order to execute trades on a platform of your choosing.
How To Use BinarySignal
The interesting part about Binary-Signal is that you can use the signals whichever way you want. Sure, the signals are actually fairly accurate, which is because the people behind it obviously know what they are doing. Using BinarySignal is actually very easy. All you have to do is observe the signals, or in other words, the charts and graphs provided by BinarySignal, in order to execute trades. Simply use the information that you are provided with in terms of the signals, and use your knowledge to execute trades.
All you have to do is use the info provided by Binary-Signal and plug it into your own trading platform. Just go to the preferred trading program of your choice, with your selected broker, and place the trades as directed by BinarySignal. Just a little hint, from what we have discovered through personal use of Binary Signals, the best signal combo to trade with when using info from BinarySignal is CAD/USD. They seem to be the most accurate. Keep in mind that we recommend using a demo account at least until you’re confident in your ability to use the signal service profitably.
Binary Signals – Accuracy & Profitability
Binary Signals is a service that we have used a couple of times now in order to get the info we need to make trades. Now, one thing that we need to say is that we were not overly successful with this service. However, we get the feeling that this is actually not any fault of the service itself, but our own. From what we gathered, this service should provide you with signals that will give you roughly an 80% accuracy rate. Now, as you can see from our own results, we did not fare nearly as good.
When we used Binary Signals to make trades, our success rate was around 68%, as can be seen in the above image. However, there is a good reason why our success rate was so low, and it could have definitely been higher. The reason why we did not do better was because we set the trades with a delay, which is not what you are supposed to do. Your winning trade ratio or ITM rate will be significantly higher than ours if you place your trades right away without any delay. These signals are meant to be acted on immediately, not with a delay, which is why we were not able to be more profitable.
While our success rate was not too phenomenal, we were in fact able to make a decent profit on a fair amount of our trades. For example, the first trade we made using the USD/JPY signal, allowed us to make a profit of $110, as you can see in the above image. Many of our other trades were also profitable, but the ROI was usually not all that high. The results were not bad at all. For some trades we actually managed to double our money. The problem that we saw was that not all of the signals were all that accurate. Below you can see our results from day 1.
The Great Part About BinarySignal
The thing that we actually like about this service is that there is no chance of it scamming you. Since it is only a signals provider, not an automated trading service or broker, it does not require you to deposit any money into a trading account. This means that the people from Binary-Signal are definitely not in it to steal your money. There is no way for them to do that. Sure, you can still be scammed if you use a bad auto-trader, trading platform, or if you have a bad broker, but that would be through no fault of Binary-Signal.
Binary-Signal.com Review – Conclusion
At the end of the day, we would have to say that Binary Signals is a fairly decent signals provider. It is not the most accurate or profitable out there, but there are things you can do to increase your accuracy and payout. All in all, while this service needs some work, we would not be opposed to using it again.
Our suggestion would therefore be, if you’re looking for a free signal service to play with, by all means, open your favorite demo account and place a few trades based on their recommendations. Then, drop us a comment below letting us know if you were successful.
Did you try Binary-Signal.com or ForeSignal.com? How did you do with this signal service?