In the last few years the popularity of free and premium binary options signals have been on the roll. There are thousands of facebook, skype and whatsapp groups for you to join, quite a few different websites and lots of other places that provide information for trading decision on the binary options market. However, the main question is – do these signals really work? The short answer is – most probably not. Why is that? The reason is simple, most of the binary options signal providers have been showing some performance only over the course of a few months, and, so far, only a tiny amount of vendors managed to stay popular for more than one year.
In this article we are going to explain you the main factors behind choosing your next binary options signal software and the main features to look for. Let’s dive in!
Same as choosing a broker, selecting your binary signal provider should be based on the reviews of others. Even though you are less likely to find the reviews, especially the authentic ones, it is still possible. Make sure you have checked a few comments and reviews before you put in any money into the service.
This is not so common in the binary industry at all, even brokers tend to give demo account once you have deposited. Same happens with binary options robots. Nevertheless, we do believe that a legitimate signal provider should be able to show you the proof of a working system before asking you to deposit. Even if there is a moneyback guarantee, a free trial should always be there.
Typically a binary signal service will recommend a few brokers to you. This is done for 2 reasons. The first one is monetisation, a signal provider wants to make money on you opening the account with a broker of its choice. The second reason is the assurance of smooth work. For example, such as binary signal providers as Binary Robot 365 tend to limit the choice of the brokers only to the ones they trust and know. This is done so to assure that the broker will not scam the traders and will offer the ideal conditions for the robot to work. That would be a pity to receive winning signals on the instrument that is not offered by your binary broker, wouldn’t it?
This is, perhaps, one of the most crucial factors here. If you look in the FX industry, most of the traders would not believe anyone selling signals unless they can get access to transparent myfxbook statistics. Hence, showing the performance publicly over a long period of time is a key to ascertain trust from the traders. Even though this is not yet popular in binary sector, it is where the whole industry is going and already now you can find some proofs of performance from various signal providers.