Binary Options AutoTrader Signals
– Excuse me Sir, can you please show me the quickest path to being rich? But I need a truckload of money and I need it quick… like yesterday.
– Sure, just pay a signal provider and you’ll be fine. Money will be pouring in…
If only things were that easy, I would be the first to pay a Binary Options signal provider subscription and then lay back and enjoy the show. Unfortunately things are not really that simple and scammers are always looking for an unsuspecting newbie to prey on. Whenever money is involved, scammers appear and as we know, the Binary Options industry is plagued by the “Get Rich Quick” syndrome. Of course, I am not suggesting that all signal providers are scammers or bad traders, but the majority is. However, today I am going to talk about a service that seems to be run by real, honest traders. Don’t get your hopes up, don’t sell the farm to invest. Just continue reading to find out more about them.
How AutoTrader Signals works
Binary Options AutoTrader is a service provider service who allows automatic copy trading. What that means is that you don’t have to be in front of your computer when a signal is given because the software they provide does that automatically. Once you subscribe to their service, you will be able to download a Chrome extension that will do all the work for you and once their traders open a position, the exact same trade will be opened in your account. At the moment they support just a handful of brokers so you will have to open an account with those brokers but some of the names are among our Recommended Brokers so I am sure you will find a reliable one. On the AutoTrader website you will also find a step by step video explanation which I am sure will make things easier.
Monthly fee and average number of signals
They have different types of accounts, with different perks and subscription fees: the smallest monthly fee is $200 (Silver), followed by $1000 (Gold) and $3000 (Diamond). Gold and Diamond subscriptions have a big advantage: you will get your subscription money back if the month does not turn out to be profitable. If you ask me, that’s how all signal providers should do business. After all, if the client pays a monthly fee and on top of that loses money in the market because of the signals provided, he will have a really bad month but the signal provider wins either way. Then, what’s their incentive to give good signals? None, because they make money no matter what. If the fee is returned to the customer in case of a losing month, it means the signal providers have to perform well and to improve their trading. They are motivated!
Binary Options AutoTrader had a Bronze Subscription which was free but the maximum investment per trade was $30 so you couldn’t make a lot of money out of that free subscription because its purpose was to test the service. Then, if you would find it satisfactory, you could go for a paid subscription and increase the amount traded. Unfortunately, due to recent changes, this free subscription is no longer available. Keep reading to see why.
They provide about 80 signals per month but they inform us about the variable nature of this number. Of course, the market is not always the same so the number of signals changes according to market conditions.
This is probably the main reason why I consider this signal provider better than others. They show real performance statistics. Take that with a pinch of salt because I’m not an expert at deciding whether a picture is fake or real. But if you take a look at their Performance page you will notice their results are not outstanding; they are not a money making machine and losing months are there, just like winning months. Hey, that’s trading, it’s normal to lose sometimes, but their overall performance is in the green.
Lately AutoTrader is struggling with overall poor performance, consisting of mediocre-to-bad signals, missed trades or trades ending ITM with one broker but OTM with another. This initially determined them to suspend all new subscriptions until the problems are solved and it seems that now they released AutoTrader v4.7, a new version which allows integration with SpotOption v2 platform and is supposed to fix the compatibility and functionality issues they’ve been having. Unfortunately there’s another change: the free subscription are gone and the only way to get their signals is to pay. The Bronze subscription will take place of the Silver one and will be a paid subscription.
AutoTrader team explains the removal of free subscription the following way: “As you all know, we recently had issues with brokers inflating entry prices or dropping payouts for positions opened by the AutoTrader. This was due to the fact that too many positions were opened in the same direction at the same time, throwing broker’s risk management systems out of balance. To avoid these complications, we now have to limit the number of clients using our AutoTrader”. So the brokers’ risk management systems were thrown out of balance by 30 dollar orders (that was the maximum investment/trade allowed for a free subscription)… and the only solution was to remove the free subscriptions. Well, that’s their choice, of course, but at the moment, AutoTrader’s performance does not justify a paid subscription.
Is “Binary Options Autotrader” a Scam?
Their performance does not look fake, the Gold and Diamond subscriptions come with a money back guarantee in case of a losing month so they look legit. The owning company is SAS Neutrino, a piece of information easily available on the website, so you know who you are dealing with (well, you know a name but that’s a start) and on top of that, they previously suspended new subscriptions because “We recently experienced a lot of issues with brokers inflating entry prices and compatibility difficulties to the point that we can no longer honestly provide you with a good and profitable service”. Notice the bolded part; I have never seen a signal provider suspend their subscription because they feel the service is no longer profitable. Usually they say something like “Hang tight and continue losing money until we fix the problem” or “Ah, it’s just a minor issue and it will be fixed soon”. Well, if there’s a problem, discontinue the service until that problem is solved – that’s the right way of doing it and that’s how the guys at Binary Options AutoTrader are doing it. To answer the question about them being scams: they don’t have the characteristics of a scam business and at the moment there is no major scam suspicion around them, but – as always – keep your eyes open.
So, should I subscribe to “Binary Options Autotrader”?
Some of you might know that I am not really a fan of automated copy trading or signal providers and that I believe everyone should learn how to trade rather than rely on someone else. That being said, the guys at Binary Options Autotrader are doing a good job in my opinion (Check out AutoTrader Signals Forum Room). They are not telling you everything you want to hear – stuff like “Join us and live The Dream! Forget about money problems for the rest of your life” – and instead call things by their names, showing good trades and bad trades. I like the concern they show for their customers’ money and the fact that one of their affiliates keeps us updated each day on our Forum regarding their performance. For the time being, their performance is not very good but previous results show great success. If they can get their trading back In the Money, they could be a good choice for a trader looking for a signal service.