Binary Options AutoTrader Review
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I am always willing to subscribe to the service of a Binary Options signal provider and do nothing afterwards but enjoy the show. Things are, unfortunately, never that simple and easy. In a lucrative industry like binary options trading, where enormous sums of money are involved, there are always scammers who prey on gullible newbies. The fact that this industry suffers from the ‘Get Rich Quick’ syndrome explains why the majority, but not all, of signal providers are bad and dishonest. Today, however, I will discuss a provider that is apparently run by good, honest traders. Before you decide to sell your house and land to invest, keep reading on to see whether this is the one for you.
How AutoTrader Signals works
First, let’s get to know what is a Binary Options AutoTrader? It is a service provider that enables automatic copy trading; a type of trading that does not require you to sit in front of your desktop when a signal is given. Instead, the software will help you do all that automatically.
To be specific, after subscription to their service, you will be able to download a Chrome extension, which will open the same trade in your account whenever their traders open a position. This service currently supports just a few brokers, but some of them are named in our list of Recommended Brokers. so you should be able to pick a dependable one.
If you still find my explanations a bit hazy, go to their website and watch a video of step-by-step explanation.
Monthly fee and Average number of signals
The provider offers several types of accounts that come with different benefits and subscription fees. From the lowest to the highest monthly fee are Silver account ($200), Gold account ($1,000), and Diamond Account ($3,000).
Although the fees for Gold and Diamond accounts are relatively high, they comes with certain advantages, such as the return of subscription money if the month does not turn out to be profitable for the subscribers. In fact, I am convinced that this is how every signal provider should do business, because if a client loses money due to the signals provided and has a bad month, the provider still wins the subscription fee anyway. Then there will be no incentive for the providers to offer their clients good signals.
On the other hand, if there is such a policy, the providers will have to try their best to improve their clients’ trading, or else they will have to pay back all the subscription fee at the end of the month!
Binary Options AutoTrader used to offer a Bronze account that did not require any subscription fee. However, the maximum amount of investment per trade was only $30, so you could not make big profits from this type of account. In fact, the purpose of the Bronze account was for new clients to try the service, who then could opt for a paid subscription to enlarge the amount of their investment. Due to recent changes, however, the Bronze account is no longer available. Keep reading on to see why for yourself.
This provider offers around 80 signals each month. As the number of signals fluctuates with the market conditions, they also inform their clients about the variable nature of this figure.
I was most impressed by this signal provider’s performance. They dedicate a whole page to show authentic performance statistics, where you can notice the outstanding trading results. The provider shows both winning and losing months. They do not conceal bad results, meaning they are not just a money-making machine. The overall performance, nevertheless, is in the green.
AutoTrader has had to face overall poor performance recently, including missed trades, mediocre-to-bad signals, or trades ending ITM with one broker but OTM with another. This condition forced the provider to stop receiving new subscriptions until they found a solution for the problem, which they apparently did. AutoTrader v4.7 was released, a newer version that allows integration with SpotOption v2 platform. The provider expects this update to fix the existing functionality and compatibility issues. The update, however, comes with a cost: the provider no longer supports free subscription, so in order to get their signals you will have to pay. The initial Bronze subscription will take place of the Silver one and also become a paid subscription.
Regarding the cancellation of free subscription, the team at AutoTrader explained that they have had problems with brokers inflating entry prices and dropping payouts for positions opened by the AutoTrader. Because a large amount of positions were opened in the same direction at the same time, the broker’s risk management systems were thrown out of balance by $30 orders, which are also the maximum investments allowed for a free subscription. Therefore, removing the free subscription and putting a limitation on the number of clients at AutoTrader are the best solutions to avoid these complications.
Is “Binary Options Autotrader” a Scam?
As far as I am concerned, AutoTrader’s business does not appear to be phoney. One evidence of that is the money-back guarantee for Gold and Diamond subscribers who have a losing month. The owning company is SAS Neutrino; you can do some research with that name on the Internet.
Moreover, no fake and dishonest company would suspend their subscription because it stops being profitable to their clients. Instead, an irresponsible service provider would just ask their clients to keep waiting until they fix the problems and losing money in the meantime. The team at AutoTrader did it the right way: discontinuing the service until the issue was fixed. As of now, I am convinced that AutoTrader is not a scam business, but like I mentioned above, always keep your eyes open in this industry.
Is subscribe to “Binary Options Autotrader” a good choice?
I think some of you already know that I do not really support automated copy trading or signal providers, because I prefer trading by myself rather than relying on somebody else. Nevertheless, I am still convinced that the team at Binary Options AutoTrader is doing a good job. They do not whisper sweet words into your ears, stuff like “Join us and change your life forever” or “Try our service now and forget about money problems for the rest of your life”. Instead, they are honest and publicly show both good and bad trades. They really care about their clients’ money and keep them updated every day of their performance. Although their current performance is not very good, if they can get their trading back In The Money, they would be an ideal choice for traders who are in favour of a signal service.
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