Binary options managed accounts interest a lot of traders because they take the work and some feel the risk out of the trader’s hands. This isn’t always the case, there’s quite a few important elements to consider when deciding whether or not this option is for you.
Every few days I get asked by traders here at binary today if I would personally manage their accounts for them.
While I’m flattered I don’t offer a service like this and I’m really on the fence about these type of services.
I feel like a binary options managed account from an expert trader could be extremely beneficial to anyone, myself included. Hey, if I could give a chunk of money to someone and have them grow it for me why not right?
Binary Options Managed Accounts & Trust
The problem is, how do we actually resolve who is an expert and who can we trust?
It’s the same problem we face when dealing with binary options scams every day. Now, if you get scammed from an account manager handling your money you can be out of your savings. I’m not saying this is always the case, but I have heard some cautionary tales about people losing their hats from terrible binary options managed accounts services.
In doing some preliminary Google searches for a binary options managed account I didn’t really come up with much. There were a couple of binary options auto trading systems which doesn’t surprise me, these are a dime a dozen in recent months. Then, there are a couple of web sites that claim if you deposit a specific amount with their recommended brokerage that they trade for you and take part in the profit sharing.
While this is how account management at the base level always works, there is really no risk for them to try and go for broke to try and win themselves a large commission.
Binary Options Brokers
Most managed accounts are in conjunction with binary options brokers. Your account representative will tell you to deposit more funds, and in turn they will manage your trading account.
The obvious problem with this is that the analysts working for the brokers aren’t the best traders. If they were, they would trade and not work for the brokers at all.
If you do get sweet talked into using an account manager with your broker, at least ask for proof. Get them to show you verified proof that they have been able to grow accounts. Make sure it’s verified by a third party, and not just some screen shot too.
There’s a lot you can do on your own without binary options managed accounts, so make sure that you are aware of all those choices before you settle in to anything.
The bottom line for me is this. The only way you should be using a binary options managed account is if you have found someone you truly trust. Someone that isn’t going to play fast and loose with your money or run away with the entire lot of it.
Is the internet the place you are going to find someone like this? In my estimation, probably not.
Your best bet is to get your hands dirty and find a way to trade binary options on your own, the right way.
If you ever need help figuring that out, just shoot me an email by clicking Ask John at the top of the page.
I hope this helped you understand what a binary options managed account is and whether or not it is a viable opportunity for you to consider.