Published on February 14th, 2020 | by John Kane0
Copy Trading: Binary Option Club Review
Today we are providing a review and in-depth analysis of the Binary Option Club. The purpose of this club is to allow traders to copy 6 trading experts throughout the day. The developer, Paul Schafer offers free membership and believes that after very little time copying traders that you yourself can become an expert as well.
According to the sales page they have over 2400 followers, have taken over 5200 trades in 176 days of live trading. I’m quite skeptical of these numbers, and don’t believe that they are true. See all services rated by our readers here.
Binary Option Club Review
First, let me circle back to the Binary Option Club statistics. The developers claim that the product has thousands of members but there’s nothing online that suggests that this product has been around for longer than a week. Every single review of this service has popped up in the last 24 hours. Generally, this insinuates that the product is just being released, and that’s exactly what I believe is going on here.
It is common for binary options developers to inflate numbers and even totally fabricated numbers in order to legitimize their services. The issue with this though is quite obvious, it’s deceitful.
There’s really no way this club has as many members as they claim, because they would be found out by the review sites long ago.
Who Are The Experts?
According to the Binary Option Club sales page traders have access to 6 different trading experts. Considering these experts have your investment in the palm of their hands, it’s very important to understand who they are. There are brief explanations on the website, of each expert, as well as their expertise. It seems as though most of the traders are best at 15-60 second trades, with Sarah McCullough and Michael Jessop focusing on longer expiry times. There is also a trading style explanation that it’s broken down into just a couple of words like “Fast/Conservative” or “Heavy/Long term” but this really doesn’t mean anything at all. Frequently, this is how marketers with know trading experience explain trading. They should however, be focused on actual trading styles, like fundamental analysis, scalping, intraday, price action. Yet, marketers don’t understand what any of this means.
Each of the Binary Option Club experts also has a brief biography. Here is one of the excerpts, “Jason Benneke holds a degree in economics. He started trading Forex in his spare time while he was studying for his degree and immediately gravitated towards Binary Options when it replaced FX as the dominant platform for private traders some years ago.”
Despite being an expert, there is no information about Jason anywhere. His contributions to the binary options market cannot be found. Let me also say that binary options has not replaced Forex as the dominant platform for private traders. There are still way more Forex traders then binary options traders and that will likely always be the case, at least until the fundamental issues with binary options brokers and regulation are resolved.
There’s really nothing on the Binary Option Club website that suggests that this is going to be a very successful service. Most of the information on this webpage is focused heavily on marketing and not actually on binary options investing. Just as I’m wrapping up this review, I can see a latest trades section near the bottom of the website. For some reason this live trades section hasn’t been updated in 2 weeks. I can understand if a live results section is updated once every 24 or 48 hours but 2 weeks is outrageous.
Binary Option Club
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