Fox binary signals is a new service taking a new approach in the binary options market. Their goal is to provide a quality product at an affordable price so they can reach as many people as possible. MT4 is required to use the signal service but this is a free platform, so that’s no issue.
Today I’ll be reviewing this service and informing the community about whether or not it’s worth the €45 per month.
Your Rating: [ratings id=”33705″]
Fox Binary Signals Review
The first thing that caught my eye is Fox binary signals usage of my FX book. My FX book is a trading statement service used heavily in the Forex market to provide verified proof. The website like this is the one thing we are really missing in the binary options market and I’ve reached out in hopes to develop a platform like this but the brokers are very receptive to the idea. Regardless, the use of my FX book in this particular case does offer a layer of transparency that’s often missed in the binary options market.
In looking at the Fox binary signals trading account we can see that their main focus is on 10 minute expiry trades. They target 5 to 6 different pairs and provide on average 2 to 5 signals per day. When looking at the my FX book account you have to understand that the growth percentage shown has nothing to do with binary options. What we have to look at is the winning percentage because that’s what’s important in binary options, how many trades you’ve won, not how many pips you’ve made. Obviously, if you want to use the signal service for your Forex trading you can do that as well but considering the short length of the trades and the small PIP gains I wouldn’t recommend it. Commissions and spread would eat these gains up quickly in a live Forex account.
So where does that leave us? That leaves us with a winning percentage of 60% on all the trades that have been taken so far. At a 60% win ratio it will be very difficult for you to grow your binary options account quickly, but there’s nothing wrong with steady gains.
As of right now I am on the fence about my Fox binary signals recommendation. While I certainly appreciate the transparency this developer is bringing to the marketplace I’m not sure if the 60% win ratio is appetizing enough for me to jump in tonight. I plan on following this my FX book account to see how effective this system is on a long-term basis. When I know more about the signals and I’ve heard some community feedback here at binary today that I’ll come back to this review and edit it with my findings. Until then, thank you for coming to my website and I hope that you have an excellent weekend of rest and relaxation.
But I have to revoke my comment as I obviously did not set the time on my PC correctly. So I really can not say if the results would have been better it I set the time correctly.
So please ignore my post!
This is the mail I sent them after using ther autotrader for 1 week:
your results you show on your website are completely different from those you achieved in my live binary.com account. This is scamming par excellence! So I cancelled the payments via Paypal. I lost 30% of my live account while your public history shows only winning trades! Shame on you!
Thanks for sharing Manfred.
Please see my new reply above.