Today we are looking at a new binary options product promising a high ROI, Traders Matrix. According to the developers of the software, traders are allowed to copy and follow trades by professional traders on either a live or demo account. The only hitch, is that traders are required to share 20% of their profits. We’ve seen developers in the past make deals like these where traders have to donate some of their earnings or give them back to the developers but no one ever actually won. So, nobody ever had to share their profits. Hopefully that isn’t the case, this time around.
In order to gain access to the Matrix software traders are required to register and deposit money with the PWRTrade brokerage. I’ve never heard of this brokerage before and while there are a couple of positive reviews, there are also quite a few negative as well. For all updated software ratings please go here.
The Traders Matrix product hit the market on March 9th, and is developed by Robert Michaels and Chris Amado. These are 2 former Forex and commodities traders that formed a small group to brainstorm trading ideas. This service is the end result. There is no address for the company but you can contact them any time via firstname.lastname@example.org.
There is not a lot of information on the sales page, and the community has yet to weigh in with their thoughts either. There are 7 bullet points with short accompanying paragraphs, so we will do our best to go through this and ascertain as much as we can.
The current matrix team provides trading opportunities 24 hours a day. They claim to divide every single deigned to 3 trading sessions, and each session is assigned to 2 separate traders. Before sending a trade to you, both of the traders during that shift have to agree on it. This is certainly a smart system but understanding who these traders are is also very important. Sadly, we are not introduced to any of the experts so we cannot analyze their reputations and figure out if they truly are experts or not.
According to the sales page, the Traders Matrix software utilizes multiple strategies. They base all trading decisions “on well-known indicators, such as RSI and Bollinger Bands, as well as based on our 2 custom proprietary indicators.” They also take into account news, and the impact it has throughout the trading day.
Again, we are not really given enough information here to truly get an understanding of the strategy. We know now that they use indicators, but indicators alone are never a strategy.
With no real trading history, client reviews on in-depth discussion about the strategy we have very little to go on. It’s nearly impossible to provide a recommendation in this case.
As of right now, the best we can do is leave Traders Matrix in the middle with a 3 star review. It probably would be suitable to give a lower rating because of the real lack of information being provided but there’s no reason for us to undermine a service we are still just beginning to understand. There are a few elements we have to be careful about, like the unregulated broker and the fact that we know nothing about the people behind the system. Hopefully these are aspects we can learn about over time, and then come to a more fruitful conclusion.