Several binary option signal providers claim to have fantastic results on their websites. However, it is impossible to verify these claims. The only solution available for traders to test a signal service is the trial period. These trial periods allow traders to test the service for a few days. Most providers do not offer this service for free but can charge small amounts (between $ 5 and $ 7). Use this period to evaluate signal quality using a demo account. This will allow you to assess the quality of the signals provided from a demo account. You will be in a position to see if the results promised by the suppliers are real. Never subscribe to a service that does not offer a trial period.
You should look for a provider offering a money back guarantee. This allows traders to use the service and assess its cost-effectiveness. If the service does not pay as much as you expect, you can recover your funds.
It’s a good idea to try signal services on a demo account for the first month and check the signal app review to get a good deal on trading. In this way, even if the signals are not profitable, your losses will be limited to the price paid to sign up for the signal service.
What is a Reasonable Success Rate For a Signal Provider?
In the binary options market, a success rate of at least 55% is necessary to reach the breakeven point. This means that you should look for a signal provider with a success rate of at least 60% -70%.
Although the majority of signals and auto-trading sites are pure and straightforward scams, reputable signal providers should offer an average pass rate of 60-70%. You should avoid any vendor claiming to have a success rate higher than 80% since it’s virtually impossible, and it’s probably a scam.