There are a lot of sources for binary options signals. They range from autotrading software to signal service providers to copy trading and social trading. The problem is that a lot of them are bogus. They are nothing more than a marketing scheme designed to separate you from your money. The offers of free signals with high rates of return are alluring but always come with a catch, you have to make a deposit in order to trade with them. This reason alone is often enough to expose the scam but others have gone to extreme lengths in order to hide the truth and pull the wool over traders eyes.
I am here today to unveil what I think are the top five sources of binary options signals for social traders. I have spent a lot of time seeking out legitimate sources of signals and over the past few years found what I consider to be decent providers. They offer a range of services, not only for tips and signals, but also as tools for social trading. If you are tired of wasting your time with all the scams, this is the list for you.
The Geek’s Top Five Binary Options Signals For Social Trading
#5 – Markets Gear – Markets Gear is a pure signals channel. They offer a wide range of trading tips on a number of assets and in different time frames and little more. In fact, they offer so many tips that sometimes it is like drinking water through a fire hose. This is where many users make their mistake; trading too much or getting overwhelmed and trading too randomly. If you take all the signals then it is likely you will be trading way to much to keep track of, with random results and may at best break even. If you pick and choose random trades you may do no better.
My suggestion is to choose an asset that they give tips on and to trade only those tips. You can further this by using a little of your own chart analysis to determine trends and if you will only trade call signals or put signals. Another trick to help cut down on randomness and irregular results is trade only certain time frames. In any event, MarketsGear.com is my #5 choice of signal provider because the signals are reliable and can be used by newbies to begin honing their strategies and techniques. You can sign up for free but in order to get the most up to date signals you will have to sign up with one of their approved brokers. MarketsGear is not a broker so traders from any country are welcome to join, minimum deposits and bonuses will vary from broker to broker.
#4 – CTOptions Binary Replicator – CT Options Binary Replicator is a unique copy trading platform built on the Panda TS trading software. CTOptions is well known and respected broker with binary options for short and long term traders. Their copy trading platform offers traders a chance to find and follow the best traders using CTOptions. Copying a great way for newbies to get started with trading and can be a reliable source of signals for more experienced traders as well. And, to be honest, not everyone can be a good trader, copy trading makes it easy for those who have had a hard time trading for themselves enter the market with a relatively decent chance at making a profit. Copying is available directly through the trade platform and done through a leader board. You pick the trader, or traders, that you like and their trades are copied in your account.
To get the best results pick traders with good win rates but high numbers of trades. 90% wins is OK, but doesn’t mean squat if there are only 10 trades in the account. I prefer traders with lower win rates, but thousands of trades. Minimum deposit is $250, minimum trade size is $5 and there is a demo account. Last time I checked US traders were still being accepted and bonuses are available, including risk free trades. The Binary Replicator is #4 on my list because it is a good source for simple copy trading on a reliable broker.
#3 – Trade4Me.com - Trade4Me.com is a stand alone binary options copy trading and auto trading dashboard. It is compatible with MT4, has direct connection with Stockpair and is linked to several other brokers for copy and auto-trading. Signing up is free but in order to receive signals you will need a broker. The platform is really great for those using Stockpair as the “web trader” feature is a direct link to the broker that can be used to take or give signals. The dashboard is compatible with MT4, NinjaTrader and Matlab with API for you to use your own EA’s, or send out signals to your follows on Trade4Me. This one is #3 on my list because it is an all around source for copy and signal trading, including sending out your own signals.
#2 – iFollow Copy Trading – iFollow, also known as SpotFollow, is a full service copy trading platform offered by SpotOption. It is built on the same algorithms that drive forex social trading website ZuluTrade. The dash board is based on a leader board same as with the Replicator but it has more features. The leader board can be filtered by asset along with other controls to limit the size of your trades, the number of trades you will follow, the amount of time you will follow and the maximum losses you are willing to accept. What makes it stand above other copy trading is the algorithms which allow for such fine tuning in your account, as well as the ability to filter traders by asset. Each account is allowed to follow 5 or more traders which makes account diversification and management a breeze. The real beauty of this platform is that it is a white label so you are not restricted to using it with only one broker.
EmpireOption, CherryTrade and FMTrader are all top choices for iFollow copy trading, with the added bonus of having forex and CFD trading to boot. Minimum deposit is $200 for Empire and Cherry Trade, $250 for FMTrader with bonuses available with each. EmpireOption and CherryTrade are both accepting US traders at this time. This is my #2 pick for versatility, in broker choices as well as trade management.
#1- Investoo.com – Investoo.com has been on my radar for a while now. The website emerged as a good source of education, tips and signals and suffice it say has lived up to my first impressions and more. What they are is three things; a video library, a source of signals and source of MT4 compatible indicator systems that generate signals. What you get is over 300 videos an average of 20 minutes each which go over in detail everything you need to know to be a successful technical analyst and trader. Along with that are signals and access to three different indicators. The indicators are not infallible, even Investoo will tell you that, but are a good foundation for traders to build strategies on MACD, PSAR and the Stochastic indicator.
New members have three choices, use the free videos, pay $100 for full access or sign up with a new broker and get free access so there are choices for everyone. Obviously, free users will only get limited access but those videos are still useful to new traders or those who want to brush up on basic techniques. Investoo.com is my #1 pick because it is the best source of educational tools for social traders. The videos alone are worth $100, the indicators and signals are icing on the cake. Hand in hand the combination is a total package in terms of education and binary option signals; you get the tools to create you own signals on well known indicators AND the education to use them.