With the increase in number of companies that offer binary options trading signals, to keep up with the competition, many companies have started offering free binary options signals. While most of these free services are for a limited period of time, there are many services and websites that offer completely free for unlimited duration.
While free signals that can help you in improving the success rates of your trade sounds like a great offer, they are not actually that great. Let us have a look at the downsides of using free binary options signals.
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Disadvantages of Free Binary Options Signals
- No Real Time Services
You will see that while paid services and signals are in real-time, free signals are generally in the basis of weekly reviews, articles and charts. Yes, they do help you in making better trading decisions, but most of the research and analyzing the market will be done by you. You will have to learn how you need to understand the chart and the technical terms that are used in trading. On the other hand, paid signal providers will do all the hard-work for you and will just provide you with signals when it’s time to trade. You only need to place the trade exactly as it is mentioned in the signal.
- Signals are only available on their Websites
If you choose paid signals, the signals will be delivered to you on your mobile through SMS or email. However, if you are using free signals you will generally have to visit the website of the provider time and again and the problem of internet bandwidth can result in a severe loss. There are also many paid signal services that take the trade on your behalf, while no such services are provided for the users that use free signals.
- No Guarantee of Accuracy
With paid services you are sure that even if a couple of trades do not work in your favor, the third one will surely work and will cover all the small loses that you suffered in the previous two trades along with additional profits. If most of the trades are failing, you also have the option of contacting the service provider and get your money back. However, you do not have any such options with a free service. You will only need to rely on someone you won’t even know and are not even sure if they will post a signal tomorrow.
- No Additional Services
Paid members are also provided with a variety of other services like monthly reports, current status of the market, global news and a lot more. However, you will not get any such services with free signals. You will have to do all the research yourself and this can be very difficult especially if you are new to binary trading.
While free binary options signals are good for learning about the markets and understanding the trend, you cannot make money on consistent basis with these signals. If a provider is giving you free calls for say, 1 or 2 weeks and you believe that the signals are providing you with handsome profits then it is beneficial to become their paid member to enjoy consistent profits and additional services.