Binary Matrix Pro REAL USER REVIEW
Stay well away from binary matrix pro! You’ll see exactly why in this Binary Matrix Pro Review from a REAL USER
It’s hard to find a Binary Matrix Pro USER REVIEWS of the new Binary Options Signals Software which is a good thing…
It hopefully means that not too many innocent traders have been sucked into this garbage.
I like Pharaoh’s sentiments above because normally I would not touch such a system with a barge pole (trading 60 second binaries is akin to playing a one-armed bandit). However, this system was recommended to me by someone who I had great respect for, so at lest thought I should look at it:
In brief , binary matrix pro is a signal service for trading 60 second binary options for 6 currency pairs which they state has an 80%+ success rate.
To prove this they use what they call “social reporting”, whereby each subscriber has the ability to report the outcome of a trade, and amalgamated results are displayed on the dashboard in real-time.
Each signal is paid at the rate of 1 US cent whether it is taken or not, but remember the signals may come quite frequently. Initially a free bonus of signals is given to try the service, so the upside is that as long as you stay away from alive account it does not cost anything to test.
Before Binary Matrix Pro will send you a link to the dashboard software you must open an account with one of their specified brokers and fund it, which they check has been done.
My broker told me that Binary Matrix Pro had an affiliate arrangement with them so that Binary Matrix Pro also gets a percentage of each trade that you make, but I guess that it obvious anyway.
Now the fun starts:
Binary Matrix Pro Real User Review - The software…
The software is available as a desktop download, web based, and an Android App. I tried the download first.
McAfee sent me some serious warnings about downloading (which never happened before). I decided to continue anyway.
When I tried to start the dashboard MS runtime warnings were generated. I contacted Binary Matrix Pro support and they said that they were aware of technical issues and would be fixed later that day.
5 days later and I still could not get the software to run. I tried to log into the web based version. The screen just went blank. I contacted Binary Matrix Pro support again and they said that they were aware of technical issues and would be fixed soon. 5 days later and I still could not log in.
I did manage to get the Android app to work, BUT… Straight away I could see that not all the 6 pairs traded were available on my broker platform, WHICH Binary Matrix Pro RECOMMENDED!! They said that the pairs offered by my broker varied throughout the day .
I found that through most of the day there was 1 pair or 2 pairs not available on my broker platform. That meant that I would be paying for signals which I could not take!
Binary Matrix Pro Real User Review - The Trading…
Already suspicious I decided not use real money but just watch a few trades. The success rate did not seems anywhere near 80% so I opened a demo account.
Now a new bug in the software materialised: It is necessary to get the trades in as quick as possible, so I sat with fingers quivering over the keyboard and turned on the audio alerts. However, I found that audio alerts for the USD/JPY pair were in fact for the EUR/USD on the dashboard ??
This happened about 70% of the time, not ALL the time, which is very curious. I contacted support at Binary Matrix Pro but they never responded. Probably another bug they cannot fix.
If you do not understand binaries you need to know that if you lose you loses 100% of your stake but if you win you win 65-70% of the stake in this particular brokers case. If you do the sums you will see that you need to win 60% of the trades just to break even!
During my first trade session of 2 hours I must have received about 40 signals. The win rate was about 30% – a very big loss.
However, it was getting late, towards the Asian session, so I decided to give it another go the following day.
I traded for 5 hours in the UK session. The win rate this time was better at about 50% – still a big loss though and nowhere near the 80% Binary Matrix Pro states.
The following day I traded again in the uK session for 3 hours and 2 hours, the results were 50% and 39% - again a big loss.
One feature I should comment on is the so called “social reporting”. I frequently noted that my losing trades were reported as wins on the dashboard. Although it is of course possible that results of individual trades may vary between different users, results averaged over a reasonable number of trades, say 100, should give the same figure – that is only simple statistics.
At one stage a signal came through for GBP/USD which luckily was already on the broker platform and I was staring at the price graph when the audio alert came through. The signal was for a CALL trade but at no point for a minute or so before the alert or several minutes after did the price rise above the signal price.
In fact over the 60 second trade the price fell by 5 pips which is a massive amount in that time period. Guess what ? According to the social reporting 82% of traders won that trade. It is beyond question that when a price falls 5 pips in a 60 second period it is impossible for a CALL trade to win!!
You can draw your own conclusions about how honest the “social reporting” feature really is.
Well I have tried to be polite in this Binary Matrix Pro Real User Review but find it kinda difficult to refrain from profanities:
Binary Matrix Pro REAL USER Review CONCLUSION:
Binary Matrix Pro is a crock of SH*T. Stay well away.
Review by Szendro
Do NOT trade binary options with money you CAN NOT afford to lose!