This is always an issue, isn’t it? This ever-present doubt of are auto binary signals legit or a scam?
And it should be. Traders have to be careful and ask questions.
Search, browse and test.
Nobody wants to end up in a situation where the trading account is in the red when we all want to be firmly in the black.
In this guide, we will give South African traders advice how to spot legit auto binary signals and use them to their benefit.
Legit Auto Binary Signals vs Scam
Binary signals are a popular way to trade binary options as they allow traders to elegantly sidestep several important aspects otherwise necessary when trading binaries manually. That is the reason why this way of trading is becoming so popular in South Africa.
That is also a reason why there is an increasing number of binary signal providers now available on the South African market but globally as well.
That is both great news for traders but it also comes with an increased number of possible scam binary signals.
Luckily, we can provide some tips on what to look out for when trying to decide are auto binary signals legit or not.
How to Select Legit Binary Auto Signals?
There are a few tips and tricks South Africans need to be aware of when they set out to select auto binary signals. Below, we will provide several tips which may help and secure traders a profitable trading experience.
These are simple to follow and check and may mean the difference between profit and loss of funds.
Free vs Paid Binary Signals
There is a misconception that if something is free is must be a scam or simply not good. This is not necessarily so. There are plenty of binary signals on the market which are free but also provide traders with quality and efficiency.
Some binary signal providers may charge hundreds or thousands of dollars from traders on monthly basis but that will not guarantee success. South African traders intending to go into binary trading have to do so knowing that the risk of loss is always present.
This applies both to free signal providers and those who charge a fee.
Hence, traders can select a free signal service like Binary Options Robot and test the waters. They will spare themselves additional cost and will be able to experience binary options trading with one of the top-notch trading solutions in the industry.
Wide Selection of Underlying Assets
South Africans looking for legit trading signals should also always inspect the selection of underlying assets available with such trading software.
It may seem like a good idea going for one which only provides a limited number but this is not helpful. In order to secure profits, traders need to diversify. It is not easy to have a high winning ratio with just a few underlying assets.
Especially if South African traders are not experts and have an incredible amount of knowledge on a particular underlying asset.
With binary signal providers like Trader’s Buddy, a wide selection of more 50 underlying assets is available and traders can choose among currencies, stocks and commodities.
The more underlying assets are kept active the more generated signals will the traders get and that increases the probability to profit.
Advanced Features and VIP Accounts with Binary Signal Providers
Another aspect which can tip the scales when it comes to making a profit are advanced trading features and specially designed trading accounts like VIP account.
South African traders are more likely to find bot with legit auto binary signals. With Binary Options Robot or Trader’s Buddy, there a wide selection of useful trading tools, advanced features and even a VIP account.
Trader’s Buddy will provide interested South Africans with two completely unique ways of trading – social trading and semi-automatic trading.
Both provide traders with absolute control over the trading process but also gives them a chance to test vastly different approaches to binary trading.
Binary Options Robot has a free VIP account with fantastic trading features with help traders control the risk, prove them with five unique trading strategies and different expiry times.
Also, traders can set the number of daily trades they want to do and the amount they want to invest.
Well-known Binary Brokers Connected with the Signal Provider
Legit binary signal providers will always try to connect with well-known binary brokers with a fine reputation.
Additionally, they will be supported by several brokers and not just one to give traders a bigger choice.
When South African traders wondering about are these auto binary signals legit or not aloo take a look at brokers supported by the signal provider.
It is advisable to connect the customer service and ask about the available brokers.
Reliable Customer Support Service
This is another important element and sometimes traders forget about it. Having a reliable customer support service is very important, no matter how South Africans select to trade binary options.
Just like a reputable binary broker will make sure they have a professional and dependable customer support, legit binary auto signals providers will aim for the same.
We advise traders to be careful if they run across a signal provider which has no contact info listed on the website, or it their customer support service is unreachable.
Web-Based Binary Trading Software
The next tip concerns the way the whole binary signal provider is set, and it is better to go for the one which is web-based. With binary signal providers like Binary Options Robot, Trader’s Buddy or Fintech Limited, there is no need to download and install anything.
It is easy to simply connect with a web browser and start the trading process, Also, we strongly advise South African traders to select the signals provider and auto binary signals where they have to be online to start with the trading process.
That way they are in full command and know what is happening at any stage in the trading process.
Lastly, South African traders looking to use auto binary signals for trading should never forget the power of information.
Today, everything is available online and gathering info, reading reviews and simply making use of other binary trader’s feedback is the right direction to legit auto binary signals.