This is a new service which offers signals for 60 second binary options trades on 6 currency pairs.
I have been trying to use the service for a few days now and am forming an opinion but before I say anything I would be keen to hear from anyone else who is using the service.
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Thread: Binary Matrix Pro
03-13-2014, 08:55 AM #1
03-13-2014, 06:20 PM #2
03-14-2014, 04:09 AM #3
03-15-2014, 12:19 PM #4
OK, so there has not been much response 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 the system is a signal service for trading 60 second binaries 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 t 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 BMP 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 BMP had an affiliate arrangement with them so that BMP also get paid a percentage of each trade you make, but I guess that it obvious anyway.
Now the fun starts:
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 BMP 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 BMP 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 BMP 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!
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 at BMP 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% BMP state. The following day I traded again in the uK session for 3 hours and 2 hours, the results were 50% and 39% - again big losses.
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 price falls 5 pips over a 60 second period it is impossible for a CALL trade to win!!!
You can draw your own conclusions about how honest "social reporting" is.
Well I have tried to be polite but find it difficult to refrain from profanities: BMP is a crock of SH*T. Stay well away.
03-15-2014, 03:46 PM #5
Binary Matrix Pro
They said that software is free you will just pay .01 cent per signal provided by the software. That sounded fair if the software really did as stated. They said that they would provide enough free signals to get a good start and then you could buy more in increments of as low as $5.. Well when they finally launched and I was ready to sign up and try it out. I noticed that as I reading some of the agreements that you had to sign up with their preferred broker. Now it's starting to sound just like all the rest of these guys. They make big bucks from their broker. Then as I was reading more I noticed that now it says that starting in June I would be billed $190 per month.
None of this stuff was mentioned in their advertising or hype. Just the .01 cent per signal it appeared was it. Well I sent an email to their asking if this was true and they just sent back more hype but did not answer either of my questions. I didn't put a lot of interest in signing up with their broker but my big concern was they are trying to sneak in a monthly payment of $190 which some folks may not have even read when signing up. Once this starts it's hard to stop. I sent another email asking about the $190 monthly fee and still have no answer. To me it looks like they are going to be scam company. I hope not but when they won't respond to my questions I am not impressed.
03-16-2014, 10:37 AM #6
False Verification Factor
On behalf of everyone considering this service (must be a lot of those), I'd like to thank you for your elaborate & precise review!
I usually steer away from these dubious services (especially with Binaries), but a couple of things drew my attention to this one:
The first- the alleged "Social Reporting" factor- you already covered in your review.
The second- the alleged "Verification" factor- is worth mentioning as well:
BMP claims to be verified by a 3rd independent party: "BinaryVerify.com".
A seal on their website links to the BV website, which confirms authenticity.
This is really the wet dream of every trader: to follow a truly verified service!
This, of course, removes all doubt & suspicion that might exist with the service.
But it looks like this time marketers have stoop to a new low-
How could BV verify what obviously looks like fabricated data, for BMP?
Is it possible that BV (created just a couple of months ago) is part of the scam?
Is it possible that BV was created just for the unscrupulous marketing purposes of BMP?
If anyone has any kind of answer/explanation-How could BinaryVerify be verifying BMP's account-I'd really like to hear!
One more thing, Szendro, if I may- would you please specify your exact "Track Record" figures of your BMP experience:
Number of trades taken/ monitored (demo/ paper traded);
Number of trades won;
Number of trades lost.
03-17-2014, 02:16 AM #7
firstly thank you very much for the additional information. It seems that the scam is deeper than first suspected.
I am alarmed at the what you say about being billed $190 per month. I assume that you had clicked on the link to buy more credits ? Is this where they had asked for your credit card details, as I could not find anything about additional payments on the main website nor in their sitr conditions (LOL!).
I had the same ignorant responses as you when I complained about the bugs with the software; they ignored the question I was asking and just supplied some other banal information.
It really is disturbing, that here we are in 2014 and these crooks can get away with what is tantamount to "Highway robbery".
03-17-2014, 02:20 AM #8
many thanks for the very valid points you make.
Unfortunately it is not the first time that scammers have invented a proofing site or created their own to add authenticity to their scam.
I think in cases like this the department of justice should consider bringing back the death sentence!
03-17-2014, 10:00 AM #9
I personally believe Binary Matrix Pro is a SCAM. While I have traded binaries, their lack of response to emails screams AVOID.
I am pasting my email to them from this morning....11:43 am CT (US):
To: [email protected]
Cc: [email protected]
You have still not responded to my previous 4 emails.
Why do you bother putting a 'Contact Us' link on your website?
I am now going to start or add to the threads on Forex Peace Army regarding your p poor service.... It Stinks.
I have contacted you 4 times and received zero.. no... zilch for a response.
3/13/2014 00:26 am CT
3/13/2014 20:27 pm CT
3/14/2014 11:43 am CT
3/15/2014 23:25 pm CT
All my questions were legitimate and cordial in delivery. Your Total lack of response smells like SCAM bigtime.
03-17-2014, 11:15 AM #10
Death penalty? Never advocated that… Lets'em off too easy…
A couple of decades in a hard labor camp? Now that's more like it
You're probably right about BMP using a false proofing site as a mere marketing tool...
Though always a surprise to find what really lies behind such an innocent looking service!
Anyway, perhaps you missed my request, so here again, since still curious to know-
How many signals did you "cover"? A general estimation would be fine, of course.
And of those- about how many were winners/ losers?
Since all other "evidence" is circumstantial- this bottom line is still most important!
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