Binary Matrix Pro

billmon

Recruit
Messages
2
Inaccurate "Social Reporting"

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
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 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 BMP 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 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!

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 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.

I have seen 4-5 times where market is totally against position and 80% plus wins are reported. On a live account over three days trading more than 100 signal a day the best performance achieved is 56% wins. Worsted was 46% wins. Looks like the social reporting is total BS. At $5 per loss I am down $250 to determine what is always the case.. These system do not perform as advertised
.
 

NetWoofer

Private, 1st Class
Messages
45
I signed up to Binary Matrix Pro having swallowed all the hype and apart from the signals, it was free. I then signed up to Banc De Binary as the required broker and only choice. I decided to use the wed based software.

The software appeared to be well designed and worked well, without any problems. A nice touch was the voice alerts that meant that switching to and from the broker was generally not needed. That's the end of the good news!

As I traded the signals on my live account I soon realised that their accuracy was about as good as tossing a coin. This was despite entering every trade as quickly as possible and checking that I had traded the correct currency pair and direction. My increasing concerns that Binary Matrix Pro could possibly be a scam were confirmed when I started checking the social reporting as already mentioned in this thread. Evey time I made a loss, and these were many, I checked the social reporting results. All of my losses were reported as 80% to 90% wins by other "traders"! What a surprise!

A further indication that things were not right happened when I started trading during the Asian session. Binary Matrix Pro was signalling trades on pairs that were not available (at the time) with Banc De Binary. Yet the social reporting was indicating that "traders" were actively trading those pairs!

Based on my experience outlined above, it is my opinion that both Binary Matrix Pro and its social reporting system are scams.
 

szendro

Private, 1st Class
Messages
82
Hello EZ,

sorry I missed your questions.
In total over several sessions I must have covered around 300 trades; sufficient to give a statistically meaningful result. The win rate over all trades worked out at around 45%-50%, but as mentioned you need 60% win rate to break even. If you take isolated short periods and pick them carefully, then yes of course you could quote a win rate of 70%-80% but clearly this is meaningless. In total I traded for about 11 hours and the best I managed over one two hour stint was 60%, but as mentioned the longer term and more meaningful average is less than 50%, which is no better than flipping a coin.
 

EZSwinger

Recruit
Messages
4
Hello Szendro,

First, many thanks for the additional information!
I am well familiar with the basics of statistics, mainly the Law of Large Numbers.
That's why it was important for me to make sure your analysis was based on sufficient attempts.
**********
I think we are now standing on very solid ground, enough to establish statistical significance, as follows:
Based on your 300 covered BMP signals & Billmon's 300 covered BMP signals, the results are the same: ~50%~
These are very hard numbers, which proves the signals are as effective as a coin flip, and BMP is officially a scam!
**********
Would you consider, for the sake of other traders, taking the steps having BMP declared as a Forex Scam is this site?
And perhaps asking sites management to open a Binaries tab, alongside Fx systems, signals, etc… in the Scam section?
**********
Bear in mind there are over 350 views at this thread already, so having BMP declared a Scam could help many, many others!
 

szendro

Private, 1st Class
Messages
82
Hello Szendro,

First, many thanks for the additional information!
I am well familiar with the basics of statistics, mainly the Law of Large Numbers.
That's why it was important for me to make sure your analysis was based on sufficient attempts.
**********
I think we are now standing on very solid ground, enough to establish statistical significance, as follows:
Based on your 300 covered BMP signals & Billmon's 300 covered BMP signals, the results are the same: ~50%~
These are very hard numbers, which proves the signals are as effective as a coin flip, and BMP is officially a scam!
**********
Would you consider, for the sake of other traders, taking the steps having BMP declared as a Forex Scam is this site?
And perhaps asking sites management to open a Binaries tab, alongside Fx systems, signals, etc… in the Scam section?
**********
Bear in mind there are over 350 views at this thread already, so having BMP declared a Scam could help many, many others!

Hello EZ,

the only reason I opened this thread was to help others. I despise the fact that such breathing entities have scant regard for the damage they inflict on others, not to mention the devious, deceptive, and illegal methods employed to achieve financial gain.
Of course I shall file a scam report.
 

Dderyl

Recruit
Messages
2
Well- how can you trust some seal, when their web site is created just couple weeks ago?? :)
 

Dderyl

Recruit
Messages
2
As far I remember- Banc de binary was only broker they are dealing with. Jet another - for this "enterpreneur". Be aware- all I can say.
 

billmon

Recruit
Messages
2
I email them with my actual result and ask for an explanation. There was no reply....except today when I tried to log on to their software I got an error message stating the license is expired! I guess that is the reply. It is a SCAM
 
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