My experience with Binary Options.
I will be talking through my recent experiences with binary options, and asking the question does binary options work?
I came across binary options on a google search for ways to make money online.
What is Binary Options Trading?
A binary option is a type of trade that is structure one of 2 ways, hence the binary. There is a fixed amount of compensation if the option closes in the money, against losing all of the initial cost if it ends out of the money.
It appears relatively simple, choose how much you want to invest, for how long, and whether the option will end higher or lower than the current state. (There are a number of options, besides this).
There are a number of websites to choose from, they all offer training, and the sales pitches are all positive, as you would expect. It seemed a little too simple from the websites. But as you read on, it does seem like it would take a lot of time to get any real outcome from these systems. None the less, I tried IQ OPtion, as they offered a free trial account. I would win some, lose some. Didn’t really understand how to monitor the trends.
Then I saw an advert for an Auto Bot, that would do the work for you?
I will be doing a review of some of them, as you can get caught out. Some are definite scams.
I then found Neo2. When you go on their website, they have a video that explains how it works. The video talks about analysing weather systems, and the global markets to hopefully mean you win more situations than lose. They advertise that they are offering people the beta version for free, and after they are happy and can launch it, it will cost $7900 a year.
I thought I would give this system a try. So i signed up for the beta. They then match you up with a broker. I was matched with Tradorax. They had a higher deposit need than others (£350) and their minimum transaction was £25.
My experience with this system wasn’t the best. The first couple of days i seemed to be in the money, going well. But then all of a sudden it was losing more than winning. Sufficed to say, I am no longer using the system. I would also add, you have no contact from Neo2. The Neo2 platform wasn’t working at first, but after talking to the tradorax broker, it is them who need to turn Neo2 on for you.
When a tradorax broker phoned to talk about the binary options system. He mentioned that an auto bot cannot take into account the fundamental side of things, those events that happen in the news, or when a speech is given that could affect the market. So his advice was not to use an auto bot. He then told me all about the system, and asked a bit about me. The problem was as the auto bot system had depleted my funds. His only advice was to stop using the auto bot, and invest more money and he would help me achieve my goals.
I am not saying Binary options wont work, i am sure there are plenty of people doing quite well out there. But for someone who was new to the binary options scene, I didn’t need a pushy salesperson (broker). YOu would also need a lot more time, and practise to get it to work.
If anyone would like to try it, risk free. There are company’s out there with free accounts where you can learn the binary options trading platforms, they have accounts with pretend money so you can see if your strategies work, before taking the plunge. I did try a free account, but got lulled into an auto bot can do it for you. But as the normal deposit is normally £250, make sure you never invest more than you can afford to lose.
I would suggest IQ Options, it offers a free account, and great videos and tutorials.
I may go back to binary options at some point, but will need to spend a lot more time researching it before I decide to put more money into an account. But I would never suggest an auto bot, and you find a good signal provider to provide good opportunities.
In short, if someone wanted to make money online, it isn’t a starting point if you have no experience in the markets.
If anyone has had any experience with binary options, whether it be positive or negative, please share below.
ALso, any questions you may have, and I will endeavour to help