On our website, we recommend several signal services for binary options. These services alert you to potentially lucrative trades so that you can get in on the action. Signaling services save time and can help you to enjoy the benefits of someone else’s hard work. New traders can sometimes fall into the trap of becoming dependent on them, but if you use them to help you spot trades that may work with your own trading methodology, they can be very helpful. Not all binary options trading signal services are helpful though, and there are a lot of scams out there you have to watch out for.

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Recently I found this video on YouTube for a signal service called “Binary Options Spy.” Check it out below:

https://www.youtube.com/watch?v=I3fOvciU_mY

Now to be completely fair, I do not actually know how the signal service works and what methodology it is based on, but I can tell you pretty much off the top that this is a service to steer away from, and moreover, you should run away from any other trading service which sell itself with the kind of language that you will see in this video. I will give you a few examples so that you do not need to sit through the video.

“The algorithm I am talking about eliminates risks involved in trading.”

… And yes, the underlining is actually there in the video, just to emphasize the absurd claim the video makes. What is wrong with the phrase “eliminates risks?” The problem here is that it is flat out impossible to eliminate risk from trading. You can reduce the risks associated with binary options trading, but you can never get rid of them entirely. How do you know that? Well, just think about it. If there were a way you could always profit from the market, why wouldn’t everyone be doing it by now? Such an amazing discovery could not be kept secret for long, especially if it were being promoted all over YouTube.

“This spying algorithm I am talking about will ensure you make $1773 within an hour before noon.”

This claim is pretty funny for a couple of reasons. First off, it is very specific. This is obviously because the presenter hoped that by providing a specific example, he could be more persuasive. But it is not as if you will always make that dollar amount in every situation, and yet, he ensures that you will. Apparently, you can make exactly $1773 an hour every time!

The other issue here is that you should never be looking at binary options trading like it is some kind of hourly wage gig. This kind of language is everywhere online, and it is a very scammy way to present trading, because trading is not an hourly job. It is a form of self-employment that involves putting in a lot of hours where you are not even actively trading (researching and testing), and where you profit by the trade, not by the hour. Your trades may open and close in an hour, yes. But the moment you start trying to set an hourly rate for yourself, you are setting yourself up with unrealistic and irresponsible expectations that will lead to catastrophic failure.

“In binary options there is no room for interpretations or third-party excuses.”

In this part of the video, the presenter argues that binary options trading is better than traditional Forex trading because apparently, binary options brokers are less likely to screw you than Forex brokers. Actually, there is far more regulation governing Forex than binary options right now, so it is likely the other way around. If you choose a safe and well-established binary options broker (get started with our list of good brokers here), you should be fine. That is the other reason this part of the video is misleading. You cannot blame all your losses on your broker, especially if you have a broker you already know you can trust. You can only blame yourself for your losses. That is what it means to take responsibility for your trading. This presenter is urging you to do otherwise.

“The Binary Spy literally makes money at the push of a button.”

This sentiment puts us in mind of slot machines. You can theoretically make money at the push of a button or the pull of a lever if you are investing in slots at a casino too. Is it likely that it is going to happen often? Not really. Everything rests on sheer chance. If you invest in a service like Binary Spy, you will be leaving the fate of your trading account up to sheer chance as well.

And here is my very favorite …

“I simply make money regardless of what happens in the market.”

This seems to be a statement of utter invincibility. Can you imagine being able to make money without any regard whatsoever to anything that is going on in the world? Traders do not operate in some kind of a vacuum. Nobody in the whole world does business that way. And with binary options, you are specifically making money by understanding how the market works and learning how to identify which direction price is moving and how quickly. You certainly are not going to profit off of your ignorance in binary options trading, any more than you would in any other field.

If you need some guidance on whether or not to purchase a trading system or a signal service, read our article on the topic here. On the whole, the majority of beginners probably do not need to buy services nor should they. There are a couple that we recommend if you are thinking of doing so, however, and once you become a little more experienced, you may find a signal service a very helpful tool to add to your trading toolbox. It should not form the whole of your first trading strategy, however, since you need to be developing your knowledge of the markets.

It is knowledge which makes you profitable, and not dependency, and certainly not on the services of “Binary Spy” or anything else which presents itself so dubiously. If you are unsure about a service, look up reviews, and also look at the language in which the service is framed. If the language presents the system as something you would consider “too good to be true,” that is because it probably is.

Make sure you do your best to be a consistent, profitable trader here