Beware of Fox Signals on binary options

Fox SignalsIn this review we are going to have a look at “Fox Signals”. It is a binary options signals service.

On the FoxSignals web page you can read that it is a revolutionary signals service that provides quality signals for people who are looking for profits on binary options. But what is the truth?

Why Forex?

myfxbook-resultsThe biggest problem of Fox Signals is that it should be a binary options signals service, yet they present some trading results from Forex.

They show an account at MyFXbook, but it is a Forex account, so nothing to do with binary options. The account is linked to a broker called GOMarkets, which is a Forex broker, so again, no binary options.

So Fox Signals are misleading people, they talk about binary options but show Forex results. This makes their offer very suspicious in our opinion.

resultsNow let’s assume that they use their Forex signals on binary options. In this case it does not change much, because they have a 60 % win rate, which is far away from the win ratio that Fox Signals promise – around 85 %.

60 % is good enough to be in profit on binary options, but it is just above break even, so not really a very good strategy. We know that you can build yourself a better strategy for free.

If we take the results of FoxSignals from MyFXbook and apply them to binary options, it would look like this: their average win is about $40, so the average investment would be $50. 118 trades in total, 71 wins, 47 losses.

It means $2840 in profits (71 x 40) and $2350 (47 * 50) in losses. So a total of $490 in net profits in 35 days. It is not too bad. But 10 losses can erase this profit totally.

Conclusion

We don’t understand why Fox Signals use a Forex account to show binary options signals. They have a 60 % win ratio, which is far away from the promised 85 %. At present it still means profits, but the system is very young, only one month old with 118 trades.

So we are not sure if it is completely worth the price. Our recommendation would be to wait at least another month to see how the performance of the system evolves.

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7 thoughts on “Beware of Fox Signals on binary options

  1. Thanks for your analysis,
    But we want to clarify some points.

    1. GoMarkets is a broker for Forex and, also, Binary Options

    2. We use myfxbook to bring users more transparency of our results
    (http://www.myfxbook.com/members/foxbinarysignals/fox-binary-signals/1604750)

    3. You can see there our gain (72% for the moment, in less than two month) with investments of 35€ and 70€ (3.5-7% of initial balance, as we recommend, per trade). And the history of ALL signals since April 22.

    4. We explain in the website our trading method, based on a price reversals approximation. We can use two trades for win a signal. If we lost the first binary options (35€) we invest immediately with double amount (70€). Look some example on our results page (http://foxbinarysignals.com/results).

    5. It’s why the real percentage of WINNER signals it’s not the same on myfxbook. If we lost the first, and win the signals with a REENTRY, this operation generate profit. For us, is a won signal. And for the moment, we have a 85% of winner signals.

    1. 1) But you clearly use a Forex account.
      2) These are results spot Forex trading.
      3) The gain is absolutely irrelevant because binary options are not traded in pips like Forex on MyFXbook
      4) So basically Martingale which is very dangerous
      5) It does not matter what it means to you, what counts is real stats and real stats show a 60 % win ratio

      1. Dear,
        1) Please, read more about GoMarkets. Is a Binary Options account, the profit of each order is the broker return for each binary options. https://www.gomarkets.com.au/range-of-markets/binary-options/
        2) See the history on myfxbook, there’re all binary options trades, NOT FOREX.
        3) The gain is irrelevant? The gain is how we increse our initial account (710€ for now) investing 3.5-7% for each binary option. NOT PIPS.
        4) No, we use an aproximation strategy and we place two orders maximum to wait for price reversal (on obviously the second amount is bigger than first to recover the first loss). With this method, we achieve a 85% of profit signals. NOT MARTINGALE, only TWO orders for each signals. It’s so difficult to determine the exact moment that price change direction with only one entry.
        5) Obviusly it matters! If you place an order (35€) and lost it, but with next aproximation (70€) you can won it, your profit is 70*0.75-35=17.5€. Win ratio is 50% but you win money…. it’s simple. Our goal is to make money. You need to understand how our method works.

        It’s clear, in less than two month we increase our inital account from 1.000€ to 1.700€, with 35€/70€ trades. Take a look to the trades history. If you have more questions, please visit us http//foxbinarysignals.com and you can use our chat to ask any questions or read or FAQ’s.

  2. This is the mail I sent them after using their autotrader for 1 week:

    Hi,
    your results you show on your website are completely different from those you achieved in my live binary.com account. This is scamming par excellence! So I cancelled the payments via Paypal. I lost 30% of my live account while your public history shows only winning trades! Shame on you!
    Good bye!

  3. Then, here our answer email:
    “First of all, be careful with the accusations you make! There’s a lot of people working a lot of hours a day trying to provide the best service as possible.

    You can check the verified users testimonials by Ekomi (www.ekomi-us.com/review-foxbinarysignalscom.html) and also prove the results in verified (REAL) accounts of myfxbook (myfxbook.com/members/foxbinarysignals). We don’t accept anyone saying that we cheat, and less than if you test the system for only one week… we make money on long-term! We are not going to make you rich in one night…

    If there is difference between the results can be due to many things. We’re not scamming anyone! Verify that the time of your PC is correct since it is necessary for the platform. Also, you need good internet connection to reduce delays.

    Oh, and if we explain on the website, we launch the trades (directly on MT4) using GOMarkets account (then, their reference prices). It’s why we recommend to use this broker (with copy-trade EA) and get better results. We cannot control if Binary change or use different prices.

    If you need help to make the system profitable, contact us. In other case, you can cancel the subscription with any problem.

    I also attached some more proofs about results……. my personal accounts history on Binary and GOMarkets. That’s all.”

    1. Hmm, if you are so honest, maybe you could explain why did the history of your trades between April 2016 and September 2016 disappear on MyFXbook? I can’t see it.

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