The Phenomenal Signal presentation says that with SignalAutoTrader you can get binary options signals with a winning accuracy up to 70 %. Just like that, for free.
Who would say no? A 70 % winning rate is a guaranteed income, a very nice income. These days nobody is surprised when somebody offers you free money on binary options. People just ask which programs are the best?
It’s like: I don’t want any free money, I want free money the fastest and best way. But guess what, free money does not exist, not even on binary options.
Stay away of Phenomenal Signal
We have reviewed hundreds of binary options scams and Phenomenal Signal has the same elements as all these scams. Free money on binary options, but you have to first sign up and deposit money with a selected broker…
So in reality it is not free, because creators of Phenomenal Signal will get an affiliate commission from the broker for referring you as a new depositing and trading client. But let’s move on.
So what’s the deal? You have to sign up and deposit money with their broker so that they earn an affiliate commission. But if you lose your deposit because of their trading signals, you won’t get anything back. This is why we recommend staying away.
Another interesting thing is that at one place of the TOS you will find the name of Born2Trade. This was another signal service that no longer exist. We suppose that Born2Trade was losing money, so they rebranded it to Phenomenal Signal and SignalAutoTrader. Another warning sign.
So what is it? It is financial advisory, in every civilised country with a financial regulation trading signals are financial advisory, no matter what you say in your terms.
And financial advisory is a regulated activity. But as we said, Phenomenal Signal are hiding their identity, so they obviously are not regulated whatsoever.
Phenomenal Signal is an anonymous signal service with a lot of suspicious elements. The most dangerous thing is that they push you to first open an account with their broker and deposit money. Therefore you will be risking your money with their signals since the first trade. If you lose your money this way, you will never get it back.
We have to repeat that you should always verify every trading system and signals on a free demo account to be sure about the performance. If they don’t let you do it, stay away, because it is extremely probably a scam.