First we have to say that we tested Blue Sky Binary last year, so some things may have changed since then. We wanted to check it again today, but we cannot, because Blue Sky Binary is lying about the membership being free.
Because when you click on “Join for Free” you are redirected to a Paypal payment. It is only 1 cent, but they are still lying, because it means that it is not free.
Blue Sky Binary offer several services, mainly education, trading signals and an autotrader. When we tested it last year, we focused on the trading signals, because it is what most people are looking for.
There were several types of signals, but we were trading only those with a longer expiry, which means that were not trading signals with an expiry shorter than 5 minutes. Most of the signals we were trading were generated by a pattern called Recoil.
We traded several hours every day and at the end of our test we had 91 trades with 47 winners. It means a win ratio of 51.65 % percent, which is like tossing a coin, the system obviously had no edge at all. This win rate means losses in the long term.
The system of Blue Sky Binary signals was so bad that it sometimes generated a Put and a Call signal on the same asset at the same time, which means a guaranteed loss. Or it was generating a lot of signals in a row on the same asset, look at the images.
We know people from Blue Sky Binary would say that you can learn and not take every signal to increase the win rate. But then the signals make no sense. If you know how to trade, you trade your own system and you don’t need any signals.
The Blue Sky Binary Trading University is supposed to teach you how to trade binary options. We just had a quick look at it and we had our doubts. We haven’t seen anything that you could not find elsewhere for free. And what was very annoying is that teaching took place through Skype.
So we were required to join a few Skype chat rooms, which are very active, people were sometimes chatting off topic. The result was Skype constantly ringing and popping up on our desktop with each new message. It was almost impossible to follow. You’d have to spend the whole day just reading the Skype messages.
The Blue Sky Binary project is allegedly run by expert traders who create trading systems and educate others about trading. After going through the courses you can become a certified trader and teach other.
But we have a lot of doubts about the quality of this process. Because one day we got an e-mail from Blue Sky Binary saying that they were looking for a Portuguese speaking trader to deliver Portuguese webinars. The reward was $50 per webinar. But the most important thing is that Blue Sky Binary would provide all “content and training”.
So they let almost anybody teach others how to trade. You don’t need to be an experienced trader with a proven track record, you don’t need to have reasonable history of profitable trading, you just go through some training and you can teach others how to trade?! Sorry, but this is not how it works.
By the way, becoming a Certified Binary Analyst means that you are certified by senior traders from Blue Sky Binary. But who are those senior traders? Are they certified investment advisers in their country? Do they have licenses from a regulatory body? Blue Sky Binary provides a London address, so are they an FCA regulated company with a license to provide investment advice? Because in the UK a financial adviser has to be approved by the FCA.
Our last year’s test of Blue Sky Binary was clear, we don’t recommend this service for all the reasons we explained in this review. In one year some things may have changed, so you of course are free to explore what they offer now.
But we would like to remind you one basic thing, always try all signals and trading systems on a demo account first. You can trade it live with your money only after seeing that it works on a demo. Which also means that if somebody does not let you try their signals or robot on an independent demo, it is better to stay away from it.