In this review we are going to have a look at a binary options signal service called “XLSignals”.
XLSignals does not have the typical presentation that we see with binary options scams that we are reviewing every day.
But there is one thing it has in common with all these scams, and it is the very basic thing on which every scam is built. What is it? Continue reading.
Binary options scams always work like this: They offer free income through their system, but you have to first open a trading account with their broker and deposit money, mostly at least $250.
The reason is very simple, scammers get paid for every new depositor they refer to their broker. They need you to deposit, this will earn them an affiliate commission. So to convince you, the make up all sorts of stories and tales about their trading systems, signals or strategies. But in reality it never works, their apps make you lose money. But it does not matter to them, because by the time you discover it, they have earned their commission on you.
Unfortunately XLSignals has the exact same conditions as all the scams that we have seen. It seemingly is free, but in reality you will have to open an account with their broker and deposit money. Until that you won’t be able to even have a look at the signals. So this is very, very suspicious.
Plus there are some inconsistencies in what XLSignals say. They say that their signals work with any broker and that they are designed not only for binary options, but also for Forex. But when you sign up, you are not given any choice whatsoever, you have to register with the broker Sigma Option, which is a binary options broker.
By the way, Sigma Option is un unregulated broker and we always recommend to trade with regulated brokers only, because it gives you a certain protection, funds on your account are insured, etc.
So when XLSignals is pushing towards one single broker, which is unregulated, it raises even more suspicions.
XLSignals say their system works with any broker. So why not give a free trial on a demo account?
Why they want you to pay first? In our opinion XLSignals is not an honest offer.
They present nothing that proves that their signals are profitable, but they want you to pay for them, either directly or by depositing with the broker of their choice.
To us it does not look serious.
Although in this case we cannot state with certainity that XLSignals is a scam, the fact is that its basic building block is the same as with all the scams we have seen. It looks very, very suspicious.
In our opinion you should never trade with your money anything that you could not verify on a free demo first. Don’t invest or risk with anything that is an unknown in terms of results.