According to the presentation, CorrecTrade is a system that generates “reliable trading signals” for binary options. The software is easy to use, so all you have to do is to “follow the system’s recommendations and watch your balance grow”.
It sounds easy, doesn’t it? You just download a free app, follow the signals it generates and make money.
Why we don’t trust CorrecTrade
There is a lot of problems with CorrecTrade and we’ll go through the main ones.
No demo, no choice of brokers
The most dangerous aspect of CorrecTrade is that it forces you to trade with real money from the start. What’s more, you will have to deposit money with a broker dictated to you by CorrecTrade, you will have no choice.
The problem is that all the scams that we have reviewed so far work the same way, which makes CorrecTrade very suspicious.
And very dangerous. What happens, if CorrecTrade is not profitable, which we consider extremely probable, because it is a free app? You will lose money and won’t be able to get it back. You see, the app is not really free, because you can use it only with your money, so if it doesn’t work, you will lose money.
Anonymous, not regulated
Another big problem is that people who created CorrecTrade hide their identity. Providing trading signals is considered as investment advice in every civilized country and it is a regulated activity. So if you want to do it legally, you have to get a licence and you cannot hide your identity.
Yet Correctrade does not even provide contact information, so it is an anonymous app. And letting an anonymous app determine what happens to your money is extremely dangerous.
Fake review by Why We Like It and Steve Michaels
CorrecTrade is now being promoted by Steve Michaels and his fake review. He tries to make it seem that it is easy to make money in binary options trading, that you don’t need to know or learn anything.
There apparently is a robot at CorrecTrade that can tell you how to trade, don’t follow it! No free robot will make you money and creating your own profitable strategy takes time and learning.
CorrecTrade is an unregulated trading signals app that you won’t be allowed to use until you deposit money with a certain broker. So it is not really free and you would be risking your own money from the first trade. This is why we recommend not to use it.
You should always verify the performance of any trading system that you consider on a demo account with a regulated broker. If you are not allowed to do so, do not use the system.