SignBinary

SignBinary LogoSignBinary is an automated signal service that looks suspiciously similar to another signal service known as Rocketrade. Taking a look at the screenshots of their websites below, we can see that they are almost identical. For the purposes of this review, we will look at both SignBinary and Rocketrade and refer to them interchangeably as you will see that they are run by the same people. So are both these automated signal services scams?

Basic information:

Cost: Free
Software: 100% Automated
Max Returns: Up to 90%
Minimum Deposit: $200
Countries: All nations

Pros:

– Free
– Regulated broker

Cons:

– Fake claims
– No real information at all provided

7BO Verdict:

Not Reliable

 

Not Reliable Service

What is SignBinary Robot?

The truth of the matter is that both SignBinary and Rocketrade offer no proof as to the validity of the accuracy of their signal services. On their websites, you will find claims that their application has over 20,000 active users which use them in their own binary options trading; needless to say they have kindly provided testimonials from some of these said users.

If you have read a few scam robot reviews before, you would probably guess that the above images are either stolen from legitimate people or are purchased stock images. And you know what? You would be absolutely right; the above testimonials are indeed nothing but fakery.

SignBinary Robot

SignBinary offers its users a $500 demo account which they provide you with free signals for trading for a period of 7 days. After the 7 day period, they offer you various options including both free and paid although the free option only allows a maximum gain of $7,000. However, as there is absolutely no evidence that this signals service works, you probably needn’t worry about breaching the $7,000 limit as it is unlikely that you will be able to make that much money, or even any money at all with this scam signal service. We think the scammers just created the pro versions of the software just to see how much money they can scam from even more gullible people.

We have also read accounts of people who used the demo account and they found that in the demo period, the signals returned were mostly profitable however once they began actual trading, the profitability ratio quickly declined. This is not surprising at all since demo accounts can be easily manipulated hence when it comes to binary robots, results from demo accounts should never be taken at face value. In fact, the scammers even put a disclaimer in their terms and conditions page.

How Does It Work?

In most of these robot scams, the purpose of the robot is not to take any money directly from the consumer, but rather these robots are just a way for them to get people to sign up with their partner broker. After the consumers fund their trading account with the broker, the scammers will receive an affiliate commission; hence in a manner of speaking, these scam robots are nothing but unethical affiliate marketing schemes. However in this case it looks like SignBinary and Rocketrade were created by the brokers themselves in order to generate more customers for their site.

A quick perusal of the terms and conditions page of both SignBinary and Rocketrade will reveal that they are owned by Lionsman Capital Markets (Cyprus) Limited, which is a licensed Cypriot Investment Firm by CySEC. The company also operates the binary option broker OptionWeb.

Conclusion

Not Reliable

Both SignBinary and Rocketrade appear to be nothing more than marketing vehicles by the owners behind OptionWeb. While there is no proof that Lionmans Capital Markets are behind these robots and it could well be the case that the scammers simply used their name without permission in order to give an appearance of legitimacy (since they are CySEC regulated and licensed), it seems to be a rather large coincidence. However, regardless of the true ownership behind these robots, as there is absolute zero proof of effectiveness, we strongly advise our readers to stay away from this one.

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7 Binary Options review: SignBinary Robot: 1 stars.

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