Fair Binary Options position on Binary Boom
We do not recommend using Binary Boom (read below why)
We have been getting a lot of inquiries trough our contact form regarding the new binary options offering called Binary Boom. While we did not do a review of this service, we have encountered many articles on the Internet claiming they are Binary Boom reviews. In many cases, these have been just a product of good google search targeting that enabled these websites to rank well on terms such as “binary boom review”, “binary boom scam” or “binary boom testimonials”.
These are terms we searched for ourselves following many reports of this new service, and, requests for us to review them. In this article, we will not write a Binary Boom review that showcases their service but do an overview that we believe can be educational for traders looking for information on Binary Boom or other binary options services. Actually, we think it could even help traders see how they have to do good research when trying to make sense of the information they are being presented on the Internet. We will also give our impressions on BinaryBoom website and videos. If you want to see if Binary Boom scam is real or not, read further.
Binary Boom Reviews
As we mentioned, now there are hundreds, if not thousands of websites that are claiming to feature a Binary Boom review. We clicked many of these for two reasons – we wanted to know more about binary boom software and we wanted to find any trace of it being legit, or not legit. However, in most cases we found no such thing. Many of these so-called, “Binary Boom review” articles actually are using the right keywords with content that is absolutely unrelated to the matter. So at some places, traders can read the text where the subtitle is “Binary Boom Review” as is our here, and then, below, text on some random binary options trading techniques or ways to behave when trading on financial markets.
While some of these texts aren’t bad, they do not convey any clear message on why the trader should use, or should not use Binary Boom software. The content has no value for the trader looking for any relevant information. Also, in many cases, their reviews are actually just repeating a few “catch phrases” found on the Binary Boom website. We urge our readers to be highly careful when trying assess the value of the information presented. For traders wanting to learn if Binary Boom scam happens, this is irrelevant in most cases.
Fair Binary Options tries to present relevant information to readers in a format that does not rely on trader’s gullibility, but we try to increase the transparency of binary options industry. While all of internet businesses use techniques to make their content easier to find for customers. it is important not to abuse this. This is why we are writing about this Binary Boom matter since we think that in many ways traders lack any clear info because of all these Binary Boom scam reviews.
Binary Boom Testimonials
With searching Binary Boom testimonials, we had more luck, however, we cannot say many were easy to find. On some binary sites that track scams as we do, some traders were commenting Binary Boom experience, and we did not encounter any positive reviews. Our traders know that we do not declare scams until we have experienced this ourselves, or traders reported to use. We cannot say that Binary Boom scam happens because we did not test it. If we fail to solve the case we are pretty sure binary options broker is a scam. For other binary options services we find suspicious, we state that we do not recommend that service. This is also something we would take from binary booms testimonials we have encountered over the internet.
While we cannot certainly state that this binary options service is a scam, we must warn traders to be careful when signing up. Actually we signed up but did not deposit funds for many reasons we will write about below in the text on Binary Boom. In any case, there seemed to be indications from some of the testimonials that the success rates that are claimed on the website are not near to those being presented. This is understandable in so many ways. If there was a way to beat the market consistently, the market would not exist. We think Binary Boom website is luring traders with false advertising. And this continues to arrive daily on our e-mail address.
BinaryBoom Scam Report
We already wrote we have not reviewed Binary Boom as we do with other sites. We want to make sure traders understand why. We first took a look at Binary Boom website and found some disturbing discrepancies in the advertised and what is buried in terms and conditions part of the website. French regulator AMF is going strongly after this. It would probably be good for traders to take a look at these in order to see how the reality diverges from the promised with any broker. This is the right way to inspect if Binary Boom scam is real and if it does make sense. We will try to make it easier for readers and just go trough most interesting parts of the website and sign up that we encountered to give our opinion.
Binary Boom Signup process is an easy one. Traders leave their info and they get taken to the site where they can choose their broker. We got offered BigOption and OneTwoTrade, which are good brokers. We did not have any complaints about these. We also read in testimonials on the net that some customers got offered Option.FM. The video also shows BFM Markets we marked as a possible fraud since they closed and moved! Since we cannot verify these, we cannot conclude much about the portfolio of brokers offered by Binary Boom. In every case we hope Binary Boom does not offer scam brokers from our list of frauds, otherwise we would consider Binary Boom scam as a danger even if it is not related directly to the service.
Binary Boom Results
One of the main parts of the webpage is the video and, below the stream of trading results this software allegedly creates. Binary Boom claims these results are in no way manipulated and traders can expect, on average $17,000 a month. This is really a bold claim. It is one thing to put a claim on win rates since then the payouts will vary depending on trader’s setting, but advertising that it is easy to win $17,000 just like that is little suspicious. Well, it should be, it is advertised by a guy with a stick. Actually it is a pipe as much as we could see on the video. After a range of testimonials, we waited to get explanations that make sense. We really did not get that. If there was an indication of Binary Boom scam, this was pretty close. The video overall is very “inspirational” and makes everything sound very simple. The narrator goes on talking how they are going to reveal the way the strategy works, but it just drags on and on how it is good, and mentions how much money the software made money. Dennis keeps guaranteeing income, showing nice pictures, until, finally, he starts talking about the strategy.
That strategy is to claim that in some part of the day there is a sure 15min uptrend he uses to make money for traders. He claims the same thing for the down trend even if he previously claimed the prices move upward in those 15 minutes, but this is not so important here. The thing is that even with skills in technical analysis it takes years to become a master in this. Binary Options Robot signal providers that write also for our website, use many strategies and rationalize their decisions on various factors. Using one “stick”, or a pipe as it looks to us, is not enough to get rich in the market. Big banks would be doing it, huge institutional investors would be doing it and all other global players would use it to make money. And still they suffer trading losses or even try to rig the exchange rates because it is hard to consistently win! In our opinion, this oversimplification borders on false advertizing and is close to naming Binary Boom scam.
Dennis claims it is easy to make money with binary options – squeeze up or down trend. But spotting a trend is an art. It looks nice in hindsight but for anyone to say this is going to be a 15min trend or to even claim it happens in some period of the day is insane at best. We do not want to claim that trend strategy will not work sometimes, but we just want to say, that things aren’t so easy as they appear to be on Binary Boom video! Trends are not the ultimate strategy! Also, with the trend in price, the graph is still not a straight line – traders cannot expect to place 10x 60sec trades in those 15minutes (even if one could spot such a trend before it starts forming) and expect all of them to win. Is this a reason to be beware of Binary Boom scam? It is actually a point we are trying to make about the importance of understanding technical and fundamental analysis.
If a price moves like zig-zag with the trend, some trades will lose, some will win. With forex, the difference in price would matter so maybe some profit would be left on the end. With binary options, it would depend on the ratio of times price moved slowly up to times when price moved deep down (if it was a downward trend) and this all with the presumption that zig-zags are exactly at 60 seconds intervals. Also, which part of the day is in question here when trades seem to be run on the web site whole day long? This is all very simplified and we do not think that the strategy can guarantee wins in this range. There needs to be a bit more realism on the website.
And in the end the realism boils down to an overly long video of a guy with a stick, which looks like a pipe, repeating constantly how there is a way to boost binary options income, and at the end it turns out this strategy really does not make much sense in terms of what the website promises. It is not clear how much traders make with the BinaryBoom, but we do not believe the numbers that are presented there. Yes, as the Binary Boom site claims, traders can check the quotes, but there is no reason to believe any of these trades ever happened.
Trades come with a delay of 20 seconds. Binary Boom claims it is so others won’t copy trades and insists these are just delayed. However, as we said, there is no proof trades ever happened and with 20 seconds delay, all the software can do is just spit out random results and shine a green “win” sign (or red, few times). But we see no reason to firmly confirm that this is happening. It is possible to manipulate results! We are not claiming the Binary Boom scam is about this, just pointing to the possibility of manipulation!
Also, the website claims it is very hard to become a verified publisher and makes up a logo that cannot be found anywhere on the internet. These certificates can be bought from companies and ensure there is no malware in the product. A commenter on one Microsoft developer portal explained it like this.
So it is really just playing “fear-tactic” strategy from the side of Binary Boom in order to convince traders the software is legit even if this does not have to mean anything relevant for them.
In any case, we do not think Binary Boom is a good choice when it comes to binary options. It may make money for some customers but claims there are insane. It is easier to see the spin in the story after reading a few passages of terms and conditions:
It is clear that Binary Boom is not really ready to take responsibility for claims made in the video, for the strategy advice in investing nor for the overall success, clearly indicating traders may lose all their invested money! In their first mail they sent after we did not register, Binary Boom says, “let future you worry about that”.
This is something we constantly see in Simpsons when Homer tries to delay problems for himself in the future. See here how it ends with future Homer. Taken all this in account we cannot recommend trading with Binary Boom. However, we cannot claim Binary Boom scam is real – they may use aggressive tactics which we do not think are ethical. As noticed, AMF of France is not looking kindly on this.
There is no riskless money! None earns huge sums in such a short period of time! Traders should see how they can improve their trading results, either by using our academy to learn about many strategies or trade with Binary Options Robot – where good win rates are achieved, without promising golden sticks…or pipes.