In this review we are going to have a look at “Fox Signals”. It is a binary options signals service.
On the FoxSignals web page you can read that it is a revolutionary signals service that provides quality signals for people who are looking for profits on binary options. But what is the truth?
Why Forex?
The biggest problem of Fox Signals is that it should be a binary options signals service, yet they present some trading results from Forex.
They show an account at MyFXbook, but it is a Forex account, so nothing to do with binary options. The account is linked to a broker called GOMarkets, which is a Forex broker, so again, no binary options.
So Fox Signals are misleading people, they talk about binary options but show Forex results. This makes their offer very suspicious in our opinion.
Now let’s assume that they use their Forex signals on binary options. In this case it does not change much, because they have a 60 % win rate, which is far away from the win ratio that Fox Signals promise – around 85 %.
60 % is good enough to be in profit on binary options, but it is just above break even, so not really a very good strategy. We know that you can build yourself a better strategy for free.
If we take the results of FoxSignals from MyFXbook and apply them to binary options, it would look like this: their average win is about $40, so the average investment would be $50. 118 trades in total, 71 wins, 47 losses.
It means $2840 in profits (71 x 40) and $2350 (47 * 50) in losses. So a total of $490 in net profits in 35 days. It is not too bad. But 10 losses can erase this profit totally.
Conclusion
We don’t understand why Fox Signals use a Forex account to show binary options signals. They have a 60 % win ratio, which is far away from the promised 85 %. At present it still means profits, but the system is very young, only one month old with 118 trades.
So we are not sure if it is completely worth the price. Our recommendation would be to wait at least another month to see how the performance of the system evolves.