PrivateSignalsGroup is a personalized binary options signal alerts service that is owned and operated by Chris Morton Binary Options Pty Ltd, the company which owns several websites operating in the binary options market in Australia. It is an Australian-based service which commenced operations in 2015. The fact that a recognized face in the industry is behind the product gives it major credence.
Sometime in 2014, soon after starting his binary option site, Chris Morton embarked on a global recruitment drive to seek out the best traders who could deliver binary options trade signals as well as forex trading alerts, and to be able to do this for traders at no cost. The outcome of this drive led to the recruitment of a team of 5 professional and highly experienced traders. The emphasis of the PrivateSignalsGroup signals service is to focus on providing quality signals and not just bombard their clients with hundreds of low quality signals. This model has obviously worked out well for the team as hundreds of traders are now actively subscribed for the service.
Traders are issued alerts to trade all binary options asset types. However, users will discover that certain assets are given more attention than others. This enables greater focus for better productivity.
How Does PrivateSignalsGroup Work?
Traders get trading signals from Monday to Friday. The channels through which the signals are relayed to subscribers is via email, SMS, or through the closed Facebook group. Updates from the elite traders who generate and deliver the signals also put up the results of their weekly trading activity using the video update function on the YouTube channel.
To use the free version of the signals service, the trader must sign up with any of the preferred brokers (usually CySEC and ASIC regulated brokers) and they will be given access to the service. Otherwise, traders with existing accounts on other platforms not covered by the free signals access must pay $99.95 a month to get access. Either way, subscribers get access to the private Facebook group and also get signals via email and SMS. The trader can also use the service via trading apps on the tablet devices or smartphones.
Traders generally get an average of 1-2 trade calls a day. This is because of the focus on the team on providing a few signals that work, rather than a multitude of signals with unsure outcomes.
How Much Does the Service Cost?
The PrivateSignalsGroup service has a double model pricing structure. For traders who open accounts with the preferred brokers listed on the PrivateSignalsGroup site, the service is provided free of charge for life. For traders who opt to receive the signals without having to sign up with the preferred brokers, the service comes at a cost of $99.95 a month. Traders who opt for the second model do not get a free trial. Monthly payments are charged automatically to the trader’s credit card except the trader cancels subscription prior to the next month’s billing cycle.
While the owner and the operators of the PrivateSignalsGroup have never provided any concrete figures of the profitability of the signals delivered on their platform, many subscribers who have been using the service have testified to the profitability of the service and accuracy of the signals provided. PrivateSignalsGroup has acted transparently in this regard because manually-delivered signals are still subject to use and implementation by individual traders and except for the testimony of users, there would be no way of assessing the profitability of their signals. The fact that the service has many long-term providers is a critical factor in determining profitability.
Pros and Cons
Perhaps the biggest metric which speaks for the PrivateSignalsGroup service is the composition of the team. The team was carefully selected over a long period of time and the testimonies from those who have used the service is that the signals sent out are mostly accurate. The mark of a successful trade alert service is usually the length of time that users have been on the service, and many users who have used the service for more than a year now have indicated that they are satisfied with the service.
The trade service is highly focused, and the user experience is generally described as friendly.
The signals are very easy to follow and can be traded on a PC or a hand-held device such as tablet or smartphone. Furthermore, the use of multiple channels of signal relay ensures that the chances of missing out on signals immediately they are sent are quite remote.
Traders must be close to their computers to get the signals and execute them. If the trader is busy or occupied by other things because of the
Some traders may also consider the number of signals being provided as being too few. The signals service is not meant for those who want to trade several times within a day. In this respect, the service may be restrictive.
There is also no live chat function so customer service is not provided live. It has also been discovered that the PrivateSignalsGroup service is not available to all countries.
There is no free trial period for intending users.
Customer Support on PrivateSignalsGroup
The support team on PrivateSignalsGroup can be contacted in two ways:
- Using the phone number provided to subscribers.
- The open segment of the Facebook group.
- Via email.
The PrivateSignalsGroup team is vehemently opposed to using automated robots because they feel that they remove the human element of being able to analyze a trade collectively as a group. This is why emphasis is placed on using elite traders from the get-go. The human touch and personalized service as provided to subscribers of the PrivateSignalsGroup remains a major reason why it has attracted a certain segment of the market.