Should I Use Telegram Binary Options Signal Services? Are They A Scam?

If you’re not familiar with Binary Trading, it is basically trading involving predicting whether an asset will go up or down. Using technical terms, you make a call(predicting up) or put(predicting down) and if the market closes in the direction you chose, you earn profits depending on the asset you chose and the percentage return on it.

For inexperienced or amateur traders like you and I, entering these kinds of trades are risky because we will most likely be gambling. I say gambling because you’ll be entering with either no analysis or not enough analysis, and this is the fastest way to lose your hard earned money.

The telegram signal services claim to have experts who will do the analysis for you and give you signals to enter call or put options. At the end of a set time period, you pay them for their services. I’ve come across 3 of them so far.

_{Screenshots from primetime’s Discord}

_{My chat with Jacob}

The first one I saw was primetime trading group. They use a discord to give their signals. The guy in charge of primetime trading is percivul. I saw their advertisement on reddit. (Weird place to find a trading advertisemen, I know). So I followed the link to their discord and chat the owner of the group called Jacob. He told me they trade spreads, and that the minimum I would need to have to trade and make good profits would be 2k USDT. Also I would pay him $50 to get 1 week access to their signal group. I had two problems, first with the minimum amount to trade, and the other being that, no market that covered spreads allowed Ghanaians on their platform. So I had to forget PrimeTime Trading group.

_{Binary Options Signals Group}

_{My chat with Vernon Leroy}

Next, I came across “Binary Options Signals” run by Vernon Leroy. I got skeptical the moment I came across their Chanel because Telegram labeled both the Chanel and its admin as SCAM. Telegram labels SCAM when multiple people report an account for an offense. In his case, he said I’d pay him $100 monthly. According to him, I would be able to make my investment amount in 1 week following him(100% return). He recommended I use Olymp Trade as a broker.

_{Trade with Sid free signals group}

_{My chat with TWS support}

Lastly is TradeWithSid(TWS). I came across Sid on youtube. Of all the signal services I’ve seen so far, he seems to be the most legit. He is a youtube content creator that creates content on Binary Options and Forex Trading. He mentioned in one of his videos about his free Telegram Signals group and VIP. In the Free group, he gives 1 free signal everyday, and gives about 7 in the VIP. In his case, you’d pay him $29 monthly. Another quite interesting requirement for him was that you signed up using his link on a particular broker, Quotex. He also guaranteed that you will make 100% your capital weekly if you trade with his signals.

I would really like to hear your thoughts about this because my friends and I are considering paying Sid $29 monthly and trading with his signals on Quotex. Maybe we’re being Naive or something, idk. Do you think we’re going to get scammed? Tell me your opinion. I look forward to engaging with you in the comments.