LATEST UPDATE – THIS SYSTEM IS CURRENTLY UNAVAILABLE. See alternatives here. Perhaps you have come across BTCoders system and you’re wondering whether it’s worth your investment. This is a full review of the system which is designed to trade Forex and Binary Options.
The whole system is simply a set of technical indicators for MetaTrader platform. Traders receive signals within the MT4 platform indicating new trades that can yield profit without having to perform complex technical themselves.
Ordinarily, most binary options brokers in the market today do not present traders with the necessary interactive charts and tools required for sound technical analysis. Most brokers provide is a basic chart with a line showing the entry price of the asset when the trade was executed, and where the price is at the moment the trade is being reviewed. The value of such information provided to any trader looking to make correct and informed decisions on trades is minimal. So using accurate technical indicators that do all the trench work for the trader and provide strong signals is a great thing to own. Unfortunately whether BTcoder system is the right set to own and work with, remains questionable.
Development of the BTCoder system
BTCoders is the brainchild of a team of traders who came together to develop a software which can be used to trade the binary options market. The team is led by Sherman Choo, an FX trader. Supposedly their signal system was beta tested by 1000 traders and there are a few screenhots of the system’s results on the BTcoder website.
How does the BTCoders System work
BTCoders indicators work best with currency assets on spot forex or binary options platforms. The MT4 indicators work by scouring currency pairs and look for newly formed patterns that may be tradable. The signals appear on the screen in forms of arrows and popup alerts. It’s worth mentioning that there are a few brokers out there that are running of the MT4 platform and use the same data feed for ticks and pricing.
In order to use the BTcoders system you will need the following:
- You will need a PC with a broadband Internet connection.
- Preferrably an account with a binary options broker that is linked with MT4 charts.
- MetaTrader installed on your computer (may be set up with a demo account)
- Installation of BTcoder MT4 indicator into the MT4 custom indicators folder
So is the BTCoder system worth $197?
Many software signals service providers make very scandalous claims on profitability of their systems. Some claim to make 90% or even 100% profits on trades, which we all know cannot be true. The highest winning ratio that we have come across in binary options signals were Francos live trading signals. The BTcoders owners don’t make very scandalous claims, however the proof shown on the graphs shown on the website seems authentic. However the results of the signals are not being updated and recent results of the system can not be verified.
According to the website, the trading results of 118 trades which met the trade entry criteria for the BTCoders software were submitted for an independent audit. 75 of these trades were shown to be winners, giving a win ratio of 63.56%. While this is acceptable for trading spot Forex, in binary options you will need at least 75% to succeed.
We need to mention that the BTCoders system performs best on hourly charts and so when binary options are traded you can set 1 hour or 2, 3, hours expiry times. If you’re trading spot Forex than you’d be advised to place place stop losses on each trade but the BTcoder system has stop losses built in which can be modified.
The BTCoders software team is honest in admitting that this product is not suitable for everyone. You will need some technical knowledge to install and run the signals software on MetaTrader and you will need to follow the signals and place trades manually using your broker.
Either way, users are advised to study the instructional email to see if this is something that they can do. As with most binary options signal providers there will be individual differences in the results attained by each trader. Some may outperform the percentage advertised while others may under perform. So each trader must strive to perfect the use of this software to attain the required goals for success.
But is the system worth $197? It’s hard to say. It is not the most expensive trading system by any means and there are no recurring payments like with most systems. However, we feel that you can use our free MT4 binary option indicator to achieve similar results for FREE! Alternatively check out the MT4 Trend Indicator as a better solution, especially for Forex traders, and one-third of the price of the BT Coder System.
Contacting customer support
Contact with the BTCoders software team can be made using only the email address displayed on the contacts page (firstname.lastname@example.org). There is no phone number provided at any time and no there is no support ticket system in place.
There are a few areas where the BTCoders team needs to make some improvements. There is a need for first-time users of the software to be shown the free trial period straight away so that they can evaluate the software and the service at no cost. This could be for 7 days. The present system where traders have to opt-in first, then are given a link to click without being shown a clear evaluation period does not cut it.
Also reaching only to about 65% win ratio the system might be inadequate to trade binary options but it may be useful for trading Forex.