Autopilot trading. Making money beyond your dreams. All you need is to insert 200 USD just to start your own account, and we give you our trading platform FREE!
Does this sound familiar? If you probably did, you came across a binary options trading software or platform that promises you untold reaches.
Recently while browsing Facebook, I have been coming across ads such as these below:
The left ad directs to a ‘scam’ landing page that is very similar to Facebook Millionaire‘s program, just that they tweaked it to binary options.
I have reviewed a few of such programs in the past and have found that most of these softwares usually don’t work or are just downright scams. They all look very similar, typically promoting a ‘free program, then mentioning how it is making tons of money then showing their bank accounts and everything.
One true fact is that many people have lost money from binary options, because they think it’s a way to get rich. You may be thinking if people are making so much money from this, why shouldn’t you have a share of the pie?
I mean, if it’s so easy, why not try it out?
My answer: Nope, and here are my 5 reasons why you shouldn’t jump right into binary options at all.
Just a disclaimer: I’m not claiming that Binary Options are scams, or all softwares/brokers out there are scammers. There ARE legit programs, legit softwares and brokers, and people that are actually making money in binary options.
1. You Are New To Investing
Most experts out there that have experience with investing would tell you this line. If you do not know what you are doing, or not sure how to read and interpret numbers, don’t put your money into it.
It’s because that would just be gambling, and not investing.
If you are really want to get into investing, I would say that binary options isn’t something that is newbie friendly because it’s a form of all-in-or-nothing kind of investment.
There are some people who argue that binary options are gambling, while some people who argue that it’s a form of investment. Regardless of who is right, I would say binary options is a very dangerous tool to touch especially if you have no clue what you are new.
Even though the potential returns are high, the chance of you losing is also pretty high. Like the saying goes: High risk, high returns. Low risk, low returns.
2. You Think It’s A Way To Get Rich
If you think binary options is a good way to get rich fast, you’re right!
Except that most of the time, you’re right on going bankrupt faster than you expected.
Making money online is regarded as a ‘get-rich’ scheme for a lot of people, and a lot of people think that you can easily make thousands of money in a few hours. Binary options seem like a tool to easily generate quick cash because of the potential returns plus the short time needed in order to make back the money.
However, here’s the truth: There is really no such thing as a get rich scheme. Programs that promises you thousands of dollars with little or no effort are just basically scams. Even if they work, they won’t work for long. Making money on the Internet is possible, but you need to know that it isn’t easy money and requires effort before you see results.
3. You Think It’s Risk-Free And Fool-Proof
With many of these binary option programs, they have testimonials of people claiming to make money the day they enter. If others can make money, why can’t you?
Most of these binary option programs claim they have a software that can predict winning trades and help you get money the moment you join. The program is also free, and all you have to do is insert money which most programs claim that you still own the money.
They aren’t wrong, and the way they put it makes it seem like a brain-dead decision that you should just do it. It’s essentially risk free since you’ll get money back for sure.
And this is the part where the risk comes in. The moment you deposit money into a program, you are already risking your money. Is the broker you deposited your money with even legit or legal? Is the program that is promised to you even work and profitable?
The bottom line is that binary options are not risk-free or fool proof that is guaranteed to make you money – as much as these programs claim. In fact, you are taking even more risk as these programs require you to risk everything to earn something.
4. You don’t have a proper system to follow
Most experts that make money through investing or even binary options have a proper system that they follow. This means they know when to enter a market, when to hold their position, and when to quit the market.
In binary options, you only get the choice to enter the market and wait for the options to expire to see if you make a profit or not. People that make money through this binary options know when is the best time and what is the best instrument to invest on, and follow it consistently to profit.
If you do not have a proper system or method that you follow and adhere to, chances are you are going to lose money because it all becomes guess work. This is also means you’re gambling money.
5. You Just Want To Earn But Not Learn
This is the big hook of many binary option programs. They claim to be giving away an auto trading software that you can just easily start using as soon as you deposit money. You don’t need to learn a single thing in order to start making money.
Sounds good, right?
When given a choice, people are lazy and always want to take the easy way out. This is how these binary option programs convince you to join them as they are selling the dream lifestyle without you needing to put in any effort at all.
I’m not sure about you, but I don’t feel comfortable relying on something or someone fully to do something for me. It is as good as handing a stranger off the streets your money and telling them to make more money with it.
Another question about this auto trading software: What are you going to do when it stops working? Can you still make money?
I hate scams, or people trying to deceive newbies into signing up to their program and cheating them of their money. This is why I included these bonus points in this post to help you determine if a certain program is legit or not.
Most of the times, these programs or websites are deceiving and try to ‘buy’ your trust with illegitimate means such as faking reviews, and faking the appearance to make the program look successful.
BONUS 1: ‘Fake’ Websites leading to the scam
Don’t believe everything that you see. Especially some of these binary options that are starting to promote on Facebook now.
Here’s a few screenshot of some templates that was used:
The funny thing is that this website is an exact clone of another program that I reviewed, just with the names of people changed, article tweaked a little, and the links are directed to the binary option website.
So how do you see if a website is legit or not? I actually came up with a checklist that you can tick off and see if a certain program is actually legit or not. These 21 points are the common things that I have seen that are easy to spot and to know if a certain program is legit, or just a blatant scam.
BONUS 2: Are the people in the program who they are?
Some of the people who are listed in the program may not seem like who they are. In fact, some of these people could be ‘fake’ or ‘paid’ to act like they are the owners of a program.
One example is a program called Binary Secret Software reviewed by Binary Options Governer that show the CEO is just a paid fiverr actor.
Here’s another one by QuintUp on Instant Cash Club. It shows how everyone is just paid to appear in the videos and testimonials. There are also a lot of inconsistencies to show that they are just faking everything.
In short, don’t believe everything that are being put up. Actors can be hired for the part, cars and houses can be rented. Bank account statements can be photoshopped.
There are many money making opportunities out there, binary options being just one way to make money. The reason why it’s so popular is because binary options is very easy to be understood unlike other financial methods where you are required to understand the markets in order to make a good investment.
But like I mentioned before, binary options may not be an ideal way to make money especially if you are new. Without having a strategy or fully understanding how binary options or even how the financial market works, you are bound to lose your money because you are technically just gambling and not investing.
The reason why I wrote this post is because I kept seeing Facebook ads on these programs, which means other people are seeing it too. This post was just written to raise the awareness of the dangers of such programs, and to make sure you consider your options before deciding to invest into binary options.
From my experiences, I choose not to dabble into binary options because I find it too risky for my liking. Also, there are so many scam binary option programs out there that I personally reviewed as well,such as MakeMoneyRobot and ProfitBoosterApp which show the number of scam websites out there.
Bottom line when you’re in doubt, Google is your best friend!