Binary Option Auto Trading presents itself as a “new revolutionized binary robot software” that is 100% automated and capable of initiating trades 24 hours a day on autopilot. However, there’s a lot they aren’t telling you. Follow me to see the Devil in the details.
Product Website: binaryoptionautotrading.com
Product Cost: Minimum $200 Deposit.
Product Owner: Cannot Be Determined.
Opinion: Not Recommended.
Binary Option Auto Trading.
When you visit the Binary Option Auto Trading website, you are greeted with a video narrated by “Jerry.” Jerry claims that Binary Option Auto Trading is the most advanced options trading software available. However, there’s a lot he doesn’t tell you.
Binary Option Auto Trading presents itself as a “new revolutionized binary robot software” that is 100% automated and capable of initiating trades 24 hours a day on autopilot. Because it is web-based, once you set it, you can turn off your computer and go about your business as the software does its work.
Beneath Jerry’s video, there are testimonials of happy members singing the praises of Binary Option Auto Trading. Each happy member has an image, and we are to assume this is a picture of the member. Not surprisingly, if you search Google for these images, you will find them all over the place with different names.
To search Google for the images, put your cursor on an image and right click, then select “Search Google for Image.” You’ll be amazed at what you find. You’ll be amazed at what you find.
Is Binary Option Auto Trading a Scam?
Binary Option Auto Trading is a sales funnel that captures and directs people to over a dozen brokers who claim to trade binary options and forex. It is essentially an affiliate website that earns a commission for the owner each time they send somebody to one of the brokers listed.
None of the brokers recommended by Binary Option Auto Trading are registered with the SEC. The SEC warns that unregistered brokers are known to steal the identity of their clients, manipulated software to create losing trades, lock clients out of their accounts, refuse to payout winnings and confiscate client’s money.
In 2016, The Internet Crime Complaint Center (IC3) received hundreds of complaints regarding online binary options brokers and reported losses in the millions. (Source)
Always Read the Disclaimer!
Isn’t it interesting that all the big print promotes trading binary options, but the small print at the bottom of the Binary Option Auto Trading website says they don’t even recommend trading binary options? Here’s an excerpt from their disclaimer:
“Info on BinaryOptionAutoTrading.com should not be used as recommendation to trade binary options . . .”
Read this little gem, an excerpt from the bottom of a legal notice on the 24option website, one of the brokers recommended by Binary Option Auto Trading.
“Trading in CFDs and Binary Options is VERY SPECULATIVE AND HIGHLY RISKY and is not suitable for all members of the general public but only for those investors who . . .understand and are willing to assume the economic, legal and other risks involved . . .[and] are financially able to assume the loss of their entire investment. (Source: 24option)
International Financial Services Commission (IFSC)
Some of the brokers recommended by Binary Option Auto Trading are licensed by the International Financial Services Commission, otherwise known as the IFSC. The IFSC is in Belize.
While the name may sound impressive, the IFSC is little more than a shell government agency selling a veneer of respectability to companies that need to buy a good reputation.
The IFSC charges licensees a $500 application fee and a $2,500 annual fee to maintain the license. According to the IFSC website, the commission does NOT enforce compliance but instead permits the members to regulate themselves.
“The Commission relies on self-regulation, meaning that while the government sets overall standards, it expects much of the actual work in terms of monitoring and compliance to be done by the industry itself.” (Source: IFSC)
It’s NOT investing.
Binary options trading is NOT investing. Trading binary options is speculating, aka gambling. A licensed investment adviser would never recommend trading binary options.
The Binary Option Auto Trading Software.
There is nothing special about the Binary Option Auto Trading software. It’s there for three reasons. None of the reasons is to help you make money.
The software is first designed to convince you that it’s possible to make fast, easy money. That’s an intentionally misleading. The software also creates an illusion that you are investing. You’re not investing. Finally, the software gives the broker the opportunity to manipulate the software, making it appears as if you made money when you didn’t.
The Binary Options Scam.
When you open an account with an unregistered broker, like the brokers recommended by Binary Option Auto Trading, they will insist that you give them your phone number.
They have a very good reason for demanding your phone number. That’s how they control you and walk you into their trap.
If you give them your phone number, someone pretending to be your financial adviser will call you. This person is really a professional telemarketer. Their objective is to get you to trust them as they “help” you with your first trade.
By design, you will win your first day of trading. Numbers will appear in your account that looks like money. It’s not money. You cannot take this “money” out of your account. They have no intention of paying you anything.
They made it appear that you made fast, easy money, so you will be excited to put more of your real money into the account. They’ll try to get thousands out of you. It’s not unusual for them to try and talk you into depositing $10,000 or more. Their pretense is if you put ten grande in, you will be a millionaire in a month or some such nonsense.
If you fall for their story and let your “adviser” talk you into depositing more money into your account, they will lock you out of your account and keep your money. Your so-called adviser will never speak with you again.
There is No Such Thing as Magical Software.
Contrary to what scammers would have you believe, there is no magic software that will make you rich.
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