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.
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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.
Fake Testimonials?
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.
(Source: TechPoint)
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)
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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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If you found this article helpful or have experience with Binary Option Auto Trading, please leave a comment below.
I can’t believe there’s no sure-fire way of making fast-easy money on auto-pilot, who’d have thought! In all seriousness though I myself have fallen down that particular rabbit hole more than once but I’d like to think that I’m sensible enough not to risk my entire savings on something so fundamentally flawed as ‘Binary Option Auto Trading’ – Thanks for the heads up Gary 🙂
Gary I would like to thank you from the bottom of my heart for this post. I too once fell victim to the notion that there could be such a thing as easy money and it didn’t take me too long to wake up and realise it was all a dream after all my money was gone. This post is going to save a lot of naive folks like myself. I love how you go into detail explaining exactly how these people fool us. I didn’t even know about checking the images with google but that’s how I’ll help save family and friends from now on.I really learned a lot from your post God bless you.
Hi, Malenyalo!
I’m so glad my article about Binary Option Auto Trading helped you. Most Binary Options websites are nothing more than talking people out of their money. I wish it was possible to make big money on autopilot, but so far that’s just been a scammer’s sales pitch.
Thanks for stopping by,
Gary
I attended Forex and trading classes and one of the things they said was “stay away from binary option”. I like that you show the fine print, we tend to just rush to the money.
Its always good to have people like you show the truth about those “magical software” great article overall, well written,
Hi, Javier!
Thanks for sharing what you learned about binary options in your Forex classes. In the United States, particularly with websites indexed by Google, there is a disclaimer somewhere that reveals the truth. As you mentioned, most people get so emotionally caught up in the scammer’s pitch, they forget to read the fine print or search for more information. Incidentally, if there isn’t a disclaimer, assume it’s a scam and run the other way.
Thanks for stopping by,
Gary
Scamavenger to the rescue again. its really great to stumble onto sites like this were people aren’t just out for the affiliate money but give honest reviews on shoddy platforms and systems promising unrealistic happiness. Thanks for laying this out and giving it your stamp of disapproval. I shall proceed to head in the opposite direction! Thank you!
Hi, Chris!
Binary Option Auto Trading preys on some people’s dream of making fast, easy money. Unfortunately, the truth is there is no magic software that will make us rich on autopilot. We can either work for money or trade something of value for it, but we can’t just conjure it out of thin air.
Thanks for stopping by,
Gary
Wow! Packed full of valuable information! Again all points to the fact in business there are no shortcuts to succeed. It always takes lots of hard work. Systems can make things much easier and I believe everyone needs a good system for any online business, but they can’t ever do all the work.
I was amazed to see the photo search and the same guy is on different ads as different people. The just screams scam!
Robin Rasmussen
Hi, Robin!
The cheapness of the Binary Options Auto Trading sales page would be funny, if it didn’t harm so many people. I can see how someone might get tangled in this web, particularly if they are in a bad financial situation.
These sorts of schemes almost always appeal to our sense of greed. Once our emotions are triggered, even a base emotion like greed, we can no longer think rationally. It then becomes easy to suspend disbelief and accept that a a magical software program will make us rich.
Thanks for stopping by,
Gary
This is really a life-saving post for all of us! I myself have gotten involved in auto trading systems before and I too can say that it never works. All the upsell in their sales video is really something that we should all beware off. Your post has really highlighted what all of us should be looking out for when these “too good to be true” advertisements are shown to us. Thank you so much for spending the effort to warn everyone else on this matter which is still rather unknown to others!
I dont say this easily…but I am going to say it Your Blog should get a trophy!!! Everything was an A+ from the design to the content you truly inspired me to raise the bar of doing things more professional and full of value. My prayers are with you i hope that you get to reap the fruits of all the effort you delivered for us! God bless you.
Hi, Zahra!
Thank you for your kind words. As I’m sure you know, internet marketing is often a solitary journey. It’s a joy to hear I might be doing it right. Thank you.
Gary
Wow, that was mind boggling. This is the kind of thing that makes legitimate online businesses have to work so hard to gain trust. These scammy sites pop up all the time and then the legitimate ones are stuck cleaning up the smear on the industry. There should be an Angie’s list for our industry that helps business operating with integrity stand out.
Hi, Robin Harris!
I like your idea of an Angie’s List for legitimate online opportunities. It really is a jungle online. We can only hope that people will learn to recognize a scam from a safe distance.
Thanks for stopping by,
Gary
Hi Gary,
I have not heard yet of Binary Option Auto Trading, but thanks to you I know now that I better will not fall for their scams. Your article is very straightforward and informative. The supportive youtube-clip is cool and helps to understand the topic much faster.
I think you have a really interesting and value-adding website. Keep up the great work.
Mia.
Hi, Mia!
Thank you for you kind words. It is nearly impossible to make money with binary options. In fact, the only sure thing about binary options is you will lose money.
Thanks for stopping by,
Gary