David Forrester, the founder of Penny Millionaire, tells us how we can make a million dollars in 30 days by compounding a penny. The money adds up fast as he demonstrates the magic of compounding and explains how a penny from each trade you make is set aside to grow. However, before you join Penny Millionaire and rush to make your first million, take a moment to read this article. Remember, there is no free lunch.
Product Website: pennymillionaire.com
Product Cost: Minimum $250 Deposit.
Product Owner: Cannot Be Determined.
Ranking: NOT Recommended.
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Is Penny Millionaire a Scam?
On the Penny Millionaire site, you’ll find almost no written information on what the site is about, does, or how it works. It’s almost entirely explained through videos, such as the main presentation that details how Penny Millionaire supposedly works.
The presentation, allegedly by Penny Millionaire software developer David Forrester, begins with the old adage “a penny saved is a penny earned.” Eventually, this character claims a single penny can be transformed into a million dollars within a month with the Penny Millionaire system.
To demonstrate, he takes out a calculator and explains how a penny compounds itself. He uses a bank account example growing from $600 to $8.5 million. The ultimate promise is to make you a millionaire within a month. As if to reinforce this promise, several people appear on the screen to tell how their life was changed by Penny Millionaire.
However, nothing really makes sense, and the video contradicts itself. On the other hand, Forrester explains how the system uses custom trading software with a “specialized algorithm” to predict winning stock market trades. Then goes on to say Penny Millionaire is a lottery where only 100 millionaires a year are allowed.
Other claims include that users do not need any experience to profit with Penny Millionaire. The software does all the work for you. Apparently, the software allocates one penny from your winning trades into your “compound interest account,” where it then magically grows until you’re a millionaire.
Although the software is free, you do have to put $250 of your money into a trader account to get started. This is where it gets dicey.
The Penny Millionaire Scam.
It’s rather ironic that the highest (by far) count of words on Penny Millionaire’s entire webpage is the disclaimer. This is what you must pay attention to because this is where it gets real. Everything else is just hype.
Basically, users are told that it’s speculative to trade cryptocurrency, CFDs, and Forex and that the risk involved may not be for all investors. You’re warned that you shouldn’t invest money you can’t afford to lose because you may lose ALL OF YOUR MONEY!
In the fine print, Penny Millionaire refers to itself as a “technology services company,” NOT a financial services firm.
The disclaimer states that they are required to tell you that their software cannot be used to predict future results. There’s also a USA regulation notice that tells investors option trading isn’t regulated in the U.S and that the company does not fall under any U.S. regulatory agency supervision; U.S. customers aren’t allowed.
How the Penny Millionaire Scam Works.
This is what con artists call a long-game and short-game scam.
The short-game scam begins. When you arrive at the Penny Millionaire site, you’ll see that there are only two options aside from some graphs about who has become a millionaire. One option is to watch videos making all sorts of outlandish claims designed to encourage you to proceed with the second option – providing your personal information.
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Two notes on providing personal info. Again, U.S. customers are banned from the site. Perhaps because the site has been blacklisted as a fraudulent website by the U.S. Second, there have been reports of malware by users that have received emails containing viruses from the site.
As to the short-game, the site will ask you to open a trading account once you’ve registered. This is a free process. However, to use the account to “trade,” you must deposit cash into it. The minimum deposit is $250 via credit card. This is the small-game scam that gets you immediately for a relatively low amount of money. Your deposit is gone forever never to be seen by you again.
Now comes the long-game. The software supposedly goes to work, churning out immediate figures that are staggering. By all appearances, the numbers say you’re on track to make $5,000, $7,000, $10,000 in your first day. The program is hyping you up for the first long game move, which is asking you for more money.
Meanwhile, the money you’re supposedly making is nothing more than numbers spit out by the software. It is not real money. You have no access to withdraw it, spend it, or move it. It’s a ghost, or more apt, an illusion.
And, then comes the first long-game move. The system will advise you that if you just make another deposit with more money, then your $10,000 a day earnings would be millions within the month.
Eventually, as you make a large deposit or multiple smaller ones, you’ll be locked out of the system and denied access. No rhyme or reason. You’re just locked out. Whatever monies you’ve deposited are forever gone.
No Free Lunch.
Contrary to Santa Clause, there is no such thing as something for nothing. Everything has a price. If ever we think we are getting something valuable for free we are compromised, or worse. When it comes to making money online, why do we believe in magic? There is no magic software that will make you rich.
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If you found this article helpful or have experience with Penny Millionaire, please leave a comment below.
It’s crazy how many of these scams are all over the internet. It’s interesting how we live in a world where people want everything fast. So the promise of getting rich quick is very appealing to a lot of people. As you say, there is no such thing as getting rich quick. You need to work for it!
Thanks for bringing this to our attention so we can avoid scams like this.
Wow, It’s hard to believe what lengths some people will go to “make” money. The Penny Millionaire seems to target folks with few financial resources making it even more sinister.
Thank you so much for this detailed report. I hope many people see it in time to prevent getting scammed!
Hi, Karyn!
I agree. It seems like it would be easier to build a legitimate online business than to build a scam site like Penny Millionaire. Occasionally, I get reports that the affiliates for these sorts of scams do not get paid their commissions, so they end up getting scammed too. Which stands to reason, seems like scammers will scam everyone they can, including their own affiliates. A business cannot survive like that.
Ultimately, I’m convinced that some people can’t do anything with integrity. Dr. Scott Peck wrote about these people in his book “People of the Lie.” Essentially, they are sociopaths or psychopaths. You could give them a legitimate business and they would twist it into a scam. They simply do not have the integrity it takes to deal honestly with other people.
It is essential to know there are people like that in the world and avoid them when possible, especially when it involved money.
Thanks for stopping by,
Gary
Thanks for the warning on Penny Millionaire. Every inch of it looks like a scam. It’s actually funny when you say the longest write-up on Penny Millionaire’s official webpage is the disclaimer. That’s a real giveaway, isn’t it? It’s a shame really. I’m sure the post would have saved many people from losing their hard-earned money by investing in something like the Penny Millionaire.
Hi, Sukumar Thingom!
As I investigate online scams, I’m constantly reminded of a line from Tom Waits song “Step Right Up,” from his album ‘Small Change.’ The line is, “The large print giveth and the small print taketh away.” Penny Millionaire is a perfect example.
Thanks for stopping by,
Gary
Thanks for saving me $250 by pointing out that this is a total scam. It’s not surprising that they are using actors to promote it. It is really infuriating that these scammers are making people wary of online marketing,. Let’s hope that your post will help someone to avoid being scammed .
Hi, Hilary!
I’m so glad you found my article in time. Trying Penny Millionaire could have been a costly mistake. Thank you for your kind words. Exposing scams is what I live for you.
Thanks for stopping by,
Gary
Insightful review Gary.
I think a lot of these scam binary software sites are fronts for people who make their money by referring “mugs” to the scam brokers and collecting affiliate commissions from them.
I read on another blog that “David Forrster” is actually a paid actor. That wouldn’t surprise me. There is another paid actor that I’ve seen shamelessly promoting numerous dodgy sites with his video presentations.
There’s also quite a big difference between starting with a penny (especially one that you found on the street), and starting with $250! LOL!
Anyway, thanks for doing your bit to expose this website as a scam.
David Hurley
#InspiredFocus
Hi, David!
Yes, the spokespeople in these videos are paid actors. Usually, if you dig through the website terms of service or earning disclaimer, you’ll find buried someplace a statement explaining that the video is just for promotion and not to be taken seriously.
Also, if you search OfferVault for binary options offers, you’ll find that scams like Penny Millionaire pay very high commissions, usually in the range of $250 to $500. You know if they are paying those kinds of commissions they are taking a lot of money from people.
Thanks for pointing out that starting with $250 is a lot different than starting with a penny. Indeed!
Thanks for stopping by,
Gary
Thank you for bringing this one to my attention! I do not think I have heard of this one, but now I know to avoid it at all costs!
I seriously could not help but laugh when I saw their claim of turning a single penny into millions, with just one month. That is just bizarre!
But then again, you actually have to throw away $250 at the very minimum, which is just insane!
I am kind of curious to know how many people fall for this one on a regular basis. I would hope that most people familiar with the internet would know the truth about this.
Like you mentioned, it is definitely best to do things the old fashioned way, being through building an online business or searching for online jobs!
Hi, Arie!
When we’re not desperate or greedy, we can see through a scam like Penny Millionaire. It seems obvious and, as you mentioned, laughable. However, there are people who are desperate to turn their finances around or to be liked and respected.
These people are like someone who is drowning and will grasp at any glimmer of hope. They want to believe the scammer’s lies. Sadly, some of these people have access to credit and that makes it easy for them to lose a lot of money fast.
Just this morning, I received a message from a elderly woman on a fixed income who lost $16,000 to a scammer. She charged it all on her credit cards and has no way of paying it back.
Thanks for stopping by,
Gary