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.
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.
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.
If you want to make money online, do it the old fashion way.
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