According to Ms. Wallace, the Wiki Trader software uses a highly-advanced algorithm to earn tens of thousands of dollars per day on autopilot. However, if you read the Wiki Trader Disclaimer, you will discover there’s more to the story. Follow me as I reveal the Devil in the details.
Product: Wiki Trader
Product Website: wikitrader.co
Product Cost: $250+
Product Owner: Cannot be determined
Opinion: Not Recommended
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Is Wiki Trader a Scam?
When you visit the Wiki Trader website, a sales video immediately begins, and Kelly “Boobs” Wallace greets you with a brilliant smile and abundant sexuality. Ms. Kelly describes herself as the enigmatic woman behind Wiki Trader.
It’s interesting that about midway down the website Reed Wallace is said to be the founder of Wiki Trader. Reed is not mentioned again in any of the sales material, which is rather strange since he’s the founder.
In the sales video, Ms. Wallace tells how the average user earns $12,000 a day with Wiki Trader, and many have become millionaires within a year.
According to Ms. Wallace, the Wiki Trader software uses a highly advanced algorithm and does all the work to earn tens of thousands of dollars each day. It is said to work 24/7, even while you sleep.
Throughout the video, we witness numerous images of wealth and luxury. Beginning with the mansion where we first meet Ms. Wallace, to her luxury car, to the private jet that flies her to the Wiki Trader Headquarters.
Ironically, the rear license plate of Ms. Wallace’s luxury car is identical to the rear license plate on the stretch limo that meets her at the airport.
At the Wiki Trader headquarters, we meet the computer geeks who created the Wiki Trader software. We know it’s the Wiki Trader Headquarters because there is a sign about the size of a shoebox beside the door that says, “Wiki Trader.” It probably cost the director all of $5.
The geeks tell us the program is the most advanced software of its kind. They claim it is self-learning and creates the market, but that it’s really complicated too.
They also say that the Wiki Trader software is the only binary options system based on artificial intelligence and operates with 100% precision on auto-pilot.
At the end of the video, Ms. Wallace guarantees you will earn $5,000 by the end of your first day if you use the Wiki Trader software. On the second page of the website, there is a written guarantee of over $7,000 in profits each day.
Don’t you believe it!
Behold the Wiki Trader Deception.
The first thing you must know about Wiki Trader is that the sales video is for entertainment purposes only. All the promises and guarantees of making money are meaningless. You will NOT make money with Wiki Trader. You will be lucky not to be driven into debt.
Read the Wiki Trader Disclaimer, and you can see they openly admit the video is fiction. They also admit that they don’t guarantee you a darn thing. They don’t even recommend you trade binary options!
The second thing you must know about Wiki Trader is the website is considered High Risk by ScamAdviser. The owner of the Wiki Trader website is concealing their identity and their true location. Hiding their identity and location is typical of online scams.
What is Wiki Trader, Really?
Wiki Trader is actually trying to get you to put money into the account of an unregistered binary options broker. At this point, it is essential to understand there are two kinds of brokers facilitating binary options trades.
There are registered brokers and UNregistered brokers. Wiki Trader wants you to sign up with their UNregistered broker which would be a very foolish thing to do
Registered brokers are registered with the United States Securities Exchange Commission (SEC). The registered brokers must follow specific rules, or they will lose their legal status. If they screw you over, you can appeal to the SEC to get your money back.
On the other hand, unregistered brokers are not regulated by anyone and are probably in a country who doesn’t care what they do. If an unregistered broker screws you over, there is nothing you can do about it. You’re screwed, blued and tattooed!
The SEC warns that unregistered brokers are suspected of stealing people’s identities, stealing money out of accounts and manipulating software to force losing trades. (SEC)
The entire charade of the Wiki Trader sales video is designed to trick you into depositing at least $250 into the account of an unregistered broker. They will try to get you to deposit much more, maybe as much as $10,000. If you do, you are throwing your money away. It is doubtful you will ever see that money again.
The odds of making money with Wiki Trader is practically zero. If you think you made money with the software, it is doubtful the broker will let you remove it.
Your winnings are really not there. The broker simply typed some digits into your account to make it look like you made money.
By creating the illusion that you made money, the broker hopes to seduce you into putting all of your money into the account to the point of maxing out your credit card and borrowing from friends and family.
Once the broker thinks you have put all of your money into the account, you will quickly lose it all. That is what the software is truly designed to do.
The Last Word
Trading binary options is not investing. Trading binary options with a legitimate broker that is registered with the SEC is more like gambling than investing. And that’s as good as it gets.
Trading binary options with an unregistered broker like Wiki Trader is foolish. If you try to make money with Wiki Trader, the odds are extremely high you will quickly lose every penny and may even go deep into debt.
The Wiki Trader software is free, but it will cost you dearly.
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If you found this article helpful or have experience with Wiki Trader, please leave a comment below.
Anything that sounds too good to be true is never realistic, and this Wiki Trader sounds just like that. I always get emails about binary options, but I really don’t understand what it’s all about. What is it really? Getting rich overnight is a big red flag. Can anyone honestly make money with binary options?
Hi, Carol!
Wiki Trader is not a legitimate binary options broker. Actually, it has nothing to do with binary options. Wiki Trader uses the story of binary options to trick people into giving them money. If you give Wiki Trader your money they will just take your money. It isn’t entered into a binary options trade. In other words, if you give Wiki Trader your money, you are just throwing it away.
There is at least one registered binary options exchange that I know of. It’s called NADEX. However, even with a registered exchange like NADEX trading binary options is nothing more than betting. In financial terms, it’s called speculation, but the end result is the same. When a trader enters a binary options trade, they are essentially betting that luck will favor them. It’s a lousy way to try to make money and most people lose money. Even seasoned professional traders lose money with binary options.
I explain binary options in more detail in my article “What is Binary Options .” You may also want to read my article about investing and the difference between investing, gambling and scams. You’ll find it here .
Thanks for stopping by,
Gary
The Wiki trader seems to be as bent as they come. If any company tries to make you believe you will make thousands over night then that is the first red light. And a video that is all glamorised is the next danger signal. you have done well to bring this horrible scam to notice of decent web users i am sure they will be hounded out of business soon.
Thanks for this review on one more shameful scam.
Once again, a confirmation that easy wealth doesn’t exist and there is no automatic system that will make anybody rich.
I signed up to Wealthy Affiliate and so far it looks promising. The training is very thorough and I think I’ll be able to follow the steps 🙂
I like that although the tasks are straight forward nobody promises easy success so I will try to get the work done and see what comes out.
Cheers!
Thanks so much for posting this Wiki Trader scam. Really unbelievable. It is a really awful way of trying to get their readers to get us to put money into the account of an unregistered binary options broker. Yes, the SEC has warned about it, but I am glad you also wrote about it. Thanks for giving us the heads’ up!
Hey, Gary, I really enjoyed reading your article.
I loved how you shined light on the actions that truly showed how it was a scam. Not only that you even informed me on how the scams work!
I did have one question though, what are “binary options.” Are they a type of internet users categorized or is it a payment Method?
Hi, Luis!
I appreciate your kind words. You asked about binary options.
Binary options are like a side bet on the stock market. They are not true options in that when you enter into a binary option trade you do not own the right to purchase the asset. Instead, you are wagering that the asset will perform in a specific manner at a specific time.
For example, a binary options “trade” might be that you wager the price of IBM stock will go down Thursday at 3pm. Statistically, this is very difficult to get right. The true purpose of binary options is to create an artificial market where very large investors can hedge their trades.
Small investors have very little chance of calling a binary options trade accurately. We can only guess and gamble. However, a large hedge fund manager, who is going to dump a million shares of IBM on Thursday at 3pm, has every reason to believe that dumping the stock will drive down the price. He can enter into a binary options trade with a realistic expectation of winning the trade.
The purpose of small traders in binary options is to keep the market liquid for the big guys.
To further complicate the issue of binary options, binary options scams like Wiki Trader are not truly binary options brokers. They are not registered with the SEC and they do not broker anything. They claim to be brokers, but really they are just stealing people’s money.
Thanks for stopping by,
Gary
Hi Gary,
I’ve seen a few promo’s about binary trading, and the ‘magical $250’ starter amount is used. If i was interested in binary trading, i would certainly go with a licensed broker, not like WIKI TRADER. Thanks for the warning, and i must say, that woman in the video, she is sexy!
Hi, Greg!
Wiki Trader is like all the other unregistered brokers. Calling them brokers is misleading. They don’t broker anything. They just take people’s money. Agreed, she cranks up the sex appeal.
Thanks for stopping by,
Gary
Thanks Gary! Sounds like something I may have fell for as I would have probably been distracted by the “assets”. LOL. I almost got involved with some sort of binary trading thing I knew nothing about, but thought better of it. Your explanation confirmed my suspicion.
By the way I like your ScamAvenger brand and enjoyed your video recommending Wealthy Affiliate, which is way better option.
Hi, NathanG!
The guys behind Wiki Trader really know how to hook people. Sadly, anyone who gets involved will lose money. It’s usually people who can least afford it that get taken.
Thanks for stopping by,
Gary
Hi Gary
Thank you for the very informative article on Wiki Trader. I do not understand binary options enough to even think of putting some money into it. I was wondering where you go the information to write this article. Did you personally invest in Wiki trader to test it or do you know someone that has tested it?
Nathalie
Hi, Nathalie!
You are wise not to put money into something you do not understand. You asked about where I got the information for this article. In the 1980s I wrote copy for a mutual fund company and held a Series 7 Securities license.
I’ve also been a value based investor since the mid-1970’s. With this background and as a long time copywriter, I can clearly see through the manipulative messages on the Wiki Trader website. The specifics came from the Wiki Trader affiliate website, the Wiki Trader disclaimer page and the SEC.
Wiki Trader is not a legitimate investment. It is a con masquerading as an investment. Experienced investors would never go near it. Wiki Trader appeals to gamblers and people who believe they can make fast easy money and people who are addicted to make-money scams.
There are a few legitimate binary options brokers, such as NADEX, but I do not recommend binary options trading to anyone. It is high risk at best.
Thanks for stopping by,
Gary
Thanks so much for the breakdown of this Wiki Trader product.
This is one I have not come across before and to be honest I can see why people may get caught out with it.
A beautiful woman and a great smile can lead you to hit the ‘sign me up’ button without reading further.
There are too many of these scams out there and i am surprised that Google does not recognize them!
With Google wanting to give a good user experience and guide them to quality pages, why do they allow these scams to practice?
Thanks for the warning on this one. I appreciate your work!
Chris
Hi, Chris!
Yes, it’s easy to fall for a beautiful woman with a engaging smile. The copywriters know this all too well.
Actually, I thought it was comical how often Ms. Wallace thrust her assets at the camera throughout the Wiki Trader video. In the video on the second page of the website, she is seated outside at a table and drinking red wine. The camera angle is through the wine glass so her cleavage is magnified. It’s not the first time men have floundered on the rocks because of the sirens call.
Thanks for stopping by,
Gary