Marketers that push binary options systems are, in my humble opinion, some of the most underhand marketers out there.
Binary Options trading, is at best a flip of the coin. It doesn’t require skill or knowledge, it just requires luck. As it is does not require skills, it is little better than putting money in a slot machine, but instead of quarters your betting a minimum of $25 a time.
Most binary options marketers push their own software, well that’s what they say at least as in reality the software has been created by the actual binary option broker, and is merely used as a marketing tool by the affiliate.
For example, let’s look at 70k Method, a recent addition to the hundreds of other sites out there pushing these systems.
As is typical of these sites, the pitch is a single video and email harvester form.
As mentioned the video narrator makes a great fuss of how he has hired a team of developers to make him this amazing software that would cost you $150,000 to get made.
Keeping with the stereotypes, the video makes some bold claims, mainly focusing on how this software will change your life and have you earning $70,000 per month.
In fact, they guarantee it! However, there is no actual guarantee; nothing on their site, in their terms, nowhere!
It is just hype and lies.
The video also uses other commonplace marketing tricks, including the narrator stating that he knows what it is like being poor (he’s trying to make you feel like he knows your situation) and that he is providing this software for free because he just wants to help you.
It has nothing to do with him making $250-$550 for everyone that signs up to the binary options broker. Really that cash has absolutely nothing to do with him wanting to help you. Nu-uuh.
Signing up to 70K Method
After handing over your email address and details you are sent to another website related to 70k Method.
Here you are shown another video detailing how to complete the process. Of course before he tells you how (pay money) he makes sure you are immersed in the dream of what you could actually do with $70,000 per month.
Disregarding signing up, the site you are on gives a good impression that you are using tailor made software but the reality is that no affiliate marketer is going to design binary options software when there are already many available, including ones from the broker themselves, that they can use (abuse?).
The attraction of binary options is that of any push button software: easy money! And this is where you will find issues.
And poof! There’s $70,000.
There is no such thing as easy money, or autopilot systems, or push button software.
Anything labelled as such is a fraud, simple as that.
While binary options software might make trading a little easier, it by no means alleviates the fundamental flaw with the trading system: it’s basically gambling.
As the FTC states:
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Now, if you have a bunch of money lying around in your bank account, playing Binary Options might well be for you. Consider it like having a bet on the horses, though there is little in the way of form to study.
That being said, if you have money to burn, why the hell are you looking at a system that “guarantees” you $70,000 a month?
The Bottom Line
As with any, yes ANY, Binary Options system, this is a scam. There is no miraculous software. The person behind the narrator’s script is not doing this out of the kindness of their heart. Instead they are doing it to make a lot of money off of you.
The website owner even offers affiliates $250 per confirmed lead, because they know that they can make money even when paying out the affiliate.
Why is this? Well the brokers pay even more than $250 per lead. I’m sure they have statistics that show people are willing to keep trying to beat the system, and throw money at it in a stubborn way that would be familiar to any gambling addict.
My advice, if it sounds too good to be true, then it is. Stay away from 70K Method and any other Binary Options system out there.