Profit Multiplier: Multiplying Your Exposure to Binary Options Scams
Quick Summary of Profit Multiplier
Rating: 0.1 out of 5. This auto-trader is yet another binary options scam.
Pros: I liked the 'But wait' housewife pop-up; it cracked me up every time I saw it.
Cons: The trading bot more than likely doesn't exist. Also, the brokerage in question has some stringent withdrawal requirements that may result in you not even being able to withdraw your original funds- regardless of whether you accept the bonus money.
Our Recommendation: Stay away from this rather obvious binary options scam and seek out legitimate business opportunities that require effort but also provide real results.
Lately, it seems that the binary options scammers have gotten lazier with their scamming strategies. We used to have clever storytelling like that noted for Online Black Market and Mad Max Profits. We had big-time personas like the one seen in Oil Millionaire.
With the recent debut of Profit Multiplier, a binary options auto-trading software, we have neither.
Who is Jeff Ballard?
Jeff Ballard, the person who introduces Profit Multiplier, could be a janitor or an engineer or an unemployed baker, for all we know. He never mentions how he’s associated with Profit Multiplier. You also never see a video or photo of this guy.
Jeff states that “You are one of the lucky 250 that will ever get the opportunity to see this video.”
The Profit Multiplier sales page also emphasizes “Attention: Doors Close Soon.” We’re never told the exact reason for this limited time offer.
Profit Multiplier: It’s ‘Revolutionary’
Jeff then launches into his spiel about Profit Multiplier, a ‘revolutionary’ binary options trading platform. “This is not what you’d call a normal sales video,” he says. Why? Because Profit Multiplier is being given away absolutely free. “It won’t cost you a single cent,” Jeff declares.
Sorry, Jeff, but with the exception of exactly one auto-trader, every binary options software platform is offered for free. That’s part of the lure.
What else is so novel about Profit Multiplier that it must be mentioned at least three times? Get ready for it…
Unlike “classic” binary options auto-traders, which execute trades 20-30 times in a single day, the Profit Multiplier makes just a few daily trades. Apparently, the software carefully analyzes which trades are the most likely to be profitable, then makes only those select trades.
Exactly how the analysis is performed is never explained. Similarly, Jeff doesn’t bother noting how the auto-trader “researches” which trades are most likely to be successful.
Once you provide your name and email, you are shown a second video with “proof” trades like this:
Jeff says that these events can occur “8, 15, 20, even 30 times a day.”
If the Profit Multiplier software is executing up to 30 trades in a day, then it is acting just like a classic binary options auto-trader. And it would have to act like a classic auto-trader if it managed to make Jeff a grand total of $4,451 in profit by the end of one week via automated $25 trades that netted $45.
But I digress. Frankly, does it even matter how this software works? Because my revolutionary claim here is that the software doesn’t even exist.
Let’s look at the proof- or lack thereof- that Jeff Ballard provides. Here are just some of the troubling indicators:
- A Google and LinkedIn search on “Jeff Ballard” brings up no binary options guru or trader with that name.
- Jason Patterson, who provides the one major video testimonial, has no history associated with his Google+ profile aside from his one and only video.
- The timer on Profit Multiplier resets itself when you hit the Refresh button on your browser, as does Jeff Ballard’s claim that you, again, are part of the “lucky 250.”
- The impartial “reviews” of Profit Multiplier all contain affiliate links to Profit Multiplier.
- There is no contact information whatsoever, aside from an eventual support(at) email address.
- The auto-trader area contains fake SSL and anti-virus seals that lead nowhere.
But wait- it gets better…
The Profit Multiplier sales page keeps featuring the following pop-up every time you try to shut down the page or just move your cursor. Notice also how this pop-up says that you need to fund your account.
So much for the Profit Multiplier being free. Yes, technically, the “software” is being given to you for free. However, in order to use it, or even to verify that it actually exists and will perform as advertised, you will need to get out your wallet and shell out $250.
On the final Profit Multiplier sales video, just before you are led to your recommended binary options broker (which in my case was BinaryBook), Jeff states at least five times that you need to fund your account. Fund it now. Right now. And even borrow the money from a friend if you don’t have it.
Why is there a constant push to fund your account?
Clicksure has the answer.
The creator of Profit Multiplier (who may or may not be the guy pictured at the bottom of the JV link), has even set up a contest for affiliates, with monetary prizes paid out to those affiliates who best promote this auto-trader.
Why would a veritable cash-generating auto-trader need to be promoted if it’s actually making money on auto-pilot?
But let’s say that you do indeed fund your account with a binary brokerage like BinaryBook. Will you be able to withdraw your funds from your account?
On the BinaryBook brokerage page, there are various stipulations regarding cash withdrawals. To begin with, you must have certain threshold amounts (e.g., $100) in order to withdraw cash. The brokerage also imposes a “tarriff” on your withdrawals. Finally, if you accept any bonus money, you will need to make a given number of trades before being allowed to withdraw even your own initial investment.
Is Profit Multiplier worth it?
When a “cash machine” like Profit Multiplier is only being touted by affiliates and its creator, you are best advised to remain wary of such a golden opportunity. While the binary options brokerage itself may not be a scam, the software system is more than likely to be at best non-functional, and at worst, imaginary.
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