Armchair Millionaire: It’s More Like an Armchair Scam
Quick Summary of Armchair Millionaire
Rating: 0.3450 out of 5. The scammers couldn't even be bothered to work on their own SEO.
Pros: Your computer won't get infected by the any spyware/malware because the bot doesn't exist.
Cons: You get swept into another highly ranked MLM-type "business opportunity" going by the same name on Google.
Our Recommendation: Forget about imaginary auto-traders and fake testimonials and focus on a real investment opportunity promoted by real people. Go with our #1 recommendation on how to build a business online instead.
In the world of binary options scams, it’s getting harder and harder to stand out from the increasingly growing crowd of scammers. New binary options auto-traders and easy money bots keep popping up every day. How do you, as an ambitious scammer, get indexed by search engines like Google, Yahoo and Bing?
You ride the SEO coattails of another popular money-making or investment strategy.
Armchair Millionaire: We’re successful ‘investors’
Armchair Millionaire is the supposed creation of Lewis Grossman, a stay-at-home dad. Lewis has found a way to make lots of money doing practically nothing- and now he wants to help you make lots of money too. That’s the spiel being used by Armchair Millionaire, anyway. Here’s Lewis talking about how he made $3450 from just $250 in one day.
Interestingly, during a portion of his spiel, Lewis shows news story screen shots of Armchair Millionaire, such as the ones featured below:
How in the world did CNN Money and Yahoo! Finance get involved with Armchair Millionaire?
Because Armchair Millionaire is also the name of a shady MLM/affiliate marketing product. Furthermore (and on an entirely legitimate level), Armchair Millionaire is the name of an investment strategy book authored by Lewis Schiff and Douglas Gerlach.
So, in the world of online scams, if you associate yourself with enough gray and completely legitimate business and investment products, many of your victims won’t even know what they’re actually buying into. And you’ll get some amazing SEO in the process.
Armchair Millionaire: It’s a ‘trading bot’
In a nutshell, Armchair Millionaire is advertised as a binary options auto-trader that quintuples your initial investment within 6 hours of your deposit. That’s how it gets away with the claim that the system “creates $3450 in daily profits instantly.”
It’s never revealed just how the system’s multiplication table works; however, given that markets are closed on weekends and holidays, the only way a system can provide instant cash is through a bonus delivered by the brokerage firm. In the case of Armchair Millionaire, my suspicion is that the instant cash is delivered when you make your initial deposit of $250 or more.
In fact, Armchair Millionaire goes to great lengths to convince you to deposit at least $250, or else the “software” won’t work. Of course, you are free to deposit more than $250….but you really must have at least $250 on hand. Yep, that sounds to me like the brokerage firm is providing bonus money, and the bonus money deposit is only activated when a $250 threshold is reached.
Armchair Millionaire: It’s really a binary options brokerage
In the case of Armchair Millionaire, the brokerage firm that you eventually reach after going through all the sales pitches is BinaryDas, a binary options brokerage firm based in the United Kingdom.
When you look up the FAQs on this firm’s website, you’ll find that its minimum required deposit to begin trading is $250 (or 250 EUR, 25,000 JPY, or 250 GBP). What an interesting coincidence.
BinaryDas also adds the following terminology about its bonuses via its terms and conditions page, namely:
To withdraw your funds, you will be asked to perform a trading volume of at least 30 times for each $1 bonus. Any funds in your account, including but not limited to your initial deposit, can be withdrawn only when the foregoing stipulation has been fully respected and fulfilled.
So, if you do in fact quintuple your initial deposit, you’ll be trading that deposit for a very long time before you can make a withdrawal.
By then, you’ll more than likely be out-of-the-money, so to speak. Incidentally, Binary Das doesn’t honor requests for withdrawals under $100.
Despite the hype, binary options trading rarely works in your favor because you only have a 50/50 shot at being correct on your call/put. Should you be correct on your call/put, the brokerage firm takes a cut of your winnings. In the case of BinaryDas, the firm takes 15-30% of your winning trades.
You might be assuming that the Armchair Millionaire bot will help skew the calls/puts in your favor and help you win more of your trades. I wouldn’t bet on it- and here’s why. The only “proof” that this system offers is a bunch of customer testimonials. And these testimonials are not what they seem.
Armchair Millionaire: But we have ‘testimonials’
The Armchair Millionaire system has about five customer testimonials peppered into its sales videos. Here’s one glowing customer testimonial from a guy named Alex.
Dean’s review of another scam auto-trader, named The Traders Oracle, also featured this guy. Why is this guy touting numerous binary options trading bots? Because he’s available for hire on Fiverr.
But what about Ryan, the other satisfied customer that Armchair Millionaire features?
Apparently, Fiverr must’ve had a fake testimonial blowout sale or something. Here’s the real Ryan, touting his services on Fiverr:
When the customer testimonials are completely fake, how much do you want to bet that the software itself is also fake- or simply non-existent?
Armchair Millionaire: Your results
may will vary
When a scam binary options trader rides on the SEO coattails of other investment strategies and uses fake testimonials, your truly best option is to stay away. Alternately, you can spend your time and money on an investment strategy that actually works.
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