It seems that I am literally going to be spending every week checking out new Binary Options products. Every few days a new one comes out promising online riches on autopilot. It’s not a new promise, so why make new products every few days? Ah, because they don’t work. That’s why.
Nelson Roosen’s “The Wealthy Trader” is the latest in the “This software works for you on autopilot, check out all these testimonials” group. It’s been designed better than some of the other versions I’ve seen. They have put more effort into making their software look professional at least.
I’m now going to break down the general sign-up process, what happens next, and why you should steer well clear.
Wealthy Trader Step One: The Hook
On the homepage you’ll see the now standard sales video and sign-up form. If you’ve seen a few of these products before, you’ll be able to predict the script without even pressing the play button. It’s usually something along these lines:
“Guy makes a lot of money online” (Lot’s of stock photos of cash bundles and fast cars. Probably a boat too.)
“Created this software so you can do it too” (What’s the catch?)
“The software is free and you don’t need any experience” (So..what’s the catch?)
“Just look at these screenshots of income” (Hey is that Photoshop?)
“Sign up below and deposit funds into your brokerage account so you can get started earning on autopilot” (Sounds legit!)
I’ve seen this somewhere before..
You’ll be greeted with a sign-up form, a liberal use of the words “Free” and “Simple” with a sprinkling of “Rich” or “Wealthy”.
The basic principle behind ALL of these binary options “products” is the same. You make money trading on autopilot. You don’t need to know anything about trading, you just need to let the software do its work. The sales pages usually have a number of fake testimonial videos and screenshots to alleviate your fears.
Once you’ve signed up, you’ll be ready for Step Two.
Step Two: Building Trust And Excitement
Once you’re inside the “members area”, you’ll get some more information. Essentially this is just a one-page continuation of the previous page. This time, the video talks about how the way the software works is a secret, and you’ll need to activate your account with Nelson’s recommend brokerage. Once you’ve added funds to your account, the software will start working.
In case you aren’t familiar with how commissions are earned online, this is how Nelson gets his money. This is the only purpose for The Wealthy Trader to exist. You sign up for the brokerage account, you add funds to your account, and he receives a commission.
This wouldn’t necessarily be all that bad if he was going to help you earn money. But he’s not (keep reading).
Step Three: A Bit Confusing
After you’ve created your brokerage account with “Interactive Option” (the “brokerage company”), you need to deposit funds to get everything going. The minimum amount is $250 USD. Given that you’ve been promised thousands of dollars on autopilot, $250 isn’t a big deal right? It DOES look like a pretty legit platform so far.
What Happens Next?
Not a whole lot. The software DOES actually make some trades for you, which is more than I can say for some of the other binary options softwares, but it’s only going to be 1 or 2 per day. Given that the Wealthy Trader homepage suggests it is making 50+ per day, you might start wondering what is going on.
At this point, it’s irrelevant whether your trades win or lose. It will likely put you $10 up or down, and you’ll never see the money again.
Contact Support Issues
If you try and contact any support at Wealthy Trader, you’ll get no reply. The email address basically gets ignored. Interactive Option will tell you to contact Wealthy Trader.
Money Withdrawal Issues
If you decide that this isn’t for you, maybe you smell a rat, or you want to withdraw your money (up or down at this point), you’ll be in for a surprise. You need to make a certain number of trades before you can withdraw any funds. It’s not clear how to find out what the number is, and even more difficult to track how many you’ve made.
Forget about the money at this point, it’s gone.
Many people report that after their initial deposit, they are contacted by the account manager telling them about a bonus. If they add another $250/$500 (the amount varies) into the account, the brokerage will double it. In other words, if you put $750 in, they’ll give you $1,500 to trade with.
This is again irrelevant, because you won’t be able to withdraw anything.
The only thing left to do at this point (in most people’s minds) is to make a few more trades manually until they reach the required amount. These trades will almost always end up losers (see above), and before long, your money will be gone. The brokerage can say “Well your trades lost, binary options is high risk don’t you know”.
A Final Note On Reviews
Many, many, MANY reviews of these types of products say how good they are. This is simply because those people too will receive a commission. There are many people who love to jump on product launches and cash in. Sometimes you’ll get ones that are honest enough to admit they are simply promoting the product:
Fortunately, if you dig deep enough (which is where I’veTriedThat specializes), you’ll find out the truth from real people:
A Rising Trend – Stay Away From Binary Options Products
I guess everybody grows up knowing that “real” traders are rich and can make some big gains in an instant. That’s the whole allure behind trading and the reason why these products are so popular now.
Unfortunately, it takes years to learn the art of trading. If software could do it on autopilot, don’t you think it would be worth thousands of dollars?
How Does Binary Options Compare?
Binary Options trading programs all come down to essentially one thing: You’re betting your hard earned money on a coin flip. Successful businesses are not built this way! You can’t expect to make money this way.
I’ve Tried That has been reviewing ways to make money from home since 2007. In that time, there’s one program that stands above the rest. It’s free to get started, has no ridiculous hidden charges, and will help you build a sustainable income from home.
Let’s see how Binary Options compares…