Is it legit or a scam? This is one of the most common questions about any product for making money online and most of the time the answer is scam. Auto Binary Spy is just one example of the many different products that are out there and you may be wondering whether it is worth pursuing or not.
Auto Binary Spy is relatively upfront about what the product actually is, but that information is only helpful if you actually have a concept of what binary options actually are. If you don’t, you may find yourself taken in by the hype, which is clearly the intent of the site.
The emphasis of Auto Binary Spy is clearly that you can make a lot of money using the approach. Why else would the author promote numbers like these?
These numbers look fantastic, but how realistic are they really? After all, it is pretty easy to doctor screenshots and make numbers look bigger than they actually are. Well, here’s one major red flag:
The concept that robots or automated software can make more money than humans in trading isn’t a secret. Just about every scam trading site out there promotes software or robots for that exact reason. As appealing as it might be, automated trading isn’t necessarily any better than trading manually.
Essentially, any automatic trading system uses an algorithm and a set of rules to determine how much to invest, when and what call to make. The biggest advantage of these is that automatic systems can make trades much faster than humans can and this is why automatic trading systems are used legitimately.
As such, automated systems are tools. When used correctly by people experienced in the market, they can earn more, because of the way they operate faster – but it’s no guarantee.
While automatic systems might be a good idea for some types of trading, they aren’t so good for binary options. This is partly because of the nature of this type of trading, and partly because most people don’t know much about the processes involved in the trading.
If you plan to invest in anything and hand over almost all control before you understand anything about the trading system – then you probably will lose money.
And that’s what Auto Binary Spy and many many other sites count on.
There has been a lot of controversy around binary options trading. On one hand, it is simply a form of trading, similar to the stock market. However, there are some major differences.
One difference is that the user is always at a disadvantage, just like in gambling. Roughly speaking, there is a 50% chance of winning a trade because binary options trading only has two options (either you ‘put’ or you ‘call’).
But, if you were to win 50% of your trades, you would still be out of pocket, because you don’t get 100% profit if you win. Because of this, on average investors will lose money.
There is also limited regulation in the industry and some sites have a reputation for not actually paying users. The Securities and Exchange Commission warns users never to supply personal data, such as photocopies of your driver’s license or of your credit card.
However, most binary options trading sites actually ask for this information before you are able to get any money out from your account. This is pretty risky, as you are supplying highly personal information to a website with little regulation. You really have no way of knowing what that information will be used for.
At the end of the day, investing is a risky process.
You should only ever be involved in trading if you completely understand the approach, the market and the risks. This isn’t something that Auto Binary Spy can teach you and honestly, the site doesn’t want you to know.
Auto Binary Spy just earns money from what you pay them and sometimes from the money you deposit in the binary options broker.
Making Money Safely
Making money online should never be a risk and it certainly shouldn’t be gambling. If you are taking that much of a chance, then it is never going to be a long-term solution and it may end up being very expensive.
I make money online an entirely different way and the risk just isn’t there. Instead, I focus on building sites about things that I am passionate about, like this site here and a site about beer brewing. There is a huge amount of potential to make money in this field and it is something that you can learn and excel at.