Product Name: Binary Matrix Pro
Product Owner: ‘Raul Daniels’
Price: $100 Minimum deposit
Upsells: Additional deposits
What is it?
A company promoting binary options trading through the Citrades trader.
Like many similar sites, Binary Matrix Pro is a misleading and scammy approach that tries to get people to spend money in binary options trading. Binary Matrix Pro claims that you can earn a substantial amount of money in this way and completely glosses over all the risks involved.
Before You Buy
Be very careful about putting any money into a binary options trading company because it can be exceptionally difficult to get money back again even if you never actually do any trading.
What I Liked
Binary options scams are everywhere right now, and most sites try to promote them as money making techniques, often without even revealing what binary options trading is or how it works. I do like the way that this particular site explains some aspects of binary options in more detail.
What I Didn’t Like
There are a lot of misleading things about binary options and about this particular product. For one, the site claims that you can make $100’s per hour, which is incredibly unrealistic. That number assumes you win the vast majority of trades that you make, which won’t happen very often if at all.
The site also claims that they are giving users $300 to join Binary Matrix Pro.
From a business point of view, there is simply no way that a company would actually do that.
What this actually means is that you get $300 ‘bonus’ on top of the money that you actually deposit. In fact, the trading company itself (Citrades in this case) actually provides the bonus and it is a standard thing that the company does.
Additionally, bonuses in binary trading companies are normally risky. When you accept a bonus as you start a trading account, you subject yourself to additional restrictions on withdrawing money back out again.
This means that to withdraw any money at all (including your initial deposit), you have to trade a significant number of times. For many people, this will mean that they lose most of their bonus and their deposit before they are able to withdraw a thing.
Even without the bonus, withdrawing out of binary options sites can be tricky.
To start off with, you have to provide documentation to prove who you are, which can take quite some time. You also have to have at least $100 in your account to withdraw.
To make matters worse, the trading company specifies that it can refuse to distribute profits:
They do give a list of reasons, but the catch here is ‘any legitimate reason’. Essentially, this gives the company the power to define its own version of a legitimate reason, which can mean that users are left with nothing.
I also want to point out that the idea that the site only makes money if you do is entirely untrue.
Binary Matrix Pro is essentially acting as an affiliate for Citrades. Now, Binary Matrix Pro might make some money from people winning their trades, but most of the money they make will come from getting people to sign up in the first place.
After all, Citrades has $100 minimum deposit and if you make a single trade it isn’t even possible to withdraw that (as the minimum withdrawal amount is $100). So it stands to reason that Binary Matrix Pro is probably making money by referring people.
This site has gone out of its way to provide proof that its approach works. With the huge number of binary options scams already online, offering some form of proof makes a lot of sense. However, it’s really important to note that the evidence the site provides doesn’t actually prove anything.
For example, the videos that offer proof for trading simply show that the narrator was able to win a certain number of trades in a certain time. This looks good at face value, but there’s some pretty major caveats.
First, the trades aren’t being made using the automatic software, they are being made manually. This means that the success rate on the trades is no indication at all about whether the software is any good or not.
Second, the videos are selected instances. This means that it would be very possible to pick which were included in videos based on whether the trader won or lost.
Assuming these videos are legitimate, and not manipulated in any way (and they may well be fake or manipulated), they still provide absolutely no evidence about the software that is being promoted.
Binary options trading is a risky approach to options trading, but it is possible to make money through it. Now, I am absolutely not suggesting that you try this – because the people who do make money this way have an intimate knowledge of stocks and markets and do a lot of research into their options before they make any decisions.
Even then, people in that position will still lose a significant number of trades.
In fact, there is no way of knowing just how much research and planning went into the decisions that were made in those videos.
Needless to say, very few people will make the claimed $106 on average per hour and most people using this approach will lose money – particularly if they are relying on software.
On a side note, if their videos really are made every day, I’m curious why there are gaps in time up there, and why the last video posted was more than two weeks old at the time of writing.
Does It Work?
Binary options trading is far from a guaranteed way to make money, as you can see from the disclaimer on the website.
The risks of loss really are significant and there are a lot of stories out there of people who have deposited on these types of platforms and ended up losing a large amount of money. The amount of misleading marketing on the Binary Matrix Pro site alone should be a really strong indication that this way of making money isn’t as good as it seems.
In reality, automatic trading software (which is what Binary Matrix Pro is promoting) is not effective. There is no software in the world that can accurately predict the way that markets are going to behave and most software fails miserably at the task.
Additionally, automatic software like this tends to take the control out of the hands of the users. This can make it very difficult to stop trades if you want to and often you end up losing money without being able to stop the trading.
It’s also worth noting that you have absolutely no way of seeing the software without first depositing into the trading account. In fact, there really is no guarantee that you will even get the promised link in your email.
This is a highly manipulative and misleading site that is highly unlikely to live up to any of its promises. Steer well away from this one.
Options trading is rarely ever a good way to make reliable money, particularly for people with no knowledge or experience in the field. There is simply too much risk associated with this approach to making money and not enough potential for reward.
A more reliable approach for people of all experience and skill levels is affiliate marking. You can join an amazing training program that teaches people how to make money online from the ground up, without the risk that is involved in binary options trading.