Binary Millionaire is promoted as a loophole in the binary options trading system. This so-called loophole is supposed to help people earn money with binary options, even if they have never tried this type of trading before.
In reality though, this is nothing but a pipe dream and Binary Millionaire is just as scammy as all of the other systems offering software for binary options trading.
Binary Options Trading
The narrator is right that this type of trading has become big recently, but not necessarily because it is a good approach to trading. Binary options trading is very easy for people to get into and it can seem simple to understand. That should be a good thing – but it really isn’t.
The major issue with all of this is sites like Binary Millionaire. These sites promote the idea that you can just pick up binary options trading and make money with it immediately, without any prior experience and really without risk.
There is no options trading in the world that works that way.
Being successful at any type of trading involves actually understanding the processes involved and the market itself. If you enter the field without this knowledge, then you are at the mercy of sites like Binary Millionaire who try to mislead you.
Binary Millionaire might be offering free software for binary options trading, but this doesn’t make the process free. In fact, you need to deposit money to make any trades at all and with every trade you risk losing the money you put up for the trade. This makes binary options trading a risky process, particularly if you don’t really understand the processes behind it.
Even if you fully understood binary options trading, it is still a challenging way to earn money. You have to predict the movement of assets, which change all the time. If you predict correctly you win money, if you get it wrong, you lose money.
Because you don’t double your money when you win, you have to win trades more than half of the time to just break even, even more to actually make a profit. This can be quite challenging and software really doesn’t help.
Binary Millionaire Itself
Binary Millionaire is a bit more upfront than most similar sites about the approach for making money, but it is still very misleading.
One example of this is the team that is apparently responsible for developing the software. The site gives four images along with short bios. However, all four of the photos actually come from the website of a firm called Fletchers Solicitors along with entirely different names and descriptions.
It’s also very unlikely that the software is limited to the first 30 people who sign up. Instead, this approach is a way to get people to panic and make a decision quickly, without thinking it through properly.
Just about every piece of binary options software out there makes a similar claim, but most of the time they do not follow through on the claims. Instead, access to the software will probably remain active until the site is taken down for being misleading.
Binary Millionaire claims that they have to prove their software works before they are able to represent the binary options trading company that they do. Actually, this isn’t true at all. Most of the time binary options companies actually suggest that people don’t use software at all and instead make trades manually.
So, with all of the manipulation that this company does, it is very unlikely that the software does anything except gambling with your money.
Making Money Online
Binary Millionaire promotes the idea of making money without work, but the real world doesn’t work like that. You really can make money online and there are a lot of us out there that do just that. However, any legitimate approach will involve work and effort.
The most realistic approach is known as internet marketing. This involves earning money through a website and building that website up over time. It can sometimes be a challenging process, but also a very rewarding one.
Unlike binary options trading, you aren’t thrown in the deep end either and there is a lot of training that helps to take you from the beginner level all the way through until you know exactly what you are doing.
Personally, I learned to make money this way through a site called Wealthy Affiliate, and I recommend this training for anyone, regardless of skill or experience level.