The webpage for 70k Method gives me déjà vu. No really, it does. There are just so many sites out there that use this same basic formula. A single video, some basic hype and this idea that you can get rich quickly and easily. This idea gets recycled over and over again, because people find it so appealing.
Sites promoting binary options are everywhere. If one of them gets knocked down, two more spring up in its place. This makes binary options seem popular, so it’s easy to think that the system must work, at least to some degree. But, nothing could be further from the truth.
Sites like this are popular because their owners get something out of the sites.
Firstly, they get your email address. You have to give them an email address to sign up and there’s no telling what they will do with it. In some cases, the owner of the site might build email lists from the addresses he gets and use these to promote particular products. In other cases, the lists may get sold to someone else. Either way, you can expect a lot of spam.
That’s only half of the story though. When you actually follow through on the steps with 70k Method you find out that it isn’t actually free, not really. Instead, you have to pay a deposit of around $250 to a binary options broker.
Essentially, the owner of 70k Method is an affiliate for the broker that he is promoting. So, he makes a proportion of that deposit. That can be a pretty lucrative way to make money.
At the same time, you also see affiliates of 70k Method promoting it. Typically, they will receive a cut out of what the site owner gets. That’s the main reason you will see a lot of positive reviews online for products that really don’t make the grade.
All of this means that the owner of the site gains a lot by getting you to sign up, or even just from getting your email address. It also means that he has no incentive to promote a system that actually works.
Why would he?
If you buy into the product, you buy from the brokers and he gets paid from the brokers. So, if you have a problem with it the system not working like it should, you have to go to the brokers, not to 70k Method. He walks away clean, while you are stuck out of pocket.
At the same time, getting your deposit back from a binary option broker can be a pretty challenging task. These sites have a lot of different restrictions on what you can and cannot do, and they often make you prove your identity before you can even start the process of getting your money back.
Even if you do get your deposit back, it will probably only be some of it. Most of the time you have to make a certain number of trades before you can actually withdraw.
All of these issues mean that you take a very large risk if you put any money at all into a site promoting binary options trading.
You can probably tell that I really do not like binary options. Sites like 70k Method completely take advantage of people and far too often people end up signing up and losing their money.
One of the biggest issues is that so many people actually benefit if you lose money though binary options. With binary options, you choose to put or call based on whether you think a given asset is going to increase or decrease. So, if you called with $10, you would lose that $10 if you were wrong.
If you were right, you might get $17.50 or something like that, depending on the broker. That means that the broker always earns money, regardless of whether you win or lose the trade. At the same time, those figures mean you have to win more than 50% of the time to break even.
Essentially, the house always has the advantage and whether you make profit or not is largely blind luck. Even the best software in the world can’t change that.
Sounds just like gambling to me.
That really is the thing with binary options. You are taking a big risk in trying to make money, and why? There are much more reliable ways to make money where you don’t have to hope that some scam artist is telling you the truth. This is something that I talk about in my email course, which is free to join and learn how I make money online!