Product Name: Money Magnet
Product Owner: ‘Vince’
Upsells: $250 deposit required to use software
What is it?
Just more software that is supposed to help people earn money through binary options trading.
Money Magnet is not a new product by any means. While the product video is certainly amusing , the product itself falls far short. Money Magnet actually offers software for use in binary options trading, but you have to deposit $250 to even try it out – here’s a hint, it probably isn’t any good.
This product tries to convince you that it is a fast and easy way to earn money, but really, you just risk losing a considerable amount of money.
Before You Buy
Please note, I am not endorsing this product in any way – but the sales video was too funny not to include. As you can probably tell, Money Magnet is manipulative from the very beginning and the sales pitch is full of hype.
It’s also worth noting that this is not a free product. Instead, you have to deposit into a broker account to even use what is being offered. Personally, I think $250 is far too high of an investment for a product that you don’t even know whether it will work.
What I Liked
Nothing. This form of product is one that particularly annoys me. It is manipulative and misleading – and should be avoided.
What I Didn’t Like
Manipulative and misleading sales videos are very common in the internet marketing industry, but this one in particular made me laugh out loud. Not only is the narrator a self-centered jerk (and probably also an actor), but the claims he makes are completely outrageous.
You can’t make money like that – it simply doesn’t work that way.
Honestly, the video for the product is ridiculous and just about everything the narrator says is either greatly exaggerated or just a downright lie.
The ‘system’ that Money Magnet is promoting is one that I have reviewed many times in the past and seems to be one of the new scams out there. Basically, the system is something known as binary options trading where you are essentially betting on options.
This type of trading is very risky, and you have to be right more than 50% of the time to even break even. The truth is, most people using this type of system will make a loss, and only those very experienced and knowledgeable about stock trading have the potential to make a profit.
Let me explain something else. This product (like every similar one out there) does provide software. The concept is that the software will help you choose the right trades, but it doesn’t really work like that.
The thing is, the way that options fluctuate means that there isn’t really any way for a piece of software to predict what is a good trade and what isn’t. Instead, your risks with software end up being similar to those without using software.
At the end of the day, this form of trading is filled with risk, and you should never try to earn money online through any approach that is little more than a gamble.
Who Is This Product For?
Honestly, I don’t think anyone should use this form of trading, particularly not people who are trying to get off the ground in making money online. Besides that, any salesman who tries to make you feel like an idiot is seriously not to be trusted.
Making money online legitimately requires work and effort, but it can be highly effective. I can’t claim that I earn money from 5 minutes of work every day, but I do earn a full-time income by working online and I had no skills or knowledge when I started.
Regardless of your skill level, I recommend starting off in Wealthy Affiliate. Wealthy Affiliate is a training site that is specifically designed to provide people with the actual information that they need to succeed and all the instruction and advice that they want.
Personally, I love the community aspect of Wealthy Affiliate, and the site continues to be a place where I go to look for information or opinions about my online business.