Product Name: My Binary Code
Product Owner: ‘Ronnie’
Upsells: Deposit to actually trade
What is it?
Just another binary options trading company trying to convince people that this is a good way to make money.
My Binary Code is a little more honest and up front than most sites promoting binary options trading, but it is still very misleading. The site is promoting binary options trading and making it seem like this approach is a risk free way of making money. There are many words that can be used to consider binary options trading, but risk free is certainly not one of them.
Before You Buy
Binary options trading is not something you can just pick up and try. The sites that host binary options trading force you to make a minimum deposit before you can start trading. Normally this deposit is between $200 and $250 and it is normally very difficult (if not impossible) to withdraw any of this back out if you change your mind.
What I Liked
Even though it is misleading, I do like the fact that the site provides more information about what binary options trading is than most other sites in the field.
What I Didn’t Like
I can tell you something for certain, My Binary Code is not a product that has been seen on Fox News, USA Today or anything like that, despite the site’s claims to the contrary. This type of claim is pretty common, and what the site tends to mean is that the concept of making money online was seen on those networks.
Honestly, that’s pretty much a no brainer. Making money online is a hot topic right now particularly with the challenges in the economy that are going on. There are legitimate approaches to doing this, but that doesn’t mean that every company that promotes making money online is going to work.
Realistically, the vast majority of products online don’t work nearly as well as they claim, and many don’t work at all.
So, what about this one?
Personally, I would agree with the first six points here, but the last three are completely untrue. I mean, to start off with, a 98% success rate suggests that there is 2% risk, which isn’t the same as no risk. Additionally, the 98% success rate unrealistic to the extreme.
The approach being promoted here is binary options trading. Now, the site is a little more honest than most about what is actually involved, but even then the entire pitch makes this form of trading seem risk free and reliable. It isn’t.
Take this for example:
This is one of the images My Binary Code is using to promote binary options. For the most part, the description the site gives is correct: you choose whether to call or put based on the way you think the market is going to move. If you are right, you win money, if you are wrong, you lose money.
However, markets are tricky. Even a ratio that is steadily increasing will have fluctuations over time. Because of this, you can’t take a trend and assume that it is going to keep going exactly like that.
Most binary options sites promote software – this site is a little different. It is promoting a specific ‘system’ for winning. On paper, the system looks fine, but there are so many assumptions and misleading things about it. To start off with, the probabilities are entirely made up.
There is no way to say that a trade is going to have a 67.4% chance of winning when all trades and all markets are very different than one another. Realistically, any trade has a chance of winning of close to 50% because it’s kind of like flipping a coin – either it is going to land on what you guessed, or it won’t.
Now, if you know the market you are trading in very well and know what influences it, you might have a better chance, but it still won’t be that much better.
As My Binary Code points out, if you win a trade you get 81% profit. What it neglects to say is that you lose what you put in if your trade failed. If you got 100% profit from a successful trade, you would have to win 50% of the time to break even. Because you don’t, you have to win more often.
Even with consistently trading in the same market or stock, there no way that you will ever have a 98.9% chance of winning a trade. That doesn’t happen. Markets are just too unpredictable for this to be case.
So, My Binary Code is promoting a three-step process for making money through binary options, with the ‘probability of winning’ going from 67.4% to 79.1% to 98.9% with each consecutive trade. Thing is, the image for the trade is the same each time even though the site claims different probabilities for winning.
Even if this approach worked exactly as the site claimed (which it doesn’t), it is still far from risk free. The concept is that you do step one until it works. At a (claimed) success rate of 67.4%, actually winning might take two, three or even ten times. Each time you lose the trade, you effectively lose money.
Once you finally win with the first step, you move to the second one. Again, if the probability is what the site claims, you may well have to try more than once. If you do have to, you go back to step one. The same goes for the third step. Following all of this through would end up with you losing money, not gaining it.
In fact, this is what an article on Forbes had to say on the matter:
It is referring to a site with a slightly lower rate of return for a trade, but the argument is the same. However you slice it, you have to win more than half of your trades to break even and the odds of winning a trade aren’t much better than half.
Finally, binary options trading is a largely unregulated industry and many of the sites out there are actually illegal in the United States. All-in-all, binary options trading has more similarities to gambling than it does to making money online.
I do want to make three other points about this particular site. First, the quality is really bad. I don’t know who wrote their copy, but some of it is just strange. In particular, they can’t seem to work out where capital letters do and do not belong, and whether to use numbers in sentences or spell them out.
Second, the entire header for the site is manipulative. It gives the impression that you are at a full and comprehensive site, but all of the other ‘categories’ are just dummies and do nothing at all. This is clearly intentional and is very manipulative.
Third, and perhaps most important – the ‘approved brokers’ that the site links to, both give this feedback when you click on the link:
So it looks like My Binary Code managed to annoy the people it was promoting or the people it was promoted got their sites taken down. Either way – it’s a little amusing.
My Binary Code claims that binary options trading is fantastic and a guaranteed way of making money, but it simply isn’t true. There is very real risk involved in binary options trading and it does cost. If you want to make money online, it is simply not the way to go.
Anything that resembles gambling is not a good business strategy, particularly not in the long-term. If you want to be successful online, the best way is to develop your own business through affiliate marketing. It might not be as glamorous, but with the right training, you can be successful in the long-term without having to basically bet.