Right from the very beginning, Payday App slams you with ideas and dreams of a fantastic life and the concept of being rich beyond your wildest dreams. This includes photos of mansions, yachts, private plans and an account with more than $3 million dollars. It all sounds wonderful, but like so many things, reality is a bit different.
The sales video is actually quite amusing because it starts off with this idea that your belief system directly influences whether or not you are successful. Now, I’m sure this is true to a degree, but certainly not to the extent that the video implies.
In reality, the site isn’t promoting a way of thinking or an approach to life at all. Instead, it is promoting one very specific system for making money online. Personally, the misleading opening is one that makes me very suspicious about the ‘free’ app that the site is actually promoting.
The idea that any app is going to make you a guaranteed $20,000 per day is pretty absurd. If this really were possible, you wouldn’t be hearing about this on a backwards site that sprang out of nowhere.
I’ve actually seen sites like Payday App time and time again online. It is getting to be an old routine, but you shouldn’t be fooled by it.
Payday App is actually promoting a very specific approach that people often think will make them money. It’s known as binary options trading, and it is very controversial.
With binary options trading, there is absolutely no way for any site or company to guarantee you any type of income. The approach is like trading on the stock market, only much riskier. Payday App is trying to convince you to get involved in the process without really telling you much about what is actually involved.
This is actually one of the biggest issues with binary options. People get involved in this type of trading without any previous experience and no real knowledge of the field. Instead, they get involved because they think it seems like a good way of earning money.
In doing so, most people entirely underestimate the amount of risk that is actually involved.
To get started in binary options trading, you have to deposit a certain amount of money into an account with the broker. In this case, the amount you need to deposit is $250, and this is probably the most common deposit amount.
$250 is quite a bit of money to put into an approach that you don’t know much about. Theoretically, you can withdraw this money back out, but in practice binary options brokers make this hard to do.
Most of the time, you have to provide information to ‘prove’ your identity to actually get your money back, which tends to include a photocopy of your passport or driver’s license. That is information that you really shouldn’t be giving a random site online.
In binary options trading, you try to predict how assets will move. This is hard to get right, because markets are never predicable. Roughly speaking, you have a 50% chance of guessing right, but you would have to be right closer to 60% of the time just to break even. As with gambling, in binary options the house always has the advantage.
Payday App is promoting its own app as a way of balancing the odds. The running statistics on its site suggest that the app won 2,954 trades, out of 3093 total trades. This is a win rate of around 95.5%.
If this were actually true, then it would be great, but a win rate of 95% is completely unrealistic for binary options trading. Even the most skilled trader in the world couldn’t reach this win rate and no app is going to come close. In reality, the trades are either faked, or many of the losing trades have been excluded.
In fact, you just have to read the disclaimer to realize how unlikely you are to make any money with Payday App:
Making Money – Not Risking Money
Making money online can be done, but risking your money through sites like Payday App is never a good idea. Aside from the risk, the issue with these sites is that they don’t offer any type of long-term plan. Instead, they are just a flash in the pan and you will often find that the site itself disappears quickly.
However, there are legitimate long-term ways to earn money online. A much more reliable approach is to make money through a website, something that I do and many others do also.
This is a very effective way to make money and there is a lot of excellent training online that can help you learn how to go about it the correct way. If you want to be successful, you need a roadmap to get there, not just an “app”.