Product Name: The Millionaire App
Product Owner: Unknown
Upsells: Have to deposit $200 to actually trade
What is it?
Software for binary options trading that claims to make trading less risky and more profitable.
The Millionaire App is a binary options promotion that offers users software that is supposed to help them make money through binary options. Realistically, binary options is an ineffective and risky approach to money making, and people often find that they lose money that way rather than earning it.
Before You Buy
$200 is a lot of money to deposit in trading when you don’t know how well it works. People often find that they have difficulty getting any of that money back, regardless of what claims the company makes.
What I Liked
The one thing I liked about this product was that you do get access to the software and a manual for it before you make a deposit with the trading platform. This is something that most similar products don’t do, and it does give you a better idea of what is actually involved in the software and how it is supposed to work.
What I Didn’t Like
I hate misleading marketing, and this product is one of the worst offenders that I have seen in quite some time. The sales pitch starts off by telling you that the product is entirely free, without any hidden fees.
Sound too good to be true? It should.
Honestly, this claim is a blatant lie. The only thing that is free about the site is access to the members area – and honestly the membership area is just another sales pitch. Now, this entire thing is an approach I have seen many times before, and it isn’t at all free.
In fact, the very first step once you get over to the members area is to sign up with Titan Trade and deposit money with them. The minimum deposit for signing up is $200, which can put quite a dent in your wallet.
I want to be clear about something – the software that the author is offering will not do what it claims to.
The entire money making approach is based on a concept called binary options trading. This is something I have covered before (multiple times) and is a very common scam right now. At face value, binary options trading sounds okay, but it isn't really.
Basically, binary options trading involves betting on the way that a stock will change, and making money if it changes in the way you predict. However, you also lose money if you picked wrongly.
Because of the rate of return and the fees involved in this type of trading you have to make the right pick more than 50% of the time. This is actually very difficult to do, and binary options trading actually comes down largely to chance.
That’s why many people get fooled into depositing the $200 and find that they lose it all in trading. In reality, binary options trading is not that different than gambling, and you end up with a pretty low chance to actually make profit.
The concept here is that the software provided will increase the odds of making a good pick, meaning that you should (in theory) get more wins than losses, and actually make a profit. The problem is that it’s pretty hard for software to predict how stock is going to change, and the software really won't increase your odds of winning significantly.
Same Song and Dance
What bothers me the most about The Millionaire App is that I have seen this all before – far too many times. There are a lot of products out there that take the same approach.
In particular, they offer you free software for options trading on the condition that you sign up for trading with a specific company. I have heard from people who have actually tried the software and they all say that they ended up losing money.
Binary options trading is risky and should not ever be viewed as a legitimate approach to making money online. To put it simply, making money is never something that should be left to chance, and binary options is chance and nothing more.
Most binary options trading sites have the standard disclaimer that is required in the United States. This disclaimer basically notes that the shown results are not typical and also that there is risk involved in trading.
Personally, I find it concerning that this particular company doesn’t have the disclaimer. Not only is it misleading not to, but I think there is a pretty big chance that the website will get closed in the near future, leaving anyone using the software high and dry.
The Millionaire App is basically just another attempt to get people involved in binary options trading and does so by making promises that the product has no way of keeping. Getting involved in The Millionaire App is a surefire way to lose money.
There are legitimate ways to make money online, but binary options is not one of these. Instead, binary options is just chance and you stand to lose everything that you have invested in it. A much more effective approach to making money online is to develop your own online business.
With your own business, you have the chance to develop a steady income without the risk that goes with binary options trading. Furthermore, an online business has the potential to grow much more than trading through binary options ever could. This is why I recommend Wealthy Affiliate, as the site offers training for people of all levels of experience and is a fantastic resource.