Here we go again. It is time to look at yet another entry into the binary options market, this time a product called Trade Sniper. If you’ve been following my site, you’ll know that I have made reviews like this in the past. After all, there are dozens of different sites within the same narrow niche and they tend to be very similar to each other.
Trade Sniper is in the binary options niche – which should be a major red flag of its own.
Sites in this niche have the habit of promoting themselves as amazing solutions for making money online, but they fall far short of their claims. Trade Sniper is certainly no exception to this rule.
Sometimes binary options sites will tell you rags to riches stories to get you interested. Other times, they try to shock you to get your attention. For this site, it is the latter approach:
A key selling point of the app is that it is free. If you had the chance to try and earn money with no risk and little time investment, would you? Probably. Most people would. That’s what the video for the site promotes, but of course, it isn’t accurate in the slightest.
That’s the catch with binary options. The approach isn’t free and there is a lot of risk involved. But, before we go into that, let’s talk about the actual potential to make money.
There’s a bit of clever wording with this claim. Basically, it’s saying that you could earn up to $350,000. However, because that’s the max that people tend to earn, you probably won’t.
In reality, it’s a bit like buying a lottery ticket. You could win $1 million… in theory. But the odds of that are very low.
There are actually no guarantees in binary options and the approach is one that puts you at the mercy of the market and of some random piece of software, which may or may not actually work.
Binary options is an approach where you try to predict the way that an asset will move in the market. If you’re right, you get money, if you’re wrong, you lose what you put up.
If you don’t understand the markets you are in, then binary options trading is little more than guessing, which makes it as risky as gambling.
But, what about the software?
The first thing to understand about this software is that it isn’t unique. I have reviewed many many sites in the past that use the same promotion strategy and software that is almost identical.
The software doesn’t even make sense anyway. It’s supposed to be using some super-secret algorithm to predict changes in the market, probably based on trends and market data.
But, binary trading moves too fast for this to really work and the time scale is much too short. Even if there was a trend in the data it still bounces up and down very quickly. No software in the world has the ability to predict something like that.
In fact, even the ‘proof’ of the software is highly questionable. It would be easy enough for the author to record until he actually got a win and then edit the video accordingly. After all, winning a binary options trade is basically a 50/50 chance, so he would win eventually.
Money and Binary Options
The big issue with binary options is money. The odds of winning are roughly 50%, but if you win, you win what you put in plus 85%. In contrast, if you lose a trade, you lose what you put in.
Based on luck alone, if you won back what you put in plus 100%, you would break even. Because you don’t, the house always has the advantage (much like gambling). This makes it pretty much impossible to make money.
Furthermore, you are betting with your own money.
That’s the biggest catch right there. Technically speaking, Trade Sniper’s software is free, but it’s a freebie you only get if you buy something. In this case, you have to deposit into the binary options broker of the site’s choosing (BeeOptions) and you have to meet their minimum deposit.
So, you have to deposit $250 into the broker to even see the software. That’s a lot of risk and getting money back out of binary options brokers is very difficult.
In general, this means that if you deposit that $250 into the broker, you will probably lose it all and the software won’t really help you at all.
At the end of the day, Trade Sniper is yet another company that wants you to think that there is a quick and easy way to make money online, even though this isn’t actually true. There are many people who do make money online, but the process isn’t effortless.
If you want to learn the hard way…the way that actually works…you can join my 5 day email course on how to make money online. No, it's not easy. But that's what makes success at the end of the tunnel so sweet.