Binary App-810 Review- Another Trading Scam or Not?

Posted by Vince in Borderline | 0 comments

Binary App-810 is another online program designed to help people make money in a kind of home based business. It is a fully automated binary options trading software program that you can download and install on your home computer. 

As you probably know, binary options refer to stock or currency options with payoffs that either net you a certain fixed amount or nothing at all. You may have heard of them as “all or nothing options”, as “digital options” on FOREX or as “fixed return options” on AMEX. These options are unlike normal options which tend to have payoffs on a continuous scale instead of just all or nothing — hence the term “binary”.

According to Binary App-810’s promoters, you simply turn the app on and watch it engage fully automatically in binary options trading online, and hopefully bring you a handsome profit with practically no effort on your part. It requires a minimum of $200 to fund an online broker account to get started.

That, at least, is the theory. An experienced binary options trader might find some use for this software, though it’s unclear to what degree the user can intervene in the software’s trading algorithm. But there are all kinds of reasons why this software would be a horrible choice for a newcomer. Let’s take a look at some of the downsides of this scheme, especially as they pertain to newcomers to the game.

First and foremost, it’s important to understand that binary options trading is a form of gambling, not a form of financial investment. This is because, in the words of pre-eminent Internet wealth building expert Gordon Pape, “no one, no matter how knowledgeable, can consistently predict what a stock or commodity will do within a short time frame” (Forbes, July 27, 2010, “Don’t Gamble on Binary Options”). 

So the point is that if it’s gambling you’re looking for, then you don’t have to bother with binary options. You can lose your shirt at a nearby casino or with your favorite state lottery just as easily, and you don’t have to buy any software to do so. And if it’s stock or currency investment you’re looking for, even if you understand the hedging strategies that may make you want to trade in options, then you probably have no business trading binary options, as Pape was already pointing out years ago.

Besides the obvious downsides of the cost of the program and the almost certain inadvisability of any newcomers to the trading game messing with this app in hopes of making a quick, home based, effort free buck, there are other cons to be counted against Binary App-810 as well:

There is no independently corroborated track record for the program’s trading success.

Highly experienced, old school traders are not yet convinced that Binary App-810 is not just a scam, separating well intentioned people from some of their money with no substantiated promise of any net profit from use of the software.

Reports from the financial blogosphere are virtually unanimous in saying that there is practically no customer support for the software. That is obviously a major downside for any newcomer who is unfamiliar with binary options trading in the event that the software does not seem to be working correctly.

In summary, while we don’t want to tell experienced traders what to do or not to do, we cannot recommend Binary App-810 to newcomers at all.