My Binary System Review- A Borderline Scam I Think

Posted by Vince in Not Recommended | 0 comments

Recently, binary trading options were flourishing due to claims of high returns and low risks. This gave birth to various programs such as the My Binary System, which took the advantage of the popularity to increase its business. As it happens, this scheme is very much like the various financial market scams, using distorted information, false advertisement and sales hype to force the reader to trust the system and invest large sums of money.

What exactly is My Binary System?

My binary system is a binary options trading program which asks its customers to join the binary options market through its program and invest anywhere between $250-$25000 upfront. The system is an affiliate program itself and the creator of the website gains commission every time someone joins it.

So how does this program work?

After a lot of build up about how you can be a millionaire and live life king size, the system finally comes down to explain how it would work. Just that fact sounds a bit credible when you consider other such binary trading programs skip the part completely.

However that little faith is vanished the moment one knows the absurd, speculative and downright foolhardy working of the system. In short, its a betting and gambling site which has received a professional makeover.

According to the system, once you deposit a fixed sum, you will have to place a bet on a particular stock or asset. If you lose the bet, you should double up the investment on another stock, and in case you win you should reinvest the same amount. So for example –

In case someone bets $10 on a particular option and loses, he/she should invest $20 now on another asset. In case of a winning bet the $10 should be re-invested on another stock.

By doing this the website claims that it progressively eliminates the possibility of losing a bet until it becomes impossible to do so. The sheer absurdity of this working makes it quite hard to understand the fact, and the sales page takes advantage of this confusion to try and make the reader understand that its easy and possible when it never is.

So why is My Binary system a big scam?

First of all, binary options markets are extremely volatile and short term investments where practically everyone makes profits out of sheer luck. It is unlike the other financial markets where you have time to think and invest, and the maximum time frame of a contract here is 1 week.

Apart from that, most of the contracts are judged as a win or loss based on the flow of trades. So if someone bets that a particular asset will rise, then the asset should rise constantly, without dropping even once, for the contract to be considered as a winning one. However, since the binary options are based of real world financial markets like equities, currencies and commodities, there is basically very little chance of this happening.

If this isn’t enough, the site asks you double you bets every time you lose. If the average time of contracts are considered, a person would have invested $250 in two days and probably will lose every bit of it to the volatile market. If someone wants to make money online, there are better ways to do it.

Even investing in regular markets is safer than diving into binary options.
Considering that, and the fact that the website is a affiliate product, using sales hype, false advertising, and an absurd logic, it just cannot be recommended to join the program which basically has ‘scam’ written all over it.