Your email inbox may receive mail from Richard Brown stating that you have money already coming to you. You may even see some emails that are formally inviting you to become a member of The Millionaires Club for free.
This is where your “trash” button will be your best friend in not allowing you to be scammed.
The Millionaires Club
Owner: Richard Brown
Cost: $250 to be deposited in a brokerage account
Unfortunately, this is another binary trading site that is just taking you money with promises of making tens of thousands of dollars by using their binary trading robot to where you can set it and forget it and make money hand over fist.
Richard Brown is the owner of this site who tells you that he is a millionaire, and he wants you to be one too. The interesting thing is that I searched all over Google, Bing, and Yahoo for him, and there is no listing of him.
You would think that someone who is making millions would be all over the news websites of how he made his millions.
You Can Get Better Odds in Las Vegas
Using trading software, or “bots”, which supposedly is able to find you the winning trade in seconds is the same as sitting down with that ol’ “One-Armed Bandit” with your odds being less that 50%.
After you see their 20-minute video of Richard Brown showing you how he made his millions, then he brings in other “so-called” millionaires to confirm his software with a “Set-it and Forget-it” program to explain to you how they set up the software before they went to work, and came home to thousands of dollars in their account. Some of these example went as far as saying that they set it just before they went to get lunch and came back to making nearly a thousand dollars.
The whole idea behind this it having a software program that can quickly evaluate the world’s monetary system and tell you where to make your trade and be able to win at a “higher than normal” rate. You can place trades as low as $11 dollars per trade, or as high as offered. When you win you get 125% of you trade (example: $11 trade win will get you $13.75 back).
These programs encourage you to make $25 dollar trades each time.
Why? Glad you asked.
These programs get a commission each time you trade. That is where they make their money. The larger the trade, or the more trades made, the more money they make.
Remember, Binary Trading is based on different countries currencies outperforming others. Just like in the stock market, you can watch their value go up and down right before your eyes.
This form of trading is popular and legitimate, but you have to know what you are doing. It can be compared to the days of “Day-Trading” back in the 90’s.
This was being done when the economy was very strong and the internet was just in its infancy and much money could be made quick and easy. But could be lost just as easy.
One could sit down in their home and actually buy and sell stocks and make money from doing it. But, there was never a software program that could do it for you. You had to sit at your computer and constantly monitor to know what was going on to prevent loss or achieve gains.
Hopefully, I have given you a little understanding of how these Binary Bots work.
Like I mentioned before, Binary Trading is legitimate. But, you have to either educate yourself on the ground rules, or allow a trained broker to help you.
There Are No Advantages or Disadvantages
This is the same scam as My First Online Payday that I had written in a previous post.
Each one of these Binary Trading scams that I have seen always wants you to deposit $250 dollars in a trading account. What I found interesting was that all of the brokerage accounts offered were based in Great Britain (UK). There was never a firm in the USA offered.
Then slowly, but surely, I started to see these websites are being disallowed in the United States. There are others that I will post in this site as SCAMS. When I would research them by placing an email address in their request fields, many of them would have a banner up stating they could not accept clients from the United States. I hope that other countries follow suit.
Now, this doesn’t mean that they can’t scam someone by opening up a website quick before they are noticed and shut down by the United States.
Your email address is gold to this scamming element. They will buy thousands of email addresses to send out “teaser” junk emails in the hopes that someone will bite. You will find more out there when overall financial times are tougher.
So in the meantime, I am making this review/SCAM ALERT to also warn people in other countries.