Price: Minimum $250 Deposit
Type: Binary Trading
Rank: 0/100 – Scam!
What Is Profit-Magnet?
Oh look, we have another one..
Profit Magnet is a binary options trading website that promises you can turn $11 into $220 every hour. It does this by claiming to give you access to its so-called automated trading software, which claims to earn you up to $1,000 per day in income. But how legitimate is this claim and are these $1,00,000 bank account screenshots truly legit?
For the most part, almost every new binary trading product I’ve seen always falls short on its false promises and guarantees. They continually attempt to lure new binary traders in by promising that you’ll no longer lose any more trades. But we all know, that it’ll take a lot more work then some bogus software in place.
How Much Is It?
Profit-Magnet tells us that the software is completely free. But there is a huge catch to this. In order to “activate your software” you’ll find that you need a $250 minimum deposit to fund your brokers account; a bit of misleading information that the Profit Magnet site does not tell you about beforehand.
Funding Your Brokers Account
The reason why you need to fund your brokers account is so you can begin trading. To get started as a binary trader, you always need to start with some kind of investment. In the case of Profit-Magnet.net, you’re actually required to deposit no less then $250.
The reason for this is because you’re basically assigning them to be your binary broker. This then allows them to receive a commission off both your current and future deposits into any binary trade.
This is partially why these binary trading software scams have become so prevalent. It’s become so lucrative for these guys, they’ll do almost anything to make you believe that their newest “binary software” works. But the truth is, that these lavish lifestyles they pretend to show off and live, these million dollar bank accounts, and “winning” screenshots are all fake!
How Does Binary Trading Work?
Basically after you invest your first $250 deposit, the software will go ahead and disperse these funds pretty much into any live trade. The claim here is that it carefully chooses which trades to deposit your money into by analyzing these so-called binary signals. But that’s not the case. It disperses your funds randomly. There is nothing special or unique behind these softwares other than the fact it disperses your money for you, instead of you.
The chances of you winning any given trade is almost always a 50/50 split. In a way, it’s kind of like a gamble. Sorry, it’s not kind of like a gamble… It is a gamble! While you can win on a trade however, you can also lose just as well and you won’t just end up losing a portion of your investment but all the money that was placed on that trade. For that reason, binary trading is probably one of the riskiest ways to try and win money.
Now this is just my opinion, but both binary and forex trading is not a smart way to try and earn money online. It’s inherently risky and there are so many schemes involved with this kind of money making (or losing). Lets say you even end up going on a small winning streak. Well chances are, that eventually the opposite will happen too, and you’ll find yourself suddenly going on a losing streak.
Is There Any Logic Behind Binary Trading?
Contrary to popular belief, there is almost zero logic behind binary trading. A lot of people think that as long as they can properly analyze the history of a given stock that they can then begin to predict in which way that trade will go.
Essentially, it can only go one of two directions (up or down). If you correctly guess in which way that trade is going to go, you end up winning on your trade.
The thing here is that unlike stocks, binary trades are traded on a very short-term basis. There is no long-term trend to try and analyze here. It continually fluctuates through out the day so to try and predict which way it’s going to go next, is nothing more than a random guess and gamble on your money.
Profit-Magnet is not the type of product to put your trust in by any means. I know how tempting it can be just to want to try a product that promises to make you an average of $1,000 a day. But if earning $1,000 a day through binary trading was as easy as using this software, everybody would be doing it.. Including myself.
The truth is, that these products find and lure new individuals to this kind of get rich scheme only so they can lose it all in the end. I’ve seen one complaint after another with products like Profit-Magnet and honestly, every single one them is the same. They first claim that the binary trading software is free, that it has some kind of magic ability behind it, with nothing to show for afterwards. It’s the same repetitive process and I can only hope that one day, these binary trading products will come to an end.
For now, your best bet is to find a way to start making money legitimately instead of looking for products promising you’ll earn $1,000 tomorrow. Do you see how easily and simple they setup this product? Literally all they did was add a few widgets and images and some fake testimonials with an FAQ section. It really is that easy for them to trick and deceive people into thinking that this binary trading software is the latest and greatest of making money.. Do yourself a favor, and stay away from this one!
Thanks for checking out my Profit-Magnet Scam Review. If you have any questions or comments, please leave them below.