The Secret Millionaires Society Binary Options Scam

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    Top Broker!
    Best Choice For Beginners!
    Free Trading Education!
    Free Demo Account!
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  • BINOMO
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    Perfect For Experienced Traders!

Is Secret Millionaire Society Scam?

Secret Millionaire Society promises very high and quick profits to traders. But does this Forex Robot really work or is it a Scam?

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DISCLAIMER: All Information such as Winning Ratios, Results and Testimonials are to be regarded as simulated or hypothetical. All the information on this website is not intended to produce nor guarantee future results. There’s no guarantee of specific results and the results can vary.
RISK DISCLAIMER: Trading Binary Options is highly speculative, carries a level of risk and may not be suitable for all investors. You may lose some or all of your invested capital; therefore, you should not speculate with capital that you cannot afford to lose. You may need to seek 3rd party financial advice before engaging in binary option trading.

Binary Options Millionaires – Real Or Fake?

We have all heard these ‘binary option millionaires stories’: someone started trading binary options a week ago, and now they are a millionaire. But are these stories true? And if so, can you repeat them? Let’s take a close look at what you can expect when you start trading binary options.

In this article, you will learn:

  • Why The ‘Get Rich Quick’ And ‘Millionaire’ Stories Are A Myth,
  • Why Binaries Remain A Sound Investment Vehicle
  • How To Achieve Long Term Success.

With this knowledge, you will be able to start trading binary options with realistic expectations and achieve long-term success.

Millionaire Myths: Get Rich Over Night

Stories of people who got rich with binary options are generally intended to mislead, and stories of those who got rich overnight are of little help to new traders. We recommend ignoring them because they all fall into two categories: lies and luck. Let’s look at both types a little closer.

Type 1: Lies

As with any advertising statement, some get-rich-quick stories are just lies. Untrustworthy brokers made them up to attract gullible traders. Likewise, marketers will create these millionaires to encourage them to join the immoral brokers.

Brokers that use such tactics are not to be trusted. If they lie about the success of their customers, they probably lie about other aspects of their business, too, including such essential aspects as payouts and available assets.

Of course, it is difficult to tell for newcomers to the binary options world whether you can trust a broker’s stories. Our pages on how to avoid scams highlights the tactics used. There are enough genuine, honest brokers around, so that traders can walk away from a firm should they have any doubts whatsoever.

Type 2: Luck

Some great success stories are the result of sheer coincidence. Simply put, when enough people do a thing, all outcomes will happen – including great luck.

Assume a coin flip tournament with 1,000 starters. After the first flip, there will be 500 players left, after the second flip 250, after the third flip 125, and so on. Soon, there will be only one person left.

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Top Broker!
    Best Choice For Beginners!
    Free Trading Education!
    Free Demo Account!
    Big Sign-up Bonus!

  • BINOMO
    BINOMO

    Perfect For Experienced Traders!

Now, if this person has bet all their money on every flip, they will be incredibly rich. The coin flip provider will use them as a poster child to market the quick and easy money you can make by flipping coins. Their success, however, is neither a result of a great investment tool nor their genius nor of a great strategy.

Millionaire Success Stories

Their success is merely a consequence of the odds: when enough people do something, someone will have incredible luck. Some people have survived 13 plane crashes or a fall from a skyscraper. But does that mean that you should try to repeat their actions? Hardly.

If you tried the same strategy, you would fail. There is a fifty-fifty chance that betting all your money on every single coin flip would ruin you with your first trade. If you get lucky and win the flip, you would face the same odds again. Even if you are a lucky enough to win ten flips in a row, the 11 th flip would likely ruin you.

The same applies to binary options. People who make a lot of money in a short period used an unsustainable strategy and got incredibly lucky.

Broker Tactics

There is a rumour that some brokers use this knowledge to their advantage. They give many of their employees £10 to start trading and require them to invest everything on every trade. Most of their traders will lose this money, which means that the broker gets it back. Sooner or later, however, one employee will be lucky enough to win enough trades in a row to become a millionaire.

The broker can use them as the poster child for their next advertising campaign. On the other hand, brokers do not really need to use such questionable methods. Once they have enough customers, one of them is bound to create such a story.

The point is: people who got rich overnight with binary options failed to use a strategy that could generate long-term success. While they got incredibly lucky, you would be foolish to bet your money on the same one-in-a-million chance.

Luckily, there is a better option available.

Using Binaries Long Term

Let’s be honest: if there were an investment tool that would turn out millionaires overnight, everyone would use it. As we have explained, these millionaire traders are generally nothing more than a marketing scam.

That, however, does not mean that binary options are a bad way of investing. Just like stocks will not make you rich in the blink of an eye, nor will binaries. But a solid long-term strategy can nonetheless create great profits.

The main ingredient of long-term trading success is a trading strategy. With the right strategy, you can successfully trade many types of assets. The great advantage of binary options is that they offer more profitable investment tools than any other type of asset.

If you want to get rich with binary options, you can. But it will not happen overnight. What you need is a solid strategy, long-term commitment, and the right knowledge. Let’s look at all three of these aspects.

Binary options success factor #1: A solid strategy

To successfully trade financial investments, you need a good strategy. Random investments will quickly ruin you. A strategy defines when you invest, how you invest, and how much you invest. It also contains a plan to monitor your success and keep improving.

One of the most important points of a successful strategy is that you invest a small percentage of your overall account balance in every trade. When you invest between two and five percent in every trade, you survive losing streaks and gradually grow your capital.

Traders who became rich quickly lacked a good strategy because they necessarily invested more than a few percent of their money in every trade. When you invest half of your money in every trade, you have a small chance to get rich quickly, but the infinitely more likely outcome is a failure.

Even the best binary options traders only win around 70 percent of their trades. That is easily enough to make money – just like winning 70 percent of all coin flips would be enough. However, when you are unable to guarantee that you will win every single trade – and nobody can guarantee that with any kind of financial investment – you have to plan for losses. Sometimes, you will lose three or five trades in a row; sometimes, you might lose ten trades with only a few winning trades in between.

If you bet too much on a single trade, you will soon end up bankrupt. This is why a get-rich-quick scheme is a bad strategy, and why you should invest for the long-term.

This website provides a wealth of information about trading strategies and the right approach to the market. Use it, and you will enjoy long-term success instead of quick failure.

Binary options success factor #2: Long-term commitment

Learning a new skill takes time. Trading binary options is the same. There is a lot you have to learn about the different binary options types, your own personality, and the market itself. In a world where financial advice is freely given but rarely well-thought-out, you have to learn how to separate trustworthy sources from those that only want your money.

All of this takes time, effort, and commitment. Nobody learned to speak overnight, and learning to trade takes just as long.

Of course, talent is an issue, too. On the other hand, binary options offer so many different trading styles – from mathematical to pattern recognition, from very safe to highly risk – that almost all traders should find a style that matches their talent. Once again, this site and our strategy guides can help you with this job.

The rest is up to you. Invest the time and the effort, and there is a good chance that you will see great results. Because most traders offer demo accounts that allow you to trade completely risk-free, you have nothing to lose.

Keeping a trading diary can help you with this job. Write down why you made a trade, which tools you used, and which environment you were in. Monitor your success over time and find the things that work well for you. Eliminate everything else.

Binary options success factor #3: The right knowledge

Maybe the most important aspect of binary options success is the right knowledge. We have mentioned this point a few times, but we can’t stress it enough. Find a trustworthy source of knowledge and never stop learning.

With this site, you have made the most important step along the way. Come back, read our articles, and try the strategies we recommend. You will soon find the trading style that is right for you.

Conclusion

Like any type of work, becoming a successful binary options trader requires hard work. While it is possible to get rich overnight, good strategies focus on long-term success. Get-rich-quick schemes work for one in a thousand traders; the rest will end up broke. Ignore these stories and focus on the one thing that can bring you success: hard work.

Here’s what you do:

  1. Learn from the right sources.
  2. Apply your knowledge with a risk-free demo account.
  3. Once you know how to make money, switch to real-money trading.
  4. Keep improving.

Follow this approach, and you will be better off than chasing impossible promises.

Binary Options Broker Scams

Do you want to check whether a broker is scam or legit? Currently there are over 100 binary options brokers and many of them are scam. We took the time, to do some research and test the most popular binary options brokers and here is the list.

We add new brokers in a daily basis, but if you have a suggestions or you have been scammed, please let us know and we will try to help you.

This is currently the biggest list of this kind on the internet. Please help us by sharing the list on your website and blog or social bookmark the page.

List of Legit and Scam Binary Options Brokers (Last Update: April, 2020)

Broker Name US Trusted/Scam CYSEC/ASIC Regulated Status
HighLow Trusted Yes Online
IQOption Trusted Yes Online
365Trading Trusted Yes Online
BDswiss Trusted Yes Online
24Option Trusted Yes 1st July, 2020 – removed binary options completely
Nadex Trusted Yes The only regulated US brand. Accepts US clients only.
Finpari Neutral No Online
No1Options Neutral No Stopped accepting new traders
BigOption Neutral No Stopped accepting new traders (August 2020)
CedarFinance SCAM No Online
10Trade Neutral No Online
365BinaryOption Neutral No Online
99Binary Neutral No Online
AnyOption Neutral No 28th June, 2020 – stopped accepting new customers
BancDeBinary Neutral No Out of business. Fined by CYSEC Jan2020 / Not accepting new traders 2020
Bloombex Neutral No Stopped all marketing activities
BossCapital Neutral No Online
CherryTrade Neutral No Online
CToption Neutral No Online
EZTrader Neutral No Online
FMTrader Neutral No Online
GOptions Neutral No Online
GrandOption Neutral No Online
InteractiveOption SCAM No Suspended license (April 2020)
LBinary Neutral No Online
MagnumOptions SCAM No Closed (2020). One of our readers reported it as scam.
MarketsKing SCAM No Out of business. Not paying affiliates (November 2020)
MarketsWorld Neutral No Online
Opteck Neutral No ASIC Warning | Most countries are not accepted anymore (July 2020)
OptionFair Neutral No Online
OptionRally Neutral No Online
OptionWeb Neutral No Temporary traffic suspension (September 2020)
PorterFinance Neutral No Online
RBOptions Neutral No Online
RedwoodOptions Neutral No Online
StockPair Neutral No Online
TitanTrade Neutral No Online
TradeThunder Neutral No Online
Tradorax Neutral No Online
TropicalTrade Neutral No Online
ZoomTrader Neutral No Online
OptionTime Neutral No Broker is out of business
EveryOption Neutral No Broker is out of business
GlobalTrader365 SCAM No Broker is out of business
EZBinary Neutral No Broker is out of business

Link to this list. Copy paste this code into your website:

Trusted – These are the best binary options brokers. We consider these to be the safest brokers, meaning that there is no evidence that this broker is a scam.

Neutral – These brokers are either too new with little to no reviews or they have mixed user reviews. Some of these brokers have almost impossible first deposit bonus conditions, therefor some users report them as scam, even if they aren’t.

Scam – Do not sign up with these brokers. Scam brokers are known for stealing money from the traders (ex. not allowing withdrawals).

Binary Options Signals Scams and Fraud

Unfortunately there are more and more binary options scams nowadays and there are a few things you should take into consideration before signing up.
Maybe you saw some ‘make money from home’ video that sounded too good to be true, but you still signed up? Most of the time these are binary trading signal websites (also called binary options robots).

Most of these kind of websites are scam and not the binary options brokers you sign up with. Don’t fall for these false promises of making thousands of dollars overnight with ‘little known, secret software’ giving you over 90% accuracy.

This is how these binary options trading signal sites work:

  • They make a website with a video and a signup form. Most of the time that’s all they have on their homepage.
  • They make a long 20-30 or even 45 minute video, where they tell you how good their software is and how few spots are left on their website.
  • They add fake testimonials on form of text on the homepage or video reviews (such reviews can be bought for $5 on another website)
  • They tell you that the software is free, but they require you to sign up and deposit to one of their recommended brokers. This is how they get paid: the lure you with a fake software and get paid by the brokers for referring you.

List of Binary Options Signal Scams

Following signal providers are considered to be scam and are not recommended: 1K Daily Profit, The Millionaires Club, Daily Trader Club, The Italian Method, Profit Magnet, Rock The Stock, Zulander Hack, Binary Matrix Pro, The London System, Elite Millionaire Society, My First Online Payday, Trade Fusion Exposed, Free Money Guaranteed System, Magic Money Machine.

US Brokers And Regulations

If you are a non-US trader, it’s advisable to pick one of the regulated brokers. If you are a US trader, you have no choice but to pick one of the unregulated brokers, because regulating firms like Cysec do not allow US traders. As a consequence, there are not US brokers that are regulated, but keep in mind that no all of them are bad, they are just not regulated.

Binary Options Scams – What Else To Look For

We cannot guarantee for any of these brokers. Unfortunately there are many brokers (especially new ones) that simply disappear, not paying traders.

Don’t choose brokers that haven’t been around for at least a year.

On this page we also inform our users about any unethical business practices. The truth is, these unethical brokers are capitalizing on the legit brokers, by offering similar services, bonuses and platform. However, once you deposit money at the wrong broker, you will most probably lose it. There are many legit brokers out there, so make sure to choose wisely.

Most new traders don’t know about the sign up bonus tricks of the brokers. If you sign up and accept a sign up bonus, without reading the terms and conditions, you will most likely lock your funds. These bonuses have a restriction that is very hard to fulfil, therefore you will not be able to withdraw your money. Always read the terms or ask your manager to explain the bonus for you.

Identity Check On Deposits And Withdrawals – Are They Safe?

Most binary options brokers want to (or are obliged to) know who their are getting the money from or they want to check whether the person withdrawing the money is the same as the depositor. This is necessary to avoid credit card fraud, money laundering and possible account hacks. You shouldn’t wonder if the broker asks for a copy of your ID or utility bill, however if a broker asks for your credit card info for social security number then be alerted. You should never, under any circumstances give this sensitive information away.

When Is A Broker Considered Scam

Nowadays you will find negative reviews about really everything. Even the best and most respected brands in the world have negative reviews. We’ve even seen cases where losing traders claimed that the broker they were trading on was scam, only because they lose all their money. It’s not always easy to have a clear overlook on these things.

When we a broker as scam, we always have evidence from multiple sources including:

  • user reviews on multiple websites and forums
  • user who email us
  • user reviews on scam report sites
  • brokers that lose their regulation status
  • brokers that do not pay traders or affiliates

I’ve Been Scammed – What Can I Do?

First of all call your bank and explain your situation. Ask for a charge-back because there is a slight chance that you get your money back. If you use PayPal, you will be able to open a dispute and get a chargeback.
Also make sure to contact us, and let us know exactly what happened. All we can do is to publish your negative review on our website and warn other traders.

Warning: Be extra careful with brokers that accept US traders. Usually these brokers are not regulated, this means that your money is not as safe with them as with regulated brokers. If we find enough evidence that these brokers are scams, we will list them on this page.

13 February 2020 – Opteck gets ASIC warning. Australian traders should avoid this broker. Opteck does not have a valid license to operate in Australia. See the list below for more warnings and scams.

27 September 2020 – Optionweb temporary traffic suspension.

Don’t forget to share this list with others and social bookmark it.

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Top Broker!
    Best Choice For Beginners!
    Free Trading Education!
    Free Demo Account!
    Big Sign-up Bonus!

  • BINOMO
    BINOMO

    Perfect For Experienced Traders!

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How To Choose Binary Options Broker 2020
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