Free Binary Options Software – Is It Really Free?
I’ve seen a lot of offers lately for free binary options software that is supposed to be able to let you earn thousands of dollars per day on autopilot while you’re out playing golf or doing whatever it is you do in your spare time. You can make money online with binary options, and you can also lose a fortune, so would-be traders and others who want to work online from home are always looking for some kind of edge.
That’s where all of these free binary options software offers come in. I’ve reviewed a couple of them, Binary App 810 and Auto Profit Replicator and yesterday, I came across another free binary options software offer, a product called Secure Trader. The sales pages are always the same – some guy tells you how he was losing his shirt in online trading, until he discovered “the secret”, which he managed to encode in an easy to use program.
That program is now something he’s using every day to make insane amounts of money online, and he wins 9 trades out of 10 or 19 out of 20, or some other improbably high percentage of his trades. In fact, he’s making so much money with this software that he wants to share it with the public. But he’s not going to charge you for it. Instead he’s going to offer free binary options software to you, just because he’s nice.
There are variations on that; the Binary App 810 creator didn’t offer to give it away, but instead insisted that you try it for free for 60 days and then you could use the profits you made from the software to buy the program from him – for $4999.
What’s Really Happening With Free Binary Options Software
I started to write a Secure Trader review, but frankly, these products are all the same and all work the same way, so I decided to just write one final blog post about these free binary options software products and get it all out of the way at once, so I don’t have to write any more free binary options software reviews.
Here’s the deal, and it’s pretty much the same deal for all of the free binary options software products that are out there.
1. You must register at the product creator’s Website to gain access to the software. In doing so, you must provide your email address.
2. The product creator will tell you that the software only works with certain trading brokers and that you must open an account at one of the “recommended” brokers, usually with a minimum deposit of $200-$500. In some cases, you’ll be told that you have to open as many as four different accounts in order to gain access to the software.
3. After you open your account(s) at the “recommended” brokerages, you’ll be given access to your free binary options software along with instructions for using it.
Then, presumably, you’ll be well on your way to making a lot of money and it’s all free, because of the free binary options software you’ve been given.
…that the software doesn’t work. The software never works. That’s because no one has yet created any software that can accurately predict how to make winning trades and that’s pretty much true across all trading platforms, whether it’s trading binary options, or FOREX or anything else.
So how can the product creator make money, particularly in the case where the seller wants you to try it before you buy it? If the software doesn’t work, you won’t buy it, and the product vendor won’t make any money, right?
No, that’s not the case at all. In fact, the free binary options software itself is a smokescreen. If you read all of the fine print, you’ll find that there’s no guarantee that the software will work, and there’s almost certainly a legal disclaimer on the site somewhere that makes that clear.
The vendor is making a lot of money, however; it just isn’t coming directly from you. It’s coming from the “recommended” brokers. There’s a lot of competition among brokers in all trading disciplines, and brokers are willing to pay a lot for new customers, which they do in the form of cost per action, or CPA advertising. A quick check of a few CPA brokers show that you can easily earn $300-$400 for each new customer you refer to a binary options broker, and sometimes more, as a few of them offer a profit sharing program for as long as a customer remains a customer.
The guys offering the free binary options software aren’t going to go for profit sharing, though, because you aren’t going to make money and aren’t likely to make more than one deposit, ever, with any particular broker. So they’ll take their $300-$400 one-time payout for referring you to them. Of course, if you follow their recommendations and sign up for three or four brokers and make a deposit at each one, they’ll earn $900-$1600 from you, all by giving away free binary options software. Pretty good deal, isn’t it?
You’ll discover that the software doesn’t work, and of course, you won’t have any recourse against the guy who gave you the free binary options software because he never guaranteed that it will work and because you haven’t paid him any money. You won’t be able to get your money back from the brokers, either, so you’d best hope that your trades work out.
Free Binary Options Software Summary
While you may not be interested in financial trading of any kind, but the business model that these guys are using is a common one, and every time you see someone offering a product, for free, with the suggestion that you can make money with it, you need to take a close look and see exactly what they’re doing to make money. No one in the make money online (MMO) industry gives anything away for free that actually works, and you can rest assured that if someone is giving something that looks useful away for free, there’s going to be something going on behind the scenes that makes money for them.
Trading binary options is not a good way to work online from home. If you’re interested in making money online, there are other ways to do it that don’t involve putting hundreds or thousands of dollars at risk. One great way to learn is to join Wealthy Affiliate, an affiliate marketing training program that will show you how to create an online business. Unlike free binary options software, Wealthy Affiliate does have paid products, and they’re upfront about it. But their basic training program, with a 10 module course and even free Web hosting, is really free. They’re hoping you’ll buy some other products, too, but the basic product is terrific, and you can learn quite a bit from it with no obligation.
That’s a better way to go than to try your hand at free binary options software.