GPS Trader Review
It’s been a while since I’ve reviewed any software in the trading niche, but GPS Trader caught my attention. Everyone who’s new to an old niche tries to find a new selling angle, and in this case, the method used to promote this binary options trading software is to focus on satellites, hence the name GPS Trader. Of course, you don’t care about how it works; you just likely want to know what it does.
GPS Trader is binary options trading software. You can trade binary options in commercial markets, just as you can stocks, gold, foreign currency, or commodities. Binary options is pretty risky trading, and is usually for advanced traders, but the dozens of software programs on the market, including GPS Trader, suggest that making money is really easy, provided that you use their product. So, what’s the deal with GPS Trader? Does it work? Can you really make $850 per hour using it? Read on for the full GPS Trader review.
GPS Trader Overview
GPS Trader is downloadable software that you use to trade binary options. It’s free. Really. You can download it, install it on your computer, and set it up do do your trades automatically. As the glowing list of Facebook testimonials on the site suggests, it’s really easy to use and you’ll make a whole bunch of money really quickly without having to learn any of the technical aspects of financial markets.
The video on the Website says that GPS Trader has created some 27 millionaires so far, and they’re willing to let you sign up for free, but only for a limited amount of time. OK, so you’re probably wondering – if this software is going to make $850 per hour for you, how is the GPS Trader software making money for the people who are giving it to you for free?
If that question didn’t occur to you, it should be. In fact, any time anyone is offering software to you for free that they promise will make money for you, there’s going to be a catch. Software doesn’t write itself; it takes programmers and time, and programmers need to eat. Chances are that the guys who are offering the software aren’t programmers, either, so they had to pay someone else to write the software.
Why would someone pay someone else to write software so that they could then turn around and give it to you for free? No, that doesn’t make sense, does it?
What GPS Trader is really about: Here’s what’s really happening and why you probably aren’t going to be too interested in downloading GPS Trader.
In order to trade anything online, be it stocks, gold, commodities or binary options, you have to go through a broker. This is a company that provides data feeds and handles the transactions for you. Any online trading software requires the use of a broker. You set up an account with the brokerage and deposit the money that you want to invest. Then you use your trading software as an interface with that broker’s computer systems, and they, in turn, work with the market itself to help you make trades.
So, in order to use GPS Trader, you must first sign up with a broker, create an account, and deposit some money with them. You’ll likely have to deposit a minimum amount. It might be $250, or $500 or $1000, or even more, depending on the broker.
Conveniently, the creators of GPS Trader are going to recommend a broker to you. According to the site, GPS Trader has been tailored to work with one particular broker, and when you sign up to download the free software, you’ll be asked to provide an email address and phone number so that the broker can contact you.
Then all you have to do is deposit some money with the broker, start the software, and sit back and make a lot of money while the software does its thing.
Here’s another question you should be asking – If someone has a piece of software that makes $850 per hour, why would they give it away? If you had software like that, would you give it away? Would you even sell it? Or even tell anyone that you had it at all? Probably not.
Here’s the deal: GPS Trader trading software doesn’t work. We’ve never seen any binary options trading software that does. It might not do anything, or it might actually interface with the broker’s network and conduct trades that cause you to lose money. What GPS Trader won’t do is trade in a way that makes money, because that’s not what GPS Trader was designed to do.
What was GPS Trader designed to do? Get you to sign up with a broker and deposit money with them.
The online trading business is very competitive, and brokers are always eager to get new customers. They also know that if they can get you to deposit money with them once, then you’ll likely do it again and again, and when you make trades, win or lose, the broker makes money. There’s a lot of money in this business, and brokers are so eager to get new customers that they will gladly pay a lot of money to anyone who can send new customers to them.
How much? Anywhere from $200-$500 per customer. That’s right, every time you download the “free” GPS Trader software, you’ll sign up to have a broker contact you and encourage you to sign up and make a deposit. Once you do, the guy who gave you the “free” software earns several hundred dollars.
What recourse do you have if GPS Trader doesn’t work and you lose money? Nothing. After all, you didn’t pay for it, so you can’t ask for a refund. It was free, remember?
GPS Trader Conclusion
GPS Trader is one of dozens of software programs that we’ve seen lately that offers to give you something for free that will supposedly make a lot of money for you. In fact, the software will only make money for the people who gave it to you. Binary options trading is risky enough for experienced professionals, and no piece of free software is going to let you earn hundreds of dollars per hour, and that includes GPS Trader.
GPS Trader is not recommended.