Website: Online Wealth Markets
Review Summary: Another binary options software promoting an unregulated broker based in Cyprus. This is nothing new and won’t help you make tons of money overnight, in fact you will almost certainly lose money with this. I do not recommend this.
Price: $250 minimum broker deposit
What Is Online Wealth Markets?
This is something that has been popping up a lot lately and after receiving a request from a reader, I decided to see what it was all about. It’s marketed as a risk free way to make money trading binary options. Unfortunately, there’s nothing risk free about it. This is a craft way to get people to deposit $250 or more into a broker they are affiliated with, nothing more. When you make a deposit, they make a commission.
The website was created in September of 2015 and is owned by an anonymous affiliate for their recommended broker. The entry price starts at $4.95 and when you click away it traps you in at $1.95 and eventually lets you sign up for free.
Exposing The BS
There are many red flags with this and I’ll go through a few of them here to give you some insight into why I don’t recommend this.
#1 The Free Money Deception
One of the key selling points and what makes this so convincing is how it doesn’t cost anything and they actually give you money for nothing. Upon registering you are immediately led into a demo trading account and are given $50 to start out. All you need to do is hit the red or green button as prompted and apparently you’ll make money. Pretty cool right?
Here’s the reality… this is just a simulation and there is nothing real about it whatsoever. It is not connected to the real market and it’s geared for you to ‘win’ every time. This is done to lure people in and get them excited about the software, plain and simple.
The bonus they are giving you is not real money:
It’s nothing more than virtual money and as I will explain below, it comes with some enormous strings attached and is actually a bad thing. Why do they offer a bonus in the first place? After you’ve made several hundred dollars, you’re WAY more likely to open a live account and deposit real money. When you deposit the minimum $250 of real money, they make a commission whether you win or lose.
The person presenting this makes it ABUNDANTLY clear to viewers that the funds are in fact yours and can be withdrawn at any time as long as you deposit your initial $250. He re-states this many times. The problem is, you cannot withdraw this bonus at any time and that is a blatant lie.
FACT: You must place trades that equal a value of 40-60 times of whatever the initial bonus was.
For example: I was given the $50 and played 5 of their simulated games which made me $177.78 to be precise. If this was credited to my trading account after depositing the $250 of real money, I would need to place $7,111.20 – $10,666.80 worth of trades before I’m allowed to withdraw any money at all.
I’m sure many of you are starting to see the con game these guys are playing. Unfortunately, there’s no such thing as a free lunch in this world. Well… maybe if you win the lottery right?
This kind of bonus ‘catch’ is very common among online casinos and binary trading platforms, a lot of people have no idea about the terms and conditions when it comes to bonus money. I know I didn’t until I got caught out with something similar a while back. It’s often better to completely avoid any kind of bonus when it comes to these things as they only work to trap people in. By the time you’ve traded that kind of volume, your money will be long gone.
Why? Because this software does not help you make money as they claim it does. In other words, to claim that several hundred dollars in bonus money means losing thousands of dollars. That’s a slightly different story to what they guy in the video stated.
#2 Is It Really Risk Free? Nope!
Another bogus claim made in the sales pitch is how “there is NO downside and NO risk whatsoever”.
If you ask any real trader in the history of trading if theres no risk involved they’ll most probably have a good laugh. Risk is the very essence of trading and this software has certainly not changed the game. In fact, there own terms page admits this:
Trading in Binary Options is speculative and involves a high degree of risk and can result in the loss of your entire investment. Therefore, trading in Binary Options is appropriate only for persons who understand and are willing to assume the economic, legal and other risks involved in such transactions.
Trading is, always has been and always will be risky. Do NOT trust anyone telling you it’s going to be easy to make tons of money with a ‘special software’. In my experience, they are never legit.
#3 The Guy In The Video Is Just An Actor
I managed to find the guy presenting this software on a freelancing website known as Fiverr. He has absolutely no idea about binary options trading or this software because he is an aspiring actor. He does video testimonials for under $10 a pop.
Nothing against the actor personally, he’s just been hired to do a job! But wouldn’t you think that if this was a software that could pay someone $10,000’s of dollars each week that the owners would be proud to share it themselves? Instead, they choose to hide behind an actor, provide no information about who they are and have registered their website anonymously.
The Broker Is Not Regulated
The broker these guys are trying to convince you to join (the one they are affiliated with) is called Binary Brokerz which is an unregulated brokerage being run out of Cyprus. The fact that they are not regulated is of serious concern, I cannot overstate this enough.
They are a fairly new company and some claim they do provide good customer service however there are a good number of complaints across various websites from people having their accounts blocked and waiting lengthy periods of time to receive their funds after a withdrawal request.
Legit or not, trading with an unregulated broker is a serious risk in itself in my opinion. Proceed with extreme caution.
How This Really Works
- Sign up and play a few rounds of their demo account which determines your bonus amount upon opening a real account. The purpose of this is to get you pumped
- Deposit $250 of real money into BinaryBrokerz.com
- Get your ‘bonus’ money credited to your account
- Lose your money quite quickly and long before you meet the 40-60 times trading volume withdrawal requirement
- The anonymous affiliate gets a commission from your initial deposit and the broker makes money as well, regardless of whether you win or lose
It’s also worth noting that the ‘Online Wealth Markets’ website is directly connected to a network of known scam websites that I (and many other sites) have exposed in the past. They simply change the site name and URL and keep using the same template across many scams. There are many fake news websites and fake opportunity sites that now point to OWM instead of the typical link posting scams they normally promote. This is probably because it converts well for them, as in many people are buying into this which is making them a lot of money. The icing on the cake is that these websites are known for selling your personal info to other marketers and spamming people with calls, texts and emails to get you to buy more stuff.
The bottom line is that when you look at all of these factors together it doesn’t paint a very good picture.
What I Liked
There’s nothing I like about these binary option scams. They are literally flooding the internet and misleading many people in the process.
What I Didn’t Like
- Deceptive marketing hype
- Claim it’s risk free when it’s not
- Claim the bonus money is yours to withdraw “whenever you like” which is simply unture
- The broker is not regulated and allow con artists like this to promote their platform which speaks volumes
- Connected to a network of known scam websites
Unfortunately, this is just another binary options scam and won’t help you make easy money, let alone $50k per month. These kinds of push button systems a rife on the Internet with many new ones popping up every single day. The only way to guard against them is to educate yourself about what works and what doesn’t, certainly no easy task but it can be done. Anything promising you easy money is a dead giveaway and should almost always be avoided.
Binary trading in itself is legitimate and many folks do earn an income this way. Rest assured though, they know what they are doing and do not make their money by relying on a ‘secret’ software. They understand the inherent risks and educate themselves thoroughly which is something I highly recommend you do if you want to trade online. If you’re looking to make money online though, I personally believe there are better options to consider.