After looking into the sales video, we don’t recommend Penny Millionaire to our readers. This product is obviously a binary options trap for newbies. There is no way you can become a millionaire by just depositing $250 into the broker account. Let us dive further into this system and see how this product works.
Penny Millionaire is actually not for people who are into trading. It is actually for gamblers
You might already know this, but Penny Millionaire is actually about binary options trading. While some people claim that binary options are not gambling, Penny Millionaire system is very close to gambling. Why? Because this is actually a lottery ticket and not another trading software.
It is actually not free like being advertised
While you can enter your name and email on the website for free, actually you need to deposit money into the broker account. The minimum amount is $250.
Not all people are qualified into this system (Too bad)
We entered our email into the website, as well as a UK phone number and too bad, we are not qualified into this system. The website rejected our applications since there are no more brokers available in our country. However, even if you are qualified, you still need to pay $250 to the recommended broker, which is not recommended by the way.
They didn’t mention how this software works and we doubt that whoever behind this product is a real trader
The video doesn’t even present the facts on how this software works. In other words, we doubt that whoever created this software is a real trader.
All they mentioned is the fact that this software works based on compound interest theory. Yes, compound interest is actually one powerful method for some investors to grow their wealth (More information here). However, this is actually not the case if you are into binary options trading. Binary options trading is not a system where you can earn money based on interest or something like that.
You cannot test this product on a demo account first
You might not know this, but a good binary options or forex broker will always provide a working demo account first before you can put a real money on the line and test their system. Binary options had been around for years and some regulated binary brokers already provide demo accounts, first, before their traders put money on the line.
The same goes for forex trading. There are tons of regulated forex brokers all over the web and all of them provide a demo account where you can practice and test the water first, before putting real money on the line.
A little bit about binary options, in case you are new
We have seen tons of binary options related products since 2013, and there is no sign of these scams are going to stop. In case you are new, binary options is actually a simple trading system where you can choose call or put.
For instance, if you think that one particular asset is going up, then choose the amount that you want to invest and then choose call or put. Let say you want to bet $10 per trade. If you think that the asset, let say EURUSD is going up after one hour, then simply choose call. If your prediction is correct, then you will gain $18. In other words, the binary broker will pay you $8. Otherwise, if your prediction is wrong, then the broker will take away all $10.
There is no stop loss, take profit or trading software that you can utilize. You simply trade based on time. This is actually somewhat different compared to forex or stock market trading, where you can buy when you think the asset is going up, or sell when the asset is going down.
The creator of Penny Millionaire, David Forrester is obviously an actor
Just like similar binary options scams before, Penny Millionaire used a fake actor to represent their products. We don’t have any proof that mister David Forrester really exists or not. The same goes for testimonials presented on the website.
Binary options trading is for people with gambler’s mindset
Unlike forex trading, with binary options, you will trade against time. So, it is closer to gambling because there is no way you can guarantee that your predictions are correct after one minute or one hour.
Alternative to Penny Millionaire and what we recommend
We highly recommend that you are into forex trading. Forex trading had been around for years and there are tons of trading systems or software which are scam free and rated highly on forex forums and trusted review sites.
If you are into trading software, we highly recommend Adaptive Trader Pro. This is actually a forex trading robot. Unlike other binary options systems, Adaptive Trader Pro can be tested on a demo account first, before you even put the real money on the line. No, this is not a get rich quick scheme. It is a real, profitable software that can make you real money over time.