The Profit Magnet has been launched a few years ago, but then it has been relaunched this week. Just like other binary options scams that we’ve seen before, the Profit Magnet software is being advertised as free, but in order to see how this software works, you need to deposit at least $250 into the recommended binary options broker, and we don’t recommend it by the way. Let us dissect one by one on how the Profit Magnet software looks like.
A little bit about online trading and binary options trading
Binary options trading is a new form of online trading which took place back in 2014. Unless if you live under the rock, you should understand the term stock market trading and also forex trading. In stock market trading, you need to buy one asset when you think the asset is going up. And then, sell the asset when it is going down.
In binary options trading, you need to pick one decision. For example, if you think that one particular asset is going up, let say after one hour, then simply choose the amount that you want to trade and then choose call. Otherwise, if you think that the asset is going down, then choose put. If your prediction is correct, then you will be paid back all your money + 85% of profit. For example, if at the beginning of the trade you choose to trade $10, then if your prediction is correct, then you will be paid $18. Otherwise, if your prediction is wrong, then you will lose all $10.
Can anyone make $200++ per hour with the Profit Magnet software?
The short answer is: We will be surprised if you can make that kind of money with this software. Like being mentioned, binary options trading is risky, so it will be hard for anyone to earn that kind of money. Plus, we don’t think that whoever created this software is a real trader. But more about that later on.
Is the Profit Magnet software (www.profit-magnet.com) free to try?
It is actually free to access, but not to try. Yes, you can access this software for free, that is by entering your name and email into the website. But then, you still need to deposit money into the recommended binary options broker and we don’t recommend that. In case you are curious, we actually have the screenshot of the member’s area of Profit Magnet (www.profit-magnet.com).
The pop-up ads distract us from seeing the real member’s area of this software, but as you can see, this is actually just a signal service. You will be given a signal after certain time period based on percentage.
Why we don’t think that the creators of this product are not even a real trader
The reason is simple: A real trader must know what they are doing. In other words, the signal must be based on certain calculations, such as indicators, or perhaps news results. Real traders will usually trade based on indicators of charts, like candle stick chart, moving average and so on. Too bad the Profit Magnet software doesn’t even have that kind of feature or indicators that traders can rely on. In other words, while the creators of this app could be good software developers, they are also not even real traders.
We were assigned to Plus Option, which is not a regulated broker
In case you didn’t know, there are tons of unregulated binary options broker out there. Professional traders always choose a real, regulated binary options broker. In other words, the broker must mention the license numbers of their company right on their about page. Regulated binary options brokers will usually have some kind of demo account to traders before any trader can deposit money into the broker. Unregulated binary brokers don’t. We don’t know about you, but in our case, we were assigned to Plus Option, which is not a regulated binary options broker.
Verdict – Save your money, save your time
We don’t recommend Profit Magnet app for 3 reasons:
1. There is no trial version of this product. While it is being advertised as free, Profit Magnet is not really free to try. In fact, you need to deposit money into the broker account in order to see how this software works. Otherwise, you cannot see the signal, and let alone test this program on a demo account.
2. It recommends unregulated binary options broker, and this is a bad idea. You might not know this, but there are so many cases that people cannot withdraw back their fund with unregulated binary options broker. In fact, our readers keep searching on Google trying to figure out how to withdraw their money back once they are inside an unregulated binary broker.
3. It is not created by real traders. We doubt that anyone can profit from the signal service being mentioned on the website. That is because we don’t think that this product is created by real traders. While they could be very good at programming and video creation, but we don’t think that whoever creating this Profit Magnet software know what they are doing.
What if I still interested in binary options trading?
The short answer is: Please, find a binary broker or system that can be tested on a demo account. In case you are new to online trading, all legit forex and binary brokers provide a free trial version of their trading account, known as the demo account to all traders.
In a demo account, you will be given thousands of dollars of fake money so that you can test the robot or strategies for a while before you are confident and 100% ready to put real money on the line. Once you are ready, then you can switch to a real account and then deposit real money into it.
Alternative to Profit Magnet software
We have done our research for almost a year, and find out that Option Robot is the best system for trading. The reason is simple: We know that Option Robot works and whoever created this system know what they are doing. In other words, we 100% think that they are real traders who really want to help.
Don’t take our words for it. You can visit option robot website to test this system on a demo account first. No need to deposit money until you are 100% ready. Or you can also read our optionrobot.com review for more details.
- Free to access, $250 to try.