By the time we wrote this post, Spectrum 7 was just launched. Spectrum 7 (spectrum7.co) is created by someone with the alleged name Derek Folsom (and we believe that he is not a real person). This system claims that anyone can make at least $1500++ with his system. That’s actually a bold claim and is quite common lately, especially among tons of automated money making software like this.
For newbies, this is actually a binary options auto trading app (not to mention a trap as well)
Spectrum 7 Technology is just another software that allows you to trade binary options. In case you didn’t know, binary options are basically about making money by choosing call or put. For instance, if you think that the asset, let say EURUSD is going up, then choose call. If you think that the asset, is going down, then simply choose put.
If you spent time learning to trade the markets, let say forex trading, you should realize that there are tons of indicators that can help you making the accurate predictions, whether up or down, call or put. Usually, people will use candlestick charts or stochastic indicators to make the correct prediction, whether a call or put for binary options, or buy or sell for forex trading.
Can trading be automated?
Short answer: Yes it can. While professional traders might prefer trading manually, you can find programmers to automate the software, create custom indicators and run a trading robot for you. Automated trading, while risky, is actually suitable for people who are new to online trading, since it can cut the time and cost of trial and error. Otherwise, if you don’t automate the trading process, you will take years of time to learn to trade from scratch and then see positive results.
Can you really make $1500 per day with Spectrum 7?
The short answer is NO. While making money online is possible and getting bigger actually, Spectrum 7 is actually not the software that you should go for.
The reason is simple – this software is clearly geared for beginners who want to get rich quick. In other words, they are push button seekers who want to make easy money online. We have encountered tons of software like these before and to be honest with you, lots of them are garbage.
Derek Folsom is clearly an actor, the same goes for many testimonials inside the Spectrum 7 website
We already familiar with trading apps like these, and most likely, the person behind the Spectrum 7 video are all actors. Some of them can even be found and hired for $5 at certain freelancing sites.
There is no information about the broker in spectrum7.co website
If you browse the spectrum7.co website, there is no way you can figure out the recommended binary broker. You might not familiar with this, but successful traders will always choose to good, regulated binary options broker. Yes, we all know that users need to deposit money into the broker account in order to make the money, but the problem is, there is no information about the recommended broker in spectrum7.co website. Most binary options trading app like these will only work on certain binary brokers, and our concern is, usually trading app like this will usually recommend a bad, unregulated binary options broker.
A little bit about regulations
Regulations mean that the broker has some kind of license from the local government to operate their business and process payments all over the world, via whatever credit card that you are using. If you deposited money inside a regulated broker, then you will be able to withdraw them again. Therefore, experienced traders will always check for broker regulations in the about page section, before depositing their first $100.
On the other hand, if you hand over you cash to unregulated binary options broker, then you have to say goodbye to your money because unregulated brokers usually don’t follow the law. The problem is, there is no information about what kind of broker that you will be using with this Spectrum 7 software.
Reasons why we don’t recommend Spectrum 7 app
#1: Problem with the broker. You cannot choose a good binary options broker within this app. In other words, once you are inside, a login with the given username and password, you cannot decide which broker to choose from. In most cases, get the rich quick app like this will recommend bad, unregulated binary options broker.
#2: You cannot test this app on a demo account first. Another problem with free software like these is the fact you cannot test the water first with a demo account. In case you are not familiar with trading, you should know that good binary brokers will offer some kind of free trial version, known as the demo account. You will be given fake money inside the account, where you can trade and test the water first before putting real money on the line.
#3: Other than the testimonials on the website, there is no video proof of how this app works. Good software app will always provide some kind of real, genuine screenshot or how to videos on how the software itself works. In other words, if the video is 20 minutes long, then the creator should provide some kind of demonstration of how this app works, such as risk settings, trading styles, indicators and more. Too bad in spectrum7.co website, you cannot find any information on how this app works.
Verdict about Spectrum 7 product and alternative
While we cannot proof that Spectrum 7 doesn’t work, but based on our past experience, if one product sounds too good to be true, then it usually is. Expect to get your money dry quickly once you’ve deposited money into spectrum7.co website.
Find products that you can see what you will get
Real, legit binary options software don’t have outrages claims on their website because there is no need to do so. Plus, you can even see how the software works on a demo account before depositing real money on the line. We highly recommend Option Robot. Check out the Option Robot homepage here or you can read our detail review about this app here.