As a binary options trader, you might have come across trading robots meant to automate the trading process. Now, if you are here, you have probably heard about the Snap Cash and are eager to know if it is a binary scam. Unfortunately, it appears that this trading system is a hoax and should not be trusted by traders.
If you want to learn more about how this scam functions and why you should avoid it, take a look at these details below:
What Is Snap Cash Binary?
One of the first things this system does to lure you in is to use an introduction video to outline how Snap Cash actually works. In this video, you will be introduced to Austin Ford, the inventor of the binary options trading system. The creator will give you some information about himself, including the fact that he is a self-taught coder. It doesn’t appear that Ford has much experience in financial trading, however.
Not to mention, there isn’t any information about an Austin Ford at all. When you research him, there are no links to be found, which further casts doubts on who he is. Also, when watching the video, the main presenter does come across as a paid actor. This can be said for many individuals featured in this video.
You are meant to gain insight into how Snap Cash works in the video. Nevertheless, Ford doesn’t actually give you much detail about how the system works. At one point, he mentions that it is similar to “Snapchat”, the multimedia messaging app. There are no other instructions on how you are meant to use the system.
Overall, here are some of the warning signs to watch out for in this presentation video:
- Irrelevant and over-promotional shots
- Sparse information about the product
- Requests personal information
- Staged situations
- False information regarding binary options trading
How Is Snap Cash Binary Supposed to Work?
Now, let’s take a look at how this trading system is meant to work and why this may be a red flag to watch out for. Essentially, this works on two different levels:
The Unlicensed Brokers
As mentioned, this binary options trading system is based on robots and trading signals.
Therefore, you need to sign up with certain brokers to be able to utilize the platform. This is the first obstacle you should be concerned with.
The Snap Cash system will only propose unknown brokers that have no real credibility. Therefore, if you do sign up with them and lose your money, there may be no way to recover it.
As stated, unless you sign up for the system yourself, you can’t tell how it’s meant to function.
This is because Ford doesn’t offer any real details about it. The only information he does provide is that a trade option will pop up on your phone every so often.
At this point, you will have the choice to either go ahead with the trade or decline it. There is a limited time to make such a decision as it expires shortly. It is uncertain whether you will be offered any other information regarding that particular trade.
It is rather apparent that this isn’t a legitimate system. You are not provided with any solid evidence, and the entire platform seems to be based on a shoddy design. This is further proof that it isn’t a system that you can trust.
Perhaps what really stands out about this system is all the promises Ford makes to his subscribers. He boasts about how much money he has made and virtually guarantees that you can do the same as well.
The reason why this comes off as a scam is because the promises aren’t realistic.
See, Ford claims that you can make thousands of dollars in a day. He then goes onto say that you can make more in a week with this app than you can all year working a 9 to 5 job. So why does this appear to be a false promise? Well, binary options are like any other form of trading – it carries a certain level of risk.
This means that at one point or another, you are bound to make a wrong move or trade. You will lose the money you have invested in this trade when this happens. Therefore, it is highly unlikely that you will be able to earn thousands of dollars within a single day. There are many scams like this.
There is also the fact that this platform almost specifically focuses on inexperienced traders. This is because most novice traders don’t understand how binary options are supposed to work and have even less knowledge regarding trading signals. As such, they are the easiest victims for these type of hoaxes.
No Legitimate Attachments
Many binary options traders have become used to the idea of dealing with unlicensed brokers. In fact, you may have used a few yourself. Still, there is a good chance that many of these brokers had a good reputation and were highly regarded in the industry.
The same can’t be said for the brokers put forward by the Snap Cash system. For one thing, none of them are licensed and aren’t overseen by any regulatory agency. Thus, you would find it quite difficult to report them, should something go wrong.
If this weren’t enough, Snap Cash doesn’t really have much credibility either. All the testimonials appear to be fake. The few positive reviews given are fraudulent as well.
They merely talk up the advantages of the system without offering any real insight into the features and functions.
In conclusion, it is apparent that the Snap Cash binary options is a scam. There is no evidence to show how this system is supposed to work or even what you are meant to do as a trader.
Additionally, the ‘founder’ of the system makes outrageous claims that the platform can’t possibly live up to. Therefore, when considering all this information, it is best to stay away from the system due to its malicious intent.
Go here to check out the top rated brokers that are not a scam.