In this article we are going to have a look at a binary options scam called MyCashBot. It promises to automatically trade your account and make you a Millionaire within weeks. For free.
We don’t know about you, but for us it is enough to read again the first paragraph of this article to know that MyCashBot is a scam. If not, within a few months almost everybody on Earth will be Millionaire, right?
The truth is that an open automated binary options trading system that would be profitable in the long run does not exist. In fact, all these systems that are promoted do the opposite, they lose money of people who fall into their trap.
We very strongly suspect that it is a new plan of scam binary options brokers that are not able to get new traders honestly, so they create or associate themselves with these scams that push new traders into their hands.
The first problem are these brokers. Often you will not even find relevant contact information about them, they are not regulated and they refuse withdrawals to their clients for all sort of reasons. So it does not matter what you do or how you trade with them, you will never see your money again.
Does MyCashBot differ from all these scam systems? Not really. It brings nothing new. There are false trading account statements, a false countdown of free licences available that will never expire, there are promises that you will become Millionaire within weeks, false awards… We’ve seen everything.
Just look at their alleged awards. What are they? Who awarded them? They are not clickable, no additional information is available. The truth is that these are just graphic games, these awards are fake, they should make you feel secure, but is a pure fraud.
So what would happen if you join MyCashBot? They will force you to deposit money with NRGBinary. They say they are based on Cyprus, so they should be regulated by the CySec, but they are not in their list of regulated investment firms, so it is very suspicious. So it definitely is a broker that you should stay away from. Ask yourself why MyCashBot is spamming you and pushing so hard to make you join for “free”? Why they won’t let you try it for free on a demo account? Because they will make commissions on losses that this system will trade for you.
Trading binary options is a business almost like any other. It is serious. You can make money with it, but you first have to learn it. You most definitely won’t become a Millionaire overnight. Yes, binary options are easy to understand, but they require some time before you master them.