Today we are going to have a look at a new binary options scam called „The Bonus Busters“, it is presented by Alex Goldman.
What it is about
The Bonus Busters is a binary options trading system combined with an original strategy. It is supposed to take advantage of bonuses that brokers give to new depositors. Therefore it should not need a high winning rate.
Because the strategy is to open a new account, get a 100 % deposit bonus, let the Bonus Busters trade for you just to meet the turnover conditions for withdrawals, and then withdraw your deposit and the bonus. This way you are supposed to double you deposit within one month.
Why is the Bonus Busters system a scam
Goldman says in his video a lot of things that should be warning signs for you. For example he is not telling the truth about withdrawal conditions. He says that after accepting a bonus you cannot withdraw anything until you meet the turnover criteria. But this is not true, normal brokers cannot limit deposit withdrawals in any way, the turnover condition is related to the bonus amount only (and sometimes a lower turnover is related to profits).
Goldman also says that his system uses High Frequency Trading on binary options, which is a big joke, because it is impossible, see under the link.
One thing he forgets to stress is that the way he is describing Bonus Busters means that you have to open new accounts each time with a new broker and you can never come back to the same broker with his system, because brokers would not give you a deposit bonus the second time. How many brokers are out there? You would soon run out of options and could not make money in the long run.
But the biggest stupidity of the Bonus Busters scam is to say that it can trade binary options with a winning ratio of 60 – 67 %, see image on the right. With such a winning ratio you would be making comfortable money with one broker all the time and you would not have a single reason to withdraw everything and go to another company! If a system can trade profitably, there is no reason to play games with bonuses.
The Bonus Busters system is in fact the same scam as all the others that Goldman is describing in his video. He does exactly the same thing, he is getting paid by brokers to refer new traders. He just made up a story different from other scammers, otherwise he is the same.
So let’s close this review with the usual reminder: you can make money on binary options, but you have to learn and trade yourself, nobody will do it for you for free.