Albert says that he used to work for a bank, but at 37 he decided to leave and work on his own. Together with his colleagues he created the Social Tech Trader, which is an app for trading binary options.
According to Albert this app is making $920 a day in average to each user and you can be one of them. For free, because they need more users to make the app more profitable.
Social Tech Trader is a scam
In this case we are again facing a very typical binary options scam. Let’s have a look at some of the most obvious proofs.
On the Social Tech Trader’s web page you can see a quote supposedly from Fox Business, but we made a research and Fox Business never mentioned this app nor the Social Trading Tech company. So it is fake.
Scammers usually stress that their software is free and Albert is no different. He says that he won’t ask you for any payment.
Well, this is a big lie, because in order to use the Social Tech Trader app you will be required to deposit at least $250 of your own money into a trading account.
- the trader does not choose the investment amount when placing a trade
- no return ratio is shown
- no strike nor actual price are shown
- when you open a trade you don’t see the expiry time
- the trader places an AUD/USD trade which becomes CAD/USD at expiry
So this is pure fiction, the app is not a real trading app, it is a huge fake. Look also at the news stream, news keep jumping up randomly with different dates, absolute nonsense.
Another huge fake comes with the trading accounts screenshots. Look at the screenshots from three supposedly different traders. They were all taken within the same minute? Really?
Three different people from different places took screenshots of their accounts in exactly the same minute?
No, of course not, the pictures have been faked.
The Social Tech Trader scam works like other scams do. People behind it will get paid for every new depositor they refer to their broker. So they desperately need you to deposit money with their broker, everything is focused on this, because it will earn them money. If you fall into their trap, deposit and trade your money with their app, you will lose it.
The amount of binary options scams is incredible. But if you don’t trust anybody who promises you free money but ask for your deposit first, you’ll be safe. And if you want to see how binary options really work and how money can be made in trading, try a free demo.
You will then discover that binary options are a perfectly legit and standard trading instrument. It is just that some people unfortunately try to abuse them.