In this review we will have a look at another automated binary options trading system called ProfitProphecy. It is really nothing new in the series of scams we’ve seen recently.
It is the same concept repeated again and again. A supposedly successful binary options trader Mark Brown created a system that can trade automatically and make huge profits. And he is so kind that he is giving it away for free.
Let’s first have a look at how he promotes his system, his promotional video is full of lies.
- There is a false counter of remaining copies available on his page, it quickly goes down to one to make you act quickly. But reload the page or visit any other day and you will see that you can join any time, the allegedly limited spots will never be taken.
- “Everything is free” – that is a big lie. His trading system might be free, but you will be able to start using it only after depositing money to a trading account, the minimum is $200.
- “A form of trading a few people know about” – Another huge lie. Binary options are well known all over the world, trading them is something very common and normal.
- “Generates exactly $15500 per day” vs. “Exponentially growing profits” – Mark Brown first says that he will give you $15500 out of his pocket, which of course is not true, he will never give you a single penny, you will have to deposit money, as we explained. Secondly he says his system makes only and exactly $15500 per day, but then he shows false statements saying that profits made by his system are exponentially growing. This is contradictory.
- “Somebody cares about you and send you an invitation” – He tries to make you feel special, but he promotes Prophet Prohecy with spam, so it is another big lie.
Now let’s have a closer look at the trading system. He will never show it to you beforehand, you will never be able to try it on a demo, which is a big warning sign. A serious and honest trader would let you try it first before you risk your own money. But the first thing you have to do with ProfitProphecy, is to open a live binary options trading account and deposit money.
Why? Because it is just a big scam. Mark Brown will earn commissions for every person that opens an account and deposits, that is what he needs you to do, that is why he is telling you all those lies. What happens next does not matter to him, because he will get his money.
We’ve seen a lot of these systems, they are all the same. We’ve even tested several of them, they were always losing money in the long run.
If you don’t want to lose your money, stay away from ProfitProphecy, it would trade your account to zero. Another big problem is that it forces you to open a trading account with unregulated brokers such as SpotFN or OptionsArea. So even if you made money with them by your own trading, you would probably never get paid. We hear a lot of complaints about these brokers, they don’t honour withdrawals and they are not reliable. You can earn money with binary options only if you learn to trade them and build your own system.