In this review we are going to have a look at a new binary options scam called “Magnetic Profit”, it is presented by David Silversmith.
What is Magnetic Profit about
Silversmith tells a story about how he used to investigate binary options scams, which allowed him to understand binary options and build a profitable strategy. Later he programmed this strategy into a fully automated trading system called Magnetic Profit.
Silversmith Claims that his system made him over 11 million dollars last year and that it can make money for you too. In fact, he claims that he personally guarantees that you will become a millionaire. Otherwise he’ll pay you $50,000 from his own pocket.
Why is Magnetic Profit a scam
This is actually funny, because this is the first time that we hear a scammer admitting that through his app he is sending new traders to brokers that he is affiliated with, which earns him affiliate commissions.
Silversmith says it in his video, but he forgot to add that the rest of his story is a big lie, that his software does not work and that it will lose your money.
Silversmith uses the usual lie: My system is free, put away your credit card. But the truth is that you won’t be able to use Magnetic Profit until you deposit at least $250. So you will be risking your own money and the trading robot will then lose your money.
The usual scammers’ trick is to use a fake counter of free spots to put you under pressure so that you act fast without thinking. They need you to deposit fast and start trading without reading real reviews of Magnetic Profit like this one. Just reload their page and the counter of free spots will be again full, there will alway be a place for anybody.
The most tangible proof that Magnetic Profit is a scam comes with testimonials. They are of course faked and made with paid actors.
See this example. Not so long ago we’ve seen a certain Garry Cousier who is supposed to be the co-founder of Gold Trade Microsystem, which is a scam, by the way.
And surprise, the same guy appears in the Magnetic Profit video saying how he’s earning money with it. So yeah, this guy is a known scammer supporting binary options scams.
Scammers are really damaging binary options, because they promise unreal things, just like Magnetic Profit does.
But binary options are a legitimate trading tool used by real traders to make real money. If you are interested to see how it works, try a free demo and you’ll see the true nature of binary options trading. Then you can decide whether you’ll continue and try to build your own profitable strategy.