Binary trading is the rage on the Internet — largely because it is addicting and seems easy to understand. Binary options are based on a simple ‘yes’ or ‘no’ proposition: Will an underlying asset be above a certain price at a certain time? Traders place trades based on whether they believe the answer is yes or no, making it one of the simplest financial assets to trade. And if it feels somewhat like online poker, don’t be surprised. It is! As in poker, you want to commit as much money when you’re in front and try to minimize your losses when you’re behind. The simplicity of the yes/no proposition has made this kind of financial gambling attractive traders, poker players seeking higher stakes and newcomers to the financial markets. That one of many reasons why you should avoid MyCashBot.
This “investment trading system” was allegedly created by Dustin Crow — who apparently doesn’t exist or whose incredible success has escaped all notice by Google or the media. The large numbers of all over the internet report that My Cash Bot is ripping people off with their system of inept, or crooked, brokers is the first tip-off. The second one; in order to qualify for Cash Bot you will be required to deposit $250 with one of the CashBot brokers The brokers are all located outside of the U.S. in offshore tax havens like the Maldives, Cyprus, Mauritius and the like.
Another tip-off: the fake testimonials on the My Cash Bot website are inflated with outright lies and then compounded with a video presentation that, if you follow carefully, offers nothing but claims of exaggerated income. It resorts to the scam-revealing “only a few positions left” ploy and the “it’s totally free” gimmick tells you that it is anything but once you sign up for the My Cash Bot system.
Our bottom line: Binary options scammers like CashBot are designed to take your money by promising you riches that will never be delivered. The only people making money with this system apart from the marketer behind it is his affiliates who are promoting it. On a weekly, even daily basis, new programs are launched, all claiming to be the same kind of thing, a super software or program that automates trading for you, so that you’ll turn an initial deposit of $250 into thousands of dollars almost instantly. They’re all the same! Different video, different name, but same old scam. In fact, some of them use the same actors. We’ve reviewed a number of other scandalous binary trading sites — they are all worth avoiding.
If you are interested to trade binary options you have to be careful and research every service or broker before you sign up and deposit funds. They are extremely risky and quite addicting. And scams like MyCashBot are among the worst in that they offer you absolutely no information about how their system is superior to any other investment system – not that any of them are legitimate.