Product: Oil Millionaire App
Cost: $250 minimum brokerage deposit
Review Summary: Binary signals that apparently set you up to be an oil tycoon and make a ton of money on auto-pilot. This is nothing more than another push button binary options crock.
The Promises ‘Donald Olsson’ Makes
I have to say this is pretty low grade in terms of the efforts made to make it seem legit, I’ve seen a lot more convincing stories than this backed by more crafty testimonials. This one has made my job of exposing it pretty easy I have to say… thanks Donald, or whoever you are!
To illustrate my thoughts I’ll break this down into four distinct lies he has thrown at people to sell his system…
Lie #1- He Is Not Even Real
Ok so first of all it doesn’t seem as though Donald Olsson even exists, let alone his claim of being an ‘oiligarch’…
What the heck is that anyway??
From what I can tell it means he is the kingpin of oil trading… pretty neat for someone that doesn’t exist huh? I also hear that BobbyFakeName is dominating Wall Street… or not.
That is pretty typical with these kind of things, a lot of these guys use fake names so there’s no surprise there.
Lie #2- He’s Never Lost Money
Any millionaire in the world (ESPECIALLY traders) will look at that statement and laugh… I mean come on!
Business and success in general comes with risk and traders are no exception, in fact they are always losing money. The only difference between the winners and losers in this game are the ones that minimise losses and maximise wins, they average out on top after many losing trades.
That’s pretty much like saying you’re a professional race car driver and have never been overtaken! Ridiculous.
Lie #3- You’ll Be Using Other Peoples Money To Buy Oil
This is probably the biggest lie going in this scam, this is nothing short of an absolute and complete lie that won’t take you very long to figure out. You will be depositing your OWN money into his recommended trading platform to get started and be trading with your own money.
No matter what system you use or what broker, you will be using your own cash to make trades…plain and simple.
Lie #4- This Will All Be On Full Auto-Pilot
Not one single trading platform in the world will allow you to just plug in and make money with no effort, skill or knowledge about trading. What this joker is giving you is a useless binary signals software that does one thing, gives you indications.
If you don’t know what you are doing this means jack… professional traders use indicators but only alongside knowing what they are doing!
Why It’s Free
The only reason this software is free is because this guy (whoever he is) is making money based on your initial and future deposits into this trading platform.
He is almost certainly an affiliate of the BinaryBook trading platform. That’s why he is doing it, not because he is so rich and such a nice guy like he says. Lol!
It is also worth noting that through email and phone marketing (spamming) you will be convinced to deposit more money after your initial losses and a lot of these guys try and up-sell you into a much more expensive software or personal trading on your behalf.
This is very common.
Why would you trust a word coming out of their mouth after what you’d just been lied to about? Think carefully before shelling out your hard earned cash. Many people are losing tens of thousands of dollars this way so don’t think it will stop at a few hundred if you are not careful.
You could potentially lose a LOT of money with this!
The Fake Testimonials
This is probably the funniest attempt I’ve seen at someone trying to give people testimonial proof, it’s so ridiculous it’s a good laugh in my opinion. There is literally not one single shred of credibility in any one of these testimonials.
He even blanked out the last names… what more can I say.
Two Main Risks With Programs Like This
There are two main risks involved with this kind of thing including identity theft and not getting your money back once deposited.
Risk 1- Identity Theft Risk
I’m not saying that this particular broker is dodgy or that you are at risk specifically with BinaryBook, but identity theft is common amongst binary brokers.
First of all, look at what and who they allow to promote their brokerage. Would any credible brokerage allow such deceptive marketing practices to be associated with their brand for any length of time, not likely.
Secondly, they are getting access to a lot of personal information including your license, passport and other identity sensitive documents. This is part of their standard protocol and in itself not a bad thing, but I highly recommend researching the stuffings out of any broker you intend on giving such sensitive information to.
Identity theft is on the rise and you may be surprised how easy it is for them these days, providing sensitive documents to any company you are not entirely sure about is a risk you should fully understand.
Risk 2- Not Getting Your Deposit Back
With this particular broker there has been a lot of complaints regarding not getting money back and in some cases allegedly unauthorised transactions to the tune of thousands. While I am not claiming BinaryBook are a fraudulent company in any way, I am simply stating what I have seen online.
There are many complaints and this is my unbiased observation only. Some reviews on this broker I found on sitejabber.com…
This is just another sham designed to get you to deposit cash into a broker he is affiliated with, re-framed as some ultra safe and profitable ‘oil tycoon’ system.
If you want to make money trading I recommend learning how to trade for real through a legitimate trading resource. Binary options can be profitable but don’t be fooled into thinking it is somehow easier or more risk free than any other trading, this is just marketing hype… nothing more.