Profit Magnet is an old binary option signals software scam that has recently seen a resurgence of interest by investors. You most probably watched their promo video, and want to see if other people like you, are making money by using their software. The truth is, Profit Magnet is just another get rich quick scam, like Crypto Trader.
Profit Magnet Scam
We came across many problems during our review of Profit Magnet.
- We could not choose a legal regulated broker, they just connected us with Stern Options.
- It makes no mention of what the signals are based on? Are they random or is there technical analysis data used.
- They are making very large claims about potential for profits, which can lead to complaints.
If you look at the actual software, you will see that it only tells us the “Confidence Factor”, who knows what that really means.
Profit Magnet Review
The Profit Magnet system is very much like many other binary options trading signals software. When you watch the video, the actors sound very convincing and genuine. They want you to believe that they are a real hedge fund that makes money by algorithmic trading software.
Real investors in CFD Forex and Binary Options, already know that a trading signal is only as good, as the timing of the trade. If some tells you to buy the Euro against the US Dollar because it is going up, you will make money, only if you buy and sell at the correct time. If you buy to early or too late, especially when trading binary options you will lose money.
Compare this software with more popular trading systems.
WARNING… You must be aware that a “scam broker” will steal your money, read why.
Be Smart, and Only use a legal, licensed broker, see here.
Scam Brokers Warning!
The biggest problem with these free trading software or automated trading robots like Profit Magnet, is that they always work unlicensed CFD / binary option brokers. To really understand how they will scam you, go read the article: How the Binary Options Scam Works.
Investing and trading with binary options can be profitable and fun, only when you are with a real broker that is licensed and regulated. Each country has their own government agency which regulated brokers, including the CFTC which regulates Nadex, and ASIC in Australia which licenses the broker HighLow.net.
Go to the best brokers page, and you will find local brokers that are licensed and regulated.
Compare Automated Trading Robot
The alternative to using a binary option signals software, many people choose to use a binary options robot. There are so many systems to choose from, so go look at the list of popular robots, look here.