By the time we wrote this post, Spectrum 7 was just launched. Spectrum 7 (spectrum7.co) is created by someone with the alleged name Derek Folsom (and we believe that he is not a real person). This system claims that anyone can make at least $1500++ with his system. That’s actually a bold claim and is quite common lately, especially among tons of automated money making software like this.

For newbies, this is actually a binary options auto trading app (not to mention a trap as well)
Spectrum 7 Technology is just another software that allows you to trade binary options. In case you didn’t know, binary options are basically about making money by choosing call or put. For instance, if you think that the asset, let say EURUSD is going up, then choose call. If you think that the asset, is going down, then simply choose put.

If you spent time learning to trade the markets, let say forex trading, you should realize that there are tons of indicators that can help you making the accurate predictions, whether up or down, call or put. Usually, people will use candlestick charts or stochastic indicators to make the correct prediction, whether a call or put for binary options, or buy or sell for forex trading.

Can trading be automated?
Short answer: Yes it can. While professional traders might prefer trading manually, you can find programmers to automate the software, create custom indicators and run a trading robot for you. Automated trading, while risky, is actually suitable for people who are new to online trading, since it can cut the time and cost of trial and error. Otherwise, if you don’t automate the trading process, you will take years of time to learn to trade from scratch and then see positive results.

Can you really make $1500 per day with Spectrum 7?
The short answer is NO. While making money online is possible and getting bigger actually, Spectrum 7 is actually not the software that you should go for.

The reason is simple – this software is clearly geared for beginners who want to get rich quick. In other words, they are push button seekers who want to make easy money online. We have encountered tons of software like these before and to be honest with you, lots of them are garbage.

Derek Folsom is clearly an actor, the same goes for many testimonials inside the Spectrum 7 website
We already familiar with trading apps like these, and most likely, the person behind the Spectrum 7 video are all actors. Some of them can even be found and hired for $5 at certain freelancing sites.

There is no information about the broker in spectrum7.co website
If you browse the spectrum7.co website, there is no way you can figure out the recommended binary broker. You might not familiar with this, but successful traders will always choose to good, regulated binary options broker. Yes, we all know that users need to deposit money into the broker account in order to make the money, but the problem is, there is no information about the recommended broker in spectrum7.co website. Most binary options trading app like these will only work on certain binary brokers, and our concern is, usually trading app like this will usually recommend a bad, unregulated binary options broker.

A little bit about regulations
Regulations mean that the broker has some kind of license from the local government to operate their business and process payments all over the world, via whatever credit card that you are using. If you deposited money inside a regulated broker, then you will be able to withdraw them again. Therefore, experienced traders will always check for broker regulations in the about page section, before depositing their first $100.

On the other hand, if you hand over you cash to unregulated binary options broker, then you have to say goodbye to your money because unregulated brokers usually don’t follow the law. The problem is, there is no information about what kind of broker that you will be using with this Spectrum 7 software.

Reasons why we don’t recommend Spectrum 7 app
#1: Problem with the broker. You cannot choose a good binary options broker within this app. In other words, once you are inside, a login with the given username and password, you cannot decide which broker to choose from. In most cases, get the rich quick app like this will recommend bad, unregulated binary options broker.

#2: You cannot test this app on a demo account first. Another problem with free software like these is the fact you cannot test the water first with a demo account. In case you are not familiar with trading, you should know that good binary brokers will offer some kind of free trial version, known as the demo account. You will be given fake money inside the account, where you can trade and test the water first before putting real money on the line.

#3: Other than the testimonials on the website, there is no video proof of how this app works. Good software app will always provide some kind of real, genuine screenshot or how to videos on how the software itself works. In other words, if the video is 20 minutes long, then the creator should provide some kind of demonstration of how this app works, such as risk settings, trading styles, indicators and more. Too bad in spectrum7.co website, you cannot find any information on how this app works.

Verdict about Spectrum 7 product and alternative
While we cannot proof that Spectrum 7 doesn’t work, but based on our past experience, if one product sounds too good to be true, then it usually is. Expect to get your money dry quickly once you’ve deposited money into spectrum7.co website.

Find products that you can see what you will get
Real, legit binary options software don’t have outrages claims on their website because there is no need to do so. Plus, you can even see how the software works on a demo account before depositing real money on the line. We highly recommend Option Robot. Check out the Option Robot homepage here or you can read our detail review about this app here.

After looking at the video sales letter, as well as the inside of Tesler App, we don’t recommend this product to our readers at all. Some people out there might pitch you that this Tesler binary options app is the best automated robot, but we will tell you that is not the case.

You see, binary options trading is not a new thing and there are already tons of software like these being sold online in the past few years. Since then, some of these apps are getting improved from one time to another, some of them don’t.

While making money online is real, and in fact is getting bigger every year, too bad falling into Tesler app scam is actually a big mistake for newbies.

Tesler App is actually about binary options trading
Like being explained before, Tesler App is a binary options auto trading software. Trading currencies or stock is not a new thing. In fact, there’s tons of resources and information about those all over the web, whether free or paid.

Binary options trading, on the other hand, is a new style of trading, where you just need to choose whether to call or put. By using certain indicators, as well as analyzing the results of news, you can tell whether the price of a certain asset is going up or down. For instance, if you think that the currency pair, let say, EURUSD, is going up, then choose call. Otherwise, if you think that this pair is going down, then choose put.

What is automated trading
If you are into trading for 2 minutes, you should realize that indicators can help you making the decision whether when to buy or when to sell. Therefore, if you can use software to trade, then you can automate the process. But still, most automated trading software being sold on the net are a complete joke, based on our research and experience.

Tesler App is actually about binary options automated software
First of all, the claim on the Tesler App (tesler.co) website is obviously a fake. There is no way you can earn $237 per hour with binary options trading, unless if you deposited tons of money inside your binary broker account.

The first thing when we saw the Tesler App website, we thought that they had created a mobile app for binary options. Heck, there is even buttons to download this app on Google Play. However, once you clicked on the website, they will send you to a page that almost looked like that it was broke.

The trading app itself is so simple that nobody will be able to profit from this
Another issue with Tesler app is the fact the trading software itself doesn’t give you full control over your budget or what kind of indicators or strategies that you want to choose. All you can see is set some “strength above” number. We don’t think that anyone can make money with this app and we also don’t think that the creators themselves know what they are doing.

CFD Stocks is actually not a regulated broker
If you choose to use this app anyway, you will be asked to deposit money into the recommended binary options broker, called CFDStocks. CFDStocks is actually not a regulated binary options broker. In other words, once your money is inside, there is no way to withdraw them back.

In case you are new to trading and broker selection, you should realize that there’s a big difference between regulated binary options broker and unregulated ones. Regulated binary options broker gets their license from government agencies, such as CySEC, ASIC or FSA UK. Their license numbers are stated clearly in their about page, as well as the agencies involved.

Unregulated binary brokers on the hand are risky. They don’t follow the law and once your money is inside, there is no way to get them back.

Red flags about Tesler App
#1: There is no way to control your risk. As you can see above, the interface of this app makes no sense on how this product can make you money, let alone control your risk. If you are into trading for 2 minutes, probably you will realize that there are no trading systems in the world that can guarantee 100% winning rate. There is always chances that you will lose your money sometimes.

#2: You cannot choose a good broker here. Like being mentioned, usually binary options products like these recommend unregulated binary brokers. Even worse, Tesler App recommends only one broker, which is a massive red flag for us.

#3: It is actually not 100% free. The only thing that is free here, is the fact that you can sign up for free, in exchange for your phone number and email. However, in order to test and see how this software works, you need to deposit real money into the recommended broker account, which is very bad.

Verdict about Tesler App product
This is actually just another pitch for newbies to jump into binary options trading. Newbies who are new to making money online want results fast and they want to those to be automated. Even better, if all the systems are free.

Where to go from now?
Real, legit binary options software don’t have outrages claims in their website because there is no need to do so. Plus, you can even see how the software works on a demo account before depositing real money on the line. Check out our #1 recommended software here or you can also see our tutorial section for more information.

Is Bahama Banker for real? Can you trust the claim?
Bahama Banker is another over hyped binary options software created by someone called Harold Beckman. Just like tons of binary options software we’ve seen in the past, Bahama Banker is nothing but another trap for newbies who are new to making money online.

But first, what is binary options?
This is actually a new trading method which is high risk and high return. Unless if you live under the rock for the past few years, you probably know about forex trading or stock market trading. One big problem for newcomers into forex trading is the fact you need to handle volatility. In other words, sometimes, the market becomes very slow and sometimes it is very fast.

Binary options, on the other hand, is different. There is no need to handle volatility or such of things because you can make the money by simply choosing call or put, depending on your analysis.

Bahama Banker is obviously for newbies who are new to making money online
All the outrages income claim in Bahama Banker and tons of other related binary options software we’ve seen before are obviously geared for beginners who are new to making money online. In other words, they want a real push button software and most importantly they must be free. This is the ultimate selling point of products like these.

Bahama Banker dashboard is free to access, but not to try
If you entered the correct email address into the Bahama Banker website and also your phone number, then you will be able to access the users’ dashboard. In case you are wondering, this is how this app actually looks like:

As you can see, the dashboard is so simple and some people might get impressed with the interface. You can even navigate around the website and use the guided tour function to help you getting used with this app.

Whoever the Harold Beckman person is, obviously he is an actor
Did you think that Harold Beckman is a real person? Sorry to disappoint. He is obviously a paid actor hired by some marketers out there to promote the Bahama Banker software. In other words, he is not a real trader or investor. All the proof of income in that video are obviously a lie.

Bahama Banker recommends unregulated binary options broker, which is a red flag for us
As you can see from the screenshot above, this product actually recommends StoxMarket, which is an unregulated binary options broker. Of course, you might get a different kind of broker depending on your location.

Based on our research, StoxMarket doesn’t obtain any license. Therefore, don’t expect your fund to be safe with them. In case you didn’t know, in order to operate a forex, stock market or perhaps binary options broker, you need to obtain a real, legit license from the local government. Think about running a bank. You cannot run a bank without a real license from the government. The same goes for binary options broker.

Regulated binary options brokers will refund your money, while unregulated ones does not. Therefore, don’t expect your fund to be safe once you deposited money into Bahama Banker app and then let them trade for you.

Final verdict – we don’t recommend Bahama Banker to our readers
For several reasons, we don’t recommend Bahama Banker to our readers.

Reason #1: This software doesn’t have some kind of risk settings. In other words, you cannot set whether you can control or risk $5 or $50 per trade with this app. This is somewhat dangerous for automated software like these. If you have been into trading for 2 minutes, you should realize that there is no software that can guarantee 100% winning rate. Even if the software guarantees more than 93% winning rate, it is still unbelievable claim.

Reason #2: We don’t think that the creator of Bahama Banker knows what they are doing. While they could be investing tons of money on actors and programmers to design toe software, we don’t think that they are real traders. There is no indicators or something like that that let you figure out when to choose call or when to choose put.

Reason #3: Once your money is inside, it would be hard to get it out. Like being stated, Bahama Banker recommends unregulated binary options broker, which is a big red flag for professional traders. Regulated brokers will follow the rules and allows their traders to withdraw, unregulated ones, does not.

Reason #4: There is no way you can test the water on a demo account first, before seeing how Bahama Banker works. In case you didn’t know, there are tons of binary options brokers offering free demo accounts to their users. Even better, you can test whatever trading software that you are using first, before depositing real money into them.

What to do and where to go from now?
Always, always test your trading strategies on a demo account first, before depositing real money on the line. In case you didn’t know, a demo account is actually some kind of trial version where you will be given fake money, and see how one particular trading bot works.

Is there any trading robot that allows its users to test on a demo account first? Well, there is, but not many. We have made a research and tested a few of them and found that Option Robot is the best.  Check out the Option Robot app here.