Penny Millionaire is not for traders, it is more to gamblers
Penny Millionaire is being advertised as another binary options opportunity, while it is actually a gambling or should we say, a lottery ticket. We don’t recommend this product to any trader or trader wannabe, this is actually for gamblers only. Let us dissect one by one about this Penny Millionaire product.
Not everyone is qualified to become the winner
This is actually a lottery ticket, or should we say just another contest to become the winner. In other words, not everyone is qualified to make the money.
You need to enter your details, in other words, the name and email in case you are interested, but then you will be directed further where you need to enter a real, working phone number based on your area to ensure that you are qualified for their lottery contest. If there isn’t any broker interested to take participants from your area, then you won’t be able to access this product.
It is actually not really free like being advertised
Did you believe that this product is actually going to make you free money? Sorry to disappoint. Penny Millionaire will direct you to their recommended broker where you need to sign up and deposit at least $250 to qualified for their contest. Again, this is actually another trap to make newbies sign up for their program.
They claim that this system works based on compound interest theory
You can search at Google for compound interest method. This is actually interest which is based on other interest. While this theory actually exists, there is no evidence that Penny Millionaire software is using the compound interest method to make the money for their participants.
Don’t trust Penny Millionaire brokers
There are tons of binary options related products being released all over the web since 2013, and there is no sign of these scams are going to stop. These products are actually created by marketers to promote new binary brokers to the business.
Some of these brokers are not even regulated. In other words, they are not even genuine binary brokers, they are just pretending to be one. In case you are new to binary or forex trading, a legit, real binary broker must obtain some kind of license to operate their business and process payment for clients. Usually, they will obtain their license from government agencies, such as FSA (UK), CySEC (Cyprus) or ASIC (Australia). Based on our experience, regulated binary brokers must obey the law and process refund once being asked by clients.
However, if the broker is not regulated, then you have to say goodbye to your hard earned cash. It will be hard to withdraw your fund from unregulated brokers.
Verdict: We don’t recommend Penny Millionaire system
While binary options itself is not gambling, Penny Millionaire system is not for everyone. Just like being mentioned on the website, this is just another contest or lottery ticket, so you will be lucky if you win and making the money.
If you are serious about making the money online, then this is not the product that you should go for. There are tons of genuine binary options products and best of all, they recommend regulated brokers and can be tested on the demo accounts first, before putting your real money on the line. Check out our recommended software here.