There is a new hype surrounding the binary options niche. It is called the Crypto Trader. You are probably intrigued with the video inside the crypto-trader.co website and search on Google to find out whether people can make money with this app or not. Well, the truth is, this is just another get rich quick scam that anyone should avoid.
Crypto Trader is about binary options trading
Despite being advertised as cryptocurrency trading, this program is actually binary options trading signal. In case you didn’t know, binary options is one new method of making money from the market by choosing call or put. For example, if you think that one asset, let say, EURUSD is going up after one hour, then simply choose call. Otherwise, if you think that EURUSD is going down after one hour, then choose put.
If your prediction is correct, then you will gain back all your initial capital plus 85% of profit paid by the binary broker. For example, if you invest $10 by the beginning of the trade, then you will earn $18 after one hour. Otherwise, you will lose all $10.
Can anyone make money with binary options trading?
Yes, you can. But, it takes a little practice with a demo account before you can earn real money. In other words, while Crypto Trader is being advertised as easy money, the truth is, it is not.
This product is being advertised as free
This marketing tactic is nothing new in the binary options niche. You are required to enter a name, email and a real phone number in order to access the Crypto Trader software, which is claimed as free. However, once you are inside, you are required to deposit at least $250 to their recommended broker, called Stern Options (and we don’t recommend it).
Have a look at the Crypto Trader software
In case you are just curious, we actually have the screenshot of this software. The Crypto Trader software gives the signal in terms of percentage, which is claimed as confidence factor and we don’t know what it means.
The problems with Crypto Trader software
- This software makes an unbelievable claim which can lead to complaints.
- This app is not recommending a legal, regulated binary broker, in fact, they just connect us to Stern Options.
- While the signals are given in terms of percentage, you cannot determine what is based on. For example, technical analysis, fundamental analysis or indicators.
We don’t think that people who created this Crypto Trader software are real traders
We have seen tonnes of binary options apps like these before and we don’t think that whoever created this Crypto Trader software are real traders. They might be good at marketing or software programming, but they fail to understand how trading works and how people really profit from the market.
A real binary options software must look like this:
In other words, it must include with indicators, such as MACD and more in order to make the right analysis.
We don’t recommend Crypto Trader to anyone
Here are a few problems that we noticed with the Crypto Trader software:
- This product doesn’t recommend a regulated binary options broker. In other words, you can deposit your real money, with a valid credit card into the system, but it will be hard to get it back.
- While it is being advertised as free, the truth is, you cannot test this Crypto Trader system on a demo account first. You might not know this, but a real, regulated binary options broker should always include a free trial version of trading software known as the demo account.
- This product doesn’t have many settings that you can utilise to control your budget and earn profits from it. A real trading software must include risk settings, indicators and more in order to trade, profit and earn money from it.
Alternative to Crypto Trader and our verdict
If you still want to choose a trading software or signal service like this, we highly recommend that you find a trading system that can be tested with a demo account first.
In case you are new, a demo account is a trial version of any trading account where you will be given lots of fake money, up to $100,000 and then you can trade, lost, make mistakes until you see the right direction.
There are thousands of software, signal services or trading robots like these but most of them are rarely being advertised. We highly recommend that you choose our #1 recommended program, Option Robot and you can read our review here.