Elite Trader App Review – Is It A Scam Or Legit?
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I've always been fascinated by the stock market . But alas I suck at math and I don't have the attention span required to make it profitable for me. I leave it up to my financial advisor to handle that stuff for me. But there are people that do want to dabble in this field and they're always looking for tools and the edge to make this happen. Well this can be a gift and curse for you.
Chances are you've seen a lot of binary option trading products out there recently. Most binary option trading tools promise push button instant success. But it turns out that a large number of these products are scams, that are using binary options as vehicle to swindle money out of unsuspecting people. In my Elite Trader App review, we'll determine if this is one of the scams you should avoid.
So What Is Binary Option Trading?
When trading the traditional way, you purchase and own an asset (stocks or commodities like gold, silver or a currency) and make money ONLY when the assets gains on value (over time).
When trading binary options, you are NOT purchasing and own an asset. You rather BET that the underlying asset will GAIN or LOSE on value in a set period time.
There can only be two outcomes (hence “binary”). If you think that the value will be UP, you place a CALL bet; if you believe the value will be down, you place a PUT bet.
If you win your bet, you get about 75% – 85% of your bet as profit. (the rest is the broker's commission). If you lose your bet, you lose 100% of your bet.
It's like a coin toss where the odds are 50/50. But you always will be at a disadvantage. Even if you could manage to win 50% of all of your trades, you still will not break even.
Binary Option Trading is very risky and it requires a lot of knowledge and money. Only the most experienced traders are able to make profits. You may be interested what Gordon Pape, Forbes Magazine had to say about it.
Is Binary Option Trading Legit And Regulated?
In the US this form of trading was completely unregulated until 2008. It is now regulated by the SEC (Security Exchange Commission) and overseen by the CFTC (Commodity Futures Trading Commission).
It may sound funny, but there is NOT a single regulated BROKERAGE registered in the USA. You can get your feet wet in the trade using NADEX (which is not a broker rather an EXCHANGE ), but if you are interested in the “real thing”, you will have to find a reputable broker.
Most Binary Option Brokers are registered on the Island of Cyprus and regulated by SySec, the equivalent agency to our SEC. Are the regulations adequate compared to US standards? I cannot answer this question either way.
What Is Elite Trader App?
In short, it's an imaginary “product” to lure you into opening an account with one of the binary option brokers and try your luck with this kind of playing the stock market.
Like any other of the over one hundred similar products that flooded the internet the past 12 months or so, Elite Trader App is supposed to make you rich beyond your dreams in a short period of time. They all claim “that their software” is uniquely able to predict the future.
However, Elite Trader App added one little twist which is worth to be pointed out to you.
The Claims Of Eugene Conrad, co-founder of Elite Trader App!
The narrator of the rather boring (and long) sales video introduces himself as Eugene Conrad, co-founder of the company. His speaking manner is better suited to put an overly hyper kid to sleep than peak the interest of someone wanting to make money online.
But that's beside the point. He claims that……
- his company has 4,647 members making a minimum of $1,158 every single trading day
- his software, fully automated, is 97% correct in predicting the fluctuation of the market
- his software's signals are delivered automatically to the members accounts
- his experienced traders will analyze the signals before placing the trade
- you will make “guaranteed” $1,158 per day
- his software is FREE to use
and here is the “little twist”
Eugene explains “that they won't make money if you don't make money“, because they only make money when you “kick them back a meager 5% of your profit at the end of a trading month“!
Eugene tries to back up all of this by displaying “30 feedback emails” from supposed members.
The CONS of Elite Trader App
1) The FREE Software
Eugene Conrad, or whoever is behind Elite Trader App, DOES NOT own some kind of miracle software which you can use for free. First of, software that can predict with 97% accuracy which way the market will go, does not exist. Fact is that every brokerage provides some kind of software that reports the “trend” of the market and will give trade signals based on many factors.
Are they always right? Not by a long shot. A good friend of mine tried his luck and relied solely on the signal given by the software. And the program was wrong over 68% of its predictions.
Yes, the use of the software “is free” since they don'[t charge you for it. However, in order to use it, you are required to make a minimum deposit of at least $250.00, which is non-refundable!!!
2) Expert Traders
Eugene claims that “HIS” experienced traders will analyze the signals before placing a trade. Excuse my language, but this is an outright lie. Eugene does not employ any traders and he contradicts himself in the video just a few minutes later.
3) An APP That Trades Automatically
Eugene makes it a BIG issue that his Elite Trader App delivers the signal automatically to your account; you will have to do nothing at all and, foremost he states, that you DO NOT need any experience in binary option trading.
I wouldn't trust a complete stranger to access my account and place trades without my knowing and consent. And I would not trust any software to act on my behalf and access MY MONEY. Now, would you?
4) Unrealistic Profit Predictions
The “guarantee” that you will make at least $1,100 bucks a day is pure hype and totally unrealistic.
5) The 5% Kick-Back
The claim that “they make no money if you don't make any” is an outright lie. He uses the 5% kick-back issue to gain your trust and make you believe his false statements.
6) There are ONLY 7 Spots Left
This is an ugly trick to make you think you have to jump in right away in order not to lose out on making a million dollars the next year. It's a scarcity tactic used many times by shady marketers all the time.
7) How Eugene Makes A Lot Of Money
Eugene is getting paid a hefty commission from the broker(s) for every new trader he refers to the broker. Throughout his video, you will see the display of four or five different brokerages of his choice. So, no matter with which one you will eventually open an account with, Eugene will receive a commission.
I did the click through to actually find out what really goes on. Take a look at the screen shot below. It shows how much commission the affiliate will receive (from Big Option). The others have similar affiliate pages on their websites.
You see how much money Eugene will make in commissions and it does come out of your pocket.
8) The “Murky” Ownership of Elite Trader App
Eugene Conrad claims to be a co-founder of Elite Trader App, doing business for over 4 years now and has a membership of over 4,700 folks that make at least $1,100 per day.
How come Elite Trader App has NO HISTORY whatsoever? I searched the web up & down, even sideways. The earliest mention of it was about 4 weeks ago and came from an obvious affiliate. Eugene Conrad is a total UNKNOWN in the industry.
According to “Whois”, the domain “elitetraderapp.com” was purchased October 2014, and registered by an outfit called ENOM Inc. which has an extensive ripoff report.
Is Elite Trader App A Scam?
I laid out to you the facts and the CONS about Elite Trader App. Never ever does Eugene mention that there is a high risk involved in binary option trading. The sales pitch is full half truths and misconceptions. If you are still interested in trying your luck, please find a reputable broker on your own, but avoid Eugene Conrad and his Elite Trader App.
I hope you enjoyed my Elite Trader App Review. If you have had any experience with similar scammy products, I would love to hear about it. So, use the comment box below and leave me your 2 cents worth.
Looking for a legitimate alternative to Elite Trader App?
I've been making money online for several years now but it's actually based on my passion and not the high risks involved with this binary option stuff. If you want to make money online around something you love, you need to check out my My Top Free Work At Home Recommendation! It's totally risk free and you have nothing to lose if you decide it's not for you. So it may be something to consider.
That's it for today. Like I said earlier, I am really interested what's on your mind.
Thanks for stopping by
Eddy with a y