Now, we all know that there are numerous systems out there like Bina Droid. It’s obviously an epidemic that has taken over the internet. The question is how to spot the good from the bad, and which ones to simply run from. Many people are lured by the good words but don’t really understand what they are talking about, and that’s the point. The key is to first understand what you are getting yourself into and then even begin to consider if this really is the right software to get into it with.
Product Name: BinaDroid
Founder & Chairman: Troy Everett
Official Website: binadroid.com
Potential Profit: Tens of thousands of dollars
Minimum Deposit: $250
With this website I am a bit confused. I am unsure if it’s simply incomplete or if they were too lazy to do more. I wish they had provided more information, at the same time, it’s better than a bunch of useless information as well. This is why I am somewhat borderline with this software, along with some new discussions I have come upon.
What is BinaDroid?
This is a binary options software that is developed specifically to provide you with 3rd party signals and information on what trades to make. The software is claimed to be developed by Troy Everett, who says he is a long experienced trader that has worked for leading companies around the world. He developed this software while working for one such company in the UK after 4 months of development. The company saw a lot of success from it but later leaked the information or sold it, or something of the sort, leaving out the developer and breaking their contract. Instead of suing them, which if you ask me is the best way to get back at them, he decides that he will make it available to everyone. His story certainly doesn’t add up, and neither does the actor who is a famous Fiverr actor used numerous times for other similar websites.
How the software works. Troy Everett claims that he has put together a software that works off of android technology. He claims this is effective as he is able to gather a lot of useful information about the market faster by means of mobile devices and social trading platforms. The algorithm that he has created works in two ways. First it follows what people talk and think about the market, which is analyzed as that is key to how the market will fluctuate. The second part is by tracking top trading signals by leading trading accounts. This information is then calculated and sorted by risk and then presented as trades which are traded automatically by the software based on your specific settings of the risk and investment per trade.
Now, I think the obvious is there. The guy is obviously an actor, the information provided about his history is all made up, and you will never know who is behind this software. This is nearly always the case, even with some of the software that works. It makes the product seem more reliable and more people are willing to trust it when they can associate with the person offering it. I don’t like this form of marketing and the lack of transparency. The only reason I am actually writing a new, as I had written one in the past that was negative, is because I have found some reliable positive feedback with this software that has pushed me to give the software a less drastic verdict.
What I DON’T Like about Bina Droid
So, as I mentioned above, I am not fond of the website. I actually hate it. There is absolutely no information whatsoever. The whole website, the whole 2 steps of it, consist only of videos. The videos provide little information on the software and are basically of this Fiverr actor talking about the software. There is no demo of how it works, what it looks like, nothing.
Another thing that bothers me is that he makes outrageous claims of tens of thousands of dollars in profits, but does not give a more specific number. It is not specific in any way and doesn’t really tell you anything. The only useful information in the whole video is the fact that he says the steps which the algorithm works and that it’s based on an algorithm and 3rd party signals, but that’s just about it.
He doesn’t mention the broker anytime throughout the video either, which is a bit frustrating and a red flag for me. This usually means that the broker is changed regularly, and checking my last review, seems like this is just the case. The website is definitely a bit shady looking. They have put in little effort. Not too fond of the broker they have selected either.
What I LIKED about Bina Droid
Now, contrary to my first review, I actually came upon some discussions of this software. I don’t look for feedback by searching for it in Google, but have several forums that I follow and pick up on the latest discussions. I follow them to see if there is anything working or if people are complaining about a certain software. Very rarely do I actually see positive discussions about similar software, especially with a website like this.
So, I was quite surprised when I found several people talking about actually getting positive results. Mind you, I think I am trained enough to actually tell apart the affiliate writers and real traders. The discussion wasn’t to promote the Bina Droid but rather to discuss the win rate and if there is anyone actually making money from it. Though some did say they have lost their investment, I found at least 9 different people in the discussion that showed positive results. Though they certainly did not have the 88% win rate that is advertised (more like about 65%-70%) they did actually make a profit. One that started out with $250 was at $700 after about a week (no tens of thousands yet) but he only allowed the trades to take place while he was on the computer rather than just letting the software run.
I am not saying that this means that the software or the broker are legit. Just that there are people profiting, a little, but profiting. This is a big jump from the straight scams that I’ve seen so far. Don’t get excited though, plenty more that have lost it all too. But if I see that there is someone making money with it, I cannot write it up as completely useless.
Tips to Finding a Good Binary Options Software
Now, whether it’s this one or another software, the key to choosing one is finding something legitimate. Aside from that, the most important thing is actually knowing what binary options are and how they work so first do research and learn as much as you can about them.
Unless you find real information that a software works, avoid ones that have websites with limited information and are not transparent as far as who they are, what they do, and genuine contact information. Also, avoid anything that repeats the word free far too much. If it’s free you should want to get it without it being shoved down your throat.
If you do decide to sign up for a software and are ready to make your initial investment, make sure you read the terms of the broker. Never, ever, accept free money or bonuses. This is the biggest mistake new traders make. It seems like a great deal but by doing this they lock your money preventing you from withdrawing them until the money has been traded a certain number of times. This means that even if you make a great profit, your money will stay there. Also, before ever investing with a broker, always research them as well. They require just as much attention and scrutiny as the software because in reality, they are the ones that will be holding your money for you.
How Software Developers Make Money
Its rather strange that all of this is given for free right? Now, we all know that money needs to be made, the question is how. The way software developers, such as those that have developed Bina Droid, make money is by becoming affiliates of the brokers. They basically receive a referral fee for every new trader they send them. This is why it’s important for them that you have never traded with that broker before, otherwise they will not get their referral fee. They don’t get a percent from your profits or investment, and they don’t take a fee because they make plenty from the people that sign up with their software. This is why there are many scams and a lot of software that is advertise that doesn’t really exist. They simply send over new traders to the brokers and have them use the brokers own automated trading software instead.
Though Bina Droid has plenty of red flags I was actually surprised to find some positive feedback about some, though minimal, profits.