Just 2 days ago, I had a few readers who alerted me of AlgoMaster System scam when they realized their trading profits are not as promised. In fact, the software decimated their trading accounts within 24 hours.
If you haven’t funded your account, please don’t. Take a few minutes to read this full AlgoMaster review and you’ll save yourself a couple hundred dollars.
Name: AlgoMaster System
Owner: James Torn
Price: $250 min. deposit
LEGITIMATE? NO, IT’S A SCAM!
(full list of all reviewed scams)
– AlgoMaster fabricates fake members with stock photos
– “Live Results” of AlgoMaster is fake
– AlgoMaster wasn’t featured in CNBC, WSJ and CNN
– Victims typically lose all deposits within 24 hours
– The software makes money from your losing trades
AlgoMaster System Review
AlgoMaster System by James Torn claims to make guaranteed profits
I have reviewed more than a hundred binary trading software scams, and AlgoMaster System just turned out to be a generic binary trading scam.
James Torn, the alleged CEO of AlgoMaster System puts up the usual promises of “free profits” and “guaranteed winning trades” to lure inexperienced internet users into the scam.
Look at what happened to “Eric”, one of my readers who lost money to the scam:
My reader who fell prey to AlgoMaster scam
Well, to answer his question, there hasn’t been any legitimate binary trading software since I started reviewing them about 1 year ago. Every binary auto-trader has lost money for the users, so don’t even bother about signing up for one.
In fact, trading binary options is so risky that Forbes warned us not to gamble on binary options.
With that out of the way, let’s look at some evidence that can help you sniff out scams like AlgoMaster without having to sign up for it.
AlgoMaster Scam Fabricates Fake Member Testimonials
One of the member testimonials found in AlgoMaster website
Below the sales video, we can see a few member testimonials that gave very good reviews for AlgoMaster system. Below the testimonials we can find the names and profile pictures (screenshot above).
As usual, I do a background check for every member profile to make sure they are the real deal. Unsurprisingly, I’ve found evidence to show that these members do not exist at all.
Take a look at the screenshot below and compare it against the profile of Mike F. as shown above.
The member profile picture originate from a stock photo
I found this stock photo at a vendor website, where they sell a collection of royalty-free images that can purchased by anyone for advertising purposes.
Normally, these photos are purchased and depicted in advertising material. For example, the stock photo above may be purchased by a T-shirt shop owner to be displayed as a poster for T-shirt advertisement.
By no means are these photos intended for fabrication of identities.
Despite that, the scammers behind AlgoMaster System scam shameless put a name to these pictures and attached fake testimonials to them, pretending that they are members who made money from the scam.
These fake testimonials are displayed for the sole purpose of promoting the scam, and to mislead victims into thinking that the software works. In reality, all users who signed up for the software lost all their trading funds within days.
“Live Results” Table of AlgoMaster System is Fake
AlgoMaster was profiting even when the market was closed!
Anyone who is a regular binary options trader would know that there is no market activity during the weekends, much like how the stock exchange and the Forex market operate.
However, a close observation of the “Live Results” table in AlgoMaster website showed that the software was still winning trades on 24 and 25 September 2016, which were obviously SATURDAY and SUNDAY.
Again, this is not a new scam tactic, but a rather common technique used in binary options scams to deceive inexperienced victims. It was used in a fraud I reviewed recently, called the Gemini 2 trading software.
The table was produced using a computer script that matches a series of dates to random currency pairs and profits. There are no real trades behind these profits and numbers.
AlgoMaster System Wasn’t Endorsed by Financial Giants
Did AlgoMaster appear in these publications?
I’ve had curious readers who asked me this question: Why are the financial websites endorsing these softwares if they are obviously frauds?
The answer is simple – these financial giants didn’t even mention the scam in their publications, much less endorsing the scams.
Scams like AlgoMaster went as far as to fabricate fake member profiles and video testimonials, what’s stopping them from generating a few fake quotes from reputable financial sites?
Luckily, these financial websites provide a simple search tool for us to look for certain keywords that appeared within their huge collection of articles. I tried to search for “AlgoMaster” in all 3 websites, and this is what I found:
“AlgoMaster” has never appeared in any of the publications
Apparently, AlgoMaster has never been featured in any of the websites, unlike what is quoted in the sales material of the scam.
How Does The Scam Make Money Off You
If you decide to sign up for AlgoMaster system, you will be required to open a new broker account with their partner brokers, which are unregulated by monetary authorities.
Once you fund your trading account with at least $250, the software will be activated to generate automated trades on your behalf.
However, it is just a generic binary trading robot that make random trades for the users. Victims typically lose all their deposits within hours of activating the software.
The losses are pocketed by the broker, which is then shared with its partner-in-crime – the scammers behind AlgoMaster system.
In the end, internet users like you and me become the sole losers in this complicated fraud, while the scammers make a handsome profit with our trading deposits.
So, Is It Possible to Make Money Online?
ALGOMASTER IS A SCAM. I strongly advise you to stay away from the scam if you don’t want to lose your hard-earned money.
You’ll be better off spending that $250 deposit for a nice dinner with your family than wasting it on a scam like this.
If you want to make money online, there are much better alternatives than trying your luck with binary options:
Have you encountered any online scams before? Personally I’ve fallen for a few before coming across the legitimate one, so let us know in the comments below if you have any personal experience to share!