Online Wealth Markets is a binary trading software disguised as an online job. It touts to help you make money from home with no experience, but don’t be fooled. It’s just out to get your money. Read this review as we uncover Online Wealth Markets scam.
Name: Online Wealth Markets
Price: £4.95 (down-sell to £1.95) +
Price: £250 min. deposit (Banc de Binary)
Legitimate? NO, IT’S A SCAM
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Online Wealth Markets Review
Online Wealth Markets scam uses fake news articles to lure victims
In most cases, our readers reported coming across Online Wealth Markets through a news article that is shared in various social media websites such as Facebook.
Before we delve into the review, we want to let you know that the news article is nothing more than a landing page used to promote the scam.
There are several fake news articles used to promote the scam, but every single one of them follow the same format.
The article will be structured to look like a piece of authentic news – those that you usually come across in various news websites, in order to lower your guard.
These articles usually talk about a single mom making tons of money online without selling anything, and they will invariably promote Online Wealth Markets as the money platform.
If you try to click on ANYWHERE on the website (different sections, tabs, or links), they will invariably lead you to Online Wealth Markets scam itself.
Does a legitimate news website links everything to a single website that sells you a program?
Online Wealth Markets is Not An Online Job
Don’t be fooled – this is not an online job!
The homepage of Online Wealth Markets is a very generic sales page used in many online scams. Within this homepage, there are a few red flags that you should take note of.
Firstly, Online Wealth Markets tries to position itself as an online job by using words like “payday” and “working from home”. It is advertised as if there are limited job spaces available, but this is simply not true.
There are NO spots to “reserve”. Even if you visit this page months later, Online Wealth Markets will still be available, unless it’s been taken down by the regulatory for scamming unsuspecting internet users.
The form exists to give you the false impression of a job application, and to create a sense of urgency to force you into action. Those who are convinced by the scam simply can’t afford to pass up the opportunity.
Requesting Sensitive Info Right Off the Bat
One thing to note about the form is that you are required to provide your telephone number to confirm your reservation.
It’s normal for some online businesses to collect basic information such as your name and email address, but if an unknown website asks for sensitive information such as your phone number, you have to really think twice before giving it out.
I have an old number which I use for scam reviews, and I receive unsolicited sales calls from unknown numbers very frequently. This is what happens if you give away your phone number to shady websites such as Online Wealth Markets scam.
If you were hesitating to give your number and found this review, please do not proceed further. I’ll reveal what happens after you provide your details and let you see that you did not pass up a good opportunity.
For the sake of this review, I provided them with my old number which I’m no longer using.
A “Job” that Needs You to Pay to Get Started
After filling the form, you are simply directed to the payment page
After providing all your details in the previous form, you are simply redirected to their payment page, with no explanation on the nature of the job and what you are supposed to do to make money from home.
Up to this point, Online Wealth Markets scam has not revealed what kind of positions they offer, and it seems that they don’t plan to tell you before you pay them money.
The truth is – Online Wealth Markets is a binary trading software. You’ll need to deposit money with their designated broker before you can start trading, and it is nothing like a job at all.
What is Binary Trading Software?
To make sure everyone is on the same page, I’ll explain what’s binary trading briefly. It’s a form of trading that’s been gaining popularity due to its simplicity, compared to other trading instruments such as stocks and Forex.
Instead of reading news and analyzing charts, with binary trading, you only guess if an asset’s price will rise or fall after a short period of time, usually between 30 seconds to minutes. You either win, or you lose the bet (hence the name binary, or 2 outcomes).
Let’s say I predict that the price of an underlying asset, such as gold will rise 5 minutes from now, and I bet £50 on it. If I am right, I’ll win a certain percentage of what I bet, usually between 60% to 80%. So if I guess correctly, I win £40 when my 5-minute contract expires. If I’m wrong, I lose the entire sum that I bet.
This makes binary options not that different from gambling. There’s no good way of predicting the price of a market in such a short period of time. Even if you manage a 50% win rate, you’ll still lose money given the imbalanced winning vs losing payout.
Please note that we do not recommend binary options if you want to make serious money online. There are simply better alternatives out there that are more predictable than trying to gamble your way to wealth.
Online Wealth Markets Really Wants Your Money
Back to Online Wealth Markets. Did you notice that there’s a countdown timer in the payment page? You only have 5 minutes to make your payment and checkout.
Why the rush?
There’s actually no real reason to rush you through, other than to create an illusion of limited time offer. People generally like limited time offer, and by placing a countdown timer, it will force a few more impulse purchases.
If you refresh the webpage, you’ll realize that the timer refreshes itself. It’s just a computer script that is set to 5 minutes every time you load the webpage.
Instead of £4.95, you now only pay £1.95 to access their system. They really want you to make an impulse purchase.
Why Is Online Wealth Markets Promoting Their Software?
If you think that Online Wealth Markets only earns money when you buy their software, you are wrong. They don’t earn much from your purchase, but they earn a lot from you in the form of ongoing commissions when you use their software.
If you decide to purchase Online Wealth Markets, you’ll be required to sign up with their designated broker, Banc de Binary. They earn a sum of referral fees right there when you make your initial deposit with Banc de Binary.
The minimum deposit for Banc de Binary is £250. Keep in mind that you cannot use Online Wealth Markets software with any other brokers.
Every time you trade with their software, the team behind Online Wealth Markets earns a commission off you. Regardless of whether you win or lose money, Online Wealth Markets will get a profit as long as you are still trading with their software.
Should I Buy Online Wealth Markets?
As we’ve said in the review earlier, we don’t recommend binary options as a way to make money online. It’s not that different from gambling, and using a trading software like Online Wealth Markets still puts you at great risk. You are essentially putting your hopes and your entire investment in a different form of gambling.
You are more likely to end up losing all your money than making any significant profit. If you have some cash to spare for entertainment, you may go ahead and try it out. But you’ll be better off spending it on a nice dinner with your loved ones.
If you are determined to make money online, you must use a legitimate program that will provide you proper trainings and help you build your own business. We have tried out many programs, and there is only one program we recommend to our readers:
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!