Profit Magnet Scam is a binary trading software designed to suck your wallet dry. Behind his $1,000/day profit claims, Aaron Martin has some secrets to hide from you. Read this Profit Magnet scam review as we uncover the naked truth behind his flashy claims.
Name: Profit Magnet
Owner: Aaron Martin
Price: $250 min. deposit
Legitimate? NO, IT’S A SCAM
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Profit Magnet Review
Profit Magnet scam giving some ridiculous guarantees
Profit Magnet scam found at profit-magnet.net starts off their sales video by giving a bold claim right off the bat – you are guaranteed to make $1,000/day with their software, and they are giving away the software for free.
Profit Magnet claims to have members all over the world who make at least a thousand dollars a day without doing anything. All they do is to set the software on autopilot and collect their profits every single day.
Is there really free lunch in this world? Not by a long shot. Aaron Martin, the alleged owner of Profit Magnet scam is making such claims just to keep you interested and watch the entire sales video.
As you listen to the rest of his sales pitch, you’ll realize that Profit Magnet follows the typical format of a binary trading software scam.
Firstly, Aaron Martin brags about how he has made millions of dollars for himself and his “students”, and how you can be one of them just by signing up and using his fully automated software.
Next, he tells you how other softwares are BS and out to scam you, and it’s about time for you to stop falling prey to online scams (ironically, Profit Magnet is one of those scams).
Lastly, he tries to brainwash you and feed your imaginations by asking you to think about the new cash that will be sitting in your account, and how that will help you buy that new house, that new fancy car, and afford a luxury dream vacation.
Stay vigilant and don’t be fooled by the empty promises, as Profit Magnet is just one of the many binary trading software scams. We’ll give you some hard, cold facts about the scam in the later part of this review.
How Does Binary Trading Work?
Before we move on with the review, we want to explain how binary trading works to make sure everyone is on the same page. If you have experience trading binary options, you may skip this segment.
Binary trading is basically trading stripped down to its simplest form. Unlike trading with traditional trading instruments such as the stock markets and Forex, with binary options, you only need to guess if the price of an asset will rise or fall after a short period of time, usually between 30 seconds to minutes.
There can only be 2 outcomes – either you are right, or you are wrong (hence the name binary, or two options).
This is how it works – let’s say I think that the price of oil market will rise after 3 minutes, and I bet $50 on a 3-minutes contract. When the time is up, and the price is indeed higher, I win a certain percentage of what I bet, usually between 60% to 80% ($30 to $40). But if I’m wrong, I lose the entire $50 that I bet.
In reality, binary trading is not that different from gambling. Much like guessing the outcome of a coin toss, there’s no way to predict the market movement within such a short period of time.
In most cases, binary options traders rely solely on luck and gut feelings. There’s no way to win consistently. Even if you manage a 50% win rate, you’ll still lose money due to the uneven winning vs losing payout. The difference in payout is how binary options brokers make big money off the traders.
We do not recommend binary options if you want to make serious money online. There are simply better alternatives out there that are much more promising than trying to gamble your way to wealth.
How Does Profit Magnet Work?
FAQ of Profit Magnet found at profit-magnet.net. Is it really free?
Back to Profit Magnet scam.
After feeding you some unrealistic expectations, Aaron Martin is ready to throw you even more false promises. Aaron wants you to believe that he has created a fully automated binary trading software using his knowledge as a Google analyst (another false claim, of course).
Long story short, Aaron claims that he can intercept market data and analyze them a fraction of second earlier than every other softwares out there. He can use the data to predict the market movements, and take advantage of it.
He even throws in unrelated terms like DNS, ping speed, and IP address to confuse his potential victims. While the speed of execution is important in binary trading, these terms have no meaning whatsoever in determining the profitability of a trading software.
Aaron just wants to make it sound technical and seem credible. You can look up the individual terms on Google and you’ll realize that they have nothing to do with binary trading at all.
Enough with the hypes and false promises, let’s uncover the truth behind Profit Magnet scam that is hidden right inside their disclaimer.
What Profit Magnet Scam Doesn’t Want You to Know
Profit Magnet disclaimer – how many people actually read it?
(click to enlarge)
Despite giving you multiple guarantees to make you rich, Aaron Martin and Profit Magnet scam have some secrets hidden inside the disclaimer, after all.
The link to the disclaimer can be found as a fine print at the bottom of their sales page, but how many people actually click into it and read it word by word? Not a lot.
If you can’t read the text in the image, you can click to enlarge it. Let me spell out some of the critical terms in the disclaimer:
- You could sustain a loss of some or all of your initial investments and therefore you should not invest money that you cannot afford to lose.
- Information contained in this product (Profit Magnet) is not an invitation to trade specific investments.
- THE TRADES (portrayed in sales materials) HAVE NOT BEEN EXECUTED.
From the disclaimer, we can understand a number of truths about Profit Magnet scam:
- Despite promising you guaranteed profits, it’s extremely likely that you will lose your investments trading with Profit Magnet software.
- Despite coercing you to use Profit Magnet software, you should not view the sales materials as an invitation to trade binary options.
- No trades have been executed using Profit Magnet automated software. All results shown are simulated.
Fact #3 alone should be enough to alert you to steer clear from the scam.
If you think Aaron Martin includes such terms in the disclaimer as a fair warning for the consumers, you are wrong. The sole purpose of this disclaimer is to protect themselves from legal actions when you lose all your trading capital with Profit Magnet scam.
If he wanted to be upfront about the risks of binary trading and the fact that no actual trading has been done using the software, he would’ve told you in the sales materials.
How Profit Magnet Makes Money Off You
I was assigned to Vision Binary, one of Profit Magnet’s affiliated brokers
If you decide to use Profit Magnet software, you’ll need to register for a broker account through their sales page (which is an affiliate link). Aaron and the team behind Profit Magnet scam will earn a sum of referral fees as soon as you deposit into your broker account.
You need to deposit at least $250 to get started. The minimum deposit may be different depending on which broker you are being assigned to. Keep in mind that you can only use Profit Magnet software with their affiliated brokers.
Even if you already have an existing account with one of their affiliated brokers, you need to register for a brand new account through their sales page using a different email address. This is because the scammers behind Profit Magnet cannot get their referral fees unless you sign up through their affiliate link.
Not only that, Profit Magnet will continue to make money off you over the long term. The team behind Profit Magnet scam will earn commission for every trade that their system makes for you.
To make things worse, since Profit Magnet software runs completely on autopilot, they can dictate your trading frequency and the trade amounts. In short, they can decide how much commissions to earn off you, as long as you still have money in your trading account.
Is Profit Magnet a Scam?
YES, PROFIT MAGNET IS A SCAM. As we’ve said in the review earlier, we don’t recommend binary options trading as a way to make money online, at all. It’s not that different from gambling, and using an automated trading software is no different. You are essentially putting your hopes and entire investment in a piece of software that gambles on your behalf.
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!