Social Tech Trader by Albert promises to generate profits for you automatically, but is it too good to be true? Indeed, because Social Tech Trader is a scam. Let’s find out the truth behind the scam in our in-depth Social Tech Trader review.
Name: Social Tech Trader
Price: $250 min. deposit
Legitimate? NO, IT’S A SCAM
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Social Tech Trader Review
Social Tech Trader is a scam
Albert, the alleged owner of Social Tech Trader scam introduces himself as a former banker who left his job at age 37. Together with his colleague, he created Social Tech Trader automated trading software to help people profit in binary options.
It sounds great on paper and Albert seems like a guy who is trying to help people, but don’t be fooled. Social Tech Trader is a scam, despite all the sugar-coated promises that Albert is telling you.
As soon as you enter the home page of Social Tech Trader scam, you’ll be greeted by a highly exaggerated headline – “is it possible to make $6,440 a week with this social technology trading?”
Of course, this headline is there just to attract the eyeballs of unsuspecting internet users and make them watch the entire sales video. It is in the sales video where Albert tries to brainwash his potential victims into paying for the scam.
Yes, even though Albert repeatedly promises that the software is free, it doesn’t come free at all. I’ll reveal how the scam makes money off you at a later part of this review.
Before that, let’s look at some red flags that we’ve discovered within Social Tech Trader scam.
Fake FOX Business Quote
Social Tech Trader scam wasn’t featured in FOX Business at all
Above the sales video in their homepage, Social Tech Trader scam displays a quote from FOX Business that supposedly hail the software as “The most advanced profit making software of our time.”
You can refer to the first image in this review for the quote. To verify the authenticity of this quote, I decided to search the website of FOX Business for anything remotely related to Social Tech Trader.
Unsurprisingly, Social Tech Trader scam wasn’t even mentioned in the website. Other search terms such as “profit making software” did not yield any results, too.
Apparently, the scammers are just leveraging on name of FOX Business to boost their own credibility, even though they weren’t mentioned by the site at all.
Fake Member Testimonials
If you scroll down the sales pages of Social Tech Trader scam, you’ll see quite a few testimonials of members who alleged used Social Tech Trader software and has made some significant profits.
One of them is Suzanne Schmidt from Derby, UK.
She claims to have made a total profit of $67,184.20 from Social Tech Trader software, and her photo is attached to the testimonial.
To verify the identity of these members, I decided to perform a reverse search based on the photos. And the results isn’t encouraging.
Social Tech Trader scam uses stock photos to fabricate member profiles
Suzanne Schmidt doesn’t exist, and all the other member profiles are also made up of photos stolen all over the internet.
If Social Tech Trader is really as good as advertised, why would they need produce fake members and testimonials?
There’s only one reason – because the scammers are out to get your money, but the software doesn’t work as advertised at all.
How Does Binary Options Work?
Since this is a binary trading software scam, I want to explain how binary trading works first to make sure everyone is on the same page. If you have traded binary options before, you may skip ahead to the next segment.
Binary options is a hugely simplified form of trading – instead of reading news and analyzing charts, 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 options).
This is how it works – let’s say I guess that the price of oil market (or any other tradable assets) will rise after 1 minute, and I invest $50 in a 1-minute 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% (between $30 to $40). But if I’m wrong, I lose the entire sum that I bet.
In practice, trading binary options is not that different from gambling. There’s just no way to predict the market direction in such a short period of time. The odds of winning a trade is just like guessing the outcome of a coin toss – it’s 50-50.
Even if you manage a 50% win rate, you’ll still lose money due to the uneven winning vs losing payout. The game is designed to work against you – who would risk $50 to potentially win just $30 to $40 in a game of coin toss? This is why the vast majority of binary options traders lose money.
We do not recommend binary options if you want to generate serious income from the internet. It’s one of the worst possible ways to make money online. There are simply better alternatives out there that are much more promising than trying to gamble your way to wealth.
How Social Tech Trader Makes Money Off You
If you decide to sign up for Social Tech Trader, you’ll have to register for a broker account through their sales page (which is an affiliate link). The scammers will earn a sum of referral fees as soon as you deposit into the account.
I was assigned to BinaryBook, an affiliated broker with Social Tech Trader. The minimum deposit with this broker is $250.
You may be assigned to different brokers depending on your country and location. However, the standard minimum deposit for most brokers is $250.
Even if you already have an account with their recommended broker, you have to register for a new one using a different email address. This is because the scammers behind Social Tech Trader cannot earn their referral fees unless you sign up for a trading account through their affiliate link.
Not only that, Social Tech Trader will continue to earn commissions off you in the long term. The team behind the scam will earn a commission for every trade that their software makes for you.
The scary part is, since Social Tech Trader runs on full autopilot, they decide your trading frequency and trade amount. They can dictate how much commissions to earn off you as long as you still have balance inside your trading account.
Social Tech Trader scam will profit regardless of whether you make or lose money, ALL ON YOUR EXPENSE.
Is Social Tech Trader a Scam?
YES, SOCIAL TECH TRADER 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 basically the same as gambling, and using an automated trading software doesn’t make a difference. 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!