Certainly sounds like something I want to be a part of. A society of elite, uber-rich people who have access to some sort of magical money making system. Count me in!
But really what is the Secret Millionaire Society and can it make you millions of $$?
I’ve learnt quite a lot from researching for this blog so if your keen to know read on and I’ll share with you what I’ve found.
If you are the impatient type then you can skip to the part your most interested in by using the Quick Guide below.
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Snap Shot of Secret Millionaire Society
Name: Secret Millionaire Society
Price: Free (but really $250 to play)
Owners: Quincy Brooks ? Brad Marshall ? (It's hard to tell who's real)
Who’s It For: Gamblers & Binary Options Traders
First up “The Society” trade in binary options, so this is what you would be getting yourself into if you decide to go with the Secret Millionaire Society software.
What are binary options? Well I’m glad you asked cause I had no idea either and so the research began.
Are they a legit way to earn money? Just how much money can you make? What sort of investment do you need to get started? All valid questions, well I think they are because that’s what I was asking, so let’s answer them shall we?
Money Smart is the website of Australia's Securities and Investments Commission, a Government agency, and has fantastic unbiased advice on making money online, and the various scams and frauds going around.
Although this is a site primarily for Australians no matter what country you are in a lot of the information pertains to world wide issues and it’s well worth a search if you are unsure about a program or system you have seen online which purports to make you money.
The video below is from their site and gives a good overview of what binary trading is all about.
The Secret Millionaire Society Pros and Cons
- Slim chance you will make money
- Short time frames, you don’t have to wait long to see if you are a winner
- Fully automated
- Like all gambling it is favoured towards you losing
- Risky - estimated 80% of people lose their money on binary trading
- No proof of real earnings from those using the software
- Fully automated (I put this is cons as well because you are trusting the software to be right, no human interaction)
How the Secret Millionaire Society Really Works
So binary trading is basically gambling on a financial outcome, it might be the stock market or the foreign exchange.
So you might make a bet like XYZ company shares will be trading above $1.50 a share in 30 minutes. Yes it can be that quick to see if you win or you lose. Some of the longer term bets maybe up to 6 months but usually it is minutes or hours and not months.
Binary trading is made up of different versions of two main types:
One Touch Binaries - the price will or won’t reach a target on or before the specified date. This is like the first example I gave above eg. XYZ company shares won’t rise above $1.00 before 11th February at 2pm.
Digital Binaries - the price will or won’t finish higher or lower during a set time eg. XYZ company shares will (or won’t) remain between $5 - $10 for the next 2 months.
Obviously it is very important to understand which type of investment you are making before placing your bet (trade).
But, and here’s where the Secret Millionaire Society comes in, you don’t need to know any of this if you use their software because it does it all for you.
It is promoted as free to join the Secret Society, but in fact you have to come up your initial investment amount as buy-in so you have something to trade with.
The Society is made up of you the investor (or trader if you like) and your broker who has access to the system and places the trades for you. Your initial buy-in is dependant on the broker you choose from the list supplied by Secret Millionaire Society but usually it’s around $250 to play.
I can’t confirm as definite but I’m pretty sure that the Secret Millionaire Society would be getting a kick back/commission from the broker for referring you and that’s how they make their money.
In all my research on this system I could not determine if all, or even any, of the brokers are licenced or registered. And to me this is a big red flag. Trading as an unlicensed broker is against the law (well it is in Australia anyway).
You do set the parameters eg. how much you are willing to trade on each bet but other than that it’s set and forget.
And in a very short space of time your “investment” will be gone. Then you can either fork out more money in the hopes of getting your original investment back or you can come to the sensible conclusion that binary options are no more a business than backing a horse down at your local track.
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So while binary options is real and can be a legal way to make money in my opinion the chances of you earning any money are stacked against you. In fact I’d go so far as to say you will more than likely lose all your money (remember the statistics show that 80% of people lose).
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If you have tried binary options or binary trading in the past drop me a comment in the box below and let me know what you thought of it. Did you make money? Did you lose money? I’d love to hear from you.
And as always if you have questions …. I have answers.
Pop them in the box below and we can have a chat.