Like a lot of others, the Vena System gets promoted as an out-of-this-world piece of automated software that’ll solve all your binary options trading needs. But, perhaps partially in a backlash against the overwhelming hype, some traders have already left pretty negative reviews of it online.
When it comes to your trading money, you want something you can rely on.
And if you’re a new trader, it seems especially difficult to figure out what to trust and what to avoid… even more experienced traders still have trouble with this sometimes due to the sheer plethora of fraudulent opportunities out there.
But if you’ve come here, then you want to see an honest assessment of the Vena System. So we’ve decided to tackle some of the most pressing questions and issues about it in this review. We investigated this automated trading robotic software with open minds and willing to give the benefit of the doubt. So read on to discover what we found.
Software: 100% Automated
Max Returns: Unknown
Minimum Deposit: $250
Countries: All nations
- 100% computer-automated trading
- Website or brokers are not regulated
- Large number of customer complaints
- Poor customer service
- Withdrawal process is not reliable
Not Reliable Service
Who’s Behind the Vena System?
The promotional video on the homepage introduces you to the creator of the Vena System, Marc Vena. He was formerly a wholesale currency purchaser and alleged leading mentor online. According to him, he set out to show regular, everyday people a path to achieve financial freedom and help them make a real difference in their financial circumstances.
He states that he developed the system he named after himself in London, England. Then the video proceeds to display Mr. Vena driving around in an Aston Martin to interview a couple of members who claim to have used the system successfully to make money. They introduce themselves and show screenshots of the income in their trading accounts in an attempt to lend credibility to what they say.
According to the video, these two people were among the few to join the creator’s inner circle of traders. Vena also says that, while he plans to grow this elite membership even further, he’ll limit it to only 50 members. And anyone from around the world can join it, but only a few spots remain. He comes across well as he makes the claim that users of his trading robot have been making almost $2 million annually and over $150,000 monthly. This translates to over $5,000 every day!
He does such a good job of looking genuine that he’s probably convinced a lot of people to part with their money and join his program. Unfortunately, from what we can gather, he invites you to join a scam where too many details about what he offers either remains hidden away or manipulated when presented to the public.
And for someone who claims to have made so much money and showed the others the way, you’d think he’d be mentioned somewhere when you do a search for his name. But when we did, we couldn’t find a trace of him. So we have doubts about whether or not this person legitimately exists.
Digging Further Into the Promotional Video
During the interview in the marketing video one interviewee, Graham, allegedly earns more than $7,000 per day on average after using the software for over a year. And the single mother Jane looks to have earned over $35,000. She says she earned this after a little over a week of using the program.
The inclusion of Jane, in particular, seems like a ploy to play the sympathy card and make you feel that you too can succeed. After all, if the caretaker of a special needs child can do it, then surely you’d find it just as “easy”.
So what does the all mean? It means that you should take these profit claims with a gargantuan grain of salt. The threshold for daily profits moves from the $5,000 daily mentioned earlier to an even more unbelievable $7,000 per day. If you have even just a slight amount of trading experience, you already know how outrageously untrue this claim is.
And Vena doesn’t mention how he developed his system at all; just that it uses his own knowledge of currency exchange rates. He claims it just came into being one day, almost as if by magic, while also stating that his system even makes money when the market acts uncertain without giving a reason why.
What Happens When You Register for the Vena System?
After watching the entire video presentation, it redirects you to another page where you enter your personal details to register and open an account with a binary options broker of the site’s choosing. Here are some interesting facts:
- It’s not really free – While the site leads you to believe that you can sign up and use their software for free, there’s a catch. In order to trade using the Vena System, you must register and deposit money with their broker because they are the gateway through which you’ll execute trades.
- They want more – So while technically, you don’t have to pay for their software directly, you do have to spend money in order to trade with the system. In addition, the Vena System encourages you to deposit more than the minimum amount of $250 by claiming that their system works best with a larger deposit.
- Brokers pay them – Do you want to know the REAL reason they push you to put more funds toward your deposit? They’re affiliated with the broker and receive money whenever a trader funds the account. The larger the deposit, the larger their commission.
- It does not work – Regardless, the software won’t work anywhere near as well as advertised (if at all) no matter how much or little you deposit. And all the while, they attempt to falsely set your mind at ease by promising that you can withdraw your deposit any time if you change your mind.
However, brokers involved with these types of scams deliberately make it difficult to get your money back. So you won’t have any real control over your funds and will most likely never see that money again. But you will finally get access to the Vena System.
So Does Vena System Offer ANY Advantage to the Trader?
It does offer a couple of pros:
- It starts automatically placing trades for you after you fund your account as advertised. So the promise of automated trades proves legit.
- And you’ll “only” have to risk the standard industry minimum of $250 if you decide to use the system. So you’ll be risking the loss of the least amount of money out of your pocket that you can get away with.
Unfortunately, neither one of these advantages will do you any good. Developers deliberately create scam software like this and partner with scam brokers to make those automated trades losers. When you lose, the binary options broker wins everything you bet in the trade. And these brokers willingly hand out big commission payments to owners of sites like the Vena System for giving them new customers from which to steal.
That’s why they try so hard to convince you that you can attain wealth with their system by putting up their fake customer testimonials and revenue claims. But if they succeed and you take the bait, they don’t care about your success or failure afterward.
So you shouldn’t expect much in the way of any customer service addressing your complaints adequately after you see how much of a loss your account keeps incurring.
Vena System’s Fake Live Trading Account & Testimonials
On the Vena System website, you’ll find a section containing his trading account. It displays the automated trades made over the last couple of months and gives anyone the opportunity to analyze it further.
So we did and we found some amateurish mistakes on his part. The financial markets close on Christmas and New Year’s Day. You don’t even have to be a trader to know that. Yet, in his account, Mr. Vena shows trades that took place on these holidays (and they won, too). Having any trades executed on that day, much less winning ones, is a sign of a fake account.
And that’s not all. Like any other product, Vena displays testimonials gathered from people who he claims benefited financially from the use of his automated binary trading robot. You’ll see claims of earning over $600 per hour and such. However, after a little digging, we couldn’t find proof of legitimacy for these reviews which leads us to believe that they’re all misleading or outright fake.
Once again, their purpose is to get you to believe that you can have the same success so that you’ll sign up right away. If so many members really made that kind of money with this system, their broker would have broken off the relation for fear of going out of business…and would probably advise other brokers to stay the hell away from a partnership too.
Only 50 Members? Not Really
After investing so much into the product and the website, why would the creator only limit himself to 50 members? Try coming back to the site a few months down the line and, assuming they haven’t shut down the system completely, you’ll see that the number of slots available remains the same.
Don’t think it’s because they couldn’t get more people to sign up since the last time you checked them out, either. The number of spots will always be the same, regardless of the length of time. Ironically, though, they discredit this themselves in their Frequently Asked Questions section which states fewer member slots available than their video pitch. So it seems like even they can’t make up their mind which number of supposedly limited spots they want to use to lie to the public.
We Recommend That You Don’t Sign Up With Vena System
Because of the legitimate potential to make money with binary options trading, the industry has acquired a huge demand for products and services like these. And many have supplied that demand, including in the form of fake robots specifically designed to lose traders money to the benefit of affiliated brokers.
Scams bring big money for the scammers, and so they’re taking advantage of this burgeoning industry and newcomers who continue to come on board due to the lower barrier of entry compared to other types of trading (and even binary options in years past). Without due diligence, you’ll lose your money within the blink of an eye.
In order to safely trade, you must do your research. Find tested and proven trading companies and binary options product and service providers who can prove their track record without attaching outrageous claims to their offer.
In our opinion, the Vena System doesn’t pass the smell test and seems designed to trap you and your money in an unwinnable situation. Save yourself and your bank account the trouble. Just stay away and don’t let them get away with it by suckering you into their scheme.
- Interview of Daria Glazko from IQ Option - July 20, 2016
- IQoption Adds New Deposit Feature and Forms New Partnership - July 5, 2016
- How Binary Options Changed My Life and Got Me Out of Debt - June 7, 2016