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The world of binary options trading is constantly full of surprises. You never know what kind of trading systems scammers are coming up with to try and get you to part with your money. While this makes trading binary options tremendously exciting, it is also puts a lot of stress traders, something which they can do without.
That is why it is important to keep yourself updated with the latest developments in the binary options trading world so you will be able to distinguish between a legitimate trading system and a scam. To help traders like you, we constantly survey the binary options trading world to look for any new trading system that pops up and conduct an in depth review on it. In this particular review, we will check out a system called “Verified Trader” developed by 2 individuals, Simon Roper and Frank Hitchen. So check out our review to see if they are legit or just another scam.
Software: 100% Automated
Max Returns: Up to 86%
Minimum Deposit: $250
Countries: All nations
– Free Software
– High Returns
– Special Access to VIP Zone
– No verified performance track record
– Having to sign up with unregulated brokers
– Difficulties in making withdrawals
Not Reliable Service
What is the Verified Trader?
Basically, Verified Trader is a trading software that uses an investment algorithm to trade the financial markets. According to the CEO of the company distributing the software Frank Hitchen, he developed the software together with Simon Roper and had it released for Beta testing in 2014. From the test results, both of them came to the conclusion that the software can help users earn in excess of $20,000 each month. Incidentally perhaps to give more creditability to the trading system, Frank Hitchen also mentions that he has a MA in Artificial Intelligence Computer Science from Stanford University.
How does it work?
Details about the Verified Trader software are actually sketchy. All we know is that it uses a trading algorithm and it can be used manually or in automated mode. It is also claimed that the software is able to achieve nearly 100% success rate helping users of the software to generate between $600 to $4000 returns each day. For our experiences in review trading robots, the kind of success ratio claimed by Verified Trader is practically impossible to achieve in the real world hence making Verified Trader’s claim highly dubious.
The software is not a standalone application and requires users to operate it as an add-on to the broker’s trading platform. When trading in manual mode, you will need to input the investment amount and execute the trade on the broker’s trading platform rather than on the Verified Trader software. In other words, the Verified Trader trading system is rather cumbersome to use.
In addition, we noted from our research that the Verified Trader trading system was released previously and then taken off the market. The fact that it was released again earlier this year as a new system only serves to raise the suspicions that the developer of the system is operating in a fraudulent manner.
While the Verified Trader system is provided free of charge, to access it you need to sign up with a list of recommended broker and then deposit $250 into the newly opened account. In the marketing video claiming limited slots and to pressurize traders into signing up quickly, the creators of the system had mentioned that the system will soon to be released to institutional traders and henceforth will cost $10,000 a month to access. From our experience, individuals who employ such pressure tactics are usually trying to avoid close scrutiny of their systems.
From what we have learnt about the Verified Trader system through our investigation, we can only conclude that it is a system that was created and designed to entice individuals to sign up with a list of unregulated brokers and deposit money with them. With the internet filled with complaints about traders who used the system having problems making withdrawals and poor trade executions, we highly recommend that our readers stay away from this trading system to avoid getting scammed out of their money.
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