The world of binary options trading is not new. However, trading with a specially designed software for this purpose is all different. The thing is, a lot of scams are now floating around, including this one software called Social Trader.
The market is certainly full of bogus binary options trading software. It is hard to single out which ones are genuine from the ones that are fake. Social Trader system is just one of those fake software you will encounter in several online reviews. It’s designed to net money for the owner from unsuspecting traders. It’s neat and most deceptive for the newbie trader with no experience on how binary options scams operate on the web.
Social Trader Software Review
It is important to watch out for the Social-Trader.co system because some honest user reviews have pointed out bad things about it. We would therefore proceed to warn you in this review not to invest your money in it because chances of losing would be 100%.
Is Social Trader a Scam?
Definitely it is a scam you should not get involved in. Unless you want to drown all your hard-earned cash, you shouldn’t even consider this software as a contender among the best binary options software to rely on in 2020.
The owner of Social Trader scam software claims that everyone will be able to make at least $24,755.81 in their first week of trading using the software.
They also claim that upon signing up, you will get free $200 deposited straight into your Social Trader account. Of course these claims should not be taken too serious because no one makes that amount of money by relying on a binary options software alone.
The strategy that this scam software is using to convince you
Johnathan Cooper is the founder of Social Trader system, and he claims that his software was designed to leverage on social media activities that affect the money markets. By relying on social media news, the software is supposed to bring accurate results even before the rich guys can have a chance of capitalizing on the opportunity.
This is obviously a vague explanation of how Social Trader system works. In fact, there are a dozen of red flags to point out that this software is indeed bogus.
The credentials of Johnathan Cooper
This man’s credentials cannot be established. If you search for his name on Google, you will surely see that he is not a CEO of any company, organization or product. Only fake paid reviews are publishing the name Johnathan Cooper and associating him with the said software. Generally, there is insufficient information to point towards the credibility of the person behind Social Trader software.
Fake countdown timer
We have mentioned this in several reviews done in the past. This fake countdown timer appears in every scam website out there. It’s meant to create a scarcity situation which will eventually prompt an unsuspecting trader to sign up before their chance can expire.
However, you can still sign up after the countdown timer has expired. If we can catch this dishonesty, we cannot trust everything else we find in the official Social Trader website. If you refresh the site, the countdown timer will start counting all over again.
The safety and working of Social Trader software scam
They claim the privacy of their users is protected and satisfaction is guaranteed. However, as a user moves forward, they will never come across any protection or guarantee of earnings. This is very risky because the owner of this website is failing to come across as genuine. Expert reviewers have therefore concluded that he is a fraudster.
Secondly, he says his software is also designed to copy the trading strategies that expert traders use. These strategies are supposed to be reflected into your account automatically so you can take profits home every time you use the Social Trader.
In fact, the claim of the best traders having their strategies copied into users’ accounts is false. This is a trick meant to encourage sign ups so the broker can reap even more profits in the long run.
Just like other scam binary options software out there, Social Trader system has slapped a few big names in its website claiming endorsement from those companies.
We came across companies like Aeropostale, Samsung, Walmart, Consilium and many others. The owner of Social Trader claims that these companies use his software to generate profits. But this claim does not make sense because all the companies mentioned above don’t deal with the financial markets.
Common sense should tell us that Samsung deals in electronics exclusively. Walmart is a one-stop shop for household items. The same thing applies to all other companies mentioned in the site.
The bottom line is, these companies have nothing to do with binary options trading, hence they will never endorse any binary options software even if it worked 100% accurately.
Fabricated live trading results
Like always, scams use fake live trading results with testimonials to help you see why you should invest in their app.
All testimonials appearing in the Social Trader signals website are made up. No wonder they mention some crazy figures that are impossible to make trading binary options with a software. They are not real.
Secondly, the Facebook and Twitter feeds they claim to update by the minute are also not real. If they were genuine, we would be able to see the real names of the people using Social Trader.
Let us just say that the owner of Social Trader used a widget in which he slapped Facebook and Twitter badges so he could lie to the world with fake testimonials. Those widgets are not convincing because they lack so many details. This makes use believe that all the faces appearing on those two widgets are not real.
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At the bottom of Social Trader website, you will find a few trusted seals which are supposed to show how safe it is to use Social Trader app signals. None of those seals are clickable, so there is no way of finding if they are genuine. Therefore, by no means should you trust this software.
If you are really looking for some working binary softwares, well, then you should check our Best Binary Options Signals page. We have ranked the top 5 systems according to our test results and user feedback.