- Long-Term Earning Potential
- Value for Money
- Training Quality
- Short-Term Earning Potential
The Profit Formula is a binary options trading system that claims to profitably trade the financial markets for you automatically.
The Profit Formula is most likely a classic binary options trading scam.
Having signed up, I was not provided with any software or training tools.
But instead forced to deposit money to a broker without explanation.
The FCA has warned that most services offering binary options systems or signals are scams.
I strongly suggest that you avoid the Profit Formula.
- Almost certainly a scam.
|Name:||The Profit Formula|
|Price:||Free to register + broker deposit|
|How to Join?||Don’t|
Trading the forex markets was my first ever attempt at making money online back in 2007.
And after a year of testing, I came to the conclusion that the financial markets cannot be beaten by the average recreational trader.
To which many others concur.
Which is why I’m incredibly
And every single Profit Formula review that I’ve read has labelled this binary options trading system as a pure scam.
But I don’t believe in just blindly following suit.
So, I decided to sign up to the Profit Formula to see if this system is legit or not.
Here’s what I discovered.
What is the Profit Formula?
The Profit Formula is a binary options trading system that trades the markets for you automatically.
The system claims to be able to ‘make millions’ for you.
With some users apparently making up to $11,628 each day.
And ‘with 99.9% of all customers making their first profit within 24 hours of signing up’.
Image credit: https://en.theprofitformula.info/
Who’s Behind the Profit Formula?
I don’t know.
The website can be found here: https://en.theprofitformula.info/
But there’s no information on the creator of the system.
Nor was I able to glean any further information after signing up.
What is Binary Options Trading?
Binary options trading is betting on whether you think the price of a stock will rise or fall in a given timeframe.
The magnitude of that change is not a factor.
Binary options can be used to trade stock prices, indices, commodity value (gold, crude oil), forex (currency pairs), and cryptocurrencies.
It’s called ‘binary’ options because you either win or lose.
If you’re correct – you’ll make a fixed return on your wager.
But if you’re wrong – you’ll lose your entire stake.
This video explains more about how binary options trading works:
Can You Really Make Money With Binary Options Trading?
It’s incredibly difficult.
Because the broker has an edge over the ‘investor’.
Thus resulting in a negative cumulative payout.
This makes binary options trading more like traditional gambling.
And Forbes claims that you would have to win ‘54.5% of the time just to break even’. [Source].
So, unless you’ve established a legitimate edge over the markets.
You’ll lose money long-term with binary options.
Why is Binary Options Trading Banned in the EU?
As of ‘2 July 2018, the European Securities and Markets Authority (ESMA) has banned firms from selling binary options to retail consumers across the EU, including the UK’. [Source].
This regulation came into effect as a temporary measure.
But it’s still in effect at the time of writing – as far as I’m aware.
This regulation was passed due to the rising number of binary options scams.
And the rapid rate at which people were losing money on this style of ‘fixed-odds’ betting.
How Much Does the Profit Formula Cost?
It’s free to register.
But then you’re asked to deposit with a specific broker before being able to continue.
How Does the Profit Formula Work?
It’s far from clear how the Profit Formula works from the information given on the sales page.
And to be honest.
I was still just as baffled after I’d signed up.
Here’s what I found out.
1: Join for Free (And Get Spammed to Death)
The first step is to register your email address.
You’ll then be taken to another page where you’ll need to enter your name, phone number, and create a password.
Whatever you do.
Do NOT enter your personal phone number.
Because from past experience.
I can tell you that you’ll probably be called multiple times each day by ‘brokers’ trying to get you to make a deposit.
2: Deposit With TraderUR (Not Advised!)
As soon as I’d registered my account.
I was redirected to the TraderUR broker site.
Where I was prompted to make a deposit right away:
I clicked away from the deposit screen.
And discovered that there was no other content available on the site.
I’m unsure as to whether you’re granted access to the Profit Formula’s content after you’ve deposited.
Or if that content is located elsewhere.
I wasn’t going to risk my money to find out.
And so that marked the end of my experience with the Profit Formula and TraderUR.
Is the Profit Formula a Scam?
In addition to the reasons I’ve listed below.
The FCA (‘Financial Conduct Authority’) states that:
‘If you’re approached by a firm claiming to offer binary options products, it’s probably a scam’.
Source: ‘Binary Options’ – FCA.
1: No Value
There is absolutely no content available on the TraderUR site.
And it’s entirely possible that no such content even exists.
Even after you’ve deposited.
So, you’ve basically exchanged your email and phone number for the privilege of being spammed for eternity.
2: Forced to Deposit
It’s highly likely that whoever is behind the Profit Formula has an affiliate agreement with TraderUR.
This means that they will probably profit from your trading activity.
Hence why you’re forced to deposit right away.
3: Fake Testimonials
Other Profit Formula reviews have already revealed that the testimonials on the sales page are fake.
The pictures are stock photos.
And the videos are created by actors.
Conclusion: Don’t Waste Your Time or Money
This isn’t the first binary options system that I’ve signed up to.
And I’ve noticed that they all tend to follow the same model to get you to deposit with the broker.
In some instances, the broker is legitimate.
And they genuinely have no idea that traffic is being funnelled to their site by an affiliate using deceptive marketing tactics.
In other instances, the broker is a ‘scam broker’.
Scam brokers may not honour your withdrawal requests, may entice you to deposit using a ‘shared screen’ (to steal your details), or simply make off with your money.
But you’re not going to get any value by signing up to the Profit Formula in my opinion.
- No value;
- Almost impossible to make money with binary options long-term;
- Forced to deposit with a broker:
- Fits the FCA’s model of a binary options scam.
Is There a Legitimate Alternative?
I’ve tried all sorts of ways to make money online over the years.
And only a handful of strategies have proved to be both legitimate and worth the effort.
In the case of making money ‘quickly’ – matched betting is the best option for UK residents.
And affiliate marketing is a global solution for making money passively over the long-run.
My FREE email course shows you how to get started with both techniques.
Click the button below to begin.