Fast Cash Biz is a robot software program for binary options trading. They have a flashy, upscale sales video that sells you on the dream of becoming a millionaire but tells you very little about how their system works to make you all that money. So does Fast Cash Biz scam people? Let’s take a further look
A little background- what is binary options?
Binary options is a relatively simplistic trading system that operates in very specific, short time intervals and functions on an “all or nothing” basis. The price of commodities, stocks, and currencies fluctuates constantly every minute of every day. The trader either gains a fixed profit or gets nothing. To take an example, you would make a simple “yes” or “no” prediction to the price of something like Gold, Silver, Coffee or Oil on a particular time on a specific day.
According to the CFTC’s website, here is a more complete explanation of how Binary Options Trading works:
Binary options differ from more conventional options in significant ways. A binary option is a type of options contract in which the payout will depend entirely on the outcome of a yes/no proposition.
The yes/no proposition typically relates to whether the price of a particular asset that underlies the binary option will rise above or fall below a specified amount. For example, the yes/no proposition connected to the binary option might be something as straightforward as whether the stock price of XYZ company will be above $9.36 per share at 2:30 pm on a particular day, or whether the price of silver will be above $33.40 per ounce at 11:17 am on a particular day.
Taken from cftc.gov – get the full article here
How does Fast Cash Biz tie in?
Fast Cash Biz is a software program that acts like a trading robot. Their software supposedly accurately predicts the market to give you the best chance of winning (which is pretty impossible). They claim using their software and doing “exactly what they tell you” will give you a 99% chance of earning a seven figure income.
You sign up for “free”, but must invest a minimum of $250 with their associated broker. Living in the United States, they wanted me to sign up with a broker called Glenridge Capital.
Since you can’t do anything unless you invest the $250, it isn’t really free at all.
Is Glenridge Capital a safe trading platform?
Upon further investigation, Glenridge Capital is not on any list of brokers registered with the CFTC (US Commodity Futures Trading Commission) nor the SEC and appears to be simply an internet based trading platform.
It isn’t recommended to use unregulated brokers for binary options trading because there’s a much higher chance they are a fraudulent company.
According to the CFTC, these are the top 3 complaints of using unregulated trading platforms:
- Refusal to credit customer accounts/reimburse funds
- Identity theft
- Manipulation of software to generate losing trades
Since Glenridge Capital has a $100 referral program, it seems perhaps Fast Cash Biz exists to make money on referring people to that particular broker instead of providing them any type of actual service, support or training.
I wouldn’t trust binary options trading robots…
I cannot back up the legitimacy of Fast Cash Biz nor any type of trading robot (let alone one that’s free). You have no idea how their software works or what signals it’s using to predict the good options. For all you know it could be manipulated to make you lose!
Would you hand your hard earned money to a complete stranger and trust they’d give you millions in return?
Binary options trading is RISKY.. yet Fast Cash Biz claims their success rate is 99%!
The reality of binary options trading is that it’s not really much different from playing online poker – you’re still just gambling with it. The CFTC advises anyone to only trade with money they can afford to lose, because the market is volatile and there’s significant risk. You can research the market and make educated guesses, but even the most advanced trader isn’t going to be able to accurately predict market fluctuations in such small time intervals like that, at least not consistently.
It’s rather hilarious they claim their success rate to be 99%, and users on average make 10,000 PER DAY just “clicking a few buttons”. I’m not making it up, either. it’s directly on their FAQ page.
If there was free software available that made people wads of cash by clicking a few buttons, we’d all be millionaires. Check out this article from Forbes on the subject of binary options trading, it’s quite a good read.
Fast Cash Biz sells a dream, and nothing more
Binary options trading is a risky business, and Fast Cash Biz isn’t a foolproof way to predict the market. You’re no more likely to make millions using their system than you are to win a mega million jackpot lottery. Unless you have a large sum of money and can afford to take the risk of losing it, I wouldn’t waste your time with this.
The flashy sales video selling a lavish lifestyle feeds on people’s desire to easily get rich online, but has no grounding in reality. They boast a 99% success rate and claim their users on average make $10,000 per day, which can’t possibly be true. They force you to use a trading system that is unregulated by the CFTC which poses serious risks to not only your finances but also your identity. Taking all this into consideration, I have to consider Fast Cash Biz a borderline scam.
If you’re interested in binary options trading, stay away from any get rich quick and robot trading sales pitches. Chose a broker regulated by the CFTC and learn the field. If you have the funds and are into gambling your money, then I can’t tell you what to do with your money. Just don’t say I didn’t warn you.
For everyone else who doesn’t have money to risk throwing away, I recommend learning a more practical, sustainable way to earn money online.