About 3 Week Millionaire
Sure, trading binary options—whether you’re using 3 Week Millionaire or another system—can make you a lot of money.
But there are a ton of things to keep in mind before making the leap, which the 3 Week Millionaire video doesn’t address. They seem to (perhaps purposely) gloss over these important considerations.
To help you make a more informed decision, we’ll discuss what we know about the 3 Week Millionaire system, and whether or not it’s worthy of your time and money.
How 3 Week Millionaire Claims To Make You Money
3 Week Millionaire’s web-based software claims to trade binary options with a 100% success rate, helping you earn $50K per day. Add it up, and this means you could be a millionaire in just 3 weeks.
According to Sean Wallace, 3 Week Millionaire’s creator, this software uses specially designed algorithms to constantly scan markets looking for patterns. As it “learns,” it will place 5 automatic trades on your behalf each day, and bloat your bank account by $10K each time.
And because it works on autopilot, Sean claims that it can be set up in just a few clicks and will continue making money while you’re out living your life.
Before you get too excited, are binary options really a “guaranteed opportunity to make money?”
The Ups & Downs of Trading Binary Options
Trading binary options basically comes down to correctly guessing whether the price of an asset (e.g. stock, commodity) will go up or down. If you guess correctly, you’ll keep your original trade amount, plus whatever the terms are for the trade, minus your broker’s commission (more about this soon).
Binary options are often attractive for beginning traders because there are only 2 options (put and call), you can often make trades for as little as $5, and the trades execute within a short period of time (usually 60 seconds).
Like any other type of trading, binary options are volatile, and you can lose a lot of money quickly if you don’t know what you’re doing. Also, contrary to what 3 Week Millionaire claims, there’s no such thing as a foolproof trading strategy.
The long and short of it? Sure, you might have a lucky streak or three, but over the long term, the probability is that your binary options trades will be successful about 50% of the time. And definitely not the 100% success rate claimed by 3 Week Millionaire.
Lastly, because binary options have only been available on the US stock market since 2008, most of the larger brokerage firms (e.g. Charles Schwab, TD Ameritrade, etc.) don’t feature them. So you might have to go with a lesser known (and less reputable) broker if you want to trade binary options.
Let’s talk more about these firms.
Binary Trading Brokers
Here’s the truth: 3 Week Millionaire is basically just a sales funnel (i.e. it brings in internet leads) for a brokerage firm called BinaryBook based out of the UK. 3 Week Millionaire isn’t a real thing; it’s just made up to convince you to open an account.
12 SiteJabber reviewers gave BinaryBook an average rating of 2.5 stars, with common compliments citing the ability to make money and good customer support. Note: we have our suspicions that many of these positive reviews might be fake.
Among those who were dissatisfied, the most common complaints revolved around high brokerage fees, losing money quickly, and high-pressure sales tactics to add more money to accounts.
Ripoff Report also featured a negative BinaryBook customer review, who claimed that they had a lot of difficulty withdrawing funds.
Finally, ScamBroker noted that BinaryBook is not a licensed broker, and that the software advertised on the 3 Week Millionaire site is just SpotOption—not something “revolutionary” that was created by Sean Wallace.
In our opinion, they’re all intended to convince you to open a brokerage account, while providing you with nothing resembling the claims made in their sales videos.
Just because you might want to avoid brokerage firms like these, this doesn’t mean you should necessarily avoid binary options.
If You’re Going To Trade Binary Options, Do This First
Just like any other form of trading, you can vastly increase your chances of success by learning everything you can about binary options. This includes what binary options are, how they work, the types of payouts you can expect, and different strategies that have been proven to work in the field.
From there, you need figure out how to choose the right binary options broker for you. Then, and only then, should you consider opening an account and depositing money.
The Lowdown On 3 Week Millionaire
Sure, the “3 Week Millionaire” software may be free, but you won’t get to use it unless you open a $250 (minimum) BinaryBook account. Pro tip: But you can get a good idea of how their SpotOption software works beforehand.
You want to make money trading binary options, not just hand it over to some faceless broker—especially one that doesn’t seem to have a very positive online customer reputation.
Whether you’re trying to avoid scams or to make money trading binary options, knowledge is power. Learn all you can about binary options, speak with friends or online forum users who are successful in the field, and research as much software and as many brokerage firms as possible before making any decisions.