About Euro Millionaire System
The Euro Millionaire System is claimed to be a fully-tested system that uses “revolutionary financial secrets” to help you use the internet to make money from home in a couple hours per day, and to achieve financial freedom in a few short weeks. The Euro Millionaire System is claimed to have been developed and perfected over the past couple years by its creator David Williams, and to be simple enough for everyone to use, regardless of your experience level. In fact, David claims his system will “unquestionably help you earn money on a daily basis.”
Sure, earning money from home in just a couple hours per day sounds fantastic, but the real reason this sounds so appealing is that it could possibly give you the freedom to pursue your dreams and spend more time with those you love.
So can the Euro Millionaire System help get you there? Perhaps, but consider the following:
The Euro Millionaire System/Opteck.com Connection
As it turns out, the Euro Millionaire System is really just a sales tool for Opteck.com, a UK-based online brokerage founded in 2011 and owned by BNET ONLINE LTD (note: the company’s home page shows an address out of Belize City, Belize, while the Better Business Bureau shows an address in NYC). Opteck.com hosts a trading platform that is accessible via any computer or iOS and Android device with an internet connection, and allows you to trade binary options, stocks, commodities, and indices.
Opteck is not registered by the SEC, although they became licensed by CySEC in October 2014.
The Euro Millionaire Trading Strategy
However, the primary focus of the Euro Millionaire System’s landing page, and of Opteck in general, appears to be the trading of binary options, which are a cash-or-nothing (e.g. win or lose) options that pay a fixed amount based on the value of the underlying security, and which are typically traded on the Forex.
While the precise details of how to use Opteck’s trading platform can be found here, the premise of the Euro Millionaire System’s intro video is that you’ll use the platform’s Trading Sentiment Tool (shows you the direction that most Opteck traders are currently following) inside the platform to place trades against the trend.
For example, if you’re looking at EURUSD (the relationship between the EURO and the US Dollar) and find the Trading Sentiment Tool shows most traders are betting on an increase, you’ll do the opposite and make a trade based on a decrease.
With this in mind, the Euro Millionaire System’s strategy simply involves placing 5 different trades in $20, $35, $50, $70, and $100 increments, and is intended to provide maximum short-term efficiency. Once you win a trade, you’ll move up to the next higher increment, and if you lose a trade, you’ll immediately place another for the same amount until you win. After placing and winning the 5 trading increments, you’ll be finished for the day, and will do the same again tomorrow. The Euro Millionaire System claims it’s key that you don’t continue trading after this is complete, or you could throw off the system.
The Real Scoop on the Euro Millionaire System’s Trading Strategy
When it comes down to it though, according to Opteck’s Strategies page, these techniques are simply known as Hedging/Straddling (e.g. placing a trade in the opposite direction of a trend), and Correction (e.g. the market will quickly correct itself, so if you lose a trade, you should quickly place another).
While it’s outside the scope of this review to list the pros and cons of these strategies, keep in mind that you will likely not profit from trades as often as the Euro Millionaire System video makes it seem (more about this in a moment), and that a great deal of technical analysis is required to turn a profit. In other words, if you think you’re going to earn hundreds, or even thousands, of dollars per day simply betting against the trend, you might lose a lot of money in the process.
With this said, the Opteck website does provide a series of introductory, advanced, and in-depth video tutorials about binary options, trading strategies, technical analysis, and more.
What Kind of Online Reputation Does Opteck/Euro Millionaire System Have?
Overall, it appears that Opteck has a mixed online reputation. From a professional perspective, FXEmpire gave Opteck a 2.3-star rating (out of 5) based on the fact that their trading platform is tailored toward both novice and advanced users, but noted that additional underlying asset classes are needed. BinaryOptionsThatSuck gave Opteck a 7.3 out of 10, claiming that the company seemed legitimate, but worried about the fact that they’re unregulated, although Scambroker claimed that Opteck has an 80% trade signal success rate.
From a consumer perspective, many reviewers complained that the withdrawal process is excessively long (more about this next), and that customer service can be unresponsive.
Euro Millionaire System/Opteck Pricing & Fees
According to the Opteck website, signing up for an account is free, and you won’t need to deposit any money in your account until you’re ready to trade, which will be instantly funded. Funds can be deposited using major credit cards, bank transfers, or eWallet, and there is a minimum deposit of $250.
Single trade amounts can range from $25 to $10,000, and each trade that you win will earn you 65%-100% of the original amount, and if you lose the trade, you’ll typically keep 5%-15% or the original amount. For example:
If you win a $100 trade with a 65% payout, your total win will be for $165. However, if you lose this trade with a 15% protection rate, you’ll be able to retain $15 of the original amount.
Opteck claims to charge no setup fees or spreads, although if inactive for 60 days, your account may be subject to a fee of $5 or the balance in your account, whichever is less. Also, keep in mind that winning trades will be subject to a profit clearance fee:
- $250 or less = $1
- $251-$500 = $2
- $501-$1000 = $3
- $1001-$2500 = $4
- $2501 or more = $5
In order to ask questions about fees or any services provide by Opteck, you can contact their customer service department at 877-331-1990.
Despite Opteck’s relatively low account and trading fees, as we mentioned above, one of the most common complaints related to the company is their lengthy withdrawal process. This is because, although Opteck claims that withdrawals are “processed” within 3-4 business days, it can take 2+ weeks for the funds to actually be available in your bank account.
On top of this, you’ll be required to submit the following documentation prior to withdrawal:
- Copy of a government issued ID. This could be a passport, driver's license or ID Card.
- Proof of address; a utility bill such as electricity, water or mobile bill.
- If you deposited funds using your Credit Card, we ask for a copy of the front and back of your credit card. (You may hide the first 12 digits of the front of the card and the CVV number from the back).
- Digitally signed copy of the Opteck terms and conditions contract sent to you via Echosign.
Finally, according to the company, “All withdrawals are allocated a service fee of 3.5%. In the event that this percentage (3.5) equals an amount of $30 or below, the trader will then be charged with a $30 withdrawal fee. Additionally, the maximum withdrawal service fee is capped at $3,500.”
Can the Euro Millionaire System Help You Spend Less Time Worrying About Money & More Time Living Life?
Chopping to the Point: If we’re being honest, considering the product’s vague sales pitch and the “secrets” it promises to reveal, the ease with which it claims to help you make money, and its use of “As Seen On” NBC, Forbes, etc. (which cannot be independently verified), we were expecting the Euro Millionaire System to be comparable to systems such as Eric’s Success Plan, Emily’s Income Challenge, and other “Make Money Online” ventures. However, it appears that Opteck, the company behind the Euro Millionaire System, is a legitimate business with a fairly good online reputation.
With this said, making money by trading against the trend is not a new strategy, and not one that’s guaranteed (or even likely) to be as successful as claimed in the Euro Millionaire System’s intro video. And even if it were, by trading in such low dollar amounts, you probably won’t be achieving true financial freedom by using it. Also, think about this: if everyone who signs up for an Opteck account begins trading against the trend, what good would the strategy be in the first place?
In short, we’d recommend proceeding with caution when using the Euro Millionaire System, and signing up for a free Opteck demo account before making any live trades.
91 out 94 people found this review helpful
Makes it look easy
I just lost 250 very quickly following his method. Went up to 400 fast then boom! Down to 14. I'm done. I'm not putting anymore money into this. I don't think its a scam but it's a very big gamble. The market does not follow the trend population. It do whatever the hell it wants too.
Bottom Line: No, I would not recommend this to a friendView all 1 commentsHide comments
Feb 17, 2015
Before opening an account, I did my little research.This is what I found: Euro Millionaire claims in their website to use Stockpair as a broker. When I chatted with Stockpair, they don't know anything about Euro Millionaire. This is kind of bizarre.
I am holding my subscription.