MyCashBot claims to be web-based software that works on “autopilot” to make you money. In fact, according to the promotional video on the MyCashBot website, it’s this software can help you become a millionaire in 90 days or less.
Although very little detail is provided on the MyCashBot website, it appears this self-proclaimed “state of the art” software automatically trades binary options on your behalf by “choosing the right assets with the higher probabilities to profit,” without requiring any intervention from you. We’ll go into much more detail about this in the final section.
How Do You Sign Up for the MyCashBot System?
After entering your email address on the MyCashBot landing page, you’ll be taken to a page that asks you to fund your CVC Options broker account using a credit card (minimum of $250). Then, MyCashBot claims they’ll match whatever limit you add (e.g. if you add $250 to your account, MyCashBot will add another $250, for a total of $500).
MyCashBot Pricing & Refund Policy
Although MyCashBot is claimed to be 100% free, you’ll have to add a minimum of $250 to your brokerage account after signing up. From there, the company’s website claims that you’ll pay a $25 minimum per trade.
After signing up, MyCashBot claims to partner you with a “profit consultant” who will provide you with additional education and training programs, although no details are provided explaining exactly what this entails.
There is no phone number provided on the MyCashBot website, only firstname.lastname@example.org.
Will MyCashBot Really Make You a Millionaire in 90 Days Or Less?
It may be old, but the saying “If it sounds too good to be true, it probably is” can help put some of MyCashBot’s claims into perspective. Here’s why:
Lack of Details About the Program
First and foremost, the MyCashBot website provides very little (essentially zero) information about how the software works or how it can help make you money. Basically, you’re provided a lot of marketing hype, which the company hopes will cause you to hand over your hard-earned money without a second thought.
After reviewing hundreds of products and services here at HighYa, if a company claims you’ll be able to make a lot of money but doesn’t tell you precisely how this will occur, it’s probably a good idea to stay away.
Is MyCashBot a Legitimate Binary Options Trading Platform?
According to Wikipedia, “a binary option is a type of option in which the payoff can take only two possible outcomes, either some fixed monetary amount of some asset or nothing at all (in contrast to ordinary financial options that typically have a continuous spectrum of payoff).” In other words, binary options are an all-or-nothing type of trading.
However, just like with any other trading tool, binary options brokers must be registered with the SEC in order to trade in the US market. In order to verify this information, we searched for MyCashBot and CVC Options through the SEC, and found that neither was listed. This is likely because, according to Scamguard.com, MyCashBot is based out of Seychelles, a small island country about 1,000 miles off the East coast of Africa, which is not a regulated market like the US. With this said, the US Securities and Exchange Commission drives home the point further by stating, “Much of the binary options market operates through Internet-based trading platforms that are not necessarily complying with applicable U.S. regulatory requirements.”
This same article then goes on to say, “The SEC and CFTC have received numerous complaints of fraud associated with websites that offer an opportunity to buy or trade binary options through Internet-based trading platforms. The complaints fall into at least three categories: refusal to credit customer accounts or reimburse funds to customers; identity theft; and manipulation of software to generate losing trades.” As such, this could be something you end up facing when dealing with MyCashBot and/or CVC Options.
Speaking of CVC Options…
We attempted to locate CVC Options online, but after landing on their homepage, we were advised that “Unfortunately due to regulatory constraints we cannot allow access to our website for traders in your region.”
This seems confusing, seeing as how CVC Options appears to be more than willing to take your money through the MyCashBot website, but they won’t allow you to view their home page.
What Are Other Consumers Saying About MyCashBot?
MyCashBot seems to have a fairly strong affiliate program, as the vast number of online “reviews” come from affiliate websites, which are often much more concerned about making a sale than they are about providing you with usable information.
With this said, we were able to locate a couple online reviews during our research. ThatsLame claims that [editor’s note: this page appears to be taken offline], “This ‘system’ is no different than anything we’ve written about. It’s another binary options affiliate system looking for a commission from the binary options broker,” while this website states, “The truth is that an open automated binary options trading system that would be profitable in the long run does not exist. In fact, all these systems that are promoted do the opposite, they lose money of people who fall into their trap.”
Also, as we mentioned in our EmpireOption review, “binary options have a reputation as being particularly volatile, and that the potential gains often do not match with the inherent risk.” In other words, even if MyCashBot were shown to be a legitimate binary options trading software, you still wouldn’t be guaranteed to make the amount of money claimed on the company’s website.
Other Concerns Regarding MyCashBot
The MyCashBot website also uses a variety of psychological tools to convince you to sign up, such as featuring a large ticker on the right-hand side of the screen showing the number of “remaining licenses,” which slowly counts down while you’re on site. However, if you delete your computer’s cookies, you’ll find that this number will refresh itself each time you land on the home page.
In addition, there are several graphics embedded on the MyCashBot site displaying “Software Awards 2014,” “Top Profit System 2014,” and “Verified Broker Profits.” There are no links in these images that can be used for verification, and there is no indication who gave out these awards, therefore we’d be strongly skeptical about their legitimacy.
Bottom Line: Can you Reply on MyCashBot?
So, to recap, here are our primary concerns related to MyCashBot:
- Essentially zero information is provided as to how you’ll make money, or how you’ll become a “millionaire in 90 days or less.”
- MyCashBot is not based in the US, and therefore not subject to regulatory requirements.
- What few online reviews there are regarding MyCashBot do not appear to be favorable.
- MyCashBot appears to use questionable marketing tactics to convince you to hand over your hard-earned money.
Whether you’re interested in trading binary options or something else altogether, making good money at it takes time to master, just like any other skill. Because of this, we’d recommend that you avoid MyCashBot and speak with a local trader about how you can legally (and safely) get into the game.