Becoming a millionaire from just a penny sounds crazy for most traders out there. It sounds even more illogical when it is said that it can do so within a one month period of investing. That’s particularly why this Penny Millionaire software attracted our attention. So what about it? In this Penny Millionaire scam alert, we are going to put everything crystal clear for all novice traders out there so they don’t fall into David Forrester’s trap.
What is Penny Millionaire?
Penny Millionaire is a binary option trading software by David Forrester who claims that the software can turn anyone with their penny into millionaires within a limited time. But for guys like me and you who have been closely monitoring the binary options industry, we understand that that has never happened and it’s not going to be an exception in anyone’s case. This is a very smart move but a very good indicator of the tactics usually used by many other scam robots out there.
How does the software work?
The software is presented by David Forrester, who claims that it is a chance for winning a lottery. In this case, the lottery offered is the software. Forrester claims that for every 100 users who register with the software, they will receive a license. However, this is big LIE as every other person who has registered with their email receives a second step guiding them to register. There is no any kind of lottery. They use the “lottery” thing as a lure to get you to register for an account.
He says that their special software employs the principle of compound interest to turn the seemingly little profits into exponentially large profits. The fake CEO claims that the software takes 1 cent from every winning trade and places it in an account where it earns compound interest. Then the 1 cent grows to 3 and so forth. These are mere fabrications because there is not a single place on the interface where a user can keep track of the so called compound interest account.
Forrester claims that Penny Millionaire does not need prior experience as it has an auto-pilot that guides the users on the trades. Don’t be fooled for a minute as this is just a lure line used by any other software out there.
How does it offer profits?
For us, it was quite hard to determine. Mr. Forrester claims that Penny Millionaire makes use of a special algorithm that takes a penny from your winning trades and puts it in some type of “compound interest” accounts. When we were opening the software, we couldn’t determine where this compound interest account is.
Its interface looks pretty the same as any other common trading software robot. It has no special features, simply nothing. Additionally, there are proofs that the software can offer profits, leave alone turning you into a millionaire. You think this is just a blow on the software? Check their testimonials. They present fake testimonials with images scrapped from the web. All the proofs of their profitability are mere fabrications.
Our advice is that you should proceed with a high level of caution, if at all you still think of using it. Penny Millionaire is a scam that will take away your hard earned cash and provide you nothing in return.
Unreasonable success rates and profits
For you to experience their success ratio, you have to deposit a minimum of $250, which is pretty the same as other binary option software on the market. Once you have made the deposit, you are automatically assigned a broker who is anonymous. You don’t get the chance to see or choose your preferred broker. Once assigned a broker, the software automatically starts placing trades.
On one side, they display their fabricated profit statements while on the other hand, lies their fabricated testimonials of their supposed members.
Fake testimonials and CEO
Ever thought that David Forrester was a real CEO? You are wrong. Not only is he a paid actor but the testimonials used are fake as well. The screenshot below shows the man behind this scam who is also a paid actor. You see, the real big fish behind this software don’t want their identities known, so that they can come up with another similar scam as this one, once their Penny Millionaire scam is known.
The entire story given by Forrester has been scripted, it is a sales tactic made to lure innocent traders form around the web.
In their video David Forrester claims that Penny Millionaire uses an effective algorithm called Algo Master that gathers financial data and analyses them to come up with suggestions of trade wins. These are mere words since the so called Algo Master algorithm is not known and conducted a search online gives nothing.
If you are a newbie in binary options trading, you wouldn’t risk trading with a software that uses unknown methods to determine successful trades. It would be risking your own investment.
The ultimate proof scam
Now, if you’ve read this far, you are just a paragraph away from being convinced that this Penny Millionaire is a complete scam. But that is if you are not already convinced. Below, there is an image of a bank statement, of course which is fabricated. The bank statement belongs to another company called Intuit, but the minds behind Penny Millionaire decided to use it for to lure innocent traders to their scam.
The company, called Intuit, offers payroll services. That’s fine, but do note that wire transfers are only sent from the bank account of the broker. And there is no explanation behind a US based company accepting to make wire transfers to international destinations for activities related to binary options. Now, hope you get the point.
As if that’s not proof enough, the lunatic behind this scam says that his system is an online lottery. That simply means that he is accepting the fact that the software has been built purposely to set to taking only the losing trades.
A peep into the video
The presentation video starts with a very luring theme. The paid actor by the name of David Forrester then says that his system will transform your single penny into more than a million dollars. Ok, that’s a big lie. But the point that seals his lie is that all that can take place in a single month. Really? We’ve never heard of such a thing! Even if that was true, why would he bother telling the public about his get rich quick secret? He could have kept silent and earned billions of dollars for himself!
He then goes ahead to get a calculator to explain how their penny compound thing works. We are then shown some fabricated bank accounts which had only $600 that grew to be $8.5 million. This is then followed by a couple of fake testimonials. Every single person providing the testimonials are paid actors, including Roberta Lebowitz. The guy continues to say that they only allow 100 millionaires each year, because if everyone was to be a millionaire then the money would lose its value. Very true indeed!
Take note of the fake review website promoting this scam
If you have searched online for other reviews on Penny Millionaire, you have come across many sites that support this scam site by giving good reviews about it while hiding the details. Do note that the owners of the sites promoting this scam are nothing but affiliate marketers who even don’t use the software itself but are interested in the earnings they get by referring a user to sign up for the account.
These review sites are known to use high level of trickery to convince innocent traders by telling them that Penny Millionaire is a source of genuine profits. In reality, what they are preaching is the exact opposite and we have already proven it.
If you are wondering if there could be another genuine trading software that you might use, yes there are. We have reviewed some top genuine trading software which we have used and proved to actually perform what the owners promise.
From the review above, you already know that Penny Millionaire trading software by David Forrester and his team is nothing but a SCAM. We have provided all the evidence and facts to support that so as to validate this conclusion. Penny Millionaire has been designed with greatest level of malice, created with the goal of stealing money from you.
Our facts are unequivocal thus you have no reason to doubt our conclusion. If you already have invested your money with Forrester’s scam thus finding it difficult to accept the facts, you might as well continue to trade with it then give us your feedback later on. It will be very futile to reject these facts as presented to you.
At this point we urge our subscribers and members to seek alternative channels of investing their hard earned cash but to forget Penny Millionaire and other such scams completely.