Is it possible for this new trading software to use the power of social networking for successful trading, or is Social Tech Trader a scam? The use of social technology is an interesting idea, but when we investigated it for this review, we discovered that Social Tech Trader is a scam. In our honest review we reveal the truth about this scam offer for free binary options software.
What is Social Tech Trader?
Social Tech Trader is a free binary options trading app. It has been designed to make use of social technology for a binary options trading system. The Social Tech Trader software has been developed to spot unexpected movements in the markets and it is supposed to have a success rate of more than 90%.
The user-friendly app has both manual and auto trading features. You can get hundreds of push button trades when you are auto trading with Social Tech Trader signals. If you want to use it for manual trading, there are webinars available to members, so you can learn how to do your own trades.
The developers of the software promise that anyone who joins the network can make an average of $920 a day in profits from the SocialTechTrader.co System.
Does it Actually Work?
Albert Hanson, co-developer of the Social Tech Trader System, explains that it works from an algorithm that has been created to allow the trading software to copy what a top European investment bank has been doing successfully in the markets. The unique aspect of this particular software is that it is supposed to use the power of social networking for trades in binary options.
Signing up for Social Tech Trader is just like joining a social networking site, except that you also have to open an account with their broker and deposit money for trading.
Membership gives you access to a number of online resources and twenty-four hour support by email. When you join the network, you will be able to learn more about how to succeed in binary options trading. Unfortunately we could find no real explanation from the software developers of how exactly the power of social networking can be used to produce accurate predictions for trades in binary options.
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Is Social Tech Trader A Scam?
We have concrete proof that this is a binary options scam. We expose the obvious use of deception and show you in this Social Tech Trader review how we know that the trading software is unreliable.
On the Social Tech Trader website there is a big box which is supposed to be showing live trades. However, it does not show the trade price or give the name of any asset. A line at the top of the box shows that a starting balance of $500 has produced profits of $834,945.00. These profits come from 12,680 winning trades and there have only been 394 losses. This “Live Trades” box is supposed to be verified proof of actual trading results, but it is only a simulation. The details are never updated and it is not even a true screenshot.
The screenshots of members’ trading accounts have also clearly been faked. It is obvious when you look closely at the time shown on those accounts. It would appear that three individual members have all taken a screenshot of their own account at precisely the same minute!
Another huge mistake can be seen in the testimonials for Social Tech Trader on the website. There are three international members of the social network featured. These people are all named and their words are shown beneath their photos, which look like they have been taken from other websites. Each of these members is supposed to have endorsed the trading software in a personal review. Lower down the page there are three more endorsements, showing quotes from a different set of members who have posted a positive review. Those three messages are identical to the first three, and they are supposed to have come from three completely different people!
We have discovered that a number of trading blogs and binary options sites have posted a negative review of the Social Tech Trader System. At the time of our investigation, we could not find a single endorsement from any genuine members of the Social Tech Trader network, and we could not find a real review from any trader who has actually been making money with the software.
In the video presentation for this scam, Albert Hanson says that he first came up with the idea for this trading software when he was working for a big European investment bank. There is no evidence to support his credentials, although we did find someone with a similar name (with a difference in spelling) who works in investment banking. The real banker is European and he is not the person in the video who introduces himself as Albert. The co-creator of the Social Tech Trader scam is therefore likely to be just another fake.
At the top of the website there is a prominent quote, and the words appear next to the logo of Fox Business. The quote appears to be endorsing the Social Tech Trader software. When we investigated it for our review, we discovered that this trading software has never been discussed by Fox Business. It is therefore a false endorsement which is being used to promote scam software. The Fox Business logo has obviously been used without any official authorization.
All the false testimonials and fake screenshots on the website are very strong evidence that Social Tech Trader is a scam. There are no verified trading results for trading with the software and no evidence to show that binary options trades can be more accurate when they are linked to social networking.
Conclusion – Social Tech Trader is Scam. Avoid.
In our investigation for this review could find no explanation about how it is possible for social networking to be used for successful trading in binary options. We can only warn you of the danger of joining the Social Tech Trader, because it is an obvious scam.
Don’t fret. We have a handful of legit and working signals to recommend for you. Head over to our Best Binary Options Signals page, VirtNext, Tauribot and Copy Buffet are our favorites. Also check our Binary Scam Signals List and make sure that you haven’t signed up with any fraudulent offers.