Lie Detector Millionaire (LDM) is another binary options program that makes some wild claims that you can make millions of dollars using their system and never have to pay for it.
When I see claims like this, I am of course very skeptical. However, some reviewers of this program claim the software works. So I decided to check out the program myself to find out the truth.
Product: Lie Detector Millionaire
Overall Ranking: 0 out of 100 or 0/5 stars
Price: The software is free but you have to deposit $250 with a broker
Owners: Daniel Wilkins and Trader X??
Who is behind Lie Detector Millionaire?
The supposed owners of this system are Daniel Wilkins and the mysterious Trader X.
Trader X is apparently the person who wrote the code for the software “he designs programs that predict the future” but wishes to keep his identity secret.
Daniel Wilkins, which seems to be a false identity, is the man who fronts this program and openly admits he has cheated people in the past.
He now has decided to be “honest” and help people make money. However, the Daniel Wilkins in the sales video seems to be an actor, clearly reading his text from a teleprompter.
Can you really trust a former scammer?
What Is Lie Detector Millionaire?
Lie Detector Millionaire is a binary options software that can predict the next movements in the markets. This sounds great but is, of course, impossible.
You might be wondering why it’s called Lie Detector Millionaire, which is a strange name for this sort of program. To explain I will give you a quick run through of the sales video, which is one of the types I hate. Once it starts there’s no stopping it!
The video starts with the owner/actor, Daniel Wilkins, wired to a polygraph machine. His aim is to prove he is telling us the truth when he says he’s made more than $5,000,000 in the last year trading financial assets. Naturally, the lie detector test shows that he is telling the truth. This isn’t at all conclusive and can be set up to give any results they want.
Continuing with the story, they are testing the software before releasing it to the public in 2017. Therefore, they require 50 testers to gather data and there are only a few places left. Sign up fast, no experience needed, you can’t lose!
Please don’t take that as my advice, that’s the sales pitch.
Who Is this for?
I wouldn’t recommend anyone to join this program.
The program is designed to attract people with no experience in binary options trading. People who will believe the many lies they are told here and think it is possible to trade with no risk. They will be in for an unpleasant surprise!
How It Works
As with most of these binary options programs, you can sign up for free, you have to give your email address and telephone number. You will then be contacted by their recommended broker to see how much you can invest.
The recommend broker associated with LDM will be out to get as much as possible from you and probably won’t be licensed. Although with some of these binary options scams they change brokers quite often.
As usual, when you give your telephone number you’re put under pressure to invest more than you intended. The minimum amount you can invest is $250, this seems to be the same with most legitimate robots.
If you want to try placing binary option trades yourself there are brokers that accept deposits of as little as $10 but you may not have the same level of service as a broker that has a minimum deposit of $250.
When trading binary options you have to decide whether the price of an asset will rise or fall over a given time span. When using software, the robot decides on the direction of the market and places the trades for you.
Of course, if the software is useless like the Lie Detector Millionaire software you will make more losing trades than winning trades and lose your money very quickly.
I have seen a so-called interview with Daniel Wilkins, where he blames the brokers for members losses. He says the brokers don’t always connect the members accounts to the LDM software. Instead, they use their own software which he describes “as garbage”.
Choosing Your Broker
It’s worth remembering with a legitimate auto trading program you will be able to select your broker from their recommended list. You should always deal with licensed brokers as this gives you some protection.
In case the broker closes down unexpectedly, your funds should be returned. If your broker is not licensed and shuts down for any reason, you and all the other traders will lose all their money.
Some scam warning signs or lies that are found in the video or sales page are:
- Big house
- Expensive cars
- Promises that you will be taking lavish holidays
- LDM give you the idea you can earn $500,000 per month
- A trading account that starts with $250 and in an hour reaches $12805. I read an article from an experienced investor and he says the best results you can expect from an automated robot are a few thousand dollars per month.
- Pressure tactics. I visited the site several times, they always give the same numbers:
- They say it’s free when it reality you will have to deposit at least $250 with a broker
- No risk. Guaranteed … to lose
- Fake real time results from other LDM testers, the testers are always the same but the payouts do change from time to time.I found a very similar image used on another binary options software site that is no longer online called Spectre System. LDM change the photos but use the same names and countries. Probably the same people behind these 2 scams.
- False identities and locations for the testers. I checked to see if I could find other photos of a couple of the testers. The 2 I checked:
- Meiling from China is apparently Burton Meola from the USA according to IBO Social
- Paul from the USA has his picture on a Russian site
- They say this software has “never lost a trade” and it’s “impossible to lose”. There is no auto trading software that has never lost a trade or can guarantee you will never lose. The best software claim to have about 80% accuracy
- Would they have made this video to get just 50 testers? No, of course not, they have done all this marketing to get as many as possible to sign-up.
As you can see there is lots of false information. This is the typical type of binary options scam that is very common at the moment. They claim to be different, although, in reality, this is just the same or worse than similar programs out to grab your money.
What To Look For In A Genuine Auto Trading Software
An authentic trading software or robot will have at least some and probably all of the following:
- A real website with several pages
- You should be able to visit the website without having to give your email address and telephone number
- A step by step guide for beginners
- A wide range of functions allowing you to set your own parameters. Many of the bogus automated robots say they have a secret algorithm but give you no idea how or why it works. They give you no control over the settings.
- A simple explanation of how the robot works
- A demo account to test the different settings. Then when you’re comfortable you can start trading for real
- No pressure to start trading or to deposit more money
- No promise of a guaranteed income
- A good choice of brokers to choose from, these brokers should be licensed and regulated.
- No hype, with luxury mansions, Maserati’s or exotic holidays
An authentic robot doesn’t mean you will definitely make money. You should always remember trading binary options is very risky, accordingly, you should only invest money you can afford to lose.
I visited a couple of these legit robots and it was refreshing to find no hype on these sites. You don’t feel pushed to deposit money with their associated brokers.
If I was thinking about trading binary options I would probably start by signing up with one of these robots and use their demo account. Certainly a much better option than Lie Detector Millionaire.
As you would expect there are many complaints about Lie Detector Millionaire. The most frequent complaints I found were for: people losing their money (as expected), phone calls from the broker pressuring them to deposit funds and unable to contact the company for support. Here are just a few.
My Final Opinion
Avoid Lie Detector Millionaire at all costs. This is another binary options auto trading software that resembles many others to be found online currently. Becoming a member will only ensure one thing, that you lose your money!
You should beware of the positive reviews, it’s disappointing but some affiliate marketers are ready to promote anything to make money.
Programs, like this, that promise big earnings from trading binary options mustn’t be taken seriously. Genuine programs won’t have sales videos you can’t stop or mention possible earnings. They will have real websites with details about their software, demo accounts and help for beginners.
So, if you’re thinking of using a robot to trade binary options make sure it’s legit, check reviews and research as much as possible. Always bear in mind trading binary options is a form of gambling, you should be ready to lose your money.
A Safer Alternative
If you think binary options is too risky, you could try starting your own affiliate marketing business. There is no risk with this as you can even start for free!
Take an online training course that will teach you how to build your business from creating a website right up to achieving sales. This isn’t an overnight formula to success, but a long term business.
Had Enough Of The Scams?
If you’ve tried making money with binary options, used a robot or even signed up with Lie Detector Millionaire I would really like to hear about your experience. Were you ripped off or did you earn some good money? Please leave your comments below.