The Google Trader software is a scam. Now thankfully closed down, the scam followed a tried and tested con trick, promising huge returns and zero risk. In this review, we will demonstrate the tactics used by Google Trader, so that anyone tempted by similar services, can hopefully spot the warning signs and trade with a legitimate broker or signal provider instead.
Our scams page lists many of the tactics that binary scam operators use. Google trader combined a number of these in order to defraud clients.
The software used quite a common con trick, which was to associate itself with a respected firm. In this case, the search engine giant, Google. Many books on social science highlight the trust that people will put in things that seem familiar. By associating themselves with a familiar household name, the scam operation gave the impression of credibility. It is a method used numerous times, including the ‘Copy Buffet’ scam, which used the trading reputation of Warren Buffet to trick customers.
The truth is that Google have absolutely nothing to do with this con. The scam even had a quote claiming “Google has made me $6m in the last year” – dropping the “trader” entirely. This was purely an attempt to dupe people, and somehow link themselves to the tech giant.
The scam revolved around some auto trading software, which the fraudsters claim could guarantee trading success. The promise of excessive wealth is a popular one among binary scams. The Google Trader video included claims that thousands of dollars could be made daily, with no time or effort required from the account holder. They also suggested no previous trading knowledge was necessary. These types of claims are of course very dangerous.
Binary options require the same care and attention as any other form of investment. Any firm which suggests they are an easy way to make large sums are very likely to be scams.
The scheme had a minimum deposit requirement of $250. The firm then simply stole the money. In some cases, an account manager from the firm would ask clients for further funds in order to gain access to better signals, or inside tips. Once any funds were deposited, clients would never see them again.
The software even promised an app, enabling users to trade signals online. As with every other element of the operation however, this was another lie. Numerous genuine reviews of Google Trader began to surface. Users said they were unable to process withdrawals, and pushy account managers were resorting to abusive behaviour once clients started to requests payments.
This type of behaviour mirrors previous scams, where account managers build up a relationship initially, being friends with the client. Once a level of trust or friendship is built, they will encourage further deposits. Once an account holder starts to ask for a withdrawal, the tone changes very quickly. Ultimately all communication is cut off and the funds cannot be reclaimed.
As previously stated, Google Trader have thankfully been shut down. But these scams often reappear with a very similar name and do exactly the same thing again. Once users reach the login screen, the false claims and sales videos start.
With so many legitimate and honest brands, there really is no point even trying a firm where you have any doubts whatsoever. Visit our scams page – this provides details on how to spot the scams. It also lists the service similar to Google Trader which are also to be avoided at all costs.
It is also worth considering where you get your guidance on binary trading – does the site promote Google Trader or scam sites of a similar type? If it does, any other information on their pages is not to be trusted either.
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