Today we are issuing a warning against a newly discovered scam called “Automata Formula”.
This is a binary options signals and robot software, that’s been reported to cause nothing but losses to its users. We’ve seen more than a few comments from users, reporting that they had lost most of the money they invested in this system.
Besides infuriating us, it also prompted us to investigate whether the reports are true, and if they are – give an official warning.
We started by closely examining the Profits Automata website. On first impression, it doesn’t look too good. The Automata Formula website has no text in it – no explanations about the system and its creators, no proofs of profitability or any trade history records. The site contains just a video presentation, so we had to settle for getting all the information from the sales video.
The video tells the story of a millionaire trader who developed a secret trading system which he refused to share with anyone, even though he was offered large sums of money to do so.
We find this story to be absurd, since he has no trouble giving away the system on this web page. The story sounds so familiar that it left us totally unimpressed.
But the real warning sign came on when we attempted a due diligence of George Coleman, who presents himself in the video as the owner of the company. We have found nothing on him in any online website or social media platform. This person simply doesn’t exist.
This is an actor with a fake persona, who makes an effort to make us believe he is a professional binary options trader and a multi-millionaire. Then he goes on to tell us that the video will be taken down after the first 500 users, so the software will not become ineffective. This means that if too many users use the software, the market will be flooded with orders, and the algorithm will not be effective anymore.
Well, we’ve done a few inquiries and this software is aiming for a lot more than 500 users. In fact, they aim to recruit hundreds of affiliate marketers who will push their software to thousands of victims. So the video starts with a “false scarcity” lie.
But that’s not all…
Now comes the part when he throws meaningless numbers in the air, and presents fake bank statements to back up his claims. How do we know his numbers are fake? Simple, it makes very little sense – look at this screen shot:
He claims to have made from his binary software over $25 million in the past 12 years.
Then after a few minutes he promises, with a very serious tone, that by using his software, you will make $950 PER HOUR.
We’ve done quick math, and with a conservative estimate $950 x 8 hours a day x 22 days equals a profit of $167,200 per month, which is around 2 million dollars per year, and a bit less than $25 million in twelve years.
In other words, what this little math exercise tells us is that we can do a 2 minutes setup, not knowing anything about binary options, and still make a profit which is equal to what this experienced master trader and software developer has made…
This is so ludicrous we have nothing further to say than: “yeah, right…”!
And, reverting back to one of the classic rules of investments – if it sounds too good to be true, then it is. We warn you against investing in this scam binary system, unless you want to see your hard earned money quickly go down the drain.